OF THE PURCHASER AT SAID
SALE.
(B)
UPON THE OCCURRENCE AND CONTINUANCE OF AN EVENT OF DEFAULT, LENDER
SHALL HAVE THE RIGHT AND OPTION TO PROCEED WITH FORECLOSURE IN SATISFACTION OF
SUCH ITEM OR ITEMS BY DIRECTING THE TRUSTEE, OR HIS SUCCESSOR OR SUBSTITUTE AS
HEREINAFTER PROVIDED, TO PROCEED AS IF UNDER A FULL FORECLOSURE, CONDUCTING THE
SALE AS HEREIN PROVIDED, AND WITHOUT DECLARING THE WHOLE OBLIGATIONS DUE, AND
PROVIDED THAT IF SALE IS MADE BECAUSE OF DEFAULT AS HEREINABOVE MENTIONED, SUCH
SALE MAY BE MADE SUBJECT TO THE UNMATURED PART OF THE JUNIOR NOTE AND THE
OBLIGATIONS SECURED HEREBY, AND IT IS AGREED THAT SUCH SALE, IF SO MADE, SHALL
NOT IN ANY MANNER AFFECT ANY OTHER OBLIGATION OR OBLIGATIONS SECURED HEREBY, BUT
AS TO SUCH OTHER OBLIGATIONS THIS DEED OF TRUST AND THE LIENS CREATED HEREBY
SHALL REMAIN IN FULL FORCE AND EFFECT JUST
AS THOUGH NO SALE HAD BEEN MADE UNDER THE PROVISIONS OF THIS SECTION.
IT IS
FURTHER AGREED THAT SEVERAL SALES MAY BE MADE HEREUNDER WITHOUT EXHAUSTING THE
RIGHT OF SALE FOR ANY OTHER BREACH OF ANY OF THE OBLIGATIONS SECURED HEREBY, IT
BEING THE PURPOSE TO PROVIDE FOR A FORECLOSURE AND SALE OF THE PROPERTY FOR ANY
MATURED PORTION OF ANY OF THE OBLIGATIONS SECURED HEREBY OR OTHER ITEMS PROVIDED
FOR HEREIN WITHOUT EXHAUSTING THE POWER TO FORECLOSE AND TO SELL THE PROPERTY
FOR ANY OTHER PART OF THE OBLIGATIONS SECURED HEREBY WHETHER MATURED AT THE TIME
OR SUBSEQUENTLY MATURING.
(C)
THE PROCEEDS FROM ANY SUCH SALE SHALL BE APPLIED BY THE ACTING
TRUSTEE AS FOLLOWS:
FIRST:
To the payment of
all expenses of advertising, selling and conveying the Property, including a
reasonable fee to the acting Trustee.
SECOND:
To the payment to the Lender of
all unpaid Obligations, including accrued interest to the date of sale, in such
priority and proportions as Lender in its discretion shall deem proper.
THIRD:
The balance, if any,
shall be paid to Grantor or to any other person legally entitled to same
pursuant to applicable Law.
(D)
THE ACTING TRUSTEE HEREUNDER SHALL HAVE THE RIGHT TO SELL THE
PROPERTY IN WHOLE OR IN PART AND IN SUCH PARCELS AND ORDER AS HE MAY DETERMINE,
AND THE RIGHT OF SALE HEREUNDER SHALL NOT BE EXHAUSTED BY ONE OR MORE SALES, BUT
SUCCESSIVE SALES MAY BE HAD UNTIL ALL OF THE PROPERTY HAVE BEEN LEGALLY SOLD.
IN THE EVENT ANY SALE HEREUNDER IS NOT COMPLETED OR IS DEFECTIVE IN THE OPINION
OF LENDER OR THE HOLDER OF ANY PART OF THE OBLIGATIONS, SUCH SALE SHALL NOT
EXHAUST THE POWER OF SALE HEREUNDER, AND LENDER OR SUCH HOLDER SHALL HAVE THE
RIGHT TO CAUSE A SUBSEQUENT SALE OR SALES TO BE MADE BY THE TRUSTEE OR ANY
SUCCESSOR OR SUBSTITUTE TRUSTEE.
LIKEWISE, LENDER MAY BECOME THE PURCHASER AT
ANY SUCH SALE IF IT IS THE HIGHEST BIDDER, AND SHALL HAVE THE RIGHT, AFTER
PAYING OR ACCOUNTING FOR ALL COSTS OF SAID SALE OR SALES, TO CREDIT THE AMOUNT
OF