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85-004178 payable by delivery to TRUSTEE of written declara- tion of default. If BENEFICIARY desires said 1 property to be sold, he shall deposit with TRUSTEE this Deed of Trust and all promissory notes and documents evidencing expenditures secured hereby, and shall deliver to TRUSTEE a written Notice of Default and election to cause said property to oe sold in the form required by law, which shall be duly filed for record by TRUSTEE. (1) After the lapse of such time as may be re- quired by law, presently being one (1) month, following the recordation of said Notice of Default, and Notice of Default and Notice of Sale having been given as required by law, TRUSTEE, without demand on TRUSTORS, shall sell said property on the date and at the time and place designated in said Notice of Sale, at public auction to the highest bidder, the purchase price payable in lawful money of the United States at the time of sale. The person conducting the sale may, for any cause he deems expedient, postpone the sale from time to time until it shall be completed and, in every such case, notice of postpone- ment shall be given by public declaration thereof by such person at the time and place last appointed for the sale; provided, if the sale 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 his Deed conveying said property so sold, but with- out any covenant or warranty, express or im- plied. The recitals in the Deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including BENEFICIARY, may purchase at the sale. TRUSTOR hereby covenants to warrant and defend the title of the above property to purchaser at sale. D. When the TRUSTEE sells the trust property pursuant to the powers granted herein, the TRUSTEE shall apply the proceeds from the sale of such property in the following order of priority: (1) To the cost and expense of exercising the power of sale and of the sale, including attorney fees, evidence of title and other sale expenses, and a trustee's fee not to exceed four percent of the gross sale price; (2) To the payment of the obligation secured by this Deed of Trust and Trust Deed Note; (3) To the payment of junior Trust Deeds, mort- gages, or other lienholders; (4) The balance, if any, to the person or persons legally entitled thereto. E. Upon the occurrence of any default hereunder, BENEFI- CIARY shall have, in addition to such other options as may be granted herein, the further option to fore- close this Deed of Trust in the manner provided by law for foreclosure of mortgages on real property. n m -:3- I