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87-104631 deed of trust evidencing or securing an obligation with priority in right of payment over this peed of Trust or the Agreement, or whose lien has or appears to have any priority over the lion created by this Deed of Trust; or any other creditor tries to (or does) seize or obtain a writ of attachment against the Property (in each case, no grace period); or (F) We, or any person who signs the Agreement, make an assignment for the benefit of our or such person's creditors, become insolvent or become unable to meet our or such person's obligations generally as they become due (no grace period); or (G) The persons who sign the Agreement fail to return the checks and credit cards) issued under the Agreement when required by the terms of the Agreement (no grace period); or (H) Any person who signs the Agreement obtains or attempts to obtain sums under the Account in excess of the credit available under the Account, as provided in the Agreement (no grace period); or In We, or any person who signs the Agreement, fail to keep any agreement contained in any of the Credit Documents not otherwise specified in this paragraph 14, or any of the representations contained in the Credit Documents is incorrect (ten (10) day grace period, unless the failure is by its nature not curable, in which case no grace period or, of another grace period is specified in the Credit Documents, that grape period shall prelvato. 15. REMEDIES. First Federal Lincoln has certain rights under the Credit Documents to (a) cancel the right of the persons signing the Agreement to any future advances under the Account without requiring accelerated repayment of any amounts outstanding under the Account (that is, "freeze" the Account); or (b) not only cancel the right to future advances but also require accelerated repayment of the amounts outstanding under the account, plus the entire accrued interest, and other charges imposed on the Account (that is, "terminate" the Account). Account is automatically terminated upon the occurrence of an Event of Default (see paragraph 14 abovel, unless First Federal Lincoln expresaty states, in the notice given under paragraph 14(a) above, that the Account is frozen. In addition, despite any other terms of the Credit Documents, First Federal Lincoln may freeze the Account immediately upon the occurrence of any violation or other event specified in paragraph 14(b) above, even if the grace period, if any, has not expired. First Federal Lincoln can take this action without giving us notice and without declaring the violation or other event an Event of Default. if First Federal Lincoln freezes the Account pursuant to this paragraph rather than terminates it, we will not be obligated to repay the amounts outstanding under the Account until the date such amounts are due, as specified in the Agreement. If First Federal Lincoln terminates the Account pursuant to this paragraph 15, rather than merely freezes it, the amounts outstanding under the Account and any other amounts outstanding under the Credit Documents are immediately due and payable in full and we will be required to immediately repay such amounts plus the entire accrued interest late charges and other charges imposed on the Account. if we do not do so, First Federal Lincoln will have the right to invoke any remedy given it by any of the Credit Documents, or any other remedy available to First Federal Lincoln under applicable law. This includes, without limitation, invoking the power of sale under this Deed of Trust. First Federal Lincoln shall be entitled to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 15, including, but not limited to, reasonable attorneys fees and trustee fees of not more than __ __ _ _ _% of sale price. If First Federal Lincoln freezes the Account pursuant to this paragraph 15, First Federal Lincoln may still terminate the Account for any reason at a later date in accordance with this paragraph 15. If First Federal Lincoln freezes or terminates the Account pursuant to this paragraph 15, all credit card(s) and unused checks obtained in connection with the Account must be immediately matted to First Federal Lincoln (see paragraph 10 above). In any event, once First Federal Lincoln freezes or terminates the Account under this paragraph 15, the persons who sign the Agreement will no longer have any right to obtain additional advances under the Account. 11 First Federal Lincoln invokes the power of sale under this Deed of Trust, First Federal Lincoln shall execute or cause Trustee to execute a written notice specifying, without limitation, the following: (a) the occurrence and nature of an Event of Default; (b) First Federal Lincoln's election to accelerate the debt evidenced by the Agreement and to cause the Property to be sold; and (c) our right, if any, under applicable law, to reinstate the Account and avoid sale of the Property. First Federal Lincoln shall cause such notice to be recorded in each county in which the Property or some part thereof is located, and shall have copies of such notice mailed to the persons and in the manner prescribed by applicable taw. If we are permitted, under applicable law, but fail to reinstate in accordance with the terms of the notice required above in this paragraph 15, or h we are not permitted to so reinstate. Trustee shall give public notice of sale of the Property to the persons and in the manner prescribed by applicable law. After the lapse of such time as may be required by applicable law, and our failure to redeem the Property by paying to First Federal Lincoln all mums secured by this Deed of Trust together with all costs and expenses Incurred by First Federal Lincoln and for which it Is entitled to reimbursement under appicable law, Trustee shall without further demand on or notice to us, sell the Property at public auction to the highest bidder at the lime and place and under the terms designated in the public notice of sale in one or more parcels and in such order as Trustee may determine. Trustee may postpone sale of all or any parcel of the Property by public announcement at the time and plem of any previously scheduled sale and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement in the manner prescribed by applicable law. First Federal Lincoln or First Federal Lincoln's designee may purchase the Property at any sale. Trustee shall deliver to the purchaser a Trustees deed conveying the Property so sold without any covenant or warranty, expressed or implied. The recitals in the Trustee's deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following order (A) to all reasonable casls and expenses of the sale, including, but not limited to, reasonable trustee's and adtomeys fees and costs of title evidence, all as and to the extent permitted by applicable law; (8) to all sums secured payable pursuant to paragraphs 5 and 25 of this Deed of Trust; (C) to interest payable under the Agreement; (D) to other charges under the Agreement; (E) to the ptimicipsil payable under the Agreement; and (F) the excess, if any, to the person or persons legally entitled thereto. 