Common use of Acceleration; Remedies Clause in Contracts

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and costs of documentary evidence, abstracts and title reports. (b) If the power of sale is invoked, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utah. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcels. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will apply the proceeds of the sale in the following order: (i) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took place.

Appears in 4 contracts

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement, Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Strategic Student & Senior Housing Trust, Inc.), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Strategic Student & Senior Housing Trust, Inc.)

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Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke request Trustee to exercise the power of sale and Lender may exercise any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender Trustee without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including AttorneysattorneysFees and Costs and fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will shall mail copies of the notice of default sale to Borrower and to other persons prescribed by applicable law in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utahapplicable law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part parcel of the Mortgaged Property to any later time on the same date by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will shall be prima facie evidence of the truth of the statements made thereincontained in those recitals. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of in the gross sales priceamount allowed by applicable law, AttorneysattorneysFees and Costs fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto to it. Lender shall have the right on one or more occasions to institute one or more actions or proceedings at law or in equity to enforce the rights and remedies of Lender under this Instrument. Trustee hereby lets the Mortgaged Property to Borrower until a sale is held under the foregoing provisions or until the occurrence of an Event of Default, upon the following terms and conditions: Borrower, and all persons claiming or possessing the Mortgaged Property or any part thereof by, through or under Borrower, shall pay rent therefore during said term at the rate of one cent (1¢) per month, payable monthly upon demand, and shall surrender immediate peaceable possession of the Mortgaged Property and any and every part thereof sold under the foregoing power of sale to the county clerk purchaser at such sale, without notice or demand therefore, and shall and will at once, without notice, surrender possession of the county Mortgaged Property and every part thereof in which the sale took placeevent Lender shall take charge and enter the Mortgaged Property as provided in this Instrument.

Appears in 4 contracts

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Paladin Realty Income Properties Inc), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Maxus Realty Trust Inc.), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Paladin Realty Income Properties Inc)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s 's option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale granted in this Instrument (and Borrower appoints Lender as Borrower's agent and attorney-in-fact to exercise such power of sale in the name and on behalf of Borrower) and any other remedies permitted by applicable Georgia law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and reasonable attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) If the power of sale is invoked, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utah. Trustee may sell and dispose of the Mortgaged Property at public auction, at the time and usual place and under for conducting sales at the terms designated courthouse in the notice of sale in one or more parcels. Trustee may postpone sale of county where all or any part of the Mortgaged Property by public announcement at is located, to the time highest bidder for cash, first advertising the time, terms and place of any previously scheduled such sale by publishing a notice of sale once a week for four consecutive weeks (without regard to the actual number of days) in a newspaper in which sheriff's advertisements are published in such county, all other notice being waived by Borrower; and Lender may thereupon execute and deliver to the purchaser a sufficient instrument of conveyance of the Mortgaged Property in fee simple, which may contain recitals as to the happening of the default upon which the execution of the power of sale granted by this Section depends. The recitals in the instrument of conveyance shall be presumptive evidence that Lender duly complied with all preliminary acts prerequisite to the sale and instrument of conveyance. Borrower constitutes and appoints Lender as Borrower's agent and attorney-in-fact to make such recitals, sale and conveyance. Borrower ratifies all of Lender's acts, as such attorney-in-fact, and Borrower agrees that such recitals shall be binding and conclusive upon Borrower and that the conveyance to be made by Lender (and in the event of a deed in lieu of foreclosure, then as to such conveyance) shall be effectual to bar all right, title and interest, equity of redemption, including all statutory redemption, homestead, dower, curtsey and all other exemptions of Borrower, or its successors in interest, in and to the Mortgaged Property. The Mortgaged Property may be sold in one parcel and as an entirety, or in such parcels, manner or order as Lender, in its discretion, may elect, and one or more exercises of the powers granted in this Section shall not extinguish or exhaust the power unless the entire Mortgaged Property is sold or the Indebtedness is paid in full, and Lender shall collect the proceeds of such sale, applying such proceeds as provided in this Section. In the event of a deficiency, Borrower shall immediately on demand from Lender or pay such deficiency to Lender’s designee , subject to the provisions of the Note limiting Borrower's personal liability for payment of the Indebtedness. Borrower acknowledges that Lender may bid for and purchase the Mortgaged Property at any sale. (c) Within foreclosure sale and shall be entitled to apply all or any part of the Indebtedness as a reasonable time after the sale, Trustee will deliver credit to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or impliedpurchase price. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will Borrower covenants and agrees that Lender shall apply the proceeds of the sale in the following order: (ia) to all reasonable costs and expenses of the sale, including Trustee’s reasonable attorneys' fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s 's discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk excess. The power and agency granted in this Section 43 are coupled with an interest, are irrevocable by death or otherwise and are in addition to the remedies for collection of the county Indebtedness as provided by law. If the Mortgaged Property is sold pursuant to this Section 43, Borrower, or any person holding possession of the Mortgaged Property through Borrower, shall surrender possession of the Mortgaged Property to the purchaser at such sale on demand. If possession is not surrendered on demand, Borrower or such person shall be a tenant holding over and may be dispossessed in which the sale took placeaccordance with Georgia law.

Appears in 3 contracts

Samples: Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Vinings Investment Properties Trust/Ga), Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Vinings Investment Properties Trust/Ga), Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Roberts Realty Investors Inc)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at LenderXxxxxx’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale granted in this Instrument (and Borrower appoints Xxxxxx as Xxxxxxxx’s agent and attorney-in-fact to exercise such power of sale in the name and on behalf of Borrower) and any other remedies permitted by applicable Georgia law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower Xxxxxxxx acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneysreasonable attorneysFees and Costs and fees, costs of documentary evidence, abstracts and title reports. (b) If the power of sale is invoked, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utah. Trustee may sell and dispose of the Mortgaged Property at public auction, at the time and usual place and under for conducting sales at the terms designated courthouse in the notice of sale in one or more parcels. Trustee may postpone sale of county where all or any part of the Mortgaged Property by public announcement at is located, to the time highest bidder for cash, first advertising the time, terms and place of any previously scheduled such sale by publishing a notice of sale once a week for four consecutive weeks (without regard to the actual number of days) in a newspaper in which sheriff’s advertisements are published in such county, all other notice being waived by Borrower; and Lender may thereupon execute and deliver to the purchaser a sufficient instrument of conveyance of the Mortgaged Property in fee simple, which may contain recitals as to the happening of the default upon which the execution of the power of sale granted by this Section depends. The recitals in the instrument of conveyance shall be presumptive evidence that Lender duly complied with all preliminary acts prerequisite to the sale and instrument of conveyance. Borrower constitutes and appoints Xxxxxx as Xxxxxxxx’s agent and attorney-in-fact to make such recitals, sale and conveyance. Borrower ratifies all of Xxxxxx’s acts, as such attorney-in-fact, and Xxxxxxxx agrees that such recitals shall be binding and conclusive upon Borrower and that the conveyance to be made by Xxxxxx (and in the event of a deed in lieu of foreclosure, then as to such conveyance) shall be effectual to bar all right, title and interest, equity of redemption, including all statutory redemption, homestead, dower, curtsey and all other exemptions of Borrower, or its successors in interest, in and to the Mortgaged Property. The Mortgaged Property may be sold in one parcel and as an entirety, or in such parcels, manner or order as Lender, in its discretion, may elect, and one or more exercises of the powers granted in this Section shall not extinguish or exhaust the power unless the entire Mortgaged Property is sold or the Indebtedness is paid in full, and Lender shall collect the proceeds of such sale, applying such proceeds as provided in this Section. In the event of a deficiency, Borrower shall immediately on demand from Lender or pay such deficiency to Lender, subject to the provisions of the Note limiting Borrower’s designee personal liability for payment of the Indebtedness. Borrower acknowledges that Lender may bid for and purchase the Mortgaged Property at any sale. (c) Within foreclosure sale and shall be entitled to apply all or any part of the Indebtedness as a reasonable time after the sale, Trustee will deliver credit to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or impliedpurchase price. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will Borrower covenants and agrees that Xxxxxx shall apply the proceeds of the sale in the following order: (ia) to all reasonable costs and expenses of the sale, including Trustee’s reasonable attorneys’ fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in LenderXxxxxx’s discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk excess. The power and agency granted in this Section 43 are coupled with an interest, are irrevocable by death or otherwise and are in addition to the remedies for collection of the county Indebtedness as provided by law. If the Mortgaged Property is sold pursuant to this Section 43, Borrower, or any person holding possession of the Mortgaged Property through Borrower, shall surrender possession of the Mortgaged Property to the purchaser at such sale on demand. If possession is not surrendered on demand, Borrower or such person shall be a tenant holding over and may be dispossessed in which the sale took placeaccordance with Georgia law.

Appears in 3 contracts

Samples: Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Paladin Realty Income Properties Inc), Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Grubb & Ellis Apartment REIT, Inc.), Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Grubb & Ellis Apartment REIT, Inc.)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s optionLendxx'x xption, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable Arizona law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges Borrxxxx xxxnowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) . If Lendxx xxxokes the power of sale is invokedsale, Trustee will execute a Lender shall give written notice to Trustee of the occurrence of an Event of Default and of Lender’s election Lendxx'x xlection to cause the Mortgaged Property to be sold and will sold. Trustee shall record such a notice of sale in each county in which the Mortgaged Property or some part of the Mortgaged Property is located. Lender or Trustee will located and shall mail notice copies of default the notices in the manner provided required by the laws of Utah Arizona law to Borrower and to such all other persons as the laws of Utah prescribeentitled to receive such notice under Arizona law. Trustee will shall give public notice of the sale and will shall sell the Mortgaged Property according to the laws of UtahArizona law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone the sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s designee Lendxx'x xesignee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any expressed or implied covenant or warranty, express or implied. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made thereinin those recitals. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s 's fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs attorneys' fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s discretionLendxx'x xiscretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto to the excess, or to the county clerk of the superior court of the county in which the sale took place.

