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4. Defaults and Remedies; Foreclosure <br /> 4-1 Defaults and Remedies. During the continuation of an Event of <br /> Default under the Trust Agreement, BNY-M may pursue its rights and remedies as <br /> provided under the Trust Agreement and this Deed of Trust. <br /> 4-2 Foreclosure; Sale under Power of Sale. <br /> (a) Right to foreclosure or sale. During the continuation of an Event of <br /> Default, at BNY-M's request, the Deed of Trust Trustee must foreclose this Deed of <br /> Trust by judicial proceedings or, at BNY-M's option, the Deed of Trust Trustee must <br /> sell (and is empowered to sell) all or any part of the Mortgaged Property at public <br /> sale to the last and highest bidder for cash (free of any equity of redemption, <br /> homestead, dower, curtesy or other exemption, all of which the County expressly <br /> waives to the extent permitted by law) after compliance with applicable State laws <br /> relating to foreclosure sales under power of sale. The Deed of Trust Trustee will <br /> execute and deliver a proper deed or deeds to the successful purchaser at any sale. If <br /> only a part of the Mortgaged Property is sold, the partial sale in no way adversely <br /> affects the lien created by this Deed of Trust against the remainder. <br /> (b) BNY-M s Bid. BNY-M may bid and become the purchaser at any <br /> sale under this Deed of Trust. Instead of paying cash, BNY-M may make settlement <br /> for the purchase price by crediting against the Obligations the bid price net of sale <br /> expenses, including the Deed of Trust Trustee's commission, and after payment of <br /> any taxes and assessments as may be a lien on the Mortgaged Property superior to <br /> the lien of this Deed of Trust (unless the Mortgaged Property is sold subject to those <br /> liens and assessments, as provided by law). <br /> (c) County's Bid. The County may bid for all or any part of the <br /> Mortgaged Property at any foreclosure sale. The County, however, may not bid less <br /> than an amount sufficient to provide for full payment of the Obligations, unless BNY- <br /> M consents in writing. <br /> (d) Successful bidder's deposit. At any sale, the Deed of Trust Trustee <br /> may, at his option, require any successful bidder (other than BNY-M) immediately to <br /> make a deposit with the Deed of Trust Trustee against the successful bid in the form <br /> of cash or a certified check in an amount of up to 5% of the sale price. The <br /> advertised notice of sale need not include notice of this requirement. <br /> 10 <br />