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10. Transfer of Property. If all or any part of the property or any
<br />interest of Trustor therein is sold, transferred or further encumbered'
<br />without the express or written consent of Beneficiary, Beneficiary muy, at
<br />its sole option, declare all sums secured by this Deed of Trust Construction
<br />Security Agreement to be immediately due and payable and proceed to the
<br />remedies available to it under the default provisions contained herein.
<br />11. Events of Default. Any of the following events shall be deemed an
<br />event of default hereunder:
<br />(a) Trustor shall have failed to make payment of any installment
<br />of interest, principal or principal and interest or any other sums
<br />secured hereby when due;
<br />(b) There has occurred a breach of or default under any term,
<br />covenant, agreement, condition, provision, representation or warranty
<br />contained in this Deed of Trust Construction Security Agreement, the note
<br />or any other loan instrument secured hereby;
<br />(c) There has been a default by the Trustor in the payment of any
<br />prior or subsequent lien or encumbrance in respect to all or any part of
<br />the property;
<br />(d) Trustor shall file a voluntary petition in bankruptcy or shall be ad-
<br />judicated bankrupt or insolvent, or shall make an assignment for the benefit
<br />of creditors in respect to the property; or an action to enforce any lien or
<br />encumbrance or judgments against the property is commenced.
<br />12. Acceleration Upon Default. In the event of any default, Beneficiary
<br />may declare all indebtedness secured hereby to be due and payable, and the same
<br />shall thereupon became due and payable without any presentment, demand, protest
<br />or notice of any kind. Thereafter, Beneficiary may:
<br />(a) either in person or by agent, with or without bringing any
<br />action or proceeding, or by receiver appointed by a court and without
<br />regard to the adequacy of any security, enter upon and take possession
<br />of the property, or any part thereof, in its own name or in the name of
<br />the Trustee, and do any acts which it deans necessary and desirable to
<br />preserve the value, marketability or rentability of the property, or part
<br />thereof or interest therein, increase the income therefrom or protect the
<br />security hereof and, without taking possession of the property, sue for or
<br />otherwise collect the rents, issues and profits thereof, including those
<br />past due and unpaid, and apply the sane, less costs and expenses of
<br />operation and collection, including attorney fees, upon any indebtedness
<br />secured hereby, all in such order as Beneficiary may determine. The entering
<br />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
<br />waive any default or notice of default hereunder or invalidate any act and
<br />in response to such default or pursuant to such notice of default and, not-
<br />withstanding the continuance in possession of the property or the collection,
<br />receipt and application of rents, issues or profits, Trustee or Beneficiary
<br />may be entitled to exercise every right provided for in any of the loan
<br />instruments or by law upon occurrence of any event of default, including
<br />the right to exercise the power of sale;
<br />(b) commence an action to foreclose this Deed of Trust Construction
<br />Security Agreement as a mortgage, appoint a receiver, or specifically enforce
<br />any of the covenants hereof:
<br />(c) deliver to Trustee a written declaration of default and demand for
<br />sale, and a written notice of default and election to cause Trustor's interest
<br />in the property to be sold, which notice Trustee shall cause to be duly filed
<br />for record in the official records of the county in which the property is
<br />located.
<br />13. Foreclosure by Power of Sale. Should Beneficiary elect to foreclose by
<br />exercise of the power of sale herein contained, Beneficiary shall notify Trustee
<br />and shall deposit with Trustee this Deed of Trust: Construction Security Agre(mw- -nt
<br />and the note: and such receipts and evidence of expenditures made and secured hereby
<br />as Trustee may require, and upon request of the 13enef iciary, the '1'rustcx shall f i l e
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