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22 <br /> (c) County's bid. The County may bid for all or any part of the Mortgaged <br /> Property at any foreclosure sale. The County, however, may not bid less than an <br /> amount sufficient to provide for full payment of the Obligations, unless BNY-M <br /> consents in writing. <br /> (d) Successful bidders deposit. At any sale, the Deed of Trust Trustee may, <br /> at her 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. Any notice of <br /> the sale need not include notice of this requirement. <br /> (e) Application of sale proceeds. The Deed of Trust Trustee must apply the <br /> proceeds of any foreclosure sale in the manner and in the order prescribed by State <br /> law. The parties agree (i) that the sale expenses will include a commission to the <br /> Deed of Trust Trustee equal to one-half of one percent of the gross sales price for all <br /> services performed by the Deed of Trust Trustee under this Modified Deed of Trust, <br /> and (ii) that any sale proceeds remaining after the prior application of the proceeds <br /> in accordance with State law, including to the payment of the Obligations, will be <br /> paid to the County. <br /> 4-3 Possession of Mortgaged Property. During the continuation of an <br /> Event of Default, the County must deliver possession of the Mortgaged Property to <br /> BNY-M upon BNY-M's request. In addition, the County must surrender possession of <br /> the Mortgaged Property to the purchaser of the Mortgaged Property at any judicial <br /> or foreclosure sale under this Modified Deed of Trust. <br /> During the continuation of an Event of Default, BNY-M, to the extent <br /> permitted by law, is also authorized to (a) take possession of the Mortgaged <br /> Property, with or without legal action, (b) lease the Mortgaged Property, (c) collect <br /> all rents and profits from the Mortgaged Property, with or without taking <br /> possession of the Mortgaged Property, and (d) after deducting all collection costs <br /> permitted and administration expenses, apply the net rents and profits to the <br /> payment of necessary maintenance and insurance costs, and then apply all <br /> remaining amounts to the County's account and in reduction of the Obligations. <br /> BNY-M will be liable to account only for rents and profits it receives. BNY-M <br /> may take any action permitted under this Section with respect to all or any portion <br /> of the Mortgaged Property, as it may elect. <br /> 12 <br />