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the full extent it may lawfully do so, all errors , defects <br /> and imperfections in any proceeding instituted by the <br /> Trustee under the Deed of Trust . <br /> The foregoing shall in no way be construed to limit the <br /> powers of sale or to restrict the discretion the Trustee may <br /> have under the provisions of Article 2A of Chapter 45 of the <br /> General Statutes of North Carolina, as the same may be from <br /> time to time amended. Each legal, equitable or contractual <br /> right, power or remedy of the Trustee now or hereafter <br /> provided herein or by statute or otherwise shall be <br /> cumulative and concurrent and shall be in addition to every <br /> other right, power and remedy, and the exercise or beginning <br /> of the exercise by the Trustee of any one or more of such <br /> rights, powers and remedies shall not preclude the <br /> simultaneous or later exercise of any or all such other <br /> rights, powers and remedies. <br /> Section 3. Application of Proceeds. The proceeds of <br /> (a) the operation and management of the Trust Estate pursuant to <br /> Section 2 hereof, (b) any sale of the Trust Estate or any part <br /> thereof or any interest therein, whether pursuant to foreclosure, <br /> power of sale or otherwise, and (c) any insurance policies or <br /> Eminent Domain (as such term is defined in the Loan Agreement) <br /> awards or other sums (other than awards or sums to which the <br /> Company is entitled under the Loan Agreement) to which the <br /> Trustee is entitled upon the occurrence of an event of default <br /> shall be applied to pay: <br /> First: The costs and expenses of the sale, reasonable <br /> attorneys' fees, the Trustee 's commission payable under <br /> Section 4 hereof, court costs and any other expenses or <br /> advances made or incurred in the protection of the rights of <br /> the Beneficiary or in the pursuance of any remedies <br /> hereunder; <br /> Second: 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 <br /> at the time due and payable with respect to the Note, and <br /> interest on any overdue principal of, and ( to the extent <br /> permitted by applicable law) interest on the Note at a rate <br /> per annum equal to the Alternative Rate of Interest (as <br /> defined in the Loan Agreement) ; and <br /> Third: The balance, if any, to the persons then <br /> entitled thereto under the Loan Agreement. <br /> Section 4. Trustee's Commission. In the event of a <br /> consummated sale under the power of sale contained herein, the <br /> 7 . <br />