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• Any such removal or appointment may be made at any time without notice, without <br />specifying any reason therefor and without any court approval. Any such appointee <br />becomes vested with title to the Mortgaged Property and with all rights, powers and <br />duties conferred upon the Deed of Trust Trustee by this Deed of Trust in the same <br />manner and to the same effect as though such Deed of Trust Trustee were named as the <br />original Deed of Trust Trustee. <br />5, Defaults and Remedies; Foreclosure <br />5-1 Defaults and Remedies. Upon the occurrence and continuation of <br />an Event of Default, the Company may pursue its rights and remedies as provided under <br />the Financing Contract and this Deed of Trust. <br />5-2 Foreclosure; Sale under Power of Sale. <br />(a) Right to foreclosure or sale. Upon the continuation of an Event of <br />Default, at the Company's request, the Deed of Trust Trustee shall foreclose this Deed of <br />Trust by judicial proceedings or, at the Company's option, the Deed of Trust Trustee shall <br />sell (and is empowered to sell) all or any part of the Mortgaged Property (and if in part, <br />any such sale in no way adversely affects the lien created by this Deed of Trust against <br />• the remainder) at public sale to the last and highest bidder for cash (free of any equity of <br />redemption, homestead, dower, curtesy or other exemption, all of which the County <br />expressly waives to the extent permitted by law) after compliance with applicable State <br />laws relating to foreclosure sales under power of sale. The Deed of Trust Trustee shall <br />execute and deliver a proper deed or deeds to the successful purchaser at such sale. <br />(b) Company's Bid. The Company may bid and become the purchaser at <br />any sale under this Deed of Trust. In lieu of paying cash, the Company may make <br />settlement for the purchase price by crediting against the Obligations the proceeds of sale <br />net of sale expenses, including the Deed of Trust Trustee's commission, and after <br />payment of such taxes and assessments as may be a lien on the Mortgaged Property <br />superior to the lien of this Deed of Trust (unless the Mortgaged Property is sold subject to <br />such liens and assessments, as provided by law). <br />(c) County's Bid. The County may bid for all or any part or parts of the <br />Mortgaged Property at any foreclosure sale, but the County may not bid less than an <br />amount sufficient to provide for full payment of the Obligations unless the Company <br />otherwise consents in writing. <br />(d) Successful bidder's deposit. At any sale the Deed of Trust Trustee <br />may, at [her] option, require any successful bidder (other than the Company) immediately <br />• to make a deposit with the Deed of Trust Trustee against the successful bid in the form of <br />cash or a certified check in an amount of up to 5% of the sale price. Notice of any such <br />requirement need not be included in the advertisement of the notice of such sale. <br />9 <br />