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<br />86--° 105107
<br />_ ie Sold, transferred or further encumbered without the exprc,; or written consent of Beneficiary,
<br />- Beheficlar,y may, at its sole option, declare all sums secured by this Deed of Trust to be immediately
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<br />due and payable and proceed to the remedies available to it under the default provisions contained- -
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<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, -
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<br />principal or principal and interest or any other sums secured hereby when due;.-
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<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; - -
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<br />- - (c) There has been a default by the Trustorin the payment of any prior or _ -
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<br />subsequent lied or encumbrance in respect to all or my part of the property;
<br />- (d) Trustor shall file a voluntary petition in bankruptcy or shall be adjudi- -
<br />cared 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 -.-
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<br />.meats against the property is commenced, - -
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<br />- 12, Acceleration Upon Default. In the event of any default, Beneficiary may declare all indebtedness,
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<br />- _ secured hereby to be due and payable, and the same shall thereupon become due and payable without any
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<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-
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<br />ceeding, or by receiver appointed by a court and without regard to the adequacy of -
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<br />any security, enter upon and take possession of the property, or any part thereof, - -
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<br />- in its own name or in the name of the Trustee, and do any acts which it deems necessary _
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<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
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<br />rents, issues and profits thereof, including those past due and unpaid, and apply the
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<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,
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<br />issues and profits and application thereof as aforesaid shall not cure or waive any de -_
<br />fault or notice of default hereunder or invaLtdate any act and in response to such de-
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<br />fault. or pursuant to such notice of default and, notwithstanding the cc ntint,,:a:_ce try - - -
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<br />possession of the property or the collection, receipt and application nofrents, Issues
<br />or profits, Trustee or Beneficiary may be entitled to exercise every right provided for
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<br />in any of the loan instruments or by law upon occurrence of any ,event of ' default, in- -
<br />- eluding the right to exercise the power of sale;
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<br />_ (b) commence an action to foreclose this Deed of Trust as a mortgage, appoint -
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<br />- a receiver,- or specifically enforce any of the - covenants - hereof; - - -- - -
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<br />- - (c) deliver to Trustee a Written declaration of default and demand for sale,, -
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<br />and a written notice of default and election to cause T'rustor's interest in the property - -
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<br />to be sold, which notice Trustee shall cause to be duly .filed for record in the official
<br />records of of -the county in which the property is Located.
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<br />13. Foreclosure by Powe_ of Sale, Should Beneficiary elect to foreclose by exercise of the paver
<br />of sale herein contained, Beneficiary shall. notify Trustee and shall deposit with Trustee this Deed of -
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<br />- Trust and the note and such receipts and evidence of expenditures made and secured hereby as Trustee - - -
<br />may require,: and upon request or the Beneficiary, the Trustee shall rile for record; in the Register
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<br />of Needs office in the County where the property is located,a notice of default, setting forth the
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<br />- name of the Trustor,, the Book and Page or Document :to - 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
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<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
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<br />the Count -, wherein such property is located, describing the property to be sold be its legal descrip-
<br />tion, said notice to be published in a newspaper of general circulation in the County whereir. such -
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<br />property is located, once a week for five (5) consecutive weeks, the last publication to be at least
<br />rep (16) days, but not more than thirty (30) days, prior to the sale; and the Trustee shall then sell
<br />satd.property at the time and place designated in the - notice, in the manner provided by Taw in effect - -
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<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.
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<br />Upon receipt of the price bid, Trustee shall deliver to the purchase, Trustee's deed conveying the
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<br />property sold. Recitals in the Trustee's deed stall be prima facie evidence of the truth of the state-
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<br />meats made therein. Trustee shall apply the proceeds of the sale in the following order, (a) to all
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<br />- reasonable costs and expenses of the sale, including but not limited. to, Trustee's fees of not more
<br />-than 3,Q „ of the gross sale price, reasonable attorney fees and -costs of title evidence; (b) to all
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<br />sums secured by this Deed 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.
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<br />- The person conducting the sale may, for any cause he or she deems, expedient, postpone the sale from
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<br />time to time until it shall be completed and, in every such case, notice of postponement shall he given
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<br />by public declaration thereof by such person at the time and place last appointed for the sale; pro-
<br />vided, if the sale is postponed for longer than one (1) day beyond the date designated in the notice of
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<br />sale, notice thereof shall be given in the same manner as the original naticee of sale.
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<br />14. Remedies Not Exclusive. Trustee and Beneficiary, and each of them, .shall be entitled- to en-
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<br />-force payment and performance of any indebtedness or obligation secured hereby and to exercise .All _ rights
<br />and powers under this Deed of Trust or under any loan instrument or other agreement or any laws now or
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<br />hereafter enforced, notwithstanding some or all of the indebtedness and obligati= =ins secured hereby
<br />which may now or hereafter be otherwise %iacurvd, whvcher by mortgage, dead of tr45t,, .pledge, lien, .assign-
<br />went or othertise. Nether the acceptance of this Deed of Trust nor Its enforcement, whether by court
<br />- action or pursuant to the power of sale or other powers herein -contained, shall prejudice or to any
<br />mariner affect Trustee's or Beneficiary's right to realize upon or enforce any other security now or here-
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<br />afteer hold by Trustee or Banefic.iary, it being agreed that Trustee and Beneficiary, and each of them,
<br />-hail he entitled to enforce this Deed of Trust and any other security now or hereafter held by the Bene-
<br />ficiaery or Trustee in such order and manner as they, or sither of Them, may in their absolute discretion
<br />determine. No re telly herein cub €'erred upon or reserved to Trustee or Beneftctary is Intended to be ex-
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<br />clrutive of any 11ther r"WAY 'herein err by law provided ;v permitted, t ^at . ra <. ^h shall. be cumulative and
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<br />shall he in addition to 'verss_ ,oth r rtsttedy given beretmder or new or ttetwafrvr exi.vtinp at law or in
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<br />tag4lty sir by statute., tvotr-,' power or i'e ?meeiY e.iven by an;- of the loan ih.ptrcuments t.c,, T'ruster or sank:. -.
<br />fie,ier., or to which ett', -ter of ttuem ma,y br. "o'c -rwise etttItlnri siav be re"r� is r °,nnacu,rr,,otly or lnila,r,�tt.
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<br />dentlys trom tuna t. ttm{- and o. nrt.t, AN ma, he nevwd exp,41 �--i -a by it ;f'�t d•R 't fiiS'n 9 °ii a °.iflT�, �n•� Oth't
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<br />oaf - tham"V l'�nr A�.i! ant'e #1sE1 @t +*ne t "er(j{ry L,'.L�, s j'tdtfny,_1"�rCii aP3�iz' -1+ .-
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<br />ft- ','O'9 S'IE1% M .i.sfl. "1 i Y' lad ita;ii e }s�11n �, [r't kti�Y [tY tiid - ,Kt "S'T }€ ill 1 'Fa'Lira cT:TtC A.!, `" taw.
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