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thereto. <br /> 3 .6 Remedies Cumulative. The foregoing shall in no way be <br /> construed to limit the powers of sale or to restrict the discretion <br /> that the Trustee and the Beneficiary might have under the <br /> provisions of Article 2A of Chapter 45 of the General Statutes of <br /> North Carolina, as the same may be from time to time amended. Each <br /> legal, equitable or contractual right, power or remedy of the <br /> Trustee or the Beneficiary now or hereafter provided, herein or by <br /> statute or otherwise, shall be cumulative and concurrent and shall <br /> be in addition to every other right, power and remedy, and the <br /> exercise or beginning of the exercise by the Trustee or the <br /> Beneficiary of any one or more of such rights, powers and remedies <br /> shall not preclude the simultaneous or later exercise of any or all <br /> such other rights, powers and remedies. <br /> 3 .7 Late Charge. In the event that any payment due under <br /> this Deed of Trust or the Contract shall become overdue for a <br /> period of 15 days, a late charge of 4%- of such payment may be <br /> charged by the Beneficiary for the purpose of defraying the expense <br /> incident to handling such delinquent payment, and the Grantor <br /> covenants to pay, any such late charge, which shall become due <br /> immediately upon demand. <br /> 3 .8 Application of Proceeds. The proceeds of (a) the <br /> operation and management of the Property pursuant to Section 3 .2 <br /> hereof, (b) any sale of the Property or any interest therein, <br /> whether pursuant to foreclosure, power of sale or otherwise, and <br /> (c) any insurance policies or other sums retained by the Trustee <br /> pursuant to the Contract or this Deed of Trust or otherwise upon <br /> the occurrence of an Event of Default shall, to the extent <br /> permitted by applicable North Carolina law, be applied to pay: <br /> First: The costs and expenses of sale, reasonable <br /> attorneys' fees, the Trustee' s commission, court costs and any <br /> other expenses or advances made or incurred in the protection <br /> of the rights of the Trustee or the Beneficiary in protection <br /> of the Property, or in the pursuance of any remedies <br /> hereunder; <br /> Second: Taxes and special assessments (or installments <br /> thereof) that are due and unpaid, unless the notice of sale <br /> provides that the Property would be sold subject to taxes or <br /> assessments and the Property was so sold; <br /> Third: Any lien or encumbrance prior to the lien or <br /> encumbrance of this Deed of Trust that the Trustee or the <br /> Beneficiary may consider necessary or desirable to discharge; <br /> Fourth: Any indebtedness secured by this Deed of Trust <br /> and at the time due and payable (whether by acceleration or <br /> otherwise) , including all amounts of principal and interest at <br /> 10 <br />