Common use of Trustee’s Deed; Proceeds of Sale Clause in Contracts

Trustee’s Deed; Proceeds of Sale. Trustee will deliver to the purchaser a Trustee’s deed conveying the Property with special warranty of title. The recitals in the Trustee’s deed will be prima facie evidence of the truth of the statements made in that deed. Trustee will apply the proceeds of the sale in the following order: (i) to discharge the expenses of executing the trust, including a reasonable commission to Trustee; (ii) to discharge all taxes, levies, and assessment, with costs and interest if these costs have priority over the lien of this Security Instrument, including the pro rata amount thereof due for the current year; (iii) to discharge in the order of their priority, if any, the remaining debts and obligations secured by this Security Instrument, and any liens of record inferior to this Security Instrument under which sale is made, with lawful interest; and (iv) the residue of the proceeds will be paid to Borrower or Borrower’s assigns. Trustee will not be required to take possession of the Property prior to the sale or to deliver possession of the Property to the purchaser at the sale.