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(11) That upon default by Trustor in payment of any indebtedness secured hereby or in the performance
<br />of any agreement hereunder, and after the expiration of all applicable notice and cure periods provided in the
<br />Note, Beneficiary may declare all sums secured hereby immediately due and payable by delivery to Trustee of
<br />written declaration of default and demand for sale and of written notice of default and of election to cause said
<br />Property to be sold, which notice Trustee shall cause to be filed for record. Beneficiary also shall deposit with
<br />Trustee this Deed of Trust, 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 said notice of
<br />default, and notice of sale having been given as then required by law, Trustee, without demand on Trustor,
<br />shall sell said Property at the time and place fixed by it in said notice of sale, either as a whole or in separate
<br />parcels, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money
<br />of the United States made payable at time of sale. Trustee may postpone sale of all or any portion of said
<br />Property by public announcement at such time and place of sale, and from time to time thereafter may
<br />postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall
<br />deliver to such purchase its deed conveying the Property so sold, but without any covenant or warranty,
<br />express 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 defined, may
<br />purchase at such sale.
<br />After deducting all costs, fees and expenses of Trustee and of the Trust, including costs of evidence of title
<br />in connection with sale, Trustee shall apply the proceeds of sale to payments of: all sums expended under the
<br />terms hereof, not then repaid, with accrued interest at the amount allowed by law in effect at the date hereof,
<br />all other sums then secured hereby; and the remainder, if any, to the person or persons legally entitled thereto.
<br />(12) That Beneficiary, or any successor in ownership of any indebtedness secured hereby, may from time
<br />to time, by instrument in writing, substitute a successor or successors to any Trustee named herein or acting
<br />hereunder, which instrument, executed by Beneficiary and duly acknowledged and recorded in the office of the
<br />recorder of the county where said Property is situated, shall be conclusive proof of proper substitution of such
<br />successor Trustee or Trustees, who shall, without conveyance from Trustee predecessor, succeed to all its title,
<br />estate, rights, powers and duties. Said instrument must contain the name of the original Trustor, Trustee and
<br />Beneficiary hereunder, the book and page where this Deed is recorded and the name and address of new
<br />Trustee.
<br />(13) That this Deed applies to, inures to the benefit of, and binds all parties hereto, their heirs, legatees,
<br />devisees, administrator, executors, successors and assigns. The term Beneficiary shall mean the owner and
<br />holder, including pledges of the note secured hereby, whether or not named as Beneficiary herein. In this
<br />Deed, whenever the content so requires, the masculine gender includes the feminine and/or neuter, and the
<br />singular number includes the plural.
<br />(14) That Trustee accepts this Trust when this Deed of Trust, duly executed and acknowledged, is made a
<br />public record as provide by law. Trustee is not obligated to notify any party hereto of pending sale under any
<br />other deed of Trust or of any action or proceeding in which Trustor, Beneficiary or Trustee shall be a party
<br />unless brought by Trustee.
<br />(15) That notwithstanding anything to the contrary contained herein or in any documents secured by this
<br />deed of trust or contained in any subordination agreement, Beneficiary acknowledges and agrees that in the
<br />event of a foreclosure or deed -in -lieu of foreclosure (collectively, "Foreclosure") with respect to the Property
<br />encumbered by this deed of trust, the following rule contained in Section 42(h)(6)(E)(ii) of the Internal Revenue
<br />Code of 1986, as amended, shall apply:
<br />1512 Stafford Street, Redwood City, CA
<br />ARAPP: $600,000
<br />Page 4
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