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200109056 receipt of Trustee or Grantee therefor shall be binding on Grantor with respect to the amount so paid. All sums of money received by Trustee or Grantee from rents and income, after deducting therefrom the reasonable charges and expenses paid or incurred in connection with the collection and disbursement thereof, shall be applied to the payment of the Obligations, or applied to remedy any default hereunder as Grantee may direct. Any lessee or sublessee of the Property, or any part thereof, shall be fully protected in relying and acting upon the written statement of Grantee to the effect that this Deed of Trust is in default and that Trustee or Grantee is entitled to receive the rents and income hereunder, notwithstanding any notice to or knowledge of said lessee or sublessee to the contrary. Such lessee or sublessee shall have no duty to determine that any sum paid to Trustee or Grantee hereunder is properly applied by Trustee or Grantee. 5.03 Sale of Property. (a) Trustee, at the request of Grantee, shall exercise the power of sale granted herein and proceed to sell, either by himself or by agent or attorney, the Property or any part thereof at public venue or outcry to the highest bidder for cash at such time and place and upon such terms as it shall deem expedient, or as may be required by applicable law after first giving such notices, including notice of default and election to sell and notice of sale, as required by applicable law. Upon such sale Trustee shall receive the proceeds of such sale or sales and shall execute and deliver deed or deeds or other instruments of conveyance, assignment and transfer to the Property sold, to the purchaser or purchasers thereof. (b) Upon such sale or sales made by Trustee under the power herein granted, or upon any sale or sales under or by virtue of any judicial proceedings: (i) the whole of the Property, real, personal and mixed, may be sold in one parcel as an entirety, or the Property may be sold in separate parcels as may be determined by Trustee in his discretion; (ii) any deed or other instrument of conveyance, assignment or transfer made and delivered by Trustee in pursuance of the powers granted and conferred herein, and all recitals therein contained shall be prima facie evidence of the facts therein set forth; (iii) any such sale or sales shall operate to divest Grantor of all right, title, interest, claim and demand, either at law or in equity, under statute or otherwise, in and to the Property and every part thereof so sold and shall be a perpetual bar, both in law or equity, against Grantor and any and all persons claiming or to claim from, through or under Grantor; and (iv) at any such sale or sales Grantee may bid for and purchase the Property or any part thereof and may make payment therefor by credits against the Obligations. 5.04 Foreclosure. (a) Trustee may proceed by suit or suits at law or in equity, as Trustee may be advised by counsel, to enforce the payment of the Obligations or to foreclose this Deed of Trust. In such event, Trustee shall be entitled to a reasonable fee for his services and the services of his attorneys and agents, and for all expenses, costs and outlays. Upon or at any time after the filing of any suit to foreclose the lien hereof, Trustee may seek the appointment of a receiver of the Property. Trustee, or Grantee, may be appointed as such receiver. Such receiver shall have full power to collect the rents, issues and profits from the Property and all other powers necessary or incidental for the protection, possession, control, management and operation of the Property. (b) Upon any foreclosure or sale of the Property, or any part thereof, the proceeds of such sale or sales shall be applied as follows: (1) If by exercise of the power of sale granted herein: 11