|
(a) Upon receipt of such notice from the Beneficiary ("Notice of Default'),
<br />Trustee shall cause to be recorded, published and delivered to Truster such Notice of Default and
<br />election to sell as then required by law and by this Deed of Trust. Trustee shall, without demand
<br />on Trustor, after lapse of such time as may then be required by law and after recordation of such
<br />Notice of Default and after notice of sale having been given as required by law ("Notice of
<br />Sale"), sell the Security, at the time and place of sale fixed by it in said Notice of Sale, whether
<br />as a whole or in separate lots or parcels or items as Trustee shall deem expedient and in such
<br />order as it may determine unless specified otherwise to the Truster according to California Civil
<br />Code Section 2924g(b), at public auction to the highest bidder, for cash in lawful money of the
<br />United States payable at the time of sale. Trustee shall deliver to such purchaser or purchasers
<br />thereof its good and sufficient deed or deeds conveying the property so sold, but without any
<br />covenant or warranty, express or implied. The recitals in such deed or any matters of facts shall
<br />be conclusive proof of the truthfulness thereof. Any person, including, without limitation,
<br />Trustor, Trustee or Beneficiary, may purchase at such sale.
<br />(b) After deducting all reasonable costs, fees and expenses of Trustee,
<br />including costs of evidence of title in connection with such sale, Trustee shall apply the proceeds
<br />of sale to payment of (1) the unpaid Principal amount of the Note; (2) all other sums then
<br />secured hereby; and (3) the remainder, if any, to Trustor.
<br />(c) Trustee may postpone sale of all or any portion of the Security by public
<br />announcement at such time and place of sale, and from time to time thereafter, and without
<br />further notice make such sale at the time fixed by the last postponement, or may, in its discretion,
<br />give a new notice of sale.
<br />7.5. Receiver
<br />If an Event of Default shall have occurred and be continuing, Beneficiary, as a matter of
<br />right and without further notice to Trustor or anyone claiming under the Security, and without
<br />regard to the then value of the Security or the interest of Trustor therein, shall have the right to
<br />apply to any court having jurisdiction to appoint a receiver or receivers of the Security (or a part
<br />thereof), and Truster hereby irrevocably consents to such appointment and waives further notice
<br />of any application therefor. Any such receiver or receivers shall have all the usual powers and
<br />duties of receivers in like or similar cases, and all the powers and duties of Beneficiary in case of
<br />entry as provided herein, and shall continue as such and exercise all such powers until the date of
<br />confirmation of sale of the Security, unless such receivership is sooner terminated.
<br />7.6. Application of Funds After Default.
<br />Except as otherwise herein provided, upon the occurrence of an Event of Default
<br />hereunder, and while such Event of Default remains uncured, Beneficiary may, at any time
<br />without notice, apply any or all sums or amounts received and held by Beneficiary to pay
<br />insurance premiums, Impositions, or either of them, or as Rents or income of the Security, or as
<br />insurance or condemnation proceeds, and all other sums or amounts received by Beneficiary
<br />from or on account of Truster or the Security, or otherwise, against any indebtedness or
<br />Obligation of the Trustor secured hereby, in such manner and order as Beneficiary may elect.
<br />The receipt, use or application of any such sum or amount shall not be construed to affect the
<br />26
<br />The Crossroads at Washington
<br />City NSP Deed of Trust
<br />
|