SHALL
EXECUTE AND DELIVER TO THE PURCHASER ITS TRUSTEE'S DEED CONVEYING THE PROPERTY
SO SOLD BUT WITHOUT ANY COVENANT OR WARRANTY, EXPRESS OR IMPLIED.
THE RECITALS
IN THE TRUSTEE'S DEED OF ANY MATTERS OR FACTS SHALL BE CONCLUSIVE PROOF OF THE
TRUTHFULNESS THEREOF.
ANY PERSON, INCLUDING BENEFICIARY, MAY BID AT THE SALE.
AFTER DEDUCTING ALL COSTS, FEES AND EXPENSES OF THE TRUSTEE AND OF THIS TRUST,
INCLUDING THE COST OF ANY EVIDENCE OF TITLE PROCURED IN CONNECTION WITH SUCH
SALE, THE TRUSTEE SHALL APPLY THE PROCEEDS OF SALE IN THE MANNER PROVIDED IN NRS
40.462.
SECTION 7.2.
LIMITATION ON DUTY OF BENEFICIARY IN RESPECT OF
COLLATERAL.
BEYOND THE EXERCISE OF REASONABLE CARE IN THE CUSTODY THEREOF,
BENEFICIARY SHALL NOT HAVE ANY DUTY TO EXERCISE ANY RIGHTS OR TAKE ANY STEPS TO
PRESERVE THE RIGHTS OF TRUSTOR IN THE COLLATERAL IN BENEFICIARY'S POSSESSION OR
CONTROL OR IN THE POSSESSION OR CONTROL OF ANY AGENT OR BAILEE OR ANY INCOME
THEREON OR AS TO THE PRESERVATION OF RIGHTS AGAINST PRIOR PARTIES OR ANY OTHER
RIGHTS PERTAINING THERETO, NOR SHALL BENEFICIARY BE LIABLE TO TRUSTOR OR ANY
OTHER PERSON FOR FAILURE TO MEET ANY OBLIGATION
16
IMPOSED BY SECTION 9-207 OF THE UCC OR ANY SUCCESSOR PROVISION.
WITHOUT
LIMITING THE FOREGOING, BENEFICIARY SHALL BE DEEMED TO HAVE EXERCISED REASONABLE
CARE IN THE CUSTODY AND PRESERVATION OF THE COLLATERAL IN ITS POSSESSION OR
CONTROL IF THE COLLATERAL IS ACCORDED TREATMENT SUBSTANTIALLY EQUAL TO THAT
WHICH BENEFICIARY ACCORDS ITS OWN PROPERTY, AND (I) SHALL NOT BE LIABLE OR
RESPONSIBLE FOR ANY LOSS OR DAMAGE TO ANY OF THE COLLATERAL, OR FOR ANY
DIMINUTION IN THE VALUE THEREOF, BY REASON OF THE ACT OR OMISSION OF ANY AGENT
OR BAILEE SELECTED BY BENEFICIARY IN GOOD FAITH OR (II) SHALL NOT HAVE ANY DUTY
OR RESPONSIBILITY FOR ASCERTAINING OR TAKING ACTION WITH RESPECT TO CALLS,
CONVERSIONS, EXCHANGES, MATURITIES, TENDERS OR OTHER MATTERS RELATIVE TO ANY
COLLATERAL, WHETHER OR NOT BENEFICIARY HAS OR IS DEEMED TO HAVE KNOWLEDGE OF
SUCH MATTERS.
SECTION 7.3.
APPLICATION OF PROCEEDS.
UPON THE OCCURRENCE OF ANY
EVENT OF DEFAULT, THE PURCHASE MONEY, PROCEEDS AND AVAILS OF ANY DISPOSITION OF
THE PROPERTY, AND OR ANY PART THEREOF, OR ANY OTHER SUMS COLLECTED BY
BENEFICIARY PURSUANT TO THIS SECURITY INSTRUMENT MAY BE APPLIED BY BENEFICIARY
TO THE PAYMENT OF THE DEBT OR OTHER OBLIGATIONS IN SUCH PRIORITY AND PROPORTIONS
AS BENEFICIARY IN ITS DISCRETION SHALL DEEM PROPER.
SECTION 7.4.
RIGHT TO CURE DEFAULTS.
UPON THE OCCURRENCE AND DURING
THE CONTINUANCE OF ANY EVENT OF DEFAULT, BENEFICIARY MAY, BUT WITHOUT ANY
OBLIGATION TO DO SO AND WITHOUT NOTICE TO OR DEMAND ON TRUSTOR AND WITHOUT
RELEASING TRUSTOR FROM ANY OBLIGATION HEREUNDER, MAKE ANY PAYMENT OR DO ANY ACT
REQUIRED OF TRUSTOR HEREUNDER IN SUCH MANNER AND TO SUCH EXTENT AS BENEFICIARY
MAY DEEM NECESSARY TO PROTECT THE SECURITY HEREOF.
BENEFICIARY IS AUTHORIZED TO
ENTER UPON THE PROPERTY FOR SUCH PURPOSES, OR APPEAR IN, DEFEND, OR BRING ANY
ACTION OR PROCEEDING TO PROTECT ITS INTEREST IN