|
(6) That upon default Truster in payment of any indebtedness secured hereby
<br />or in performance of any agreement hereunder, Beneficiary may declare all sums secured hereby
<br />immediately due and payable by delivery to Trustee of written declaration of default and demand
<br />for sale and of written notice of default and of election to cause to be sold said property, which
<br />notice Trustee shall cause to be filed for record. Beneficiary also shall deposit with Trustee this
<br />Deed, said note and all documents evidencing expenditures secured hereby.
<br />After the lapse of such time as may then be required by law following the recordation of
<br />said notice of default, and notice of sale having been given as then required by law, Trustee,
<br />without demand on Trustor, shall sell said property at the time and place fixed by it in said notice
<br />of sale, either as a whole or in separate parcels, and in such order as it may determine, at public
<br />auction to the highest bidder for cash in lawful money of the United States, payable at time of
<br />sale. Trustee may postpone sale of all or any portion of said property by public announcement at
<br />such time and place of sale, and from time to time thereafter may postpone such sale by public
<br />announcement at the time fixed by the preceding postponement. Trustee shall deliver to such
<br />purchaser its deed conveying the property so sold, but without any covenant or warranty, express
<br />or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the
<br />truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary as hereinafter
<br />defined, may purchase at such sale.
<br />After deducting all costs, fees and expenses of Trustee and of this Trust, including cost of
<br />evidence of title in connection with sale, Trustee shall apply the proceeds of sale to payment of
<br />all sums expended under the terms hereof, not then repaid, with accrued interest at the amount
<br />allowed by law in effect at the date hereof; all other suns then secured hereby; and the
<br />remainder, if any, to the person or persons legally entitled thereto.
<br />(7) Beneficiary, or any successor in ownership of any indebtedness secured
<br />hereby, may from time to time, by instrument in writing, substitute a successor or successors to
<br />any Trustee named herein or acting hereunder, which instrument, executed by the Beneficiary
<br />and duly acknowledged and recorded in the office of the recorder of the county or counties
<br />where said property is situated, shall be conclusive proof of proper substitution of such successor
<br />Trustee or Trustees, who shall, without conveyance from the Trustee predecessor, succeed to all
<br />its title, estate, rights, powers and duties. Said instrument must contain the name of the original
<br />Trustor, Trustee and Beneficiary hereunder, the book and page where this Deed is recorded and
<br />the name and address of the new Trustee.
<br />(8) That this Deed applies to, inures to the benefit of, and binds all parties
<br />hereto, their hens, legatees, devisees, administrators, executors, successors and assigns. The
<br />term Beneficiary shall mean the owner and holder, including pledgees, of the note secured
<br />hereby, whether or not named as Beneficiary herein. In this Deed, whenever the context so
<br />requires, the masculine gender includes the feminine and/or neuter, and the singular number
<br />includes the plural.
<br />(9) That Trustee accepts this Trust when this Deed, duly executed and
<br />acknowledged, is made a public record as provided by law. Trustee is not obligated to notify any
<br />party hereto of pending sale under any other Deed of Trust or of any action or proceeding in
<br />which Trustor, Beneficiary or Trustee shall be a party unless brought by Trustee.
<br />Exhibit C
<br />
|