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001045
<br />�S§ sold, transferred or further encumberea,.+thpy#, ?the express or written consent of Beneficiary,
<br />Beneficiary may, at its sole option, declare all sums secured by this Deed of Trust to be immediately
<br />due and payable and proceed to the remedies available to it under the default provisions contained
<br />herein.
<br />j� 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,
<br />(
<br />principal or principal and interest or any other sums secured hereby when due;.
<br />i'
<br />(b) There has occurred a breach of or default under any term, covenant,
<br />agreement, condition, provision, representation or warranty contained it,, this Deed
<br />of Trust, the note or any other loan instrument secured hereby;
<br />(c) There has been a default by Elie 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 co be due
<br />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 by 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 ,,;serve 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 caking 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, in
<br />all such order as Beneficiary may determine. The
<br />entering 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 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 />or profits, Trustee or Beneficiary may be entitled to exercise every right provided for
<br />instruments any of the loan instruents or by law upon occurrence of any event of default, in-
<br />cluding the right to exercise the power of sale;
<br />(b) commence an action to foreclose this Deed of Trust as a mortgage, appoint
<br />a receiver, or specifically enforce any of the covenants hereof;
<br />(c) deliver to Trustee a written declaration of default and demand for sale,
<br />and a written notice of default and election to cause Trustor'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,
<br />Beneficiary shall notify Trustee and shall deposit with Trustee this Deed of
<br />Trust and the note and such receipts and
<br />evidence of expenditures made and secured hereby as Trustee
<br />may require, and upon request of the Beneficiary, the Trustee shall file For
<br />record, in the Register
<br />of Deeds office in the County where the property Is located, a notice of default, setting forth the
<br />name of the Truster, the Hook and Page or Document No, of this Deed of Trust as recorded in said
<br />Register of Deeds
<br />office, the legal description of the above- described real estate and thrt a breach
<br />of an obligation, for which said real estate was conveyed
<br />as security, has occurred, and setting forth
<br />the nature of such breach and the Trustee's election to sell. the
<br />real estate to satisfy the obligation;
<br />and after the lapse of not less than one (1) month, the Trustee shall dive written notice of the
<br />time
<br />and place of sale which may be between 9:00 a.m. and 5 p.m, at the premises, or
<br />at the Courthouse in
<br />the County wherein such property is located, describing the property to he sold by its legal descrip-
<br />tion, said notice to be published in a newspaper of general circulation in the County wherein
<br />such
<br />property is located, once a week for five (5) consecutive weeks, the last publication to be at least
<br />ten (10) days, but not more than thirty (30) days,
<br />prior to the sale; and the Trustee shall then sell
<br />said property at the time and place designated to
<br />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 property sold, consistent with the law in effect at the time.
<br />Upon receipt of the price bid, Trustee shall deliver to the purchase, Trustee's deed conveying the
<br />'trustee's
<br />property sold. Recitals in the deed .shall be prima facie evidence of the truth of the state-
<br />ments made therein. 'Trustee shalt apply the
<br />proceeds of the sale In the following order: (a) to all
<br />reasonable costs and expenses of the sale, including but not limited to, Trustee's fees of
<br />not more
<br />than 7 of the gross sale price, reasonable Attorney fees and costs of title evidence; (b) to all
<br />sums secured by this Deed of Trust; and (c) the
<br />excess, If any, to the person or persons legally en-
<br />titled thereto. Any person, including Beneficiary,
<br />may purelvase said property at said Sale.
<br />The person conducting the sale may, for Any cause he or she deems expedient, po.wtpone the sale from
<br />time to time until it shall be completed and, in every
<br />such cave, notice of postponement ,hall be given
<br />by public declaration thereof by Much person at the time and place fast appointed for the wale;
<br />vided, if
<br />pro-
<br />the sate i.s postponed for longer than one (1) day bevond the date designated ]u the notice of
<br />sale, notice thereof shall, be given In thv name
<br />manner aM the ortginal not:ica of sale.
<br />Ik. Remedi.eh Not txt'Luslve. Trustee and Beneficiary, jund each of them, shall be entitled to en-
<br />force payment enc! performance of any At debt ednes, or obligation
<br />Mecurad het by anal to exercise all rights
<br />and powers under thin Deed of 'Trust or under any loan inntrualcut or other agreement er
<br />env lawn now or
<br />hereafter enforced, notwithstanding some or all of the Indebtedness ,and obligations secured hereby
<br />which may now or hereafter he
<br />nthcrwiat. aocured, wle.thar by mortgag +', da -d of trawl, plodga. Iles, assign -
<br />nt nr otherwise. Neither tile acceptance of this Deed of 1'rust. nor its e.nfotcomentI
<br />whether by court.
<br />Action or pursuant CO the power of wale „t other powers herein eontatned, shall preludice or in any
<br />manner affect Trustee's or BePlrf ll`];:IYy'v I Ight to
<br />real tze uporl of 1'afore'.e aa%1 )slier security Mow or hor
<br />after held by Trustee It Benefl:larv, It el. it g, agreed that rrllatee allll 144 rlfllt'IAty 'gild each of them,
<br /><Thail ba entitled t,> enforce tbl1 flood ,f freest: and ally otbOl
<br />:IE!t'Iirlty miw „r hatealter Held by the BI'rly•
<br />£friary ,r T'rust.to In Minh order and manner as thee, or ell:her them,
<br />of may In their• nbwaluta 111ncret fen
<br />desCermtne. Nn remedy het:.], .unir n'ed spun or to M.rvxl tl, Trust c r Rcn tl Inr4 1 Int.nn]ed to be
<br />cluulva „f any et wr r mad her In ur by law pr,V1do I to permitt t Iut c 1 hall
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