HUNTER, C & B & ORGERON, F&B-2005

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of Vendor or Trustee; (3) pay, purchase, contest or compromise any encumbrance, charge or lien which, in the judgment of either, appears to be prior or superior hereto; and, in exercising any such powers, pay allowable expenses. f. Should Vendor breach this Agreement, Vendee may, without waiving any other rights or remedies, pay and perform such obligations and upon doing so shail be entitled to a like amount as a credit against present and future payments due or to become due to Vendor. Vendee shall also be entitled to interest at the maximum legal rate on all such advances in excess of Vendee's obligations due under this Agreement. POWERS OF TRUSTEE 4. Vendor and Vendee confer upon Trustee the following powers: a. Power to convey to Vendee legal titie upon full satisfaction of Vendee's obligation to Vendor and upon instructions from Vendor or his successor in interest. b. Power to foreclose under power of sale as set forth in Paragraph 6 below, and issue a deed upon foreclosure and sale. Said deed shall convey the property to the Vendor without covenant or warranty, expressed or implied and any recitals contained therein of any matters or facts shail be conclusive proof of the truthfulness thereof. Any person, including Vendor, Vendee or Trustee may purchase at such sale. c. In the event of default, the power to prepare and deliver Vendor's statements as required under Paragraph 7 of this Agreement. POSSESSION 5. Vendee shall be entitled to complete and fuil possession of the property upon execution of this Contract and disbursement of Six Hundred Thousand and NO/100 Doilars ($600,000) of the Purchase Price. Possession includes the right to remove and dispose of ail improvements located on the property, remove underground storage tanks and begin the environmental cleanup, as required by regulatory agencies. Vendor's interest in the property is security for payment of balance owed Vendor, and for performance of ail terms and conditions to be performed by Vendee. Vendee reserves the right, prior to any default by Vendee in payment of any indebtedness secured hereby or in performance of any agreement hereunder, to collect and retain such rents, issues and profits as they become due and payable. Upon any such default, Vendor may at any time without notice, either in person, by agent, or by a receiver to be appointed by a court of competent jurisdiction, and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession of the property or any part thereof. IN THE EVENT OF DEFAULT 6. Should Vendee fail to perform under terms of this Agreement and thus be in default of any of its provisions including but not limited to payment of any taxes and indebtedness to Vendor or to prior encumbrances, Vendor may declare ail sums due to and/or advanced by Vendor immediately due and payable to Vendor by delivering to Trustee written declaration of default and demand for sale, and a written notice of default and election to cause to be sold the property. Vendor shail deposit with Trustee this Contract, and all documents evidencing expenditures secured thereby. Trustee shail cause said written notice of default to be filed for record. Trustee shail then proceed to foreclose on the property pursuant to California Civil Code section 2924 et seq, any amendments thereto and the provisions hereinbelow. Trustee and/or Vendor shail foilow ail duties required of them as may be required by law for the foreclosure of a deed of trust or mortgage including but not limited to the foilowing: a. The Vendor or Trustee shall first file for record in the office of the recorder of each county wherein the property or some part of it is situated, a notice of default, in substantiaily the same form as contained on Page 1 of this Agreement. b. After the lapse of not less than three months from the time the notice of default has been recorded, Vendor, Trustee or any other person authorized to make the sale shail give notice of sale. Said notice of sale must be given at least twenty (20) days before the date of sale by: (1) posting in one public place in the city where the property is to be sold and if not sold in a city in one public place in the judicial district in which the property is to be sold a written notice of the time and place of sale, describing the property to be sold, and (2) publishing a copy thereof once a week for the same period, in some newspaper of general circulation in the city and/or judicial district in which the whole or part of the property is situated, whichever applies. If there is no newspaper of general circulation in the city or judicial district, notice must be published in a newspaper of general circulation in the county in which the whole or a part of the property is situated. The notice shall describe the property by giving 4