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85- 005860;
<br />11. Events of Default. Any of the following events shall be deemed
<br />an 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
<br />be adjudicated bankrupt or insolvent, or shall make an assignment for
<br />the benefit of creditors in respect to the property; or an action to
<br />enforce any lien or encumbrance or judgments against the property is
<br />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
<br />same shall thereupon become due and payable without any presentment, demand,
<br />protest or notice of any kind. Thereafter, Beneficiary may:
<br />(a) either in person or by agent, with or without bringing
<br />any action or proceeding, or by receiver appointed by a court and
<br />without regard to the adequacy of any security, enter upon and take
<br />possession of the property, or any part thereof, in its rnvn name or
<br />in the name of the Trustee, and do any acts which it deems necessary
<br />and desirable to preserve the value, marketability or rentability of
<br />the property, or part thereof or interest therein, increase the
<br />income therefran or protect the security hereof and, without taking
<br />possession of the property, sue for or otherwise collect the rents,
<br />issues and profits thereof, including those past due and unpaid, and
<br />apply the same, less costs and expenses of operation and collection,
<br />including attorney fees, upon any indebtedness secured hereby, all
<br />in such order as Beneficiary may determine. The entering upon and
<br />taking possession of the trust estate, the collection of such rents,
<br />issues and profits and application thereof as aforesaid shall not cure
<br />or waive any default or notice of default hereunder or invalidate any
<br />act and in response to such default or pursuant to such notice of
<br />default and, notwithstanding the continuance in possession of the
<br />property or the collection, receipt and application of rents, issues
<br />or profits, Trustee or Beneficiary may be entitled to exercise every
<br />right provided for in any of the loan instruments or by law upon
<br />occurrence of any event of default, including the right to exercise
<br />the power of sale;
<br />(b) co mmence an action to foreclose this Deed of 'Trust Construction
<br />Security Agreement as a mortgage, appoint a receiver, or specifically
<br />enforce: any of the covenants hereof;
<br />(c) deliver to Trustee a written declaration of default and dalland
<br />for sale,, and a written notice of default and election to cause Tr•ustor's
<br />interest in the property to be sold, which notice Trustee shall cause
<br />to be duly filed for record in the official records of the county in
<br />which the pmper•t.y is located.
<br />13. Foreclosure by Power _of Sala. Should Beneficiary elect to fort-close
<br />by exercise of the lx)wer of sale herein ctontaineci, Beneficiary shall notify
<br />Trustee and shall deposit. with 'Trustee this 1)vod of Trust. Construction
<br />S( urity Agr•cwnm:v. and the note and such receipts and evidence' of exixnidi1. ures;
<br />rwAk? and secured hereby iLS Trot- ttc:V nary resiu i r'c', and uixln request of the' livne f i -
<br />r'iary, the Ttustf -c "hall file, for record, in the. Rogister rlf D(4'fis office in
<br />the C,.,unty wi -wre flu, pl ,l>r_�rty is 10Cat(x1, It not.ic,e Of default, !,vll ini; Ictrth
<br />the nrutr.r o r.he Trnistor, then Nx )k and Pap or• fbcxlrnent No. of t hi n, Ik,t d d
<br />Trust. Cnnst.rilet.ion St- curity to �Idd 1i4,6,is;ter .,I lAn<3,b.
<br />office', thi ,, lt%al descript.jor1 (d the :ttul that :c
<br />breacfl of tirl obligation, fnr tah)Ol ,1�atd real << „Late %kw, r1n +,)ed a� rettrtt.
<br />hw, -,4t Ur'r.fi, wi(j I ng f f,r'1 11 11w TwO ur- u l r.11t'I1
<br />le.�± trm t_n "'.1 1 thie re,0 4r:;tat. to .at ): -Af ht ,W.r;nt 'ti; .:n(! :1It, r tit,
<br />riol 111:(1) retie. ll Itkatti;, iii” Irtt Ir.i ,er •r curt
<br />�f tlfe !JPM.' ;!A1d P1! 6r ,, ,if -,.I It "d17i'h ^ ,ti iA
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