DEFAULT IN FORECLOSURE. Upon default by the Trustors in the payment of any indebtedness secured by this Deed of Trust or in the performance of any obligation under this Deed of Trust, the Beneficiary may declare all sums secured by this Deed of Trust immediately due and payable by delivering to the Trustee a written declaration of default and demand for sale and a written notice of default and election to sell the Real Property. After the required time period has lapsed following the recordation of the notice of default, and after notice of sale has been given as required by law, the Trustee, without demand on the Trustors, shall sell the Real Property at the time and place specified in the notice of sale, either as a whole or in separate parcels, and in any order determined by the Trustee at public auction to the highest bidder for cash in lawful money of the United States, payable at the time of sale. The Trustee may postpone sale of all or any portion of the Real Property by public announcement at the time and place of sale, and from time to time thereafter may postpone the sale by public announcement at the time fixed by the preceding postponement. The Trustee shall deliver to the purchaser at the auction its deed conveying the Real Property sold, but without any covenant or warranty, express or implied. Any person, including the Trustors, the Trustee or the Beneficiary, may purchase at the sale. After deducting all costs, fees and expenses of the Trustee and the Beneficiary under this paragraph, including costs of procuring evidence of title incurred in connection with sale, the Trustee shall apply the proceeds of sale to payment of all sums expended under the terms of this Deed of Trust, not then repaid, with accrued interest at the amount allowed by law in effect at the date of this Deed of Trust, all other sums then secured by this Deed of Trust, and the remainder, if any, to the person or persons legally entitled to the remaining proceeds.
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DEFAULT IN FORECLOSURE. Upon default by the Trustors Trustor in the payment of any indebtedness secured by this Deed of Trust or in the performance of any material obligation under this Deed of Trust, and the expiration of any and all applicable notice or cure periods, Beneficiary may declare all sums secured by this Deed of Trust immediately due and payable by delivering to the Trustee a written declaration of default and demand for sale and a written notice of default and election to sell the Real Property. Trustee shall cause the notice of default and election to sell to be recorded. After the required time period has lapsed following the recordation of the notice of default, and after notice of sale has been given as required by law, the Trustee, without demand on the TrustorsTrustor, shall sell the Real Property at the time and place specified in the notice of sale, either as a whole or in separate parcels, and in any order determined by the Trustee Trustee, at public auction to the highest bidder for cash in lawful money of the United States, payable at the time of sale. The Trustee may postpone sale of all or any portion of the Real Property by public announcement at the time and place of sale, and from time to time thereafter may postpone the sale by public announcement at the time fixed by the preceding postponement. The Trustee shall deliver to the purchaser at the auction its deed conveying the Real Property sold, but without any covenant or warranty, express or implied. The recital in the deed of any matter or fact shall be conclusive proof of the truthfulness of the recital. Any person, including the TrustorsTrustor, the Trustee Trustee, or the Beneficiary, may purchase at the sale. After deducting all costs, fees fees, and expenses of the Trustee and the Beneficiary under this paragraph, including costs of procuring evidence of title incurred in connection with sale, the Trustee shall apply the proceeds of sale to payment of of: all sums expended under the terms of this Deed of Trust, not then repaid, with accrued interest at the amount allowed by law in effect at the date of this Deed of Trust, ; all other sums then secured by this Deed of Trust, ; and the remainder, if any, to the person or persons legally entitled to the remaining proceeds. Beneficiary agrees that, notwithstanding its rights to invoke the remedies permitted by any Loan Document (as defined in the Loan Agreement), Beneficiary shall not, so long as the Limited Partner (as defined in the Loan Agreement) has a continuing ownership interest in Trustor, conduct a foreclosure sale of the Property or receive a deed-in-lieu of foreclosure, until such time as the Limited Partner has first been given 30 days written notice of such default and has failed, within such 30-day period to cure such default; provided, however, that Beneficiary shall be entitled, during such 30-day period, to continue to accelerate the CDBG Note and to pursue its remedies.
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