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201104264 payable without presentment, demand, protest or notice of any kind. Thereafter, Beneficiary may deliver to Trustee a written declaration of default and demand for sale. TRUSTEE SHALL HAVE THE POWER OF SALE OF THE PROPERTY and if Beneficiary decides the Property is to be sold it shall deposit with Trustee this Deed of Trust and the Note or notes and any other documents evidencing expenditures secured hereby, and sha11 deliver to Trustee a written notice of default and election to cause the Property to be sold, and Trustee, in turn, shall prepare a similar notice in the form required by law which sha11 be duly filed for record by Trustee. (a) 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, without demand on Trustors, sha11 sell the Property in one or more parcels and in such order as Trustee may determine 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 cash in lawful money of the United Sta.tes at the time of sale. The person conducting the sale may, for any cause he or she deems expedient, postpone the sale from time to time until it shall 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 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 sha11 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, including, vcrithout limita,tion, Beneficiary or Trustee, may purchase at the sale. (b) When Trustee sells pursuant to the powers herein, Trustee shall apply the proceeds of the sale to payment of the costs and expenses of exercising the power of sale and of the sale, including, without limitation, the payment of Trustee's Fees incurred, which Trustee's Fees shall not in the aggregate exceed Two Million and No/100 Dollars ($2,000,000.00) plus all expenses incurred in advertising and holding the sale and the expense of a professional real estate auctioneer if Trustee deems it in the best interests of Beneficiary to engage one. (c) After paying the items specified in subparagraph (b), if the sale is by Trustee, or the proper court costs and other costs of foreclosure and sale if the sale is pursuant to judicial foreclosure, the proceeds of sale shall be applied in the order stated below to the payment of (1) The costs of advertising and conducting the sale with or without a professional real estate auctioneer and the cost of any evidence of title procured in connection with such sale and of any Documentary Stamp Tax required to be paid; (2) Attorneys fees incurred in exercising the power of sale; (3) All obligations secured by the Deed of Trust; �