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(a) Should the Beneficiary elect to foreclose by exercise of the power of sale <br />herein contained, the Beneficiary shall deliver to the Trustee the Notice of Sale and shall deposit <br />with Trustee the Promissory Note which is secured hereby (and the deposit of which will be <br />deemed to constitute evidence that the unpaid Principal amount of the Secured Obligations are <br />immediately due and payable), and such receipts and evidence of any expenditures made that are <br />additionally secured hereby as Trustee may require. <br />(b) Upon receipt of such Notice of Sale from the Beneficiary, Trustee shall <br />cause to be recorded, published and delivered to Trustor such Notice of Sale as then required by <br />law and by this Deed of Trust. Trustee shall, without demand on Trustor, after lapse of such <br />time as may then be required by law and after recordation of such Notice of Sale having been <br />given as required by law, sell the Security, at the time and place of sale fixed by it in said Notice <br />of Sale, whether as a whole or in separate lots or parcels or items as Trustee deems expedient and <br />in such order as it may determine unless specified otherwise by the Trustor according to <br />California Civil Code Section 2924g(b), at public auction to the highest bidder, for cash in lawful <br />money of the United States payable at the time of sale. Trustee shall deliver to such purchaser or <br />purchasers thereof its good and sufficient deed or deeds conveying the property so sold, but <br />without any covenant or warranty, express or implied. The recitals in such deed or any matters <br />of facts will be conclusive proof of the truthfulness thereof. Any person, including, without <br />limitation, Trustor, Trustee or Beneficiary, may purchase at such sale. <br />(c) After deducting all reasonable costs, fees and expenses of Trustee, <br />including costs of evidence of title in connection with such sale, Trustee shall apply the proceeds <br />of sale to payment of. (1) the unpaid Principal amount of the Promissory Note; (2) all other <br />Secured Obligations owed to Beneficiary under the City Loan Documents; (3) all other sums <br />then secured hereby; and (4) the remainder, if any, to Trustor. <br />(d) Trustee may postpone sale of all or any portion of the Property by public <br />announcement at such time and place of sale, and from time to time thereafter, and without <br />further notice make such sale at the time fixed by the last postponement, or may, in its discretion, <br />give a new Notice of Sale. <br />Section 7.5 Receiver. If an Event of Default occurs and is continuing, Beneficiary, as <br />a matter of right and without further notice to Trustor or anyone claiming under the Security, and <br />without regard to the then value of the Security or the interest of Trustor therein, may apply to <br />any court having jurisdiction to appoint a receiver or receivers of the Security (or a part thereof), <br />and Trustor hereby irrevocably consents to such appointment and waives further notice of any <br />application thereof. Any such receiver or receivers will have all the usual powers and duties of <br />receivers in like or similar cases, and all the powers and duties of Beneficiary in case of entry as <br />provided herein, and will continue as such and exercise all such powers until the date of <br />confirmation of sale of the Security, unless such receivership is sooner terminated. <br />14 <br />1199\09\2723506.3 <br />Document Number: 2021-146160 Page: 15 of 25 <br />