Appears in 3 contracts

Samples: Multifamily Note (Arv Assisted Living Inc), Multifamily Note (American Retirement Villas Properties Iii LTD Partnership), Multifamily Note (American Retirement Villas Properties Ii)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s 's option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and reasonable attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale and if it is invokeddetermined in a hearing held in accordance with applicable law that Trustee can proceed to sale, Trustee will execute a written shall take such action regarding notice of the occurrence of an Event of Default sale and of Lender’s election to cause the Mortgaged Property to be sold and will record shall give such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah additional notices to Borrower and to such other persons as North Carolina law may require. After the laws lapse of Utah prescribe. Trustee will give public such time as may be required by applicable law and after the publication of the notice of sale and will sale, Trustee shall sell the Mortgaged Property according to the laws of UtahNorth Carolina. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s 's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s 's fees not to exceed 5% of the gross sales price, Attorneys’ Fees reasonable fees and Costs out-of-pocket expenses of attorneys and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s 's discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 3 contracts

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Angeles Income Properties LTD Ii), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Shelter Properties v Limited Partnership), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Shelter Properties v Limited Partnership)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable Colorado law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs costs and costs of documentary evidence, abstracts and title reports. (b) If Lender invokes the power of sale is invokedsale, Trustee will execute a written give notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default sale in the manner provided required by the laws of Utah Colorado law to Borrower and to such all other persons as the laws of Utah prescribe. Trustee will give public who are entitled to receive such notice of sale under Colorado law, and will sell the Mortgaged Property according to the laws of UtahColorado law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone the sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will deliver to the purchaser at the sale, a deed conveying sale Trustee’s certificate describing the Mortgaged Property so sold without any covenant or warranty, express or impliedand the time when the purchaser will be entitled to Trustee’s deed to the Mortgaged Property. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. in those recitals. (c) Trustee will apply the proceeds of the sale in the following order: (i) to all costs and expenses as prescribed by applicable law. If, upon foreclosure of the saleMortgaged Property pursuant to this Instrument, including Trustee’s fees not to exceed 5% the purchaser at the foreclosure sale has bid an amount less than the full Indebtedness owed by Borrower and secured by this Instrument, then the full amount bid and the full amount of the gross sales pricedeficiency will bear interest at the Default Rate. Thereafter, Attorneys’ Fees and Costs and costs the deficiency, together with such interest, will be a continuing obligation of title evidence; (ii) Borrower for which Lender will be entitled to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iii) the excess, if anypersonal monetary judgment, to the person or persons legally entitled thereto or to extent permitted under the county clerk of the county in which the sale took placeNote and under Colorado law.

Appears in 3 contracts

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Steadfast Apartment REIT, Inc.), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Steadfast Apartment REIT III, Inc.), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Steadfast Apartment REIT, Inc.)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s Xxxxxx's option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable Virginia law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower Xxxxxxxx acknowledges that Xxxxxx may exercise the power of sale granted in by this Instrument may be exercised by Lender without prior judicial hearinghearing to the extent allowed by Virginia law. Borrower has the right to bring an action to assert the non-existence of that an Event of Default does not exist or to raise any other defense of Borrower may have to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees fees and Costs out-of-pocket costs of attorneys, including Xxxxxx's in-house counsel, and costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail shall deliver a copy of a notice of default sale to Borrower in the manner provided prescribed by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribeVirginia law. Trustee will shall give public notice of the sale in the manner prescribed by Virginia law and will shall sell the Mortgaged Property according to the laws of Utahin accordance with Virginia law. Trustee may Trustee, without demand on Borrower, shall sell the Mortgaged Property at public auction to the highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone the sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled salein accordance with Virginia law. Lender or Lender’s Xxxxxx's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or impliedwith special warranty of title. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made thereinin the recitals. Trustee will shall apply the proceeds of the sale in the following orderorder unless Virginia law recites a different order of distribution: (ia) to all costs and expenses of the sale, including Trustee’s 's fees in an amount prescribed by Virginia law, or if Trustee's fees are not so prescribed, in an amount equal to exceed 5% 5 percent of the gross sales sale price, Attorneys’ Fees and Costs attorneys' fees and costs of title evidence; (iib) to the discharge of all Taxes, if any, as provided by Virginia law; (c) to the Indebtedness in such order as Lender, in Lender’s Xxxxxx's discretion, directs; and (iiid) the excess, if any, to the person or persons legally entitled thereto to the excess, including, if any, the holders of liens inferior to this Instrument in the order of their priority, provided that Trustee has actual notice of such liens. Trustee shall not be required to take possession of the Mortgaged Property before the sale or to the county clerk deliver possession of the county in which Mortgaged Property to the sale took placepurchaser at the sale.

Appears in 3 contracts

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement, Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Preferred Apartment Communities Inc), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Bluerock Enhanced Multifamily Trust, Inc.)

Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower’s breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) At any time during the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Xxxxxxxx of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of an Event a default or any other defense of DefaultBorrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender, Lender at Lender’s option, its option may declare the Indebtedness to be immediately due and payable require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and saleApplicable Law. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in this Section 22, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a Lender shall give written notice to Trustee of the occurrence of an Event event of Default default and of Lender’s election to cause the Mortgaged Property to be sold and will sold. Trustee shall record such a notice of sale in each county in which any part of the Mortgaged Property is located. Lender or Trustee will located and shall mail copies of the notice of default in the manner provided as prescribed by the laws of Utah Applicable Law to Borrower and to such the other persons as prescribed by Applicable Law. After the laws time required by Applicable Law and after publication and posting of Utah prescribe. Trustee will give public the notice of sale and will sale, Trustee, without demand on Borrower, shall sell the Mortgaged Property according at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder for cash at the time and place and under the terms designated in the notice of sale in one or more parcelssale. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express expressed or implied. The recitals in the Trustee’s deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including in­cluding, but not limited to, reasonable Trustee’s fees not to exceed 5% of the gross sales price, Attorneysand attorneysFees and Costs and costs of title evidencefees; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Security Instru­ment; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto to it or to the county clerk treasurer of the county in which the sale took place.

Appears in 2 contracts

Samples: Deed of Trust, Deed of Trust

Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower’s breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) At any time during the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of an Event a default or any other defense of DefaultBorrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender, Lender at Lender’s option, its option may declare the Indebtedness to be immediately due and payable require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and saleApplicable Law. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in this Section 22, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Lender shall execute or cause Trustee will to execute a written notice of the occurrence of an Event event of Default default and of Lender’s election to cause the Mortgaged Property to be sold and will record such sold. Trustee shall cause this notice to be recorded in each county in which any part of the Mortgaged Property is located. Lender or Trustee will shall mail copies of the notice of default in the manner provided as prescribed by the laws of Utah Applicable Law to Borrower and to such the other persons as the laws of Utah prescribeprescribed by Applicable Law. Trustee will shall give public notice of sale to the persons and will in the manner prescribed by Applicable Law. After the time required by Applicable Law, Trustee, without demand on Borrower, shall sell the Mortgaged Property according at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in any order Trustee determines. Trustee may postpone sale of all or any part parcel of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express expressed or implied. The recitals in the Trustee’s deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including including, but not limited to, reasonable Trustee’s fees not to exceed 5% of the gross sales price, Attorneysand attorneysFees and Costs and costs of title evidencefees; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Security Instrument; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placeit.

Appears in 2 contracts

Samples: Loan Agreement (Verigy Ltd.), Loan Agreement (Verigy Pte. Ltd.)

Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower’s breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) At any time during the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Xxxxxxxx of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of an Event a default or any other defense of DefaultBorrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender, Lender at Lender’s option, its option may declare the Indebtedness to be immediately due and payable require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and saleApplicable Law. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in this Section 22, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a written shall give notice of sale by public advertisement in the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default located for the time and in the manner provided by Applicable Law, and Lender or Trustee shall mail a copy of the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will to Borrower in the manner provided in Section 15. Trustee, without demand on Borrower, shall sell the Mortgaged Property according at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcels. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express expressed or implied. The recitals in the Trustee’s deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including including, but not limited to, reasonable Trustee’s fees not to exceed 5% of the gross sales price, Attorneysand attorneysFees and Costs and costs of title evidencefees; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Security Instrument; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto to it. If the Property is sold pursuant to this Section 22, Borrower, or any person holding possession of the Property through Borrower, shall immediately surrender possession of the Property to the county clerk purchaser at the sale. If possession is not surrendered, Borrower or such person shall be a tenant at will of the county in which purchaser and hereby agrees to pay the sale took placepurchaser the reasonable rental value of the Property after sale.

Appears in 2 contracts

Samples: Deed of Trust, Deed of Trust

Acceleration; Remedies. Lender shall give notice to Mortgagor prior to acceleration following breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under paragraph 16 unless applicable law provides otherwise) and any notice of a default by Borrower under the Loan Agreement, Note or any other document executed by Borrower in connection with this Security Instrument. The notice shall specify: (a) At any time during the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Mortgagor, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Mortgagor of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of an Event a default or any other defense of DefaultMortgagor to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender, at Lender’s its option, may declare the Indebtedness to be immediately due and payable require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and salelaw. Lender will shall be entitled to collect all costs and reasonable expenses incurred in pursuing such remediesthe remedies provided in this paragraph 20, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs and costs of documentary evidence, abstracts and title reports. (b) fees. If Lender invokes the power of sale is invokedsale, Trustee will execute Lender shall cause a written copy of a notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property sale to be served upon Mortgagor. Lender shall publish a notice of sale, and the Property shall be sold and will record such notice at public auction in each county in which the Mortgaged Property is locatedmanner prescribed by applicable law. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utah. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcels. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will apply the proceeds of the sale shall be applied in the following order: (ia) to all costs and expenses of the sale, including Trustee’s fees including, but not to exceed 5% of the gross sales pricelimited to, Attorneysreasonable attorneysFees and Costs and costs of title evidencefees; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Security Instrument; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placeit.

