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13 <br />(b~ County'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 A lication o sale roceeds. 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 far 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 ar <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 Remed Exclusive• Dela Not Waiver. All remedies under this Agreement are <br />cumulative and maybe 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 />