16. OUR RIGHT TO REINSTATE- Regardless of First Federal Lincoln's acceleration of the sums secured by this Deed of Trust, we shall have the right it permitted under applicable law. to receive from Trustee a cancellation of Notice of Default if within one month of the filing of such Notice of Default pursuant to paragraph 15 above. (al we fay First Federal Lincoln all sums which would be then due under thisDeed of , Trust and the Agreement it any, had no acceleration occurred; IN we cure all of our breaches of any other covenants or agreements contained V in thus Deed of Truistic.) we pay. as permitted by taw, all reasonable expenses incurred by First Federal Lincoln and Trustee in enforcing our covenants and agreements contained in this Deed of Trust and in anforcinq First Federal Lincoln s and Trustee's remedies as provided in pairsiglijaph 15 of this Deed of Trust, including, but not limited to. reasonable attorneys fees; and (b) we take such action as First Federal Limn may r nebty requ €reto assure that the lien of the Deed of Trust, First Federal Lincoln's interest in the Property and our obligations to pay the sums secured by this Deed of Trust shall continue unimpaned. upon such payment and cure by us, this Deed of Trust and the obligations occulted by this Dead of Trust shall remain in full force and effect as if no acceleration had occurred. IT. ASSIGNMENT OF RENTS: APPOINTMENT OF RECEIVER: FIRST FEDERAL LINCOLN IN POSSESSION. As additional security, we hereby assign to First Federal Lincoln the rents of the Property, provided that prior to acceleration under paragraph 15 above or the omorence of an Event of Default or abandonment of the Property, we shall have the right recollect and retain such rents as they become due and payable. In any action to invoke the power of sale under this Deed of Trust, First Federal Lincoln shall be entitled to the appointment of a r tion under paragraph 15 above, or abandonment of the Property, First Federal Lincoln, at any time and without notice. in by agent or by hidiciallyappointed receiver, and without regard to or proof of either (a) depreciation of the value of the Property or (b) the maothiency of any person who signs the Agreement or(c) the value at the Propertyor(d) the adequacy of any securityfor the indebtedness secured by this Deed of Trust. shah be entitled to enter upon. take possession of, and manage the Property, and in its own name sue for or rents 0~ Vie of the Property, including those past due. AN irentscollected by First Federal Lincoln orthe receiver shah beapplied first to payment of the costs of operation and management of the Protperty and tBon of rents, including, but not limited to, receivers fees, premiums on receivers bonds and reasonable attorney's fees. and them to the sums secured by this Deed of Trust. First Federal Lincoln and the receiver shall be liable to account only for those rents actually received TIM entering upon and taking possession ofthePropertyandthecollectionandapplicationoftherentsshallnotcureorwaiveanyEventof DeWitt or notice of a violation under this Deed of Trust or invalidate any act done pursuant to such notice. -- We will not without the written consent of First Federal Lincoln. receive or collect rent from any tenant of all, or any part of. the Property for a perfaill of More, than one month in advance, and in the event of any default under this Deed of Trust will pay monthty in advance to First Factional Lincialin, or to any receiver appointed to collect said rents, issues and profits, the fair and reasonable rental value for the use and occulpetion at the Property or that pact of the Prop" in our possession, and upon default in any such payment will vacate and surrender the posesellon ct the Property to First Federal Lincoln or to such receiver, and may be evicted by summary proceedings. 118, TEE'S ACTION. At any time, without Itabiktyand without notice, upon written request of First Federal Lincoln and us, Trustee may 1 to them of any map or plat of the Property, join in granting any easement on the Property, loin in any subordination or other agroomend ~mg fts Deed of Trust, or reconvey, without warranty, all or any part of the Property. 19. RECONVEYANGE. Upon payment of all sums secured by this Deed of Trust. the fulfillment of all obligations under the Agreement and Fast Federal Lincolnsha #request Trustee toreconveythePropertyandshalisurrender this Deed of Trust and the to Truiwitiffe, Truslise shah cancel the Agreement and reconvey the Properly without warranty to the person of persons legally enjimaid therato, Such portion oe persons shall pay as costs of recordation. if any . SUVISTITUTE TRUSTEE, foot Federal Lincoln at F,tst Federal Lincoln's option, may from time to time remove Trustee: and appoint a wce4weir tray to any Trustee appointed under this Deed of Trust by an instrument executed and acknowledge by Firs( Federal Lincoln and rftorded in lase counlyfirtme the Properly or softie part thereoh, is located in the manner prescribed by applicable Saw. The ,natrumenl ~cWnfilftn OW na. and it* PlAme (A F imll F ridlital Llrx. oinandt heoriginalTrustee. rhebookandpagewherelhisDeedofTiuslm, ccided � - alvillio name end addlasts, i0 file1WceftwirtrusteeUponcorrig* stew; thmpWic ablelaw. thesuccexsairtr usteeshallwthout(,onveyanceof teas th.4 MW estate, pcmors and duties conferreo upon the Trustee ,,t this Deed of "list and by aPi1hC;ebl0'aw Th,s ii ee leis itxal?assa S'rf taarahee +�p4nroC aance wilts applst.atale taw. Whai$(jotis�te•.1ct )rtenaCius,cn ell ail ;afh� ():oe,i�ii>nQlil: eubw4stutio +t 21 RfCKPI TFORNOUCES F,Isla ot not escrP Maul!andN9 +T1,neNthe hoki€r, of anv lien wh,ch hAS, w,rody ewer 1r,�% Pawl 0 T,uk1 i!e sent in I' afv7 Fodiifal L.mfOn at P O B(€. r)m,; J i.i, »,ahw NJ, 18106 _J ,