Appears in 2 contracts

Samples: Mortgage (Biovest International Inc), Mortgage (Biovest International Inc)

Acceleration; Remedies. (a) At any time during Upon the existence happening of an Event of Default, Lender, at Lender’s 's option, may declare all of the Indebtedness sums secured by this Deed of Trust to be immediately due and payable without further demand and may invoke use the power of sale and any other remedies provided for herein or permitted by applicable law or provided in this Instrumentlaw, including without limitation, the Loan Agreement rights and remedies afforded by Arizona Revised Statutes (S)33-702(B), without regard to the adequacy of the security or in to the solvency of Borrower or whether Trustee or Lender has commenced to exercise any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised right or remedy provided herein or permitted by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and saleapplicable law. Lender will be entitled to collect all reasonable costs and expenses incurred including, but not limited to, reasonable attorneys' fees in pursuing such remedies, including Attorneys’ Fees and Costs and costs the remedies provided in this Deed of documentary evidence, abstracts and title reports. (b) Trust. If Lender uses the power of sale is invokedsale, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale to the persons and in the manner prescribed by applicable law. After the lapse of such time as may be required by applicable law, Trustee, without demand on Borrower, will sell the Mortgaged Secured Property according at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part parcel of the Mortgaged Secured Property in the manner provided by public announcement at the time and place of any previously scheduled salelaw. Lender or Lender’s 's designee may purchase the Mortgaged Secured Property at any sale. (c) Within a reasonable time after the sale, . Trustee will deliver to the purchaser at the sale, a deed Trustee's Deed conveying the Mortgaged Secured Property so sold without any covenant or warranty, express expressed or implied. The recitals in the Trustee’s deed 's Deed will be prima facie evidence of the truth of the statements made thereinmade. Trustee will apply the proceeds of the sale in the following order: (ia) to all reasonable costs and expenses of the sale, including including, but not limited to, reasonable Trustee’s 's and attorneys' fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Deed of Trust; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placeentitled.

Appears in 2 contracts

Samples: Purchase Money Deed of Trust (Wells Real Estate Investment Trust Inc), Purchase Money Deed of Trust (Wells Real Estate Investment Trust Inc)

Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower’s breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) At any time during the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property; and (e) such additional information as required by Applicable Law. The notice shall further inform Xxxxxxxx of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of an Event a default or any other defense of DefaultBorrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender, Lender at Lender’s option, its option may declare the Indebtedness to be immediately due and payable require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and saleApplicable Law. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and costs of documentary evidence, abstracts and title reports. (b) the remedies provided in this Section 22 as permitted by Applicable Law. If Lender invokes the power of sale is invokedsale, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default shall give Borrower, in the manner provided by in Section 15, notice of Xxxxxx’s election to sell the laws of Utah to Borrower and to such other persons as the laws of Utah prescribeProperty. Trustee will shall give public notice of sale by public advertisement for the time and will in the manner prescribed by Applicable Law. Borrower hereby waives personal service of notice of any sale made hereunder, upon Xxxxxxxx, its devisees, agents, successors or assigns, and also waives the posting of notice of sale at the courthouse. Trustee, without demand on Borrower, shall sell the Mortgaged Property according Proper­ty at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder for cash at the time and place and under the terms designated in the notice of sale in one or more parcels. parcels and in any order Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled saledetermines. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express expressed or implied. The recitals in the Trustee’s deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including including, but not limited to, reasonable Trustee’s fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidenceas permitted by Applicable Law; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Security Instrument; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto or to it. In the county clerk event that foreclosure proceedings are instituted hereunder but are not completed, Trustee shall be reimbursed for all costs and expenses incurred by it in commencing such proceedings; and all costs and expenses so incurred by Trustee, together with interest thereon until paid at the Note default rate shall be and become a part of the county in which the sale took placeobligations secured hereby and shall be collectible as such.

Appears in 2 contracts

Samples: Deed of Trust, Deed of Trust

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any one or more other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and costs of documentary evidence, abstracts and title reports. (b) If Lender invokes the power of sale is invokedsale, Trustee Lender will execute mail a written copy of a notice of sale to Borrower in the occurrence manner provided in Section 11.03 of an Event the Loan Agreement. Lender will give notice by publication once a week for three consecutive weeks of Default the time, place and terms of Lender’s election to cause such sale, together with a description of the Mortgaged Property to be sold and will record such notice sold, in each a newspaper published in the county or counties in which the Mortgaged Property Land to be sold is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower , and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and thereupon will sell the Mortgaged Property according (or such part or parts thereof as the Lender may from time to time elect to sell) to the laws highest bidder at public auction at the front door of Utahthe County Courthouse of the county in which the Land to be sold, or a substantial and material part thereof is located. Trustee The sale will be held between the hours of 11:00 a.m. and 4:00 p.m. on the day designated for the exercise of the power of sale hereunder. Lender may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Lender may determine. Trustee Lender may postpone sale of all or any part parcel of the Mortgaged Property by public announcement at the time and place of any previously scheduled salesale and by re-publication of notice announcing the new sale date. Lender or Lender’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee Lender will deliver to the purchaser at the sale, a Lender’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in TrusteeLender’s deed will be prima facie evidence of the truth of the statements made thereinin those recitals. Trustee will apply Borrower covenants and agrees that the proceeds of the any sale will be applied in the following orderorder or as otherwise prescribed by law: (i) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidenceCosts; (ii) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to it, after deducting therefrom the county clerk costs of the county in which the sale took placeascertaining their identity.

Appears in 2 contracts

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Steadfast Income REIT, Inc.), Multifamily Mortgage, Assignment of Rents and Security Agreement (Steadfast Apartment REIT, Inc.)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale granted in this Instrument (and Borrower appoints Lender as Borrower’s agent and attorney-in-fact to exercise such power of sale in the name and on behalf of Borrower) and any other remedies permitted by applicable Georgia law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will be entitled to collect all costs and expenses incurred in pursuing such remedies, including reasonable Attorneys’ Fees and Costs and costs of documentary evidence, abstracts and title reports. (b) If the power of sale is invoked, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utah. Trustee may sell and dispose of the Mortgaged Property at public auction, at the time and usual place and under for conducting sales at the terms designated courthouse in the notice of sale in one or more parcels. Trustee may postpone sale of county where all or any part of the Mortgaged Property by public announcement at is located, to the time highest bidder for cash, first (a) providing Borrower written notice of the initiation of proceedings to exercise the power of sale in accordance with O.C.G.A. §00-00-000, and (b) advertising the time, terms and place of any previously scheduled salesuch sale by publishing a notice of sale once a week for four consecutive weeks (without regard to the actual number of days) in a newspaper in which sheriff’s advertisements are published in such county, all other notice being waived by Borrower; and Lender may thereupon execute and deliver to the purchaser a sufficient instrument of conveyance of the Mortgaged Property in fee simple, which may contain recitals as to the happening of the default upon which the execution of the power of sale granted by this Section depends. The recitals in the instrument of conveyance will be presumptive evidence that Lender or duly complied with all preliminary acts prerequisite to the sale and instrument of conveyance. Borrower constitutes and appoints Lender as Borrower’s agent and attorney-in-fact to make such recitals, sale and conveyance. Borrower ratifies all of Lender’s designee acts, as such attorney-in-fact, and Borrower agrees that such recitals will be binding and conclusive upon Borrower and that the conveyance to be made by Lender (and in the event of a deed in lieu of foreclosure, then as to such conveyance) will be effectual to bar all right, title and interest, equity of redemption, including all statutory redemption, homestead, dower, curtsey and all other exemptions of Borrower, or its successors in interest, in and to the Mortgaged Property. (c) The Mortgaged Property may be sold in one parcel and as an entirety, or in such parcels, manner or order as Lender, in its discretion, may elect, and one or more exercises of the powers granted in this Section will not extinguish or exhaust the power unless the entire Mortgaged Property is sold or the Indebtedness is paid in full, and Lender will collect the proceeds of such sale, applying such proceeds as provided in this Section. In the event of a deficiency, Borrower will immediately on demand from Lender pay such deficiency to Lender, subject to the provisions of the Note limiting Borrower’s personal liability for payment of the Indebtedness. Borrower acknowledges that Lender may bid for and purchase the Mortgaged Property at any sale. (c) Within foreclosure sale and will be entitled to apply all or any part of the Indebtedness as a reasonable time after the sale, Trustee will deliver credit to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or impliedpurchase price. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee Borrower covenants and agrees that Lender will apply the proceeds of the sale in the following order: (i) to all reasonable costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, reasonable Attorneys’ Fees and Costs and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk excess. The power and agency granted in this Section 31 are coupled with an interest, are irrevocable by death or otherwise and are in addition to the remedies for collection of the county Indebtedness as provided by law. (d) If the Mortgaged Property is sold pursuant to this Section 31, Borrower, or any person holding possession of the Mortgaged Property through Borrower, will surrender possession of the Mortgaged Property to the purchaser at such sale on demand. If possession is not surrendered on demand, Borrower or such person will be a tenant holding over and may be dispossessed in which the sale took placeaccordance with Georgia law.

