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Inst 2016324623
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Inst 2016324623
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Last modified
6/5/2019 7:34:04 AM
Creation date
1/19/2017 2:06:38 PM
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CM City Clerk-City Council
Document Date (6)
12/13/2016
Recorded Document Type
Deed of Trust
Assignment of Rents
Retention
PERM
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(g) Power of Sale. Under the power of sale hereby granted, <br />Beneficiary shall have the discretionary right to cause some or all of the Property, <br />including any Property which constitutes personal property, to be sold or otherwise <br />disposed of in any combination and in any manner permitted by applicable law. <br />8.3 Power of Sale. If Beneficiary elects to invoke the power of sale hereby <br />granted, Beneficiary shall execute or cause the Trustee to execute a written notice of <br />such default and of its election to cause the Property to be sold to satisfy the obligations <br />hereof, and shall cause such notice to be recorded in the office of the Recorder of each <br />County wherein the Property or some part thereof is situated. <br />Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this <br />Leasehold Deed of Trust and the Note or other evidence of indebtedness which is <br />secured hereby, together with a written request for the Trustee to proceed with a sale of <br />the Property, pursuant to the provisions of law and this Leasehold Deed of Trust. <br />Notice of sale having been given as then required by law, and not less than the <br />time then required by law having elapsed after recordation of such notice of default, <br />Trustee, without demand on Trustor, shall sell the Property at the time and place fixed <br />by it in the notice of sale, either as a whole or in separate parcels and in such order as it <br />may determine, at public auction to the highest bidder for cash in lawful money of the <br />United States, payable at time of sale. Trustee may, and at Beneficiary's request shall, <br />postpone sale of all or any portion of the Property by public announcement at such time <br />and place of sale, and from time to time thereafter may postpone such sale by public <br />announcement at the time and place fixed by the preceding postponement. Trustee <br />shall deliver to the purchaser its deed conveying the property so sold, but without any <br />covenant or warranty, express or implied. The recitals in such deed of any matters or <br />facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, <br />Trustee, or Beneficiary, may purchase at such sale. <br />After deducting all costs, fees, and expenses of Trustee and of the trust hereby <br />created, including reasonable attorneys' fees in connection with sale, Trustee shall <br />apply the proceeds of sale to payment of all sums advanced or expended by Beneficiary <br />or Trustee under the terms hereof and all outstanding sums then secured hereby, and <br />the remainder, if any, to the person or persons legally entitled thereto. <br />At any foreclosure sale, any person, including Trustor, Trustee or Beneficiary, <br />may bid for and acquire the Property or any part of it to the extent permitted by then <br />applicable law. Instead of paying cash for such property, Beneficiary may settle for the <br />purchase price by crediting the sales price of the property against the following <br />obligations: <br />(a) First, the portion of the Secured Obligations attributable to the <br />expenses of sale, costs of any action and any other sums for which Trustor is obligated <br />to pay or reimburse Beneficiary or Trustee under Section 7.12(c); and <br />(b) Second, the remaining balance of all other Secured Obligations in any <br />15 <br />
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