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85-005634
<br />Is, sol , transferred or further encumbered without 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 />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 />principal or principal and interest or any other sums secured hereby when due;.
<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;
<br />(c) There has been a default by the 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 voluntavv petition in bankruptcy or shall be adjudi-
<br />cated bankrupt or insolvent, or shall make an assignment for the henefit 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 Upori Default. In the event of any default, Beneficiary may declare all Indebtedness
<br />secured hereby to be due and payable, and the same shall thereupon become due and payable without any
<br />present -cent. demand, proCCs.t 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 appoinred 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 preserve the value, mtarketability 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
<br />rents, issues and profits thereof, including those past due and unpaid. and apply the
<br />same, less costs and expenses of operation and collectlon, 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,
<br />issues and profits and applica tion thereof as aforesaid shall not cure or waive any de-
<br />fault or notice of default hereunder or in.validare 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 Beneficl.a r: may be entitled to exercise ever, right provided for
<br />in any of the loan instruments or by law upon occurrence cf any event cf default, in-
<br />cluding the right to exercise the power of
<br />(b) commence an action to foreclose this deed of Trust as a mortgage, appoint
<br />a receiver, or specifically enforce anv it ,ovenants tlereof;
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<br />1 i r i.ist wr t t en de !a rat Ion cf deefault +nd demand for sale,
<br />and a written not Ice of de:aulr and sae tIon to cause rust pr's Interest in the property
<br />�
<br />to he 'old «Lich notice 1rustee shall au.e to he iul filed for record in the official
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<br />records of the c our t'• in which the proper t': is located.
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<br />13. Foreclosure by Power of Sale. Should Benc•f Scl ary elect io for. lose lry +xerc i se of the power
<br />of sale herein iontainecl, Beneficiary stall rtot].fv Trustee and shhall deposit with Trustee this Deed of
<br />Trust and the note and such receipts and -vfden,v of _4pentllzzlrts made and seruref herefit as Trustee
<br />may require, and ipon reque4t of the Berwft :arv, the Jrolst,e file `oT record in the Register
<br />of Deeds office in.. the Comity where the pr pert, 1, 1 t d, a r ti e f lief.,il.. setting forth the
<br />mate of the irta +ice the Book and naae ua Lunen. 'ic f t t l d >f Trust as recorded In said
<br />x
<br />Register of Deeds ffice. the legal de74titlotl ot ti v - tried real estate and that a breach
<br />of all obligation, for wl :ichi said real sate was c ^.a _l fed :.. _�T,Tltv, era. occurred, and setting forth
<br />.
<br />the nature of sucla breach and the Trustee', ele(t!,n se l. the real estate to saiI,;v the nbli gat tor,;
<br />and after the lapse of not less than one (li 'xmt! -, the ,rusher .,',alt ,:Syr written notice of the: time
<br />and place of sale wi,irh ❑uay he lsetween 9:' - +U a n. and 5 ,.m. at r-•mises. nr at the Courthouse in
<br />the County wherein ..uch property is located, descr!binp the arcperty to be sold by Its legal descrip-
<br />tion, said notice to, be published it, a r,vwspaper :. , :enema ,It,.,:lat Ina in the County wherein such
<br />property Is located, once a week for five f`i rn se, ut lye vee,��, the ;ash publication to he at least
<br />ten (IQ) day's, but net more than thirty l; +17 da+ , prior !„ th, sale; and the Trustee shall then sell
<br />said property at the time :utd place dcslp :.rated to the nutfre, in the riarnner provided by law in effect
<br />at the time of filing, r,atd notice. at ;,U.lit: auction to the highest bidder far cash and shall deliver
<br />to such purchaser a deed to the property ;old, .onsl�,tent with the law in effect at the time.
<br />Upon receipt of the price bid, :ru:,tee, shall Sc•l!vc; to the -,urchase, Trustee's decd conveying the
<br />property sold. Rer }tals to the Trustee's !,,d s,t+al: be prima fa:ie evldvn :e of the truth of the state -
<br />merits made therein. Trustee shall apple the proceeds of the sale in the lollowing order: (a) to all
<br />reasonable costs and expenses of the sale, including but not limited to, lrustee's fees of not note
<br />than 3.0 � of the gross sale price, reasonable attornev fees and cr..sts oI title evidence; (b) to all
<br />suaa secured by this Geed cf "Trust; and (c) the excess, if :mv, to the person or persons legally en-
<br />titled there«. Anv 1•are:,m, ihc•ludtng Ftvroefirlarr, may pur<;,a.e said property at said sale.
<br />The person condw-tinu, the sale mav, for anv muse le oT slie dorms ,.rpedlent, portpexte the , =ale lt,,m
<br />lit.'s, to time until It ,hall be completed and, in evety vueh cease, t stirs of postponement shell be given
<br />j�1,rl
<br />y' public ae.laratton rhereof b, ,+ucit person at the t. lrae nor: i'lare alit .. Inted for t,, ,::le; ;nT,-
<br />vlded, It the n ,,.. is pustponl :d lur hunger than one (1) day Leve,nd the date devlltnatie•d it, Lyle Lice _,f
<br />male. ..ci lcr thereeaf shall be Riven In the same t•uanner as the nrictfnal Tutirr if ,:ale.
<br />16. Rese_di ea ltot 6x_cl._u_slve_. Trustee and Beneficiary, and ea' h of t la•m, "!,all b- .nt it lea I" en-
<br />for';ie pav:u•nt and ierformaatte c,t any fndebtedne M4 (:C e *t)IIV.at fV'1 4;, ?,,d ',.-Tet :y and tr, exerrlue ail rights
<br />tilld powers unde•t this Deed of lt'tist (ir under an, 14,an liirtrumetit it otner agreement or all', !ales, 1:aaV of
<br />hereafter e:'ifor"td, notwlthhtauding %Llot.• ,)r all of the Indebtedne and >Iol!gatlotim a. ,1(F'd tierebv
<br />er, -d, wt. th,•r ,.. 'Ti, rt, a, , I•., .r., _ _ '1- , .,".I gn.
<br />which May uw ", ,rro.after , of herwlae- ticu
<br />mesot or orl- rwi,e. nelther t!.e ac c. a ;at anee of this Deed of Tna t ,,,,r its :,. .,n•nt, .ether ..e curt
<br />aellon or Pol'suall! .. the lr.,T . aa)e 4, t>tiler r`t >wer� pia: r.'l!, � .,, Al n. ^l). �,'lai,rl, j -1 „''Jd e t�T ,•t Airl'
<br />mlAnia6rr affect it Ul3l PT's or ?Wnef l( iarv'H' rSN,bt to teallxe ijil.11 Ur S ^oftft „- io, Itlxd t~,.. fie rt4 •vuw apt' were
<br />after nMld hy Srukat ee ',. 1.eneticlarv, it belnyt, agreed !flat Ir,Mt,•N :IS:d (ta•[,e *(i, Earl ", i"'o. a,t'a _'I t4t"..F..
<br />K hall lie p-il 113,rd I. ,•nf ori.v t?tiy DNe +lI `f `. T'Fiat and of,, tier'a!tal _.,I t'l I,,, Bell—
<br />fly i,ar" (,f .rui.twi, iii h order laid :9ahfiWi ar, Cb @V, ,rr S�ilt:l•t t,! l�+H lr-, li.,` lrl '} ;.pit' Ae 4c,)t3te oil t.t re"7 fl,Il
<br />elrteTxsSua, a .-J, ,erefi car ;ferr _„ ai "r _. tca••rved !<> Ts s. ,., ,,, n, J1: to , .., _.. ,. , ,. ,•n-
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