Appears in 2 contracts

Samples: Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Steadfast Apartment REIT III, Inc.), Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Steadfast Apartment REIT, Inc.)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s Xxxxxx's option, may declare the Indebtedness to be immediately due and payable without further demand and may invoke Lender shall have the power of sale STATUTORY POWER OF SALE and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender through the Trustee without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a written shall give notice of sale by public advertisement for the occurrence of an Event of Default time and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower Tennessee, and to such other persons as Lender or Trustee shall mail a copy of the laws of Utah prescribe. Trustee will give public notice of sale and will sell to Borrower in the Mortgaged Property according to the laws manner provided in Section 31 of Utahthis Instrument. Trustee may Trustee, without demand on Borrower, shall sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale at public auction to the highest bidder, in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s Xxxxxx's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s 's fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs attorneys' fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s Xxxxxx's sole discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 2 contracts

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement, Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Consolidated Capital Properties Iv)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, LenderLender shall give any notice to Borrower required by applicable law. If no notice is required or if the Event of Default is not cured as prescribed by applicable law, Lender at Lender’s option, its option may declare the Indebtedness to be immediately due and payable without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower Xxxxxxxx acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence nonexistence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, remedies including Attorneys’ Fees and Costs attorneys' fees and costs of documentary evidence, abstracts and title reports. (b) evidence. If Lender invokes the power of sale is invokedsale, Trustee will execute a written Lender shall give notice in the manner required by applicable law to Borrower and any other persons prescribed by applicable law. Lender shall also publish the notice of the occurrence of an Event of Default sale, and of Lender’s election to cause the Mortgaged Property to shall be sold and will record such notice in each county in which the Mortgaged Property is locatedsold, as prescribed by applicable law. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will may, at its option, sell the Mortgaged Property according to the laws of Utah. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Lender may determine. Trustee Lender may postpone the sale of all or any part change the place of the Mortgaged Property sale as permitted by public announcement at the time and place of any previously scheduled saleapplicable law by giving notice complying with applicable law. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will apply the proceeds of the sale shall be applied in the following order: (i) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placemanner prescribed by applicable law.

Appears in 2 contracts

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement, Multifamily Mortgage, Assignment of Rents and Security Agreement (Steadfast Income REIT, Inc.)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable Maryland law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including AttorneysattorneysFees and Costs and fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Lender shall mail or cause Trustee will execute a to mail written notice of the occurrence of an Event of Default and of Lender’s election sale to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default Borrower in the manner provided prescribed by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribeMaryland law. Trustee will shall give public notice of sale and will shall sell the Mortgaged Property according to the laws of UtahMaryland law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at giving notice of the time and place of any previously scheduled salenew date in the manner prescribed by Maryland law. Lender or Lender’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any express or implied covenant or warranty, express or implied. The recitals in Trustee’s deed will shall be prima facie evidence of the truth of the statements made thereinin those recitals. Subject to Maryland Rule 14-208(a), Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales sale price, AttorneysattorneysFees and Costs fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk excess. Borrower hereby assents to the passage of a decree for the sale of the county in which the sale took placeMortgaged Property pursuant to Lender’s exercise of its rights under this Section.

Appears in 2 contracts

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Angeles Income Properties LTD 6), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Angeles Income Properties LTD 6)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at LenderXxxxxx’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable Arizona law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower Xxxxxxxx acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender Xxxxxx will be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees Xxxx and Costs and costs of documentary evidence, abstracts and title reports. (b) If Xxxxxx invokes the power of sale is invokedsale, Trustee Lender will execute a give written notice to Trustee of the occurrence of an Event of Default and of LenderXxxxxx’s election to cause the Mortgaged Property to be sold and sold. Trustee will record such a notice of sale in each county in which the Mortgaged Property or some part of the Mortgaged Property is located. Lender or Trustee located and will mail notice copies of default the notices in the manner provided required by the laws of Utah Arizona law to Borrower and to such all other persons as the laws of Utah prescribeentitled to receive such notice under Arizona law. Trustee will give public notice of the sale and will sell the Mortgaged Property according to the laws of UtahArizona law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone the sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or LenderXxxxxx’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, within the time periods required by Arizona law, a deed conveying the Mortgaged Property so sold without any expressed or implied covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made thereinin those recitals. Trustee will apply the proceeds of the sale in the following order: (i) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of documentary evidence, abstracts and title evidencereports; (ii) to the Indebtedness in such order as Lender, in LenderXxxxxx’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto to the excess, or to the county clerk of the superior court of the county in which the sale took place, or as provided in Arizona Revised Statutes § 33-812 or any similar or successor statute.

Appears in 2 contracts

Samples: Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing, Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing

Acceleration; Remedies. (a) At Beneficiary shall give notice to Grantor prior to acceleration following Grantor’s breach of any time during covenant or agreement in this Deed of Trust. The notice shall specify: (a) the existence default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Grantor, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of an Event the sums secured by this Deed of DefaultTrust and sale of the Mortgaged Property. The notice shall further inform Grantor of the right to reinstate after acceleration and the right to bring a court action to assert the nonexistence of a default or any other defense of Grantor to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender, Beneficiary at Lender’s option, its option may declare the Indebtedness to be immediately due and payable require immediate payment in full of all sums secured by this Deed of Trust without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Documentlaw. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will Beneficiary shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in Article 4, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence, abstracts and title reports. (b) If Beneficiary invokes the power of sale is invokedsale, Beneficiary or Trustee will execute a written shall give to Grantor, the owner of the Mortgaged Property, and all other persons, notice of sale as required by Applicable Law. Trustee shall give public notice of sale by advertising, in accordance with Applicable Law, once a week for two successive weeks in a newspaper having general circulation in the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county or city in which any part of the Mortgaged Property is located. Lender , and by such additional or any different form of advertisement the Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utahdeems advisable. Trustee may sell the Mortgaged Property on the eighth day after the first advertisement or any day thereafter, but not later than 30 days following the last advertisement. Trustee, without demand on Grantor, shall sell the Mortgaged Property at public auction to the highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in any order Trustee determines. Trustee may postpone sale of all or any part parcel of the Mortgaged Property by public announcement at the time and place of any previously scheduled saleadvertising in accordance with Applicable Law. Lender Beneficiary or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will shall deliver to the purchaser at the sale, a Trustee is deed conveying the Mortgaged Property so sold without any covenant or warranty, express or impliedwith special warranty of title. The recitals in Trustee’s the Trustee is deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to discharge the expenses of executing the trust, including a reasonable commission to Trustee; (b) to discharge all taxes, levies, and assessment, with costs and expenses interest if these costs have priority over the lien of the salethis Deed of Trust, including Trustee’s fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidencedue pro rata thereof for the current year; (iic) to discharge in the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iii) the excessof their priority, if any, the remaining debts and obligations secured by this Deed of Trust, and any liens of record inferior to this Deed of Trust under which sale is made, with lawful interest; and, (d) the residue of the proceeds shall be paid to Grantor or Grantor’s assigns. Trustee shall not be required to take possession of the Mortgaged Property prior to the person or persons legally entitled thereto sale thereof or to the county clerk deliver possession of the county in which Mortgaged Property to the sale took placepurchaser at the sale.

Appears in 2 contracts

Samples: Second Lien Deed of Trust (Green Plains Inc.), First Lien Deed of Trust (Green Plains Inc.)

Acceleration; Remedies. Lender shall give notice to Borrower(s) prior to acceleration following the breach by Borrower(s) of any covenant or agreement in this Mortgage (but not prior to acceleration under Paragraph 17 unless applicable law provides otherwise). The notice shall specify: (a) At any time during the existence default; (b) the action required to cure the default; (c) a date, not less than 15 days from the date the notice is given to Borrower(s), by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of an Event the sums secured by this Mortgage and sale of Default, Lender, at Lender’s option, may declare the Indebtedness Property. The notice shall further inform Borrower(s) of the right to be immediately due reinstate after acceleration and payable without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an a court action to assert the non-existence of an Event of Default a default or any other defense of Borrower Borrower(s) to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender will at its option may require immediate payment in full of all sums secured by this Mortgage without further demand and may invoke the STATUTORY POWER OF SALE and any other remedies permitted by applicable law. Lender shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in this Paragraph 18, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence. If Lender invokes the STATUTORY POWER OF SALE, abstracts and title reports. (b) If the power Lender shall mail a copy of a notice of sale is invokedto Borrower(s), Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default other persons prescribed by applicable law, in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribeapplicable law. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utah. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in Lender shall publish the notice of sale sale, and the Property shall be sold in the manner prescribed by applicable law at one or more parcels. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at following locations: (a) the time and place Property; (b) the office of any previously scheduled salethe Lender’s attorney located in Boston, Massachusetts; or (c) the office of First American Title Insurance Company located in Boson, Massachusetts. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will apply the proceeds of the sale shall be applied in the following order: (ia) to all costs and expenses of the sale, including Trustee’s fees including, but not to exceed 5% of the gross sales pricelimited to, Attorneysreasonable attorneysFees and Costs and costs of title evidencefees; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Mortgage; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placeit.

Appears in 2 contracts

Samples: Sale Agreement (Marriott Vacations Worldwide Corp), Sale Agreement (Marriott Vacations Worldwide Corp)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without further demand and demand. After giving Borrower notice of the occurrence of an Event of Default in the manner prescribed by Washington law, Lender may invoke the power of sale and any other remedies permitted by applicable Washington law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of that an Event of Default does not exist or to raise any other defense of Borrower may have to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including AttorneysattorneysFees and Costs fees and costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a Lender shall give written notice to Trustee of the occurrence of an the Event of Default and of Lender’s election to cause the Mortgaged Property to be sold sold. Trustee and will record Lender shall give such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah notices as Washington law may require to Borrower and to such all other persons entitled to receive notice under Washington law. After the lapse of such time as the laws of Utah prescribe. may be required by Washington law, Trustee will give public notice of sale and will shall sell the Mortgaged Property according to the laws of UtahWashington law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone the sale of all or any part of the Mortgaged Property for a period or periods not exceeding a total of 30 days by public announcement at the time and place fixed in the notice of any previously scheduled sale. Lender or Lender’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will shall be prima facie evidence of the truth of the statements made thereinin the recitals. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, AttorneysattorneysFees and Costs fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to clerk of the county clerk superior court of the county in which the sale took place.

