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201004007
<br />11. Acceleration Upon Default. In the event of any default, Beneficiary may declare all
<br />indebtedness secured hereby to be due and payable, and the same shall thereupon became due and
<br />payable without any presentment, demand, protest or notice of any kind. Thereafter, Benetciary
<br />may:
<br />(a) either in person ar by agent, with or without bringing any action or
<br />proceeding, or by receiver appointed by a court and without regard to the adequacy
<br />of any security, enter upon and take possession of the property, or any part thereof,
<br />in her own name or in the name of the Trustee, and do any acts which he deems
<br />necessary and desirable to preserve the value, marketability or rentability of the
<br />property, or part thereof or interest therein, increase the income herefrom or protect
<br />the security hereof and, without taking possession of the praperty, sue far or
<br />otherwise collect the rents, issues and profits thereof, including those past due and
<br />unpaid, and apply the same, less costs and expenses of operation and collection,
<br />including attorney fees, upon any indebtedness secured hereby, all in such order as
<br />Beneficiary may determine. The entering upon and taking possession of the trust
<br />estate, the collection of such rents, issues and profits and application thereof as
<br />aforesaid shall not cure or waive any default or notice of default hereunder or
<br />invalidate any act and in response to such default or pursuant to such notice of
<br />default and, notwithstanding the continuance in possession of the property or the
<br />collection, receipt and application of rents, issues or profits, Trustee or Beneficiary
<br />may be entitled to exercise every right provided for in any of the loan instruments or
<br />by law upon occurrence of any event of default, including the right to exercise the
<br />power of sale;
<br />(b) commence an action to foreclose this Deed of Trust as a mortgage,
<br />appoint 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 Trustors' 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 />12. Foreclosure by Power of Sale. Should Beneficiary elect foreclosure by exercise of the
<br />power of sale herein contained, Beneficiary shall notify Trustee and shall deposit with Trustee this
<br />Deed of Trust and the note and such receipts and evidence of expenditures made and secured hereby
<br />as Trustee may require, and upon request of the Beneficiary, the Trustee shall file for record, in the
<br />Register of Deeds Office in the County where the property is located, a notice of default, setting
<br />forth the name of the Trustor, the Book and Page or Document No. of this Deed of Trust as recorded
<br />in said Register of Deeds office, the legal description of the above-described real estate and that a
<br />breach of an obligation, for which said real estate was conveyed as security, has occurred, and setting
<br />forth the nature of such breach and the Trustee's election to sell the real estate to satisfy the
<br />obligation; and after the lapse of not less than one (1) month, the Trustee shall give written notice
<br />of the time and place of sale which may be between 9:00 a.m. and 5:00 p.m. at the premises, or at
<br />the Courthouse in the County wherein such property is located, describing the property to be sold
<br />by its legal description, said notice to be published in a newspaper of general circulation in the
<br />County wherein such praperty is located, once a week for five (5) consecutive weeks, the last
<br />publication to be at least ten (10) days, but not more than thirty (3U) days prior to the sale; and the
<br />Trustee shall then sell said property at the time and place designated in the notice, in the manner
<br />provided bylaw in effect at the time of filing said notice, at public auction to the highest bidder for
<br />cash and shall deliver to such purchaser a deed to the property Bald, consistent with the law in effect
<br />at the time.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser a Trustee's
<br />Deed conveying the property sold. Recitals in the Trustee's deed shall be prima facia evidence of
<br />the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following
<br />order: (a) to all reasonable costs and expenses of the sale, including but not limited to, Trustee's fees
<br />of not more than two percent (2%) of the gross sale price, reasonable attorney fees and costs of title
<br />evidence; (b) to all sums secured by this Deed of Trust; and (c) the excess, if any, to the person or
<br />persons legally entitled thereto. Any person, including Beneficiary, may purchase said property at
<br />said sale.
<br />The person conducting the sale may, for any cause he or she deems expedient, postpone the
<br />sale from time to time until it shall be completed and, in every such case, notice of postponement
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