Agenda - 03-02-2006-8bDTC - Laserfiche WebLink

Browse Search

(b) Company's Bid. The Company may bid and become the purchaser at any sale under this Deed of Trust. In lieu of paying cash therefor, the Company may make settlement far the purchase price by crediting against the Obligations the proceeds of sale net of sale expenses, including the Deed of Tnist Trustee's commission, and after payment of such taxes and assessments as may be a lien on the Mortgaged Property superior to the lien of this Deed of Trust (unless the Mortgaged Property is sold subject to such liens and assessments, as provided by law). (c} County's Bid. The County may bid for all or any part or parts of the Mortgaged Property at any foreclosure sale, but the County may not bid less than an amount sufficient to provide for full payment of the Obligations unless the Company otherwise consents in writing. (d) Successful bidder's deposit. At any sale the Deed of Tnist Trustee may, at its option, require any successful bidder (other than the Company) immediately to make a deposit with the Deed of Trust Trustee against the successful bid in the form of cash or a certified check in an amount of up to 5% of the sale price. Notice of any such requirement need not be included in the advertisement of the notice of such sale. (e) Application of sale proceeds. The Deed of Trust Trustee will apply the proceeds of any foreclosure sale in the manner and in the order prescribed by State la~v, it being agreed (i} that the expenses of any such sale will include a commission to the Deed of Tnist Tnistee equal to one-half of one percent of the gross sales price (but not exceeding a total of $25,000 for all ser~Tices performed by the Deed of Trust Trustee under this Deed of Tnist, and (ii) that any proceeds of any such sale remaining after the payment of all obligations and the prior application thereof in accordance with State law will be paid to the County. 5-3 Possession of Mortgaged Property. Upon the continuation of any E~Tent of Default, the Company, to the extent permitted by la~v, is authorized to (a) take possession of the Mortgaged Property, with or without legal action, (b) lease the Mortgaged Property, (c} collect all rents and profits therefrom, with or without taking possession of the Mortgaged Property, and (d} after deducting all costs of collection and administration expenses, apply the net rents and profits to the payment of necessary maintenance and insurance costs, and then apply such amounts to the County's account and in reduction of the Obligations in accordance with the protrisions of [Section 8.11] of the Tnist Agreement. The Company ti~rill be liable to account only for rents and profits it actually recei~res. 93 360v2 11