Appears in 2 contracts

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Consolidated Capital Institutional Properties 3), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Consolidated Capital Institutional Properties 3)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s Xxxxxx's option, may declare the Indebtedness to be immediately due and payable without further demand and may invoke Lender shall have the power of sale STATUTORY POWER OF SALE and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender through the Trustee without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a written shall give notice of sale by public advertisement for the occurrence of an Event of Default time and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower Tennessee, and to such other persons as Lender or Trustee shall mail a copy of the laws of Utah prescribe. Trustee will give public notice of sale and will sell to Borrower in the Mortgaged Property according to the laws manner provided in Section 31 of Utahthis Instrument, provided that such notice is in compliance with Tennessee law. Trustee may Trustee, without demand on Borrower, shall sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale at public auction to the highest bidder, in one or more parcelsparcels and in such order as Trustee may determine and in bar of the right of redemption (statutory or otherwise), the right of redemption granted by § 66-8-101 of the Tennessee Code, the equity of redemption and the other rights provided in Section 65 of this Instrument. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s Xxxxxx's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after . The sale or sales by Trustee of less than the salewhole of the Mortgaged Property shall not exhaust the power of sale granted in this Instrument, and the Trustee will is specifically empowered to make successive sale or sales under such power until the whole of the Mortgaged Property shall be sold; and if the proceeds of such sale or sales of less than the whole of the Mortgaged Property shall be less than the aggregate of the Indebtedness and the expenses thereof, this Instrument and the lien, security interest and assignment hereof shall remain in full force and effect as to the unsold portion of the Mortgaged Property; provided, however, that Borrower shall never have any right to require the sale or sales of less than the whole of the Mortgaged Property, but Lender shall have the right at its sole election, to request Trustee to sell less than the whole of the Mortgaged Property. Trustee shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s 's fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs attorneys' fees and costs of title evidence; (iib) to any advancements made by the Trustee or the Lender pursuant hereto, with interest thereon; (c) to the Indebtedness in such order as Lender, in Lender’s Xxxxxx's sole discretion, directs; and (iiid) the excess, if any, to the Borrower, or to such person or persons legally entitled thereto or thereto. At the request of the Lender the Trustee shall sell the Personalty concurrently with and in conjunction with a sale of the Mortgaged Property, in which case the provisions of the preceding Section shall apply to the county clerk Personalty as well as the Mortgaged Property. Borrower stipulates and agrees that a sale of the county Personalty in which conjunction with the sale took placeMortgaged Property is a commercially reasonable manner of disposing of the Personalty. Alternatively, Lender may sell or otherwise dispose of the Personalty separately and apart from the Mortgaged Property in the time and manner provided by the Uniform Commercial Code.

Appears in 2 contracts

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (NTS Realty Holdings Lp), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (NTS Realty Holdings Lp)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s 's option, may declare the Indebtedness to be immediately due and payable without further demand and may invoke Lender shall have the power of sale STATUTORY POWER OF SALE and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender through the Trustee without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a written shall give notice of sale by public advertisement for the occurrence of an Event of Default time and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower Tennessee, and to such other persons as Lender or Trustee shall mail a copy of the laws of Utah prescribe. Trustee will give public notice of sale and will sell to Borrower in the Mortgaged Property according to the laws manner provided in Section 31 of Utahthis Instrument. Trustee may Trustee, without demand on Borrower, shall sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale at public auction to the highest bidder, in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s 's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s 's fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs attorneys' fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s 's sole discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 2 contracts

Samples: Deed of Trust, Assignment of Rents and Security Agreement (Bluerock Enhanced Multifamily Trust, Inc.), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Davidson Diversified Real Estate Ii Limited Partnership)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, LenderXxxxxx will give any notice to Borrower required by applicable law. If no notice is required or if the Event of Default is not cured as prescribed by applicable law, Lender at Lender’s option, its option may declare the Indebtedness to be immediately due and payable without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Furthermore, Xxxxxx will be entitled to foreclose this Instrument by power of sale pursuant to the provisions of Title 46 Oklahoma Statues §§40 et. seq. (Oklahoma Power of Sale Mortgage Foreclosure Act) effective November 1, 1986, as the same may be amended from time to time, or other applicable statutory authority. Borrower hereby confers on Lender and grants to Lender the power to sell the Mortgaged Property pursuant to said Act. Xxxxxxxx acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence nonexistence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender Xxxxxx will be entitled to collect all costs and expenses incurred in pursuing such remedies, remedies including Attorneys’ Fees and Costs and costs of documentary evidence, abstracts and title reportsevidence. (b) If Lender invokes the power of sale is invokedsale, Trustee Lender will execute a written give notice in the manner required by applicable law to Borrower and any other persons prescribed by applicable law. Xxxxxx will also publish the notice of the occurrence of an Event of Default sale, and of Lender’s election to cause the Mortgaged Property to will be sold and will record such notice in each county in which the Mortgaged Property is locatedsold, as prescribed by applicable law. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will may, at its option, sell the Mortgaged Property according to the laws of Utah. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Lender may determine. Trustee Lender may postpone the sale of all or any part change the place of the Mortgaged Property sale as permitted by public announcement at the time and place of any previously scheduled saleapplicable law by giving notice complying with applicable law. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will apply the proceeds of the sale will be applied in the following order: (i) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placemanner prescribed by applicable law.

Appears in 2 contracts

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement, Multifamily Mortgage, Assignment of Rents and Security Agreement (Steadfast Income REIT, Inc.)

Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower’s breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 15 unless Applicable Law provides otherwise). The notice shall specify: (a) At any time during the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Xxxxxxxx of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of an Event a default or any other defense of DefaultBorrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender, Lender at Lender’s option, its option may declare the Indebtedness to be immediately due and payable require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and saleApplicable Law. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in this Section 25, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a Lender shall give written notice to Trustee of the occurrence of an Event event of Default default and of Lender’s election to cause the Mortgaged Property to be sold and will sold. Trustee shall record such a notice of sale in each county in which any part of the Mortgaged Property is located. Lender or Trustee will located and shall mail copies of the notice of default in the manner provided as prescribed by the laws of Utah Applicable Law to Borrower and to such the other persons as prescribed by Applicable Law. After the laws time required by Applicable Law and after publication and posting of Utah prescribe. Trustee will give public the notice of sale and will sale, Trustee, without demand on Borrower, shall sell the Mortgaged Property according at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder for cash at the time and place and under the terms designated in the notice of sale in one or more parcelssale. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express expressed or implied. The recitals in the Trustee’s deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including including, but not limited to, reasonable Trustee’s fees not to exceed 5% of the gross sales price, Attorneysand attorneysFees and Costs and costs of title evidencefees; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Security Instrument; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto to it or to the county clerk treasurer of the county in which the sale took place.

Appears in 2 contracts

Samples: Deed of Trust, Open End Deed of Trust

Acceleration; Remedies. (a) At any time during Upon the existence occurrence of an Event of Default, Lender, Lender at Lender’s option, 's option may declare all of the Indebtedness sums secured by this Instrument to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Documentherein. Borrower Grantor acknowledges that the power of sale herein granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower Grantor has the right to bring an action to assert the non-existence of an Event of Default a breach or any other defense of Borrower Grantor to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs including, but not limited to, attorney's fees and costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Lender shall mail or cause Trustee will execute a to mail written notice of the occurrence of an Event of Default and of Lender’s election sale to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default Grantor in the manner provided prescribed by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribeMaryland. Trustee will shall give public notice of sale and will shall sell the Mortgaged Property according to the laws of UtahMaryland. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part parcel of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s 's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee's deed conveying the Mortgaged Property so sold without any covenant or warranty, express expressed or implied. The recitals in the Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including including, but not limited to, Trustee’s 's fees not of up to exceed 52.0% of the gross sales sale price, Attorneys’ Fees and Costs attorney's fees and costs of title evidence; (iib) to the Indebtedness all sums secured by this Instrument in such order as Lender, in Lender’s 's sole discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 2 contracts

Samples: Indemnity Deed of Trust (Town & Country Trust), Deed of Trust (Town & Country Trust)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at LenderXxxxxx’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable Virginia law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower Xxxxxxxx acknowledges that Xxxxxx may exercise the power of sale granted in by this Instrument may be exercised by Lender without prior judicial hearinghearing to the extent allowed by Virginia law. Borrower has the right to bring an action to assert the non-existence of that an Event of Default does not exist or to raise any other defense of Borrower may have to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees fees and Costs out-of-pocket costs of attorneys, including Xxxxxx’s in-house counsel, and costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail shall deliver a copy of a notice of default sale to Borrower in the manner provided prescribed by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribeVirginia law. Trustee will shall give public notice of the sale in the manner prescribed by Virginia law and will shall sell the Mortgaged Property according to the laws of Utahin accordance with Virginia law. Trustee may Trustee, without demand on Borrower, shall sell the Mortgaged Property at public auction to the highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone the sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled salein accordance with Virginia law. Lender or LenderXxxxxx’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or impliedwith special warranty of title. The recitals in Trustee’s deed will shall be prima facie evidence of the truth of the statements made thereinin the recitals. Trustee will shall apply the proceeds of the sale in the following orderorder unless Virginia law recites a different order of distribution: (ia) to all costs and expenses of the sale, including Trustee’s fees in an amount prescribed by Virginia law, or if Trustee’s fees are not so prescribed, in an amount equal to exceed 5% 5 percent of the gross sales sale price, AttorneysattorneysFees and Costs fees and costs of title evidence; (iib) to the discharge of all Taxes, if any, as provided by Virginia law; (c) to the Indebtedness in such order as Lender, in LenderXxxxxx’s discretion, directs; and (iiid) the excess, if any, to the person or persons legally entitled thereto to the excess, including, if any, the holders of liens inferior to this Instrument in the order of their priority, provided that Trustee has actual notice of such liens. Trustee shall not be required to take possession of the Mortgaged Property before the sale or to the county clerk deliver possession of the county in which Mortgaged Property to the sale took placepurchaser at the sale.

