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ARTICLE VII <br />EVENTS OF DEFAULT AND REMEDIES <br />7.1 Events of Default. The following shall constitute Events of Default: (1) failure to <br />make any payment to be paid by Trustor under the Loan Documents following expiration of <br />applicable notice and cure periods; (2) failure to observe or perform any of Trustor's other <br />covenants, agreements or obligations under the Loan Documents, including, without limitation, the <br />provisions concerning discrimination following the expiration of applicable notice and cure periods; <br />or (3) failure to make any payment or perform any of Trustor's other covenants, agreements, or <br />obligations under any other debt instruments or regulatory agreement secured by the Property; which <br />defaults shall not be cured within the times and in the manner provided therein. <br />7.2 Acceleration of Maturity. If an Event of Default shall have occurred and be <br />continuing, then at the option of the Beneficiary, the amount of any payment related to the Event of <br />Default and the unpaid Principal of the Note shall immediately become due and payable, upon <br />written notice by the Beneficiary to the Trustor (or automatically where so specified in the Loan <br />Documents), and no omission on the part of the Beneficiary to exercise such option when entitled to <br />do so shall be construed as a waiver of such right. <br />7.3 The Beneficiary's Right to Enter and Take Possession. If an Event of Default shall <br />have occurred and be continuing, the Beneficiary may: <br />A. Either in person or by agent, with or without bringing any action or proceeding, or by <br />a receiver appointed by a court, and without regard to the adequacy of its security, enter upon the <br />Security and take possession thereof (or any part thereof) and of any of the Security, in its own name <br />or in the name of Trustee, and do any acts which it deems necessary or desirable to preserve the <br />value or marketability of the Property, or part thereof or interest therein, increase the income <br />therefrom or protect the security thereof. The entering upon and taking possession of the Security <br />shall not cure or waive any Event of Default or Notice of Default (as defined below) hereunder or <br />invalidate any act done in response to such Default or pursuant to such Notice of Default and, <br />notwithstanding the continuance in possession of the Security, Beneficiary shall be entitled to <br />exercise every right provided for in this Deed of Trust, or by law upon occurrence of any Event of <br />Default, including the right to exercise the power of sale; <br />B. Commence an action to foreclose this Deed of Trust as a mortgage, appoint a <br />receiver, or specifically enforce any of the covenants hereof; <br />C. Deliver to Trustee a written declaration of default and demand for sale, and a written <br />notice of default and election to cause Trustor's interest in the Security to be sold ("Notice of <br />Default and Election to Sell"), which notice Trustee or Beneficiary shall cause to be duly filed for <br />record in the Official Records of Alameda County; or <br />D. Exercise all other rights and remedies provided herein, in the instruments by which <br />the Trustor acquires title to any Security, or in any other document or agreement now or hereafter <br />evidencing, creating or securing all or any portion of the obligations secured hereby, or provided by <br />law. <br />2220130.1 Page 32 <br />