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delivering to Trustee a written declaration of default and demand <br />for sale, as well as a written notice of default and of election to <br />cause the property to be sold, which notice Trustee shall cause to <br />be filed of record. If such declaration is delivered to Trustee, <br />Beneficiary shall deposit with Trustee this deed, and all documents <br />evidencing expenditures secured hereby. <br />- -2. After the time then required by law has elapsed <br />after recordation of such notice of default, and notice of sale <br />having been given as then required by law, Trustee, with or without <br />demand on Trustor, shall sell the property at the time and place <br />fixed in the notice of sale, either as a whole or in separate <br />parcels and in such order as Trustee determines, at public auction, <br />to the highest bidder, for cash in lawful money of the United <br />States, payable at the time of sale. Trustee may postpone from <br />time to time sale of all or any portion of the property by public <br />announcement at the time and place of sale originally fixed or at <br />the last preceding postponed time. Trustee shall deliver to the <br />purchaser its deed conveying the property sold, but without any <br />covenant or warranty, express or implied. The recitals in such <br />deed- of any matters or facts shall be conclusive proof of the <br />truthfulness thereof. Trustor, Trustee, Beneficiary or any other <br />person may purchase at the sale. <br />3. After deducting all reasonable costs, fees and <br />expenses of Trustee and of this trust, including cost of evidence <br />of title and reasonable attorneys' fees in connection with sale, <br />Trustee shall apply the proceeds of sale to payment of (a) all <br />reasonable sums expended under the terms hereof and not theretofore <br />repaid, with accrued interest at Bank of America's published prime <br />rate per annum, and (b) all other sums then secured hereby in such <br />order as Beneficiary, in the exercise of its reasonable discretion, <br />directs. The remainder, if any, shall be paid to the person or <br />persons legally entitled thereto. <br />4. Before Trustee's sale, Beneficiary may rescind such <br />notices of default and of election to cause the property to be sold <br />by delivering to Trustee a written notice of rescission, which <br />notice, when recorded, shall cancel any prior declaration of <br />default, demand for sale and acceleration of maturity. The <br />exercise of such a right of rescission shall not constitute a <br />waiver of any default then existing or subsequently occurring, or <br />impair the right of Beneficiary to deliver to Trustee other <br />declarations of default and demands for sale or notices of default <br />and of election to cause the property to be sold, or otherwise <br />affect any provision of the secured note or of this deed or any of <br />the rights, obligations or remedies of Beneficiary or Trustee <br />hereunder. <br />D - 5 <br />