Appears in 2 contracts

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Grubb & Ellis Apartment REIT, Inc.), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Grubb & Ellis Apartment REIT, Inc.)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at LenderXxxxxx’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable Virginia law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower Xxxxxxxx acknowledges that Xxxxxx may exercise the power of sale granted in by this Instrument may be exercised by Lender without prior judicial hearinghearing to the extent allowed by Virginia law. Borrower has the right to bring an action to assert the non-existence of that an Event of Default does not exist or to raise any other defense of Borrower may have to acceleration and sale. Lender Xxxxxx will be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees fees and Costs out-of-pocket costs of attorneys, including Xxxxxx’s in-house counsel, and costs of documentary evidence, abstracts and title reports. (b) If Lender invokes the power of sale is invokedsale, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail deliver a copy of a notice of default sale to Borrower and such other parties as required, and in the manner provided prescribed by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribeVirginia law. Trustee will give public notice of the sale in the manner prescribed by Virginia law and will sell the Mortgaged Property according to the laws of Utahin accordance with Virginia law. Trustee may Trustee, without demand on Borrower, will sell the Mortgaged Property at public auction to the highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone the sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled salein accordance with Virginia law. Lender or LenderXxxxxx’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or impliedwith special warranty of title. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made thereinin the recitals. Trustee will apply the proceeds of the sale in the following order: order unless Virginia law recites a different order of distribution: (i) to To all costs and expenses of the sale, including Trustee’s fees in an amount prescribed by Virginia law, or if Trustee’s fees are not so prescribed, in an amount equal to exceed 55 % of the gross sales sale price, Attorneys’ Fees and Costs and costs of title evidence; Costs. (ii) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iii) the excessdischarge of all Taxes, if any, with costs and interest if they have priority on the Lien of this Instrument including the due pro rate thereof for the current year, as provided by Virginia law. (iii) To the Indebtedness in the order of their priority, if any, and any Liens of record inferior to this Instrument with lawful interest. (iv) The residue to Borrower or his assigns, provided that Trustee as to such residue will not be bound by any inheritance, devise, conveyance, assignment or Lien of, or upon, Xxxxxxxx’s equity without actual notice thereof prior to distribution. (d) Trustee will not be required to take possession of the Mortgaged Property before the sale or to deliver possession of the Mortgaged Property to the person or persons legally entitled thereto or to purchaser at the county clerk of the county in which the sale took placesale.

Appears in 2 contracts

Samples: Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing, Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (Paladin Realty Income Properties Inc)

Acceleration; Remedies. Mortgagee shall give notice to Mortgagor prior to acceleration following Mortgagor’s breach of any covenant or agreement in this Mortgage (but not prior to acceleration under Section 14 unless applicable law provides otherwise). The notice shall specify: (a) At any time during the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Mortgagor, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the Obligations secured by this Mortgage and sale of the Property. The notice shall further inform Mortgagor of the right to reinstate after acceleration and the right to bring a court action to assert the non- existence of an Event a default or any other defense of DefaultMortgagor to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender, Mortgagee at Lender’s option, its option may declare the Indebtedness to be immediately due and payable require immediate payment in full of all Obligations secured by this Mortgage without further demand and may invoke the power of sale STATUTORY POWER OF SALE and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Documentlaw. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will Mortgagee shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in this Section, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence. If Mortgagee invokes the STATUTORY POWER OF SALE, abstracts and title reports. (b) If the power Mortgagee shall mail a copy of a notice of sale is invoked, Trustee will execute a written to Mortgagor as provided in this Mortgage. Mortgagee shall publish the notice of sale, and the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to shall be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided prescribed by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribeapplicable law. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utah. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one Mortgagee or more parcels. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will apply the proceeds of the sale shall be applied in the following order: (ia) to all costs and expenses of the sale, including Trustee’s fees including, but not to exceed 5% of the gross sales pricelimited to, Attorneysreasonable attorneysFees and Costs and costs of title evidencefees; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall Obligations secured by this Mortgage; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placeit.

Appears in 2 contracts

Samples: Mortgage, Mortgage

Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower’s breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 15 unless Applicable Law provides otherwise). The notice shall specify: (a) At any time during the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Xxxxxxxx of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of an Event a default or any other defense of DefaultBorrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender, Lender at Lender’s option, its option may declare the Indebtedness to be immediately due and payable require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and saleApplicable Law. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in this Section 25, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence, abstracts and title reports. (b) . If the power of sale is invoked, Trustee will execute shall record a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice default in each county in which any part of the Mortgaged Property is located. Lender or Trustee will located and shall mail copies of such notice of default in the manner provided prescribed by the laws of Utah Applicable Law to Borrower and to such the other persons as prescribed by Applicable Law. After the laws of Utah prescribe. time required by Applicable Law, Trustee will shall give public notice of sale to the persons and will in the manner prescribed by Applicable Law. Trustee, without demand on Borrower, shall sell the Mortgaged Property according at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in any order Trustee determines. Trustee may postpone sale of all or any part parcel of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after . Upon receipt of payment of the saleprice bid, Trustee will shall deliver to the purchaser at the sale, a Trustee’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express or impliedProperty. The recitals in the Trustee’s deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of exercising the power of sale, and the sale, including the payment of the Trustee’s fees not to exceed 5% of the gross sales price, Attorneysactually incurred and reasonable attorneysFees and Costs and costs of title evidencefees as permitted by Applicable Law; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Security Instrument; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placeit.

Appears in 1 contract

Samples: Open End Deed of Trust

Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower’s breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) At any time during the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Xxxxxxxx of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of an Event a default or any other defense of DefaultBorrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender, Lender at Lender’s option, its option may declare the Indebtedness to be immediately due and payable require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and saleApplicable Law. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in this Section 22, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence, abstracts and title reports. (b) . If the power of sale is invoked, Trustee will execute shall record a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice default in each county in which any part of the Mortgaged Property is located. Lender or Trustee will located and shall mail copies of such notice of default in the manner provided prescribed by the laws of Utah Applicable Law to Borrower and to such the other persons as prescribed by Applicable Law. After the laws of Utah prescribe. time required by Applicable Law, Trustee will shall give public notice of sale to the persons and will in the manner prescribed by Applicable Law. Trustee, without demand on Borrower, shall sell the Mortgaged Property according at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in any order Trustee determines. Trustee may postpone sale of all or any part parcel of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after . Upon receipt of payment of the saleprice bid, Trustee will shall deliver to the purchaser at the sale, a Trustee’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express or impliedProperty. The recitals in the Trustee’s deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of exercising the power of sale, and the sale, including the payment of the Trustee’s fees not to exceed 5% of the gross sales price, Attorneysactually incurred and reasonable attorneysFees and Costs and costs of title evidencefees as permitted by Applicable Law; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Security Instrument; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placeit.

Appears in 1 contract

Samples: Deed of Trust

Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) At any time during the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Xxxxxxxx of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of an Event a default or any other defense of DefaultBorrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender, Lender at Lender’s option, its option may declare the Indebtedness to be immediately due and payable require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and saleApplicable Law. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in this Section 22, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a Lender shall give written notice to Trustee of the occurrence of an Event event of Default default and of Lender’s election to cause the Mortgaged Property to be sold and will sold. Lender or Trustee shall record such a notice of sale in each county in which any part of the Mortgaged Property is located. Lender or , and Trustee will shall mail copies of the notice of default in the manner provided as prescribed by the laws of Utah Applicable Law to Borrower and to such the other persons as prescribed by Applicable Law. After the laws time required by Applicable Law and after publication and posting of Utah prescribe. Trustee will give public the notice of sale and will sale, Trustee, without demand on Borrower, shall sell the Mortgaged Property according at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in any order Trustee determines. Trustee may postpone sale of all or any part parcel of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express expressed or implied. The recitals in the Trustee’s deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including including, but not limited to, reasonable Trustee’s fees not to exceed 5% of the gross sales price, Attorneysand attorneysFees and Costs and costs of title evidencefees; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Security Instrument; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto to it or to the county clerk or recorder of the county in which the sale took place.

Appears in 1 contract

Samples: Deed of Trust

Acceleration; Remedies. (a) At Upon Borrower's breach of any time during covenant or agreement of Borrower in this Instrument, including, but not limited to, the existence of an Event of Defaultcovenants to pay when due any sums secured by this Instrument, Lender, Lender at Lender’s option, 's option may declare all of the Indebtedness sums secured by this Instrument to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Documentherein. Borrower acknowledges that the power of sale herein granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default a breach or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs including, but not limited to, attorney's fees and costs of documentary evidence, abstracts and title reports. (b) . If the power of sale is invoked, Trustee will shall execute a written notice of the occurrence of an Event event of Default default and of Lender’s the election to cause the Mortgaged Property to be sold and will shall record such notice in each county Recording District in which the Mortgaged Property or some part thereof is located. Lender or Trustee will shall mail copies of such notice of default in the manner provided by the laws of Utah Alaska to Borrower and to such other persons as the laws of Utah Alaska prescribe. Trustee will shall give public notice of sale and will shall sell the Mortgaged Property according to the laws of UtahAlaska. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part parcel of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s 's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee's deed conveying the Mortgaged Property so sold without any covenant or warranty, express expressed or implied. The recitals in the Trustee’s 's deed will shall be prima facie fade evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: order (ia) to all costs and expenses of the sale, including including, but not limited to, Trustee’s 's and attorney's fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (iib) to the Indebtedness all sums secured by this Instrument in such order as Lender, in Lender’s 's sole discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 1 contract

Samples: Multi Family Deed of Trust

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s Xxxxxx's option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower Xxxxxxxx acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) . If Xxxxxx invokes the power of sale is invokedsale, Xxxxxx shall execute or cause Trustee will to execute a written notice of the occurrence of an Event of Default and of Lender’s Xxxxxx's election to cause the Mortgaged Property to be sold and will record shall cause such notice to be recorded in each county in which the Mortgaged Property is located. Lender or Trustee will mail shall give notice of default in the manner provided by the laws of Utah Nevada to Borrower and to such other persons as the laws of Utah Nevada prescribe. Trustee will shall give public notice of sale and will Trustee shall sell the Mortgaged Property according to the laws of UtahNevada. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s Xxxxxx's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s 's fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs attorneys' fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s Xxxxxx's discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement

Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower’s breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) At any time during the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Xxxxxxxx of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of an Event a default or any other defense of DefaultBorrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender, Lender at Lender’s option, its option may declare the Indebtedness to be immediately due and payable require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and saleApplicable Law. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in this Section 22, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence, abstracts and title reports. (b) . If Lender invokes the power of sale sale, and if it is invokeddetermined in a hearing held in accordance with Applicable Law that Trustee can proceed to sale, Trustee will execute a written shall take such action regarding notice of the occurrence of an Event of Default sale and of Lender’s election to cause the Mortgaged Property to be sold and will record shall give such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah notices to Borrower and to such other persons as Applicable Law may require. After the laws time required by Applicable Law and after publication of Utah prescribe. Trustee will give public the notice of sale and will sale, Trustee, without demand on Borrower, shall sell the Mortgaged Property according at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcels. parcels and in any order Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled saledetermines. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express expressed or implied. The recitals in the Trustee’s deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including in­cluding, but not limited to, Trustee’s fees not to exceed 5of ________% of the gross sales sale price, Attorneys’ Fees and Costs and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Security Instrument; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto to it. The interest rate set forth in the Note shall apply whether before or to after any judgment on the county clerk of indebtedness evidenced by the county in which the sale took placeNote.

