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2023 CDBG Subrecipient Agreement <br />Deed of Trust <br />Exhibit “E” <br /> <br />Page 3 of 7 <br /> <br /> <br /> <br />option of the Beneficiary, immediately become due and payable in accordance with the <br />Community Development Block Grant Agreement, the Note, this Deed of Trust, and any other <br />loan documents (collectively, the “Loan Documents”). In such event and upon written request of <br />Beneficiary, Trustee shall sell the trust Property, in accordance with the Deed of Trust Act of the <br />State of Washington, at public auction to the highest bidder. Any person except Trustee may bid <br />at Trustee’s sale. Trustee shall apply the proceeds of the sale as follows: (1) to the expense of the <br />sale, including a reasonable Trustee’s fee and attorneys’ fee; (2) to the obligation secured by this <br />Deed of Trust; and (3) the surplus, if any, shall be distributed to the persons entitled thereto. <br /> <br /> <br />A. Curing of Monetary Default. If a monetary event of default occurs under the terms of any <br />of the Loan Documents, before exercising any remedies thereunder, Grantee shall give Grantor <br />written notice of such default. Grantor shall have a period of ten (10) days after such notice is given <br />within which to cure the default before exercise of remedies by Grantee under the Loan Documents, <br />or such longer period of time as may be specified in the Loan Documents. <br /> <br />A default in payment of any amount due hereunder may be cured only by payment in full of such <br />amount plus the interest accrued from the date of default, as stated above, on the unpaid principal <br />balance as of the date of default until the date of payment resulting from application of a default rate <br />of interest as provided herein, if any, that may be due hereunder or under any instrument relating to <br />or securing this Note, plus any attorneys’ fees incurred by the Holder by reason of such default. <br /> <br />B. Curing of Nonmonetary Default. If a nonmonetary event of default occurs under the terms <br />of any of the Loan Documents, prior to exercising any remedies thereunder, Grantee shall give Grantor <br />written notice of such default. <br /> <br />If the nonmonetary default is reasonably capable of being cured within thirty (30) days, Grantor shall <br />have such period to effect a cure prior to exercise of remedies by Grantee under the Loan Documents, <br />or such longer period of time as may be specified in the Loan Documents. If the default is such that it <br />is not reasonably capable of being cured within thirty (30) days or such longer period if so specified, <br />and if Grantor in the reasonable determination of Grantee (a) initiates corrective action within said <br />period, and (b) diligently, continually, and in good faith works to effect a cure as soon as possible, <br />then Grantor shall have such additional time as Grantee determines is reasonably necessary to cure <br />the default prior to exercise of any remedies by Grantee. In no event shall Grantee be precluded from <br />exercising remedies if its security becomes or is about to become materially jeopardized by any failure <br />to cure a default or if the default is not cured within sixty (60) days after the first notice of default is <br />given, or such longer period of time as may be specified in the Loan Documents. <br /> <br /> <br />5. Trustee shall deliver to the purchaser at the sale its deed, without warranty, which shall convey <br />to the purchaser the interest in the Property which Grantor had or had the power to convey at <br />the time of its execution of this Deed of Trust, and such as it may have acquired thereafter. <br />Trustee’s deed shall recite the facts showing that the sale was conducted in compliance with all <br />the requirements of law and of this Deed of Trust, which recital shall be prima facie evidence of