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auction for cash at.the time and place designated in the notice
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of sale. `
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(6) Provided, however, that any act required by the~
foregoin~ schedule falling upon a Saturday or Sunday or legal
banking holiday shall be performed upon the next banking day. :
(c) If Trustee does not receive payment.by cash or
check of an Owner's assessment on or before the payment date,
then the Owner shall be in default; and if such payment is by
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check and the check does not clear in the ordinary course of
business, then the Owner shall be in default.
(d) Defaulting Owners may not redeem before the sale
but may bid at the sale. ' ~
(e) The sale of the,interest of each defau~ting Owner
shall be to the highest bidder'therefor,_ and payment must be _
made in.cash at the sale; provided, however, that no bid shall
be accepted which is less than the amount of the assessment in
~ default plus the costs of the sale including the compensation
of Trustee, but excluding any cost of advertisement made at the
request of defaulting owners. _
' -(F) The net proceeds of the sale sha.ll be applied in the
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! following order until the proceeds are exhausted:
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~ (1) Payment of the costs of the sale, including
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; cor~psnsation of Trustee, but excluding any cost oP advertisement
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~ made at the :equest of defaulting owners which has theretofore ~
~ Ueen eaid by the defaulting owners.
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~ (2) Payment of the assessment which is in default.
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~ (3) Re-payment to the defaulting Own~er of the,
~ ama::r~~ .of his pro rata share of the investment of Owners in the
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~ purch3~e cost of the land then in the trust.
: (4)~ The balance if any to the trust.
` _(g) Should there be no sale of the defaulting interest,
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~ the a:nount of the assessment in default and the costs of the
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~ sale as above defined shall be assessed pro rata against the `
~ remaining owners who shall thereby Uecome the purchasers o£ ,
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