Appears in 1 contract

Samples: Deed of Trust

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s 's option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke request Trustee to exercise the power of sale and Lender may exercise any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender Trustee without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will shall mail copies of the notice of default sale to Borrower and to other persons prescribed by applicable law in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utahapplicable law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part parcel of the Mortgaged Property to any later time on the same date by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s 's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made thereincontained in those recitals. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s 's fees not to exceed 5% of in the gross sales priceamount allowed by applicable law, Attorneys’ Fees and Costs attorneys' fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s 's discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto to it. Lender shall have the right on one or more occasions to institute one or more actions or proceedings at law or in equity to enforce the rights and remedies of Lender under this Instrument. Trustee hereby lets the Mortgaged Property to Borrower until a sale is held under the foregoing provisions or until the occurrence of an Event of Default, upon the following terms and conditions: Borrower, and all persons claiming or possessing the Mortgaged Property or any part thereof by, through or under Borrower, shall pay rent therefore during said term at the rate of one cent (1(cent)) per month, payable monthly upon demand, and shall surrender immediate peaceable possession of the Mortgaged Property and any and every part thereof sold under the foregoing power of sale to the county clerk purchaser at such sale, without notice or demand therefore, and shall and will at once, without notice, surrender possession of the county Mortgaged Property and every part thereof in which the sale took placeevent Lender shall take charge and enter the Mortgaged Property as provided in this Instrument.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Secured Investment Resources Fund Lp Iii)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at LenderXxxxxx’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender Xxxxxx will be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneysreasonable attorneysFees and Costs and fees, costs of documentary evidence, abstracts and title reports. (b) If Lender invokes the power of sale and if it is invokeddetermined in a hearing held in accordance with applicable law that Trustee can proceed to sale, Trustee will execute a written take such action regarding notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold sale and will record give such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah additional notices to Borrower and to such other persons as North Carolina law may require. After the laws lapse of Utah prescribe. Trustee will give public such time as may be required by applicable law and after the publication of the notice of sale and sale, Trustee will sell the Mortgaged Property according to the laws of UtahNorth Carolina. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or LenderXxxxxx’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made thereinin Trustee’s deed. Trustee will apply the proceeds of the sale in the following order: (i) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, Attorneys’ Fees reasonable fees and Costs out-of-pocket expenses of attorneys and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in LenderXxxxxx’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing

Acceleration; Remedies. (a) At any time during the existence of an Event of DefaultDefault or upon any breach of the Statutory Conditions not cured in accordance with applicable cure periods, Lenderif any, Lender at Lender’s option, option may declare the Indebtedness to be immediately due and payable without further demand and may invoke Lender will have the power of sale STATUTORY POWER OF SALE and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower Xxxxxxxx acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender Xxxxxx will be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees Xxxx and Costs and Costs, costs of documentary evidence, abstracts and title reports. (b) If Lender invokes the power STATUTORY POWER OF SALE, Lender will mail copies of a notice of sale is invoked, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah applicable law to Borrower and to such the other persons as prescribed by applicable law. Lender will publish the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to will be sold in the laws of Utahmanner prescribed by applicable law. Trustee Lender may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelspart and in such order as Lender may determine. Trustee Lender may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or LenderXxxxxx’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee Xxxxxx will deliver to the purchaser at the sale, a Xxxxxx’s deed conveying to the Mortgaged Property so sold without any covenant or warrantysold, express or implieddischarged of all rights of redemption by Xxxxxxxx. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will apply the proceeds of the sale will be applied in the following order: (i) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (ii) to the Indebtedness in such order as LenderXxxxxx, in LenderXxxxxx’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at LenderXxxxxx’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable Maryland law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower Xxxxxxxx acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender Xxxxxx will be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees Xxxx and Costs and Costs, costs of documentary evidence, abstracts and title reports. (b) If Lender invokes the power of sale is invokedsale, Lender will mail or cause Trustee will execute a to mail written notice of the occurrence of an Event of Default and of Lender’s election sale to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default Borrower in the manner provided prescribed by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribeMaryland law. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of UtahMaryland law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or LenderXxxxxx’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, after the court has finally ratified the sale and purchase money has been paid, a deed conveying the Mortgaged Property so sold without any express or implied covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made thereinin those recitals. Trustee will apply the proceeds of the sale in the following order: (i) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales sale price, Attorneys’ Fees and Costs Costs, and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in LenderXxxxxx’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk excess. Borrower hereby assents to the passage of a decree for the sale of the county in which the sale took placeMortgaged Property pursuant to Lender’s exercise of its rights under this Section.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement

Acceleration; Remedies. Upon the occurrence of any "Event of Default", which, for purposes of this Mortgage, means any default in, or breach of any covenant, agreement, representation or warranty by Mortgagor under the provisions of the Notes or this Mortgage, any document evidencing other indebtedness secured hereby, the Lease, any agreement to pay a debt to any other party who claims an interest in all or any portion of the Mortgaged Property, or any other agreement with respect to which Mortgagor and Mortgagee are parties, the Mortgagee shall, at Mortgagee's option, have the following rights and remedies, which, to the extent permitted by law, shall be cumulative: (a) At any time during the existence of an Event of Default, Lender, at Lender’s option, may to declare the Indebtedness to be immediately due and payable without further demand and may invoke accelerate the power entire unpaid balance due on the Notes and all other obligations of Mortgagor to Mortgagee (b) to enforce the lien of this Mortgage by judicial proceedings and have Mortgagor's interest in and to the Mortgaged Property sold and collect from Mortgagor all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, court costs, costs of taking, holding, preparing for sale and sale of the Mortgaged Property and/or Mortgagor's interest thereon, (c) to exercise all rights granted by this Mortgage, and (d) to exercise any and all other rights and remedies afforded to Mortgagee in and against the Mortgaged Property and Mortgagor provided for or permitted by applicable law or provided in this Instrument, and/or the Loan Agreement or in provisions of any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised agreement entered into by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will be entitled to collect all costs between Mortgagee and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and costs of documentary evidence, abstracts and title reportsMortgagor. (b) If the power of sale is invoked, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utah. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcels. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will apply the proceeds of the sale in the following order: (i) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took place.

Appears in 1 contract

Samples: Leasehold Mortgage and Security Agreement (Lighttouch Vein & Laser Inc)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s 's option, may declare the Indebtedness thx Xxxxbtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable Maryland law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of xxxxx xx sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Lender shall mail or cause Trustee will execute a to mail written notice of the occurrence of an Event of Default and of Lender’s election sale to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default Borrower in the manner provided prescribed by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribeMaryland law. Trustee will shall give public notice of sale and will shall sell the Mortgaged Property according to the laws of UtahMaryland law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s 's designee may purchase the Mortgaged xxx Xxrtgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any express or implied covenant or warranty, express or implied. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made thereinin those recitals. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s 's fees not to exceed 53% of the gross sales sale price, Attorneys’ Fees and Costs attorneys' fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s 's discretion, directs; and axx (iiix) the excess, if any, to the person or persons legally entitled thereto or to the county clerk excess. Borrower hereby assents to the passage of a decree for the sale of the county in which the sale took placeMortgaged Property pursuant to Lender's exercise of its rights xxxxx this Section.

Appears in 1 contract

Samples: Loan Agreement (Krupp Realty LTD Partnership V)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at LenderXxxxxx’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable Arizona law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower Xxxxxxxx acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including AttorneysattorneysFees and Costs and fees, costs of documentary evidence, abstracts and title reports. (b) . If Xxxxxx invokes the power of sale is invokedsale, Trustee will execute a Lender shall give written notice to Trustee of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will sold. Trustee shall record such a notice of sale in each county in which the Mortgaged Property or some part of the Mortgaged Property is located. Lender or Trustee will located and shall mail notice copies of default the notices in the manner provided required by the laws of Utah Arizona law to Borrower and to such all other persons as the laws of Utah prescribeentitled to receive such notice under Arizona law. Trustee will shall give public notice of the sale and will shall sell the Mortgaged Property according to the laws of UtahArizona law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone the sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or LenderXxxxxx’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any expressed or implied covenant or warranty, express or implied. The recitals in Trustee’s deed will shall be prima facie evidence of the truth of the statements made thereinin those recitals. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, AttorneysattorneysFees and Costs fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in LenderXxxxxx’s discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto to the excess, or to the county clerk of the superior court of the county in which the sale took place.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (Century Properties Fund Xiv)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s optionLendxx'x xption, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale granted in this Instrument (and Borrower appoints Lendxx xx Borrxxxx'x xgent and attorney-in-fact to exercise such power of sale in the name and on behalf of Borrower) and any other remedies permitted by applicable Georgia law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges Borrxxxx xxxnowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and reasonable attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) If the power of sale is invoked, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utah. Trustee may sell and dispose of the Mortgaged Property at public auction, at the time and usual place and under for conducting sales at the terms designated courthouse in the notice of sale in one or more parcels. Trustee may postpone sale of county where all or any part of the Mortgaged Property by public announcement at is located, to the time highest bidder for cash, first advertising the time, terms and place of any previously scheduled sale. such sale by publishing a notice of sale once a week for four consecutive weeks (without regard to the actual number of days) in a newspaper in which sheriff's advertisements are published in such county, all other notice being waived by Borrower; and Lender or Lender’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will thereupon execute and deliver to the purchaser at the sale, a deed conveying sufficient instrument of conveyance of the Mortgaged Property so sold without any covenant or warrantyin fee simple, express or impliedwhich may contain recitals as to the happening of the default upon which the execution of the power of sale granted by this Section depends. The recitals in Trustee’s deed will the instrument of conveyance shall be prima facie presumptive evidence of the truth of the statements made therein. Trustee will apply the proceeds of that Lender duly complied with all preliminary acts prerequisite to the sale and instrument of conveyance. Borrower constitutes and appoints Lendxx xx Borrxxxx'x xgent and attorney-in-fact to make such recitals, sale and conveyance. Borrower ratifies all of Lendxx'x xcts, as such attorney-in-fact, and Borrxxxx xxxees that such recitals shall be binding and conclusive upon Borrower and that the conveyance to be made by Lendxx (xxd in the following order: (ievent of a deed in lieu of foreclosure, then as to such conveyance) shall be effectual to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took place.bar all

