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I . 88- 102042 price for the Participation Interest or Net Profits, Grantor irrevocably grants, transfers, conveys and assigns to Larry R. Forman, Trustee ("Trustee"), IN TRUST, WITH POWER OF SALE, for the benef i t and secu r i ty of Grantee, under and subj ect to the terms and conditions of this Memorandum and Deed of Trust, the Property. Upon the occurrence of a default in the payment or performance of any obligation, covenant or agreement contained in the Assignment, the Grantee may, at its option, deliver to Trustee a written declaration of default and demand for sale. Grantor agrees that the Trustee shall have, and hereby grants to the Trustee, a power of sale of the Property and if Grantee decides the Property is to be sold it shall deposit with Trustee this Memorandum and Deed of Trust and the Assignment, and shall deliver to Trus tee a wri t ten not ice of def au 1 t and election to cause the Property to be sold, and Trustee, in turn, sha 11 prepa re a s imi lar not ice in the form requi red by law, which shall be duly filed for record by Trustee. After the lapse of such time as may be required by law fOllowing the recordation of Notice of Default, and Notice of Default and Notice of Sale having been given as required by law, Trustee, wi thout demand on Borrower, sha 11 sell the Property in one 0 r more parcels and in such order as Grantee may determine on the date and the time and place designated in said Notice of Sale, at public auction to the highest bidder, the purchase price to be payable in cash in lawful money of the United States at the time of sa Ie. The person conducting the sale may, for any cause he or she deems expedient, postpone the sale from time to time unt i lit sha 11 be completed and, in every such case, notice of postponement shall be given by public declaration thereof by such person at the time and place last appointed for the sale; provided, if the sa Ie is postponed for longer than one (1) day beyond the day designated in the Notice of Sale, notice thereof shall be given in the same manner as the original Notice of Sale. Trustee shall execute and deliver to the purchaser its Deed conveying the Property so sold, but without any covenant or warranty, express or implied. The recitals in the Deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, inc luding wi thout I imi tat ion Grantee or Trustee, may purchase at the sale. EXECUTED AND EFFECTIVE this the 15th day of April, 1988. SUNWEST, N.O.P., INC., a Nevada corporation By: lic(l-LTyl ~~ Title: /;"-'<.-.-.o>;d~J--?- Attest: --~;:~r_""'~. y~,,- Secretary J [SEAL] - 2 - L ~ L