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<br />have the power of sale of the Property and, if Beneficiary decides the Property is to be sold, it shall
<br />deposit with Trustee this Trust Deed and the Note or notes and any other documents evidencing
<br />expenditures secured hereby and shall deliver to Trustee a written notice of default and election to cause
<br />the property to be sold, and Trustee, in turn, shall prepare a similar notice in the form required by law,
<br />which shall be duly filed for record by Trustee.
<br />(a) After the lapse of such time as may be required by law following the recordation of
<br />Notice of Default, and Notice of Default and Notice of Sale having been given as required by law,
<br />Trustee, without demand on Trustor, shall sell the Property, if not redeemed, in one or more parcels and in
<br />such order as Trustee may determine on the date and the time and place designated in said Notice of Sale,
<br />at public auction, according to law.
<br />(b) When Trustee sells pursuant to the powers herein, Trustee shall apply the proceeds of the
<br />sale to payment of the costs and expenses of exercising the power of sale and of the sale, including,
<br />without limitation, attorneys' fees and the payment of Trustee's Fees incurred, which Trustee's Fees shall
<br />not, in the aggregate, exceed the following amounts based upon the amount secured hereby and remaining
<br />unpaid at the time scheduled for sale: 5 percentum on the balance thereof and then to the items in
<br />subparagraph (c), in the order therein stated.
<br />(c) After paying the items specified in subparagraph (b), if the sale is by Trustee, or if the
<br />sale is pursuant to judicial foreclosure, the proceeds of sale shall be applied in the following order:
<br />(1) cost of any evidence of title procured in connection with such sale and of any
<br />revenue transfer fee required to be paid;
<br />(2) all obligations secured by this Trust Deed;
<br />(3) junior trust deeds, mortgages, or other lienholders;
<br />(4) the remainder, if any, to the person legally entitled thereto.
<br />12. ENVIRONMENTAL PROTECTION REQUIREMENTS, WARRANTIES AND
<br />INDEMNITIES: That Trustor shall not use, nor permit any tenant, occupant or any other party or entity
<br />to use, the Premises, or any part thereof, for the purpose of generating, treating, producing, storing,
<br />handling, transferring, processing, transporting, disposing or otherwise releasing "hazardous substances,"
<br />as hereinafter defined, either on, in, from or about the Premises which:
<br />(a) creates or causes a contamination either on the Premises or elsewhere which is required
<br />by any governmental authority to be removed, remediated, or otherwise cleaned up under
<br />any applicable "Environmental Law," as defined below,
<br />(b) creates any form or liability, civil or criminal, direct or indirect, due to such
<br />contamination, or
<br />(c) is in contravention of any Environmental Law.
<br />That the terms "Environmental Law" and "Environmental Laws" as used in this Trust Deed include
<br />any and all current and future federal, state and local environmental laws, statutes, rules, regulations and
<br />ordinances, as the same shall be amended and modified from time to time, including but not limited to,
<br />"common law," the Comprehensive Environmental Response, Compensation and Liability Act
<br />(CERCLA), as amended from time to time, the Resource Conservation and Recovery Act (RCRA), as
<br />amended from time to time, and the Toxic Substances Control Act (TSCA), as amended from time to
<br />time.
<br />That "hazardous substances" as used in this Trust Deed includes any and all "hazardous substances"
<br />as defined in CERCLA, any and all "hazardous wastes" as defined in RCRA, and any and all "toxic
<br />substances" as defined in TSCA, petroleum products, asbestos or asbestos -containing materials,
<br />polychlorinated biphenyls ("PCB's"), radon gas, urea formaldehyde foam insulation ("UFFI") and any and
<br />all other hazardous substances, hazardous wastes, pollutants and contaminants regulated or controlled by
<br />any of the Environmental Laws.
<br />That Trustor shall, in the event of any discharge, spill, injection, escape, emission, disposal, leak or
<br />other release of hazardous substances on, in, under, onto or from the Premises, which is not authorized by
<br />a currently valid permit or other approval issued by the appropriate governmental agencies:
<br />(a) promptly notify Trustee, the Environmental Protection Agency National Response Center
<br />and the appropriate State Department of Environmental Resources,
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