Appears in 1 contract

Samples: Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Roberts Realty Investors Inc)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without further demand and may invoke Lender will have the power of sale STATUTORY POWER OF SALE and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender through the Trustee without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will be entitled to collect all costs and expenses incurred in pursuing such remedies, including AttorneysattorneysFees and Costs and fees, costs of documentary evidence, abstracts and title reports. (b) If Lender invokes the power of sale is invokedsale, Trustee will execute a written give notice of sale by public advertisement for the occurrence of an Event of Default time and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower Tennessee, and to such other persons as the laws of Utah prescribe. Lender or Trustee will give public mail a copy of the notice of sale and to Borrower in the manner provided in Section 11.03 of the Loan Agreement. Trustee, without demand on Borrower, will sell the Mortgaged Property according to the laws of Utah. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale at public auction to the highest bidder, in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s designee may purchase If the Mortgaged Property is located in 2 or more counties, it may all be sold in one of the counties if Trustee so elects. Otherwise, the sale will occur in the county in which the Land is located unless Trustee, in its reasonable discretion, elects to conduct the sale elsewhere. The sale will be held at such location in the county as the foreclosure notice may specify. One or more exercises of the power of sale provided for in this Instrument will not extinguish or exhaust said power until the entire Mortgaged Property has been sold or the Indebtedness has been paid in full. It is agreed that Lender, in the event of any sale of the Mortgaged Property, may bid and buy as any third person might, but Lender will not be required to present cash at the sale except to the extent, if any, by which Lender’s bid exceeds the amount of the indebtedness secured hereby, including all expenses of collection and sale provided for in this Instrument. Trustee may delegate, in Trustee’s sole discretion, any authority possessed under this Instrument, including the authority to conduct a foreclosure sale. Without limiting the foregoing, Trustee may retain a professional auctioneer to preside over the bidding, and the customary charge for the auctioneer’s services will be paid from sale proceeds as an expense of sale. If prior to any foreclosure sale a third party represents to the Trustee in writing that such party holds the next junior Lien to this Instrument (whether by judgment Lien, junior deed of trust or otherwise), the Trustee may disburse surplus proceeds to such third party in an amount not to exceed the amount of Lien alleged by the third party in its written statement to the Trustee. A foreclosure sale may be adjourned by Trustee and may be reset at a later time and/or date by announcement at the time and place of the originally advertised sale and without any further publication. The foreclosure sale of the Mortgaged Property will be conducted for cash to be tendered upon the conclusion of the bidding; provided, however, Trustee may accept a check issued or certified by a local bank as consideration for the sale and if, in Trustee’s sole discretion, Trustee announces before or after bidding that, upon the failure of the high bidder to complete the sale for cash within one hour, the Mortgaged Property may be sold to the second highest bidder, and if the high bidder should subsequently fail to complete the purchase within that time, then Trustee may, at its option, close the sale of the Mortgaged Property to the second highest bidder. Borrower further agrees that, in the event of any sale hereunder, it will at once surrender possession of the Mortgaged Property, will from the moment of sale be the tenant at will of the purchaser, will be removable by process and will be liable to pay said purchaser the reasonable rental value of said Mortgaged Property after such sale. Lender or Trustee may, after default, advise third parties of the amount (or estimated amount) of principal, interest and expenses that will be outstanding as of the date of any foreclosure sale and may share any other available information regarding the Mortgaged Property. Following the occurrence of a default hereunder, any “release” provision included in this Instrument or in any other document whereby Lender agreed to release all or part of the Mortgaged Property upon the payment of less than all of the Indebtedness will become void, and Lender will no longer be obligated to release any of the Mortgaged Property until the Indebtedness has been paid in full. Borrower agrees that Borrower will not bid at any sale hereunder and will not allow others to bid on Borrower’s behalf unless, at the time of sale, Borrower has cash sufficient to pay at the sale the amount of its bid. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will apply the proceeds of the sale in the following order: (i) to all costs and expenses of the sale, including Trustee’s fees, attorneys’ fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in Lender’s sole discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Absolute Assignment of Leases and Rents and Security Agreement (Steadfast Income REIT, Inc.)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at LenderXxxxxx’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any one or more other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower Xxxxxxxx acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender Xxxxxx will be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees Xxxx and Costs and costs of documentary evidence, abstracts and title reports. (b) If the power of sale is invoked, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s the election to cause the Mortgaged Property to be sold and will record such the notice in each county Recording District in which the Mortgaged Property or some part of the Mortgaged Property is located. Lender or Trustee will mail copies of the notice of default in the manner provided by the laws of Utah Alaska to Borrower and to such other persons as the laws of Utah Alaska prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of UtahAlaska. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part parcel of the Mortgaged Property by public announcement at the time and place of any previously scheduled salesale according to the laws of Alaska. Lender or LenderXxxxxx’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, within a reasonable time after the sale, Trustee’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made thereinin those recitals. Trustee will hold the proceeds from sale in a trust account until disbursed, and will apply the proceeds of the sale in the following order: (i) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales priceand costs, Attorneys’ Fees and Costs and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in LenderXxxxxx’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placeit.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing

Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower’s breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) At any time during the existence default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of an Event the sums secured by this Security Instrument and sale of Default, Lender, at Lender’s option, may declare the Indebtedness Property. The notice shall further inform Xxxxxxxx of the right to be immediately due reinstate after acceleration and payable without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an a court action to assert the non-existence of an Event of Default a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender will at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the STATUTORY POWER OF SALE and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in this Section 22, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence. If Lender invokes the STATUTORY POWER OF SALE, abstracts and title reports. (b) If the power Lender shall mail copies of a notice of sale is invoked, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah Applicable Law to Borrower and to such other persons as the laws of Utah prescribeprescribed by Applicable Law. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utah. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in Lender shall publish the notice of sale sale, and the Property shall be sold in one or more parcelsthe manner prescribed by Applicable Law. Trustee may postpone sale Lender shall deliver to the purchaser Xxxxxx’s deed conveying indefeasible title to the Property, discharged of all or any part rights of the Mortgaged Property redemption by public announcement at the time and place of any previously scheduled saleXxxxxxxx. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will apply the proceeds of the sale shall be applied in the following order: (ia) to all costs and expenses of the sale, including Trustee’s fees including, but not to exceed 5% of the gross sales pricelimited to, Attorneysreasonable attorneysFees and Costs and costs of title evidencefees; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Security Instrument; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placeit.

Appears in 1 contract

Samples: Mortgage

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s 's option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable Arizona law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a Lender shall give written notice to Trustee of the occurrence of an Event of Default and of Lender’s 's election to cause the Mortgaged Property to be sold and will sold. Trustee shall record such a notice of sale in each county in which the Mortgaged Property or some part of the Mortgaged Property is located. Lender or Trustee will located and shall mail notice copies of default the notices in the manner provided required by the laws of Utah Arizona law to Borrower and to such all other persons as the laws of Utah prescribeentitled to receive such notice under Arizona law. Trustee will shall give public notice of the sale and will shall sell the Mortgaged Property according to the laws of UtahArizona law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone the sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s 's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any expressed or implied covenant or warranty, express or implied. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made thereinin those recitals. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s 's fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs attorneys' fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s 's discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto to the excess, or to the county clerk of the superior court of the county in which the sale took place.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (Century Properties Growth Fund Xxii)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s 's option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke request Trustee to exercise the power of sale and Lender may exercise any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender Trustee without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will shall mail copies of the notice of default sale to Borrower and to other persons prescribed by applicable law in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utahapplicable law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part parcel of the Mortgaged Property to any later ________________________________________________________________________________ PAGE 35 time on the same date by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s 's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made thereincontained in those recitals. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s 's fees not to exceed 5% of in the gross sales priceamount allowed by applicable law, Attorneys’ Fees and Costs attorneys' fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s 's discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto to it. Lender shall have the right on one or more occasions to institute one or more actions or proceedings at law or in equity to enforce the rights and remedies of Lender under this Instrument. Trustee hereby lets the Mortgaged Property to Borrower until a sale is held under the foregoing provisions or until the occurrence of an Event of Default, upon the following terms and conditions: Borrower, and all persons claiming or possessing the Mortgaged Property or any part thereof by, through or under Borrower, shall pay rent therefore during said term at the rate of one cent (1(cent)) per month, payable monthly upon demand, and shall surrender immediate peaceable possession of the Mortgaged Property and any and every part thereof sold under the foregoing power of sale to the county clerk purchaser at such sale, without notice or demand therefore, and shall and will at once, without notice, surrender possession of the county Mortgaged Property and every part thereof in which the sale took placeevent Lender shall take charge and enter the Mortgaged Property as provided in this Instrument.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Maxus Realty Trust Inc)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at LenderