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79 194 .
auction ~'or cash at the time and place designated 1n the notice
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oP sale.
(6) Provided, however, that any act required by the
foregoing schedule falling upon a Saturday or Sunday or legal
banking holiday shall be performed upon the next banking day. -
(c) If Trust.ee 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 .
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 ~
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but may bid at the sale. ~
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(e) The sale of the interest of each defaulting Owner =
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shall be to the highest bidder therefor, and pa:yment must be ~
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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 ;
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request of defaulting owners, ~
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(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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f (1) Payment of the costs of the sale, including
4 cor~pensation of Trustee, but excluding any cost of advertisement
~ made at the request of defaulting owners which has theretofore
~ Ueen paid 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 Owner of the
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~ amou:,~ 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.
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~ ( 4) The 'balance if any to the trust .
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(g) Should there be no sale of the defaulting interest,
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the a:~ount 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 ~vho shall thereby Uecome the purchasers of ~
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T B'l~K F!GF~•~~ ~
~ ~ _ _7- ~e.fecord eooK~8 ~ 514
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