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86-107516
<br />the Property, or any part thereof, by Beneficiary, Trustee or a
<br />receiver, and the collection, receipt and application of rents,
<br />royalties, issues, profits, revenue, income or other b -inefits,
<br />Beneficiary shall be entitled to exercise every right provided
<br />for in this Deed of Trust or by law upon or after the occurrence
<br />of a default, including the power to direct the Trustee to
<br />exercise the power of sale. Any of the actions referred to in
<br />this Section 3.02 may betaken by Beneficiary, either in person
<br />or by agent, with of without bringing any action or proceeding,
<br />or by receiver appointed by a court and any such action may also
<br />be taken irrespective of whether any notice of default or
<br />election to sell has been given hereunder and without regard to
<br />the adequacy of the security for the indebtedness hereby
<br />secured. Further, Beneficiary, at the expense of Trustor, either
<br />by purchase, repair or construction, may from time to time
<br />maintain and restore the Property or any part thereof and
<br />complete construction of the Improvements uncompleted as of the
<br />date thereof and in the course of such completion may make such
<br />changes in the contemplated Improvements as Beneficiary may deem
<br />desirable and may insure the same. Beneficiary shall be
<br />entitled, without notice and to the full extent provided by law,
<br />to the appointment by a court having jurisdiction of a receiver
<br />to take possession of and protect the Property or any part
<br />thereof, and operate the same and collect the Rents and
<br />Profits.
<br />3.03. Foreclosure. Beneficiary may bring an action in any
<br />court of competent jurisdiction to foreclose this Deed of Trust
<br />or to enforce any of the covenants and agreements hereof.
<br />3.04. Power to Sell. Beneficiary may elect to cause the
<br />Property or any part thereof to be sold as follows:
<br />Beneficiary may deliver to Trustee a written declaration of
<br />default and demand for sale. Trustee shall have the power of
<br />sale of the Property and if Beneficiary decides the Property is
<br />to be sold it shall deposit with Trustee this Deed of Trust and
<br />the Note or notes and any other documents evidencing expenditures
<br />secured hereby, and shall deliver to Trustee a written notice of
<br />default and election to cause the Property to be sold, and
<br />Trustee, in turn, shall prepare a similar notice in the form
<br />required by law, which shall be duly filed for record by
<br />Trustee.
<br />(a) After the lapse of such time as may be required by
<br />law following the recordation of Notice of Default, and
<br />Notice of Default and Notice of Sale having been given as
<br />required by law, Trustee, without demand on Trustor, shall
<br />sell the Property on the date and at the time and place
<br />designated in said Notice of Sale, at public auction to the
<br />highest bidder, the purchase price payable in lawful money of
<br />the United States at the time of sale. The person conducting
<br />the sale may, for any cause he or she deems expedient,
<br />postpone the sale from time to time until it shall be
<br />completed and, in every such case, notice of postponement
<br />shall be given by public declaration thereof by such person
<br />at the time and place last appointed for the sale; provided,
<br />if the sale is postponed for longer than one (1) day beyond
<br />the day designated in the Notice of Sale, notice thereof
<br />shall be given in the same manner as the original Notice of
<br />Sale. Trustee shall execute and deliver to the purchaser its
<br />Deed conveying the Property so sold, but without any covenant
<br />or warranty, express, or implied. The recitals in the Deed
<br />of any matters or facts shall be conclusive proof of the
<br />truthfulness thereof. Any person, including without
<br />limitation Beneficiary or Trustee, may purchase at the
<br />sale.
<br />(b) When Trustee sells pursuant to the powers herein,
<br />Trustee shall apply the proceeds of she sale to payment of
<br />the costs and expenses of exercising the power of sale and of
<br />the sale, including the payment of Trustee's fees actually
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