determine. The entering upon and taking possession of said property, the collection of
such rents, issues and profits and the application thereof as aforesaid, shall not cure or
waive any default or notice of default hereunder or invalidate any act done pursuant to
such notice.
(11) That upon default by Trustor in payment of any indebtedness secured hereby or in
performance of any agreement hereunder, Beneficiary may declare all sums secured
hereby immediately due and payable by delivery to Trustee of written declaration of
default and demand for sale and of written notice of default and of election to cause to
be sold said property, which notice Trustee shall cause to be filed for record. Beneficiary
also shall deposit with Trustee this Deed, said note and all documents evidencing
expenditures secured hereby.
After the lapse of such time as may then be required by law following the recordation of
said notice of default, and notice of sale having been given as then required by law,
Trustee, without demand on Trustor, shall sell said property at the time and place fixed
by it in said notice of sale, either as a whole or in separate parcels, and in such order as
it may determine, at public auction to the highest bidder for cash in lawful money of the
United States, payable at time of sale. Trustee may postpone sale of all or any portion
of said property by public announcement at such time and place of sale, and from time
to time thereafter may postpone such sale by public announcement at the time fixed by
the preceding postponement. Trustee shall deliver to such purchaser its deed conveying
the property so sold, but without any covenant or warranty, express or implied. The
recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness
thereof. Any person, including Trustor, Trustee or Beneficiary as herein defined, may
purchase at such sale.
After deducting all costs, fees and expenses of Trustee and of this Trust, including cost
of evidence of title in connection with sale, Trustee shall apply the proceeds of sale to
payment of all sums expended under the terms hereof not then repaid, with accrued
interest at the amount allowed by law in effect at the date hereof, all other sums then
secured hereby, and the remainder, if any, to the person or persons legally entitled
thereto.
(12) Beneficiary, or any successor in ownership of any indebtedness secured hereby,
may from time to time, by instrument in writing, substitute a successor or successors to
any Trustee named herein or acting hereunder, which instrument, executed by the
Beneficiary and duly acknowledged and recorded in the office of the recorder of the
county or counties where said property is situated, shall be conclusive proof of proper
substitution of such successor Trustee or Trustees, who shall, without conveyance from
the Trustee predecessor, succeed to all its title, estate, rights, powers and duties. Said
instrument must contain the name of the original Trustor, Trustee and Beneficiary
hereunder, the book and page where this Deed is recorded and the name and address
of the new Trustee.
(13) This Deed applies to, inures to the benefit of and binds all parties hereto, their
heirs, legatees, devisees, administrators, executors, successors and assigns. The term
Beneficiary shall mean the owner and holder, including pledges, of the Loan Agreement
secured hereby, whether or not named as Beneficiary herein in this Deed, whenever the