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2011084�2
<br />creatiori of a purcf�ase money security interest fot househo�d appliances;
<br />ot
<br />(c�), There has occiarrecl � breach of or def�ult under any term, covenant,
<br />agreement, condition, provision, representation, ot� warranty cont�ined _in .
<br />any of the loan ittstruments pro�ided to Construction L�nder ta �nance
<br />the constructio►l of improvements ot� the Trust Estate.
<br />I 1. Acceleration U�on Default Additibhal Remedies. Shou�d ah everit of default occur, Bene�ciary
<br />may declare all indebteaness secured hereby td be due and payable and the same shall thereupon become
<br />due and pay�ble without any presentmeht, c�emand, protest, or notice of any kind. Thereafter Beneficiary
<br />may:
<br />(a) Eit�er . in person or by ageht, wit� or without bringing any action or
<br />proceec�ing, or �y a receiver appointed by a caurt and without regard to
<br />the aclequacy of its security, enter upon, and t�ke possession o� the Trust
<br />Est�te, or any part thet�eof, in its own naine or in the name +�f Trustee,
<br />�nd do any acts which it cleeins riecessary or desirable to preserve the
<br />value, inarketability, or rentability of the �"rust Estate, or part thereof or
<br />interest therein, increase the incotne therefrom, or protect the security
<br />$ereof and, with or without taking possessioh of the Trust Estate, sue for
<br />or otherwise col�ect the rents, issties, ancl profts thereof, including t�iose
<br />past due and t�npaid, and apply the same, less. costs and expenses of
<br />operation �tnd collection, including attorney fees, upon any indebtedness
<br />securecl here�y, all in such order as Beneficiary nnay determine. The
<br />entering upon and taking possessioti of tk►e Trust Estate, the co�lection of
<br />such rents, issues, and profits, and the �pplicatiori thereof as aforesaid
<br />shall not cuce or waive any default or tiotice of default hereunder or
<br />invalidate any act done irt response to such default or pursuant to :such
<br />hotice of clefault and, t►otwithstanding the continuatice in possession of
<br />the Trust Esfate or the collection, receipt, and application o� rents, issues,
<br />br pro�ts, �"rUstee or Beneficiary shall be entitled to exe'rcise every right
<br />p'rovided for in any of the Loan lnstruments or �y law upon occurrence
<br />of any event of default, incluc�ing the right to exercise the power of sale. ,
<br />(b) Commence an action to foreclose this Deed of Trust as � mortgage,
<br />appoint a receivet, or specifica�ly enforce any o� the covenants hereof.
<br />(c} Deliver to Trtistee � w'ritten declaration o� default ancl demand for sale,.
<br />anc� a written notice o� defa�lt anc� election to caase �'r�tsto"r's uiterest in
<br />the Trust Estate to be sold; which notice Trustee shall cause t� be c�uly
<br />filed �'or record in the appropriate official tecords of the county i� �hich
<br />the Tiust Estate is located.
<br />12. Foreclosure by Power of Sale. Should Beneficiaty elect to foreclose by exercise o� the Power of
<br />Sale herein contained, �eneficiary shall notify Ti�ustee an�1 shall deposit with Trustee this Deed o� Trust
<br />and the Note and such receipts anc� evidence nf expenditures inade and secured hereby as Trustee may
<br />require.
<br />(a) tJpon receipt of such notice from Beineficiary, Trustee s�all eause to be
<br />recoirded, publishecl, and c�elivered to Trustor such Notice:of Default and
<br />Notice of Sale as then required by (aw and this Deed of Trust. Trustee
<br />sha[l without demand on Trttstor, aftei� sueh time as may then be
<br />requirec� by 1aw and �fter recordation of such Notice of befault and after
<br />Notice nf Sale having beeri given as req�ti'recl by law,_sell the Tr�st Estate
<br />at t�e time and place of sale fixed �y it iri such Notice of Sale, either as a
<br />whole, or in separate lots or parcels or items as �'rustee shall deem
<br />expedient, and in such order as it may deterznine, at public autction to the
<br />�ighest bidder for c�sh in lawful money ef the United States payable at
<br />the time of sale. Trustee shall cleliver to such purchaser or purchasers
<br />thereof its good an� si�fficielit deed or cleecls conveying the property so
<br />sold, 6ut without any cavehant ot� wai express or implied. The
<br />recitals in sUch deed oi any maiters or facts shal( be conclusive proof of
<br />the truthfulness the'reof. Any person, including, without limitatioil,
<br />Trustor, �'rustee, anc� Beneficiary, inay,purchase at such sal.e a:�d Trustor,
<br />hereby covenatits tn warrant and defend the title af such purchaser or
<br />purchasers.
<br />TCH158788.1
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