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8s- 101977
<br />is sold, transferred or further encumbered without ,- xpress or written consent of Beneficiary,
<br />Beneficiary may, at its sale opt ton, declare al! s..... s, -ured be this Deed of Crust to be Immediately
<br />due and payable and proceed to the remedies avaisabie to it under ti;e ciefaulc provisions contained
<br />herein.
<br />1L. Events of Default. Any of the following events shalt be deemed an event of default hereunder:
<br />(a) Trustor shall. have failed to make payment of any installment of interest,
<br />principal or principal and interest or any other sums secured hereby when clue;.
<br />(b) There has occurred a breach of or default under any tern, 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 shall 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 ry 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 the 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, issues 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 />Lssues 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 />cr 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 in action to foreclose this Deed of Trust as a mortgage, appoint
<br />a receiver, or specifically enforce any of the covenants hereof;
<br />(•') celivrr to 'Trustee a wr1tten declaration of default and demand for sale,
<br />and a written notice of default and election to cause 7'rustor's interest in the property
<br />to be sold, which notice Trustee shall cause to be duly filed for record in the official
<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 may require, and upon request of the Benefictar:, the Trustee shall file for record, in the Register
<br />of Deeds office in the Count•: :here the property is located, a notice of default, setting forth the ')
<br />name of the frustor, the Book and Page or Document '10. trf this Deed of Trust as recorded in said
<br />Register of Deeds office, rh: legal description of t,ic above. described real estate and that a breach
<br />of an obligation, for which said real estate was cnnveved is security, has occurred, and setting forth
<br />the nature of such breach and the Trustee'; election to s ell the real estate to satisfy the obligation;
<br />and after the lapse of not less than one (1) month, the Trustee shall gave written notice of the time
<br />and place of sale wlii.rn m,ay lie between 9:00 a.m. and � p.m. at the premises, or at the Courthouse in
<br />the County wher,rin property propert is located, describing the property to be sold by Its legal descrip-
<br />tion, said notice to be published in a newspaper ,f „eneral circulation in the County wherein such
<br />property is located, once a week for five (5) couse::utive weeks, the last publication to be at least
<br />ten (10) days, but not more rhan thirty (10) days, prior to en sale; and the Trustee shall then sell
<br />said property at the time .uic place debignated 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 prope.r,y sold, c::nsi-itcnt witty the law in effect at the time.
<br />Upon receipt of the. price bid, Trustee .vhali deliver to the purchase, Trustee's deed conveying the
<br />property mold. Recitals in the Trustee's deed shat i. be prim:. facie evidence of the truth of the state-
<br />' ments made therein. Trustee shall apply the r>rocee.os of the sale in the following order: (a) to all
<br />reasonable costs and expense::i of tare sale, including but not limited to, Trustee's fees of not more
<br />than 3 of tie 4rnss sale price, reasonable attorney fees and costs of title evidence; (b) to all
<br />sums ser-ured by this Deed of " Trust; ::r,d (c) the excess, if any, to the person or persons legally en-
<br />titled thereto. An, person, Including 5eneficiarv, may purchase said property at s:.id sale.
<br />I'he person conducrinw,, the sale may, for am: cause lie or she deems expedient, postpone the sale- from
<br />time to time until it hall bf! completed and, in every such rase, notice of postponement shall be given
<br />by public, deciaratiorr the: roof tiv such person at the. ilme and place, last appointed for the sale; pro -
<br />vlded, if the sa.ic is :,u3t1aed frr longer rban one (1) day beyond the data designated In the notice of
<br />saie, notice thereat. ! ihall he ;riven in the s ;ame manner as the original notice of sale.
<br />14. Remedies Not Lrclusive. True,tve and Beneficiary, and each of them, shall he entitled to en-
<br />force payment and oertorman a of any Indebtechicss rr obligation secured hereby and to exercise all rights
<br />and powers under this Deed Cif "[rubt or under any loan instrument or other agreement or any laws now or
<br />hereafter •nforc.ed, nnCwithS1tprdi1W, some or all of the Indebtedness and oblip.attons secured hereby
<br />which may now ;,r h., 1,iv wIv- secttrc:.1, whet'nrr b•: murtgak,., deed ::f tru:•.t , ,ledge, lien, assign -
<br />rment or otherwise. .rithe.r v+e. at: eptance< ,[ this Decd of "trust nor Lis cuforiement, whether by court
<br />,action or pursuant the power of sale or other po,vts herein aont:afin d, r.hnl `. Prejudice err in any
<br />manner affect Tr„At.,e's or iienefic.iarv's right to Teali:e upon on -_ .,. env ether - ecurlty now ar 'lure..
<br />after i':e ld by YYUStee or Renef Ictary, It being agrt!ed tiaat. Trustee and h, °n<'. tar:, and each A them,
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