1996 NS Deed of Trust and Security Agreement

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appointed or if there should be a sale of the Property, as provided below, the Grantor or any person in possession of the Property thereunder, as tenant or otherwise, shall become a tenant at will of the receiver or of the purchaser and may be removed by a writ of ejectment, summary ejectment or other lawful remedy. 3 .4 Foreclosure. The Trustee is hereby authorized and empowered, upon the happening of an Event of Default and the application of the Beneficiary, to offer to sell and to sell the Property at one or more public sales or auctions, in whole or in part for cash, after first having complied with all applicable requirements of North Carolina law with respect to the exercise of powers of sale contained in deeds of trust. The Grantor agrees that in the event of a sale hereunder the Beneficiary shall have the right to bid at the sale and to become the purchaser at such sale. The Trustee may require the successful bidder at any sale to deposit immediately with the Trustee cash or a certified check in an amount not to exceed five percent of his bid, provided notice of such requirement is contained in the advertisement of the sale. The bid may be rejected if the deposit is not immediately made and thereupon the next highest bidder may be declared to be the purchaser. Such deposit shall be refunded in case a resale is had; otherwise it shall be applied to the purchase price. The sale of the Property or any part thereof or any interest therein, whether pursuant to foreclosure, power of sale or otherwise under this Deed of Trust, shall forever bar any claim with respect to the Property by the Grantor. In addition to the foregoing power of sale, upon the happening of any Event of Default, the Beneficiary and the Trustee, as the case may be, shall be entitled to exercise such rights as may be granted under the Uniform Commercial Code as in effect in North Carolina from time to time with respect to any portion of the Property herein conveyed as may be subject thereto. 3 .5 Waivers and Consents by Grantor. The Grantor hereby waives, to the full extent it lawfully may, the benefit of all appraisement, valuation, stay, moratorium, exemption from execution, extension and redemption laws and any statute of limitations, now or hereafter in force, and all rights of marshalling in the event of the sale of the Property or any part thereof or any interest therein. Moreover, the Grantor expressly consents to the modification of any stay arising pursuant to any bankruptcy proceeding filed by or against the Grantor to allow the exercise of any rights or remedies granted Beneficiary under this Deed of Trust. All rights of action under this Deed of Trust or in respect of the Contract, if permitted by applicable law, may be enforced by the Beneficiary or the Trustee without the production of this Deed of Trust or the Contract at any trial or other proceeding relating 9