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-19- 2G0311854 completion of any such sale by virtue of this Section 4.02 the Trustee shall execute and deliver to the purchaser an appropriate instrument that shall effectively transfer all of the Trustor's (and, as applicable, the Trustee's) estate, right, title, interest, property, claim and demand in and to the Trust Estate or portion thereof so sold, but without any covenant or warranty, express or implied. The Trustee and the Beneficiary are each hereby irrevocably appointed the attorney -in -fact of the Trustor in its name and stead to make all appropriate transfers and deliveries of the Trust Estate or any portions thereof so sold and, for that purpose, the Trustee and the Beneficiary may execute all appropriate instruments of transfer, and may substitute one or more persons with like power, the Trustor hereby ratifying and confirming all that said attorneys or such substitute or substitutes shall lawfully do by virtue hereof. Nevertheless, the Trustor shall ratify and confirm, or cause to be ratified and confirmed, any such sale or sales by executing and delivering, or by causing to be executed and delivered, to the Trustee or the Beneficiary or to such purchaser or purchasers all such instruments as may be advisable, in the judgment of the Trustee or the Beneficiary, for such purpose, and as may be designated in such request. Any sale or sales made under or by virtue of this Deed of Trust, to the extent not prohibited by law, shall operate to divest all the estate, right, title, interest, property, claim and demand whatsoever, whether at law or in equity, of the Trustor in, to and under the Trust Estate, or any portions thereof so sold, and shall be a perpetual bar both at law and in equity against the Trustor and against any and all persons claiming or who may claim the same, or any part thereof, by, through or under the Trustor. The powers and agency herein granted are coupled with an interest and are irrevocable. (e) Possession of Loan Instruments Not Necessary. All rights of action under the Loan Instruments and this Deed of Trust may be enforced by the Trustee or the Beneficiary without the possession of the Loan Instruments and without the production thereof at any trial or other proceeding relative thereto. Any such suit or proceeding instituted by the Trustee shall be brought in its name and as trustee of an express trust, and any recovery of judgment shall, subject to the rights of the Trustee, be for the benefit of the Beneficiary and the Lenders. Section 4.03. Application of Proceeds. (a) Application of Proceeds Generally. The proceeds of any sale made either under the power of sale hereby given or under a judgment, order or decree made in any action to foreclose or to enforce this Deed of Trust, or of any monies held by the Trustee or the Beneficiary hereunder shall, to the maximum extent permitted by law, be applied: (i) first to the payment of all costs and expenses of such sale, including the Trustee's and the Beneficiary's attorneys' fees and disbursements; Deed of Trust NY 1: #3351532v3