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Show book 3249 page 13 AastllK I ll is essential that address lie g*m ftir each Trustor) Street and Number City State luallii. California lure of Trustor (ACKNOWLEDGMENT: FOR INDIVIDUALS) STATE OF CALIFORNIA county of San Bernardino Sara C, Ackerley On this. 25th day. of August ................................................. a Notary Public in and for said st personally appeared .....J. H. Gates and Eula B. Gates 19 53 Mm „, Bennardino County known to me to be the person 8 whose nameS are ment, and acknowlcdged that they executed the tan WITNESS my hand ind official teal. ubscribed to the within inctru- 1BAL Notary Public in and Icir >aid 3«n B»rn»rd>a^,,,nty and State. My coranissirn sxplraa Jun« 24, I»f7 1 As additional security, Trustor hereby gives to and confers upon Bcneficiary the right. power authority. during the continuance of these Trusts, to collect the rents. loans and profits of said property, reserving unto Trustor the right, prior to any default by Traitor in payment of any indebtedness secured hereby or in performance of any agreement hererunder, to collect and retain such rents, issues and profits as they become due and payable. Upon any such default. Beneficiary may at any time without notice, either inperson, by agent, or by a receiver to be appointed by a court, and without regard to the adequacy of any security for the indebtedness hereby securcd, enter upon and take possession of said property or any part thereof, in his own name sue for or otherwise collect such rents, issues and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attorney's fees, upon any indebtedness secured hereby, and in. such order as Beneficiary may determine. The entering upon and taking possession of said property, the collection of such rents, issues and profits and the application thereof as aforesaid, shall not tare or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. 6. Upon defaalt by Traitor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, Beneficiary may declare all sums secured hereby immediately due and payable by delivery to Trustee of written declaration of default and demand for sale and of written notice of defaalt and of election to cause to be sold said property, which notice Trustee shall cause to he duly filed for record. Beneficiary also shall deposit with Trustee this Deed, said note and alt documents evidencing expenditures secured hereby. Alter the lapse of such time as may then be required by law following the recordation of said notice of default, and notice of sale having keen given as then required by law, Trustee, without demand on Trustor, shall sell said property at the time and place fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine (but subject to any statutory right of Trustor to direct the order in which such property, if consisting of several known lots or parcels. shall be sold), at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such fixed by the preceding postponement. Trustee shall deliver to such purchaser its deed conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor. Trustee, or Beneficiary as hereinafter defined may purchase at such sale. After deducting all costs, fees and excesses of Trustee and of this Trast, including coat of evidence of title in connection with sale. Trustee shall apply the proceeds of sale to payment of: all suns expended under the terms hereof, not then repaid, with accrued interest at seven per cent per annum; all other sums then secured hereby; and the remainder, if any, to the person or persons legally entitled thereto. 7 Trustor. or if said property shall have been transferred, the then record owner, together with Beneficiary. injiy from tniir to time, by instrument in writing, substitute a successor or successors to any 1 rustee named herein or acting counties where said propertv is situated, shall he conclusive proof of proper substitution of such successor Trustee or trustees. «ho shall, without'eonveyance (rom the Trustee predecessor, succeed to all its title, estate, rights, powers and duties. Said instrument must contain the name of the original Trustor, Trustee and Beneficiary hercunder, the hook and page where this Deed is recorded, and the name and address of the new Trustee. If notice of default shall have hern recorded, this power of substitution cannot be exercised until after the costs, fees and expenses of the then acting Trustee shall have lieen paid to such Trustee, who shall endorse receipt thereof upon such instrument of substitution The procedure herein provided for substitution of Trustee shall be exclusive of all other provisions for substitution. statutory or otherwise. ft TM» Deed applies to. inures lo the benefit of. and hinds all parties hereto, their heirs, legatees, devisee administrators, executors, successors and assigns. The term Beneficiary shall mean the owner and holder, including nMajanm, of the note secured hereby, whether or not named as Beneficiary herein. In this Deed, whenever the context so rfquire*. masculine gender includes the feminine and/or neuter, and the singular number includes the plural. 9. Trustee accept! thii Trust when thii Deed, duly executed and acknowledged, it made a public record as provided by law. Trustee it not obligited to notify any party hereto of pending sale under any other Deed of Trust or of any action or proceeding in which Trustor, Beneficiary or Trustee shall be a party unleat brought by Trustee. IS. iltjf Inbrmtgrurb QtrUBtor rrquriitli that a copy of any notice of default and of any notice of ul< here- under be muled to him at hi* address set forth before his signature hereto, which address is hereby declared to be a part of thit Deed of Trutt. |