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201100532
<br />creation of a purchase money security interest fot household appliances;
<br />or
<br />(d) There has occurred a breach of or default under any term, covenant,
<br />agreement, condition, provision, representation, or warranty contained in
<br />any of the loan instruments provided to Construction Lender to finance
<br />the construction of improvements on the Trust Estate.
<br />1 l. Acceleration Upon Default Additional Remedies. Should an event of default occur, Beneficiary
<br />may declare all indebtedness secured hereby to be due and payable and the same shall thereupon become
<br />due and payable without any presentment, demand, protest, or notice of any kind. Thereafter, Beneficiary
<br />may:
<br />(a) Either in person or by agent, with or without bringing any action or
<br />proceeding, or by a receiver appointed by a court and without regard to
<br />the adequacy of its security, enter upon, and take passession of the Trust
<br />Estate, or any part thereof, in its own name or in the name of Trustee,
<br />and do any acts which it deems necessary or desirable to preserve the
<br />value, marketability, or rentability of the Trust Estate, or part thereof or
<br />interest therein, increase the income therefrom, or protect the security
<br />hereof and, with or without taking possession of the Trust Estate, sue for
<br />or otherwise collect the rents, issues, and profits thereof, including those
<br />past due and unpaid, and apply the same, less costs and expenses of
<br />operation and collection, including attorney fees, upon any indebtedness
<br />secured hereby, all in such order as Beneficiaty may determine. The
<br />entering upon and taking possession of the Trust Estate, the collection of
<br />such rents, issues, and profits, and the application thereof as aforesaid
<br />shall not cure or waive any default or notice of default hereunder or
<br />invalidate any act done in response to such default or pursuant to such
<br />notice of default and, notwithstanding the continuance in possession of
<br />the Trust Estate or the collection, receipt, and application of rents, issues,
<br />or profits, Trustee or Beneficiary shall be entitled to exercise every right
<br />provided for in any of the I.oan Instruments or by law upon occurrence
<br />of any event of default, including the right to exercise the 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 cov�nants hereof.
<br />(c) Deliver to Trustee a written declaration of default and derr�and for sale,
<br />and a written notice of default and election to cause Trustor's interest in
<br />the Trust Estate to be sold, which notice Trustee shall cause to be duly
<br />filed for record in the appropriate official records of the county in which
<br />the Trust Estate is located.
<br />12. Foreclosure bv Power of Sale. Should Beneficiary elect to foreclose by exexcise of the Power of
<br />Sale herein contained, Beneficiary shall notify Trustee and shall deposit with Trustee this Deed of Trust
<br />and the Note and such receipts and evidence of expenditures made and secured hereby as Trustee may
<br />require.
<br />(a) Upon receipt of such notice from Beneficiary, Trustee shall cause to be
<br />recorded, published, and delivered to Trustor such Notice of Default and
<br />Notice of Sale as then required by law and this Deed of Trust. Trustee
<br />shall, without demand on Trustor, after such time as may then be
<br />required by law and after recordation of such Notice of Default and after
<br />Notice of Sale having been given as required by law, sell the Trust Estate
<br />at the time anc1 place of sale fixed by it in such Notice of Sale, either as a
<br />whole, or in separate lots or parcels or items as Trustee shall deem
<br />expedient, and in such order as it may determine, at public auction to the
<br />highest bidder for cash in lawful money of the United States payable at
<br />the time of sale. Trustee shall deliver to such purchaser or purchasers
<br />thereof its good and sufficient deed or deeds conveying the property so
<br />sold, but without any covenant or warranty, express or implied. The
<br />recitals in such deed or any matters or facts shall be conclusive proof of
<br />the truthfulness thereof. Any person, including, without limitation,
<br />Trustor, Trustee, and Beneficiary, may purchase at such sale and Trustor
<br />hereby covenants to warrant and defend the title of such purchaser or
<br />purchasers.
<br />TCH158788.1
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