OTHER-2021-021 Deed of Trust and Security Agreement

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(e) Application of sale proceeds. The Deed of Trust Trustee must apply the proceeds of any foreclosure sale in the manner and in the order prescribed by State law. The parties agree (i) that the sale expenses will include a commission to the Deed of Trust Trustee equal to one-half of one percent of the gross sales price for all services performed by the Deed of Trust Trustee under this Deed of Trust, and (ii) that any sale proceeds remaining after the prior application of the proceeds in accordance with State law, including to the payment of the Obligations, will be paid to the County. 4-3 Possession of Mortgaged Property. During the continuation of an Event of Default, upon BNY-M's demand the County must deliver possession of the Mortgaged Property to BNY-M. In addition, the County must surrender possession of the Mortgaged Property to the purchaser of the Mortgaged Property at any judicial or foreclosure sale under this Deed of Trust. During the continuation of an Event of Default, BNY-M, to the extent permitted by law, is also 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 from the Mortgaged Property, 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 all remaining amounts to the County's account and in reduction of the Obligations. BNY-M will be liable to account only for rents and profits it receives. BNY-M may take any action permitted under this Section with respect to all or any portion of the Mortgaged Property, as it may elect. 4-4 No Remedy Exclusive; Delay Not Waiver. All remedies under this Deed of Trust are cumulative and may be exercised concurrently or separately. The exercise of any one remedy is not an election of that remedy as an exclusive remedy, nor does the exercise of one remedy preclude the exercise of any other remedy. If any Event of Default occurs and is later waived by the other party or parties, that waiver is limited to the default waived and does not constitute a waiver of any other default. The Deed of Trust Trustee and BNY-M may exercise every power or remedy given by this Deed of Trust from time to time as often as the Deed of Trust Trustee or BNY-M may deem expedient.