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200802659 States Department of Justice) then Borrower shall immediately notify Secured Party orally and in writing of said notice. ARTICLE 2 EVENTS OF DEFAULT AND REMEDIES 2. I Events of Default. An Event of Default under the Loan Agreement shall constitute an "Event of Default" hereunder. 2.2 Remedies. Upon the happening of any Event of Default and at any time thereafter without notice given to Borrower: (a) Secured Party may declare the entire principal of the Note then outstanding (if not then due and payable), and all accrued and unpaid interest thereon, to be due amI payable immediately, and upon any such declaration the principal of the Note and said accrued and unpaid interest shall become and be immediately due and payable, anything in the Note or in this Deed of Trust to the contrary notwithstanding. (b) Secured Party may exercise all rights under the Loan Documents. (c) Secured Party may institute proceedings to enforce the lien of this Deed of Trust. (d) Secured Party may take such steps to protect and enforce its rights whether by action, suit or proceeding in equity or at law for the specific perfomlance of any covenant, condition or agreement in the Note or in this Deed of Trust, or in aid of the execution of any power herein granted, or for the enforcement of any other appropriate legal or equitable remedy or otherwise as Secured Party shall elect, including appointment of a receiver for the Property. (e) Secured Party, pursuant to the appropriate provisions of the Uniform Commercial Code, shall have an option to proceed with respect to both the Land and the Collateral in accordance with its rights, powers and remedies with respect to such real property, in which event the default provisions of the Uniform Commercial Code shall not apply. Such option shall be revocable by Secured Party as to all or any portion of the Collateral at any time prior to the sale of the remainder of the Property. In such event Secured Party shall conduct the sale of the Collateral in combination with the sale of the remainder of the Property. Should Secured Party elect to sell the Collateral or any part thereof which is real property or which Secured Party has elected to treat as real property or which may be sold together with the real property as provided above, Secured Party shall give such notice of default and election to sell as may then be required by law. The parties agree that if Secured Party shall elect to proceed with respect to any portion of the Collateral separately from such real property, ten (10) days' notice of the sale of the Collateral shall be reasonable notice. The reasonable expenses of retaking, holding, preparing for sale, selling and the like incurred by Secured Party shall include, but not be limited to, reasonable attorneys' fees, costs and expenses, and other expenses incurred by Secured Party. 13 AM 157:0AM57:6670385:LOUISVILLE 3/20/08