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87- 105583
<br />In default with respect to payment of any indabtednaaa secured hereby, or in the performance of
<br />any agreement hereunder. If any event of default described hereafter In respect to this Iced of
<br />Trust shall have occurred and he continuing, Beneficiary, no a scatter of right and without notice
<br />to Truster or anyone claiming under Truator, and without regard to the value of the treat estate
<br />or the interest of the Truster therein, shall have the right to apply to any court having juris-
<br />diction to appoint a receiver of the property.
<br />10, Tr fa of Prert If all or my part of the property or any Interest of Truatoe
<br />therein is sold, traasfarred or further encumbered without the express or written consent of
<br />Bttefieiary. Beneficiary may, at its sole option, declare 311 suss oacrarad by this Dead of Trust
<br />to be Immediately due and payable and proceed to the rsmedfas available to it under the default
<br />provisions contained herein.
<br />11. 6v�nes of Dpiault.. Any of the following events shall be dammed an event of default here-
<br />under:
<br />(a) "Truator shall have
<br />Interest, principal or principal and interest or any other suss secured
<br />hereby when due;;
<br />(b) There has occurred a breach of or default under any term, covenant,
<br />agreement, condition, provision, representation or warranty contained in this
<br />Dead of Trust, the note or any other loan Instrument secured hereby;
<br />(c) There has been a default by the Truster in the pavmcact of any prior
<br />or :subsequent ltep or etncumbrance in respect to all or any part of the property;
<br />(d) Truster shall file a voluntary petirion in bankruptcy or shall be
<br />Adjudicated bankrupt or insolvent, or shall make an nsaignment for the benefit
<br />of creditors in respect to the property; or an action to enforce any lien or
<br />encumbrance or :Judgments against tht, . property is commenced.
<br />12. Acceleration f! on Iksfault. In rho o—tit . of ::Inv default., Reneflctary may declare all
<br />indebtedness secured hereby to be due and pad; able, and the same shall thereupon become due and
<br />payable without any presentment, demand, protest or noticc of any kind. Thereafter, Beneficiary
<br />may:
<br />(a) either in person or by agent, with or without bringing any action or
<br />procgpding, or by receiver appointed by a court and without regard to Clio adequacy
<br />of any security, enter upon and take pos ±,esSlon of the property, or any part thereof,
<br />in its own name or in the name (if the Trustee, and do any acts which it deems necessary
<br />and desirable to preserve the value, csarkeral,flttv or rentability of the property, or
<br />part thereof or interest therein, increase the income therefrom or protect the security
<br />hereof slid, without taking, possess,lon of tl;t• property, sue for or otherwise collect
<br />the rents, issues and profits thereof, Including those past due and unpaid, and apply
<br />the same, leas costs and expenses of operation and collection, including attorney fees,
<br />upon any indebtedness secured hereby, all in such order as Beneficiary may determine.
<br />The entering upon and taktnx possession of the truer. estate, the collection of such
<br />rents, issues and profits and appiloatlon thereof as aforesaid shall not cure or waive
<br />any default or notice of default hereunder or Invalidate any act and in response to
<br />such default or pursuant to such notice of default and, notwithstanding the continuance
<br />In possession of the property or the collection, receipt and application of rents,
<br />issues or profits, Trustee or Beneficiary may be entitled to exercise every right pro -
<br />vided for in any of the loan instruments rr by law upon occurrence of any event of
<br />default, including the right to exercise the power of sale;
<br />(b) commence an action to foreclose this need of 'trust as a mortgage, appoint a
<br />receiver, or specifically enforce anv of rh.: eovenants hereof;
<br />(c) deliver to Trustee a written declaration of default and demand for sale, and
<br />a written notice of default and election to rause Truster's interest in the property to
<br />be sold, which notice Trustee shall cause to be duly filed for record in the official
<br />records of the county in which rlxe property to located.
<br />13. Foreclosure by Power of Sale. Should Boneflcfary elect to foreclose by exercise of the
<br />power of sale herein contained, Beneficiary shall notify 'Trustee and shall deposit with Trustee
<br />this Dead of Trust and the note and such receipts and evidence of expenditures made and secured
<br />hereby as Truat9e may require, and upon request of r..0 Nenef tc.tar:, ti;r Trustee shall file for
<br />record, in the Register of !)code offices In the C- arty where the property is Located, a notice of
<br />default, setting forth the name cif the Truster, the Book and Pape or Ihicument Ho, of this Dead of
<br />Trust as recorded in said Register of Deeds office, the legal description of the above - described
<br />real estate and that a breach of an obligation, for which said real estate was conveyed an security,
<br />has occurred, and setting forth the nature of such breach and the Trustee's election to sell the
<br />real estate to satisfy the obligation; and after the lapae of not less than one (1) month, the
<br />Trustee shall give written r.otice of the time and place of sale which may he between 9:00 a.m. and
<br />5 p.m. at the premises, or at the Courrhouse In the County wherein such property is located, de-
<br />scribing the property to be sold by its legal description, said notice to be published in a news-
<br />paper of general circulation in the County wherein such property is located, once a week for five
<br />(5) co"ecutive weeks, the last publication to be at least ten (10) days, but not more than thirty
<br />(30) days, prior to the sale; and the Trustee shall than sell said property at the time and place
<br />designated In the notice, in the manner provided by law 17 effect at the time of filing said notice,
<br />at public auction to the highest bidder for eassh and shetI delver to sucle purchaser a deed to the
<br />property sold, consistent with the law In effect: at the time.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser, Trustee's
<br />dead conveying the property sold. Recitals in the Trustee's deed shall be prima facie evidence
<br />of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the
<br />following order: (a) to all reasonable costs and expenses of the sale, including but not limited
<br />to, Trustee's fees of not more than 2.0 t of the gross sale price, reasonable attorney fees
<br />and costs of title evidence; (b) to ali}suwa secured by this Deed of Trust; and (c) the excess, if
<br />any, to the person or persons legally entitled thereto. Any person, including Beneficiary, may
<br />purchase said property at said sale.
<br />The person conducting the sale max, for any cause ha or she deems expedlent, postpone the sale
<br />from time to time until it shall be cutepleted and. In every such case, notice of postponement shall .
<br />be given by public declaration thereof by such person at the time and place last appointed for the
<br />9410. prcvl . if the sale is postponed for longer than line (1) day beyond the date designated in
<br />t: notice of sele, notice thereof shall be given In the same manner as the original notice of sale,
<br />1.4. has R<t lxclusime. Trustee rand Beneficiary, and each of them, shall be entitled to
<br />enforce payment and perfo ov if any lodebtedneas eat obligation secured hereby and to exercise
<br />401 ri a and P~r4 ender thla Dead of Trust. ur ts+ricr any loan lnafrument oe s,thtr agreement or
<br />say 1. team or hersssfter enforced, notwithstanding mama or all r,f tiw indehtcdneas mnd obligations
<br />*04W*4 hereby 14,9.01 may hcw or hereafter be otherwise secured. whetbor by m €+rtRag,e, (toot] of trust.
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