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86- -10103is sold.' transferred or further encumbered vithojt ;tee express or written consent of Beneficiary,
<br />Beneficiary may, at its sol -, option, decl_-re al' .,_ms secured by this Dee.d of Trust to be immediately
<br />due at!, ►MtAble6_arAl proceed to the remedies available to it under the default envisions contained
<br />herein.
<br />11. Events of Default. Any of the following events shall be deemed an event of default hereunder:
<br />(a) Trustor shall have failed to make payment of any installment of interest,
<br />principal or princloal and interest or any other sums secured 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 Deed
<br />of Trust, the note or any other loan instrument secured hereby;
<br />(c) There has been a default by the Trustor in the payment of any prior or
<br />subsequent lien or encumbrance in respect to all or any part of the property;
<br />(d) Trustor shall file a voluntary petition In bankruptcy or shall. be adjudi-
<br />cated bankrupt or insolvent, or shall make an assignment for the benefit of creditors
<br />in respect to the property; or an action to enforce any lien or encumbrance or judg-
<br />ments against the property is commenced.
<br />12. Acceleration Upon Default. In the event of any default, beneficiary may declare all indebtedness
<br />secured hereby to be due and payable, and the same shill. thereupon become due and payable without any
<br />presentment, demand, protest or notice of any kind. Thereafter, Beneficiary may:
<br />(a) either in person or by agent, with or without bringing any action or pro-
<br />ceeding, or by receiver appointed by a court and without regard to the adequacy of
<br />any security, enter upon and take possession of the property, or any part thereof,
<br />In its own name or in t e name of the Trustee, and do any acts which It deems necessary
<br />and desirable to preserve the value, marketability or rentability of the property, or
<br />part thereof or interest therein, increase the income therefrom or protect the security
<br />hereof and, without taking possession of the property, sue for or otherwise collect the
<br />rents, issu�s and profits thereof, including those past due and unpaid, and apply the
<br />same, less costs and expenses of operation and collection, including attorney fees, upon
<br />any indebtedness secured hereby, all in such order as Beneficiary may determine. The
<br />entering upon and taking possession of the trust estate, the collection of such rents,
<br />issues and profits and application thereof as aforesaid shall not cure or waive any de-
<br />fault or notice of default hereunder or invalidate any act and in response to such de-
<br />fault or pursuant to such notice of default and, notwithstanding the continuance in
<br />possession of the property or the collection, receipt and application of rents, issues
<br />or profits, Trustee or Beneficiary may be entitled to exercise every right provided for
<br />In any of the loan instruments or by law upon occurrence of any event of default, in-
<br />cluding the right to exercise the power of sale;
<br />(b) commence an action to foreclose this Deed of Trust as a mortgage, appoint
<br />a receiver, or specifically enforce any of time covenants hereof;
<br />(c) deliver to Trustee a written declaration of default and demand for sale,
<br />and a written notice of default and election to cause Trustoe's interest in the property
<br />to be sold, which notice Trustee shall cause to be duly filed for record in the nfficial
<br />records of the county in which the property is located.
<br />13. Foreclosure by Power of Sale. should Beneficiary elect to foreclose by exercise of the power
<br />of sale herein. contained, Beneficiary shall notify Trustee and shall deposit with Trustee this Deed of
<br />Trust and the note and such receipts and evidence of expenditures made and secured hereby as Trustee
<br />may require, and upon request of the Beneficiary, tile Trustee shall file for record, in the Register
<br />of Deeds office in the County where the property is located, a notice of default, setting forth. the
<br />name of the Trustor, the Book and Page or Document No. of this Deed of Trust as recorded in said
<br />Register of Deeds office, the legal description of the above- described real estate and that a breach
<br />of an obligation, for which said real estate was conveyed as security, has occurred, and setting forth
<br />the nature of such breach and the Trustee's election to sell the real estate to satisfy the obligation;
<br />and after the lapse of not less than one (1) month, the Trustee shall give written notice of the time
<br />and place of sale which may be between 9:00 a.m. and 5 p.m. at the premises, or at the Courthouse in
<br />the County wherein such property is located, describing the property to be sold by its legal descrip-
<br />tion, said notice to be published in a newspaper of general circulation in the County wherein such
<br />property is located, once a week for five (5) consecutive weeks, the last publication to be at least
<br />ten (10) days, but not more than thirty (30) days, prior to the sale; and the Trustee shall then sell
<br />said property at the time and place designated in the notice, in the manner provided by law in effect
<br />at the time of filing said notice, at public auction to the highest bidder for cash and shall deliver
<br />to such purchaser a deed to the property sold, consistent with the law in effect at the time.
<br />Upon receipt of the price bid, Trustee shall deliver to the purchase, Trustee's deed conveying the
<br />property sold. Recitals in the Trustee's deed shall be prima facie evidence of the truth of the state-
<br />ments made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all
<br />reasonable costs and expenses of the sale, including but not Limited to, Trustee's fees of not more
<br />than ., of the gross sale price, reasonable attorney fees and costs of title evidence; (b) to all.
<br />sums secured by this Iced of Trust; and (c) the excess, If any, to the person or persons legally en-
<br />titled thereto. Any person, including Beneficiary, may purchase said property at said sale.
<br />The person conducting the sale may, for any cause he or she deems expedient, postpone the sale from
<br />time to time until. It shall he completed and, in every such case, notice of postponement shall be given
<br />by public declaration thereof by such person at the time and place last appointed for the sale; pro-
<br />vided., if the sale L; postponed for longer than one (1) day beyond the date designated in the notice of
<br />sale, notice thereon shall be given in the same manner as the original notice of sale.
<br />14. Remedies Not Exclusive. Trustee and Beneficiary, and each of them, shall he entitled to en-
<br />force payment and performance of any indebtedness or obligation secured hereby and to exercise all rights ,
<br />and powers udder tilts Deed of Trust or under any loan instrument or other agreement or any laws now or
<br />hereafter enforced, notwithstanding some or all of the indebtedness and obligations secured hereby
<br />which may now or hercatt r ., otherwlst� _,ecured, wbvther by mortgage, deed of trust, pledge, lien, assign-
<br />ment or otherwise. tieither the acceptance of this Deed of Trust nor Its enforcement, whether by court
<br />action or pursuant to time power pf sale or other powers herein contained, shall prejudice or in anv
<br />manner affect Trustee's or Beneficiary's right to realise upon or enforce any other security now or here-
<br />Alper held by 'fruat.ee or Beoeflci.ary, it being. agreed that: Trustee iutd Beneficiary, and each of them.
<br />shall be entitled t cnf :n: t ilt Decd f '<r ,st and n: other securit now or terealte1 held h ti-, Bene-
<br />L f'.atar •r Trustee In w i, rder and manner as and r either t1 m 1av In their abwolute dtscretion
<br />determine. No rettleIr .,,tein , cn.tv, rrvd upon or reserved to Trustee or B.ne lt•tat, is Intended to he ex-
<br />c:luvlve of ally :t hez realeSv ta:re;n nr by law provided or permitted, but each 01A l ! - �c:anulati.ve and
<br />shall br in. addlt lo z! to vVer•. ,•thcr remedy 4. ven hkr -ender or nuv ,:.r hereafter xi c.t lax at law or In
<br />equity nr ay wt.atut ••. C'.v vry ;,;,wer ar - emed'; itivwn ',v in,., of ..;,e lone ;pat ru]>eif to 7 r'u,Jee or Rene.. .
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