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13 <br /> (h) Coun , 's bid. The County may bid and become the purchaser at any sale under this <br /> Agreement, and in lieu of paying cash therefor may make settlement for the purchase price by <br /> crediting against the Required Payments the proceeds of sale net of sale expenses, including the <br /> Deed of Trust Trustee's commission, and after payment of such taxes and assessments as may be a <br /> lien on the Mortgaged Property superior to the lien of this Agreement (unless the Mortgaged <br /> Property is sold subject to such liens and assessments, as provided by State law). <br /> (c) Successful bidder's deposit. At any such sale the Deed of Trust Trustee may, at its <br /> option,require any successful bidder(other than the County) immediately to deposit with the Deed <br /> of Trust Trustee cash or a certified check in an amount equal to all or any part of the successful bid, <br /> and notice of any such requirement need not be included in the advertisement of the notice of such <br /> sale. <br /> (d) AWlication of sale proceeds. The proceeds of any foreclosure sale shall be applied in <br /> the manner and in the order prescribed by State law, it being agreed that the expenses of any such <br /> sale shall include a commission to the Deed of Trust Trustee of five percent of the gross sales price <br /> for making such sale and for all services performed under this Agreement. Any proceeds of any <br /> such sale remaining after the payment of all Required Payments and the prior application thereof in <br /> accordance with State law shall be paid to the affordable housing owner. <br /> 7.04 Possession of Mortgaged Property. After a foreclosure sale, the affordable housing <br /> owner shall immediately lose the right to possess, use and enjoy the Mortgaged Property (but may <br /> remain in possession of the Mortgaged Property as a tenant at will of the County), and thereupon <br /> the affordable housing owner(a) shall pay monthly in advance to the County a fair and reasonable <br /> rental value for the use and occupation of the Mortgaged Property (in an amount the County shall <br /> determine in its reasonable judgment), and (b) upon the County's demand, shall deliver possession <br /> of the Mortgaged Property to the County or, at the County's direction, to the purchaser of the <br /> Mortgaged Property at any judicial or foreclosure sale under this Agreement. <br /> In addition, upon the continuation of any Event of Default, the County, to the extent <br /> permitted by law, is hereby authorized to (i) take possession of the Mortgaged Property, with or <br /> without legal action, (ii) lease the Mortgaged Property, (iii) collect all rents and profits therefrom, <br /> with or without taking possession of the Mortgaged Property, and (iv) after deducting all costs of <br /> collection and administration expenses, apply the net rents and profits first to the payment of <br /> necessary maintenance and insurance costs, and then to the affordable housing owner's account and <br /> in reduction of the affordable housing owner's corresponding Required Payment in such fashion as <br /> the County shall reasonably deem appropriate. The County shall be liable to account only for rents <br /> and profits it actually receives. <br /> 7.05 No Remedy Exclusive: Delay Not Waiver. All remedies under this Agreement are <br /> cumulative and may be exercised concurrently or separately. The exercise of any one remedy shall <br /> not be deemed an election of such remedy or preclude the exercise of any other remedy. If any <br /> Event of Default shall occur and thereafter be waived by the other parties, such waiver shall be <br /> limited to the particular breach so waived and shall not be deemed a waiver of any other breach <br /> under this Agreement. <br /> 13 <br />