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<br />84~...... 008348
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<br />creditors in respect to the property; or an action to
<br />enforce any lien or encumbrance or judgments aqainst
<br />the property is commenced.
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<br />12. Acceleration Upon Default. In the event of any defau.. 1. t... '
<br />Beneficiary IIlaY declare all indebtedness secured hereby to bit.. dlle
<br />and payable, and the same shall thereupon become due and payable
<br />without any presentment, demand, protest or notice of any kind.
<br />Thereafter, Beneficiary may:
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<br />(al either in person or by agent, with or without
<br />bringing any action or proceeding, or by receiver
<br />appointed by a court and without req.ard to the adequacy
<br />of any security, enter upon and take possession of the
<br />property, or any part thereof, in its own name or. in
<br />the name of the Trustee, and do any acts which it dee_
<br />necessary and desirable to preserve the value, market-
<br />ability or rentability of the property, or part thereof
<br />or interest therein, increase the income therefrom or
<br />protect the security hereof and, without takinq posses-
<br />sion of the property, sue for or otherwise collect the
<br />rents, issues ltnd p!'!:'fi.ts thereof, includinq those past
<br />due and unpaid, and ap~,ly the same, less costs and
<br />expenses of operation and collection, includinq atto~y
<br />:ees, indabtednes~ secured hereby, all in such
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<br />trust estate, the collec-
<br />renl::-, istit\~s arid profits and application
<br />afor",.-.aid shai' 'lot cure or waive any
<br />default or notic~ ~f d~~ault hereunder or invalidate
<br />any act and in res~~~~ to such def&ult or pursuant to
<br />such notice of defa~~t ~nd, notwithstandinq the eoatinu-
<br />ance in polilsession of the property or the collection,
<br />receipt and applichtion of rents, issues or profits,
<br />Trustee or Beneficiary may be entitled to exercise
<br />every right provided for in any of the loan instru.eRts
<br />or by law upon occurrence of any event of default,
<br />including the right to exercise the power of sale;
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<br />lb) commence an action to foreclose this Deed of
<br />Trust Construction Security Agreement as a mortq898,
<br />appoint a receiver, or specifically enforce any of the
<br />covenants hereof;
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<br />Ie) deliver to Trustee a written declaration of
<br />default and demand for sale, and a written notice of
<br />default and election to cause Trustor's interest in the
<br />property to be sold, which notice Trustee shall cause
<br />to be duly filed for record in the official records of
<br />the county in which the property is located.
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<br />13. ~reclosure by Power of Sale. Should Beneficiarv elect
<br />to foreclose by exercise of the pdW8rof sale ~erein contained,
<br />Beneficiary shall notify Trustee and shall deposit with Trustee
<br />this Deed of Trust Construction Security Agreement and the note
<br />and such receipts Gnd evidence of expenditures made and secured
<br />hereby liS Trustee may require, and upon request of the Benefi-
<br />ciary, the Trust.ee shall file for record, in the Reqister of
<br />Deeds office in the County where the property is located, a
<br />notice of default, setting forth the name of the Trustor, the
<br />Book and Patqe or Document Mo. of this Deed of Trust Construction
<br />Security Agreement .s recorded in said Reqister of Deeds office,
<br />the 18941 description of the above-described real estate and that
<br />II brncb of an obligation, for which said refil estate ws cooveyed
<br />as security, has occurred, and setting forth the nature of such
<br />breach and the Tru.t.ee J ~ election to mell the real estate to
<br />satisfy the obligation; and after the lapse of not less than one
<br />(1) IilQnth, the TrullltfHI shall give written notice of the time and
<br />place. of Hle which uy be between 'hOO a.m. ..!me! I} p.m. at the
<br />preMillilulI. or at the Courthouse in thEil County whlu'ein Sluch property
<br />lli1 located, dellu::ribil"lq the proplllrty to be Bold by it1!l leqal
<br />d.efllerlpUotll. .aid notice to b@ pubHtllhed 11'1 1I I'l~SpAp~:r of
<br />generllll! d, rcul<lltion in the County 1ol'her'lldn !!luch pI'op.rt~' i $
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