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<br />g. At the Trustee's Sale, Trustee shall have the right: (1) to require every bidder to show evidence of his ability to
<br />deposit with Trustee the full amount of his final bid in cash, or its equivalent satisfactory to Trustee, prior to and
<br />as a condition to the recognition of such bid, and to conditionally accept and hold these amounts for the duration
<br />of the sale, and (2) to require the last and highest bidder to deposit, if he has not already done so, the full
<br />amount of his final bid in cash, or its equivalent satisfactory to Trustee, immediately prior to the sale's
<br />completion, its completion being announced by the fall of the hammer or in another customary manner. Vendor
<br />shall have the right to offset his bid(s) only to the extent of the total amount due him including the tnustee's fees
<br />and expenses.
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<br />h. If Trustee has not required the last and highest bidder to deposit the cash or equivalent in the manner set forth in
<br />(g) above, Trustee shall complete the sale. If said bidder refuses to deliver the amount of his final bid in cash or
<br />its equivalent when demanded to do so by Trustee, the bidder shall be liable to Trustee for all damages which
<br />Trustee may sustain by the refusal of bidder to deliver to Trustee the amount of the final bid, including any court
<br />costs and reasonable attorney's fees. If the last and final bidder willfully fails to deliver to Trustee the amount of
<br />his final bid in cash or its equivalent, the bidder shall be guilty of a misdemeanor punishable by a fine of not
<br />more than two thousand five hundred dollars ($2,500). Any postponement or discontinuance of the sale
<br />proceedings shall be a cancellation of the last bid.
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<br />i. After deducting all costs, fees and expenses of Trustee and of this Contract, including the cost of evidence of title
<br />in connection with sale, Tnustee shall apply the proceeds of the sale to the payment of: (1) all sums expended
<br />under the tenms hereof, not then repaid, with accnued interest at the amount allowed by law in effect at the date
<br />hereof; (2) all other sums then secured hereby; and (3) the remainder, if any, to the person or persons legally
<br />entitled thereto.
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<br />j. Vendor and Vendee lose all respective rights, title and interests in the properly sold by Trustee's Sale, when the
<br />Trustee's Deed, subsequent to the notice of default and the exercise of Vendor's power of sale, is executed in
<br />favor of the purchaser or purchasers at the sale.
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<br />k. No deficiency judgment shall lie in any event after the sale of the properly under Tnustee's power of sale pursuant
<br />to the terms of this Contract.
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<br />VENDOR'S STATEMENT
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<br />7. The Vendor or his authorized agent shall, on the written demand of the Vendee or authorized agent, made at any time
<br />before, or within ninety days after, the recording of a notice of default under this Contract, if the power of sale herein is
<br />to be exercised, or otherwise made more than 30 days prior to entry of the decree of foreclosure, and upon the
<br />payment of $15.00 or such other amount authorized by law, prepare and deliver to the person demanding it, a written
<br />statement showing:
<br />
<br />a. The amount of the unpaid balance of the obligation secured by this Contract and the interest rate together
<br />with the total amounts, if any, of all overdue installments of either principal or interest, or both.
<br />b. The amounts of periodic payments, if any.
<br />c. The date on which the obligation is due in whole or in part.
<br />d. The nature, and, if known, the amount of any additional charges, costs or expenses paid or incurred by the
<br />Vendor which have become a lien on the properly as part of the obligation secured hereby.
<br />e. The date to which real estate taxes and special assessments have been paid to the extent such information
<br />is known to the lender.
<br />f. The escrow balance applicable to this contract.
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<br />SUBSTITUTION OF TRUSTEE
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<br />8. Vendor, or any successor in ownership of any indebtedness secured hereby, may from time to time, by written
<br />instnument, substitute a successor or successors to any trustee named herein or acting hereunder, which instrument,
<br />executed by the Vendor and duly acknowledged and recorded in the office of the recorder of the county or counties
<br />where the properly is situated, shall be conclusive proof of proper substitution of such successor trustee or trustees,
<br />who shall, without conveyance from the predecessor trustee, succeed to all its title, estate, rights, powers and duties.
<br />Said instrument must contain the name of the original Vendee, Trustee and Vendor, hereunder, the name and
<br />address of the new trustee, and if the Contract has been recorded, the book and page in which it can be found and/or
<br />instrument number under which it has been recorded.
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