|
<br />Beneficiary may foreclose this Deed of Trust. Beneficiary shall also deposit with Trustee this
<br />Deed of Trust, the Note and all documents evidencing expenditures secured hereby;
<br />
<br />15. After the lapse of such time as may then be required by law following the
<br />recordation of said notice of default, and notice of sale having been given as then required by
<br />law, Trustee, without demand on Trustor, shall sell the Property, subject to the Regulatory
<br />Agreement, at the time and place fixed by it in said notice of sale, either as a whole or in separate
<br />parcels, and in such order as it may determine, at public auction to the highest bidder for cash in
<br />lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or
<br />any portion of the Property by public announcement at the time and place of sale, and from time
<br />to time thereafter may postpone the sale by public announcement at the time and place of sale,
<br />and from time to time thereafter may postpone the sale by public announcement at the time fixed
<br />by the preceding postponement. Trustee shall deliver to the purchaser its Deed conveying the
<br />Property so sold, but without any covenant or warranty, express or implied. The recitals in the
<br />Deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person,
<br />including Trustor, Trustee or Beneficiary, may purchase at the sale. Trustee shall apply the
<br />proceeds of sale to payment of (a) the expenses of such sale, together with the reasonable
<br />expenses ofthis trust including therein reasonable Trustee's fees or attorney's fees for conducting
<br />the sale, and the actual cost of publishing, recording, mailing and posting notice of the sale; (b)
<br />the cost of any search and/or other evidence of title procured in connection with such sale and
<br />revenue stamps on Trustee's Deed; (c) all sums expended under the terms hereof, not then repaid,
<br />with accrued interest at the rate specified in said note; (d) all other sums then secured hereby;
<br />and (e) the remainder, if any, to the person or persons legally entitled thereto;
<br />
<br />16. Beneficiary may from time to time substitute a successor or successors to any
<br />Trustee named herein or acting hereunder to execute this Trust. Upon such appointment, and
<br />without conveyance to the successor trustee, the latter shall be vested with all title, powers, and
<br />duties conferred upon any Trustee herein named or acting hereunder. Each such appointment
<br />and substitution shall be made by written instrument executed by Beneficiary, containing
<br />reference to this Deed of Trust and its place of record, which, when duly recorded in the proper
<br />office of the county or counties in which the Property is situated, shall be conclusive proof of
<br />proper appointment of the successor trustee;
<br />
<br />17. Upon written request of Beneficiary stating that all obligations secured hereby
<br />have been paid, and upon surrender ofthis Deed of Trust and the Note to Trustee for cancellation
<br />and retention and upon payment of its fees, Trustee shall reconvey, without warranty, the
<br />Property then held hereunder. The recitals in such reconveyance of any matters or fact shall be
<br />conclusive proof of the truthfulness thereof. The grantee in such reconveyance may be described
<br />as "the person or persons legally entitled thereto";
<br />
<br />18. The trust created hereby is irrevocable by Trustor;
<br />
<br />19. This Deed of Trust applies to, inures to the benefit of, and binds all parties hereto,
<br />their heirs, legatees, devisees, administrators, executors, successors, and assigns. The term
<br />"Beneficiary" shall include not only the original Beneficiary hereunder but also any future lessee
<br />and holder including pledges, of the note secured hereby. In this Deed of Trust, whenever the
<br />
<br />4
<br />
<br />144\105\21774 I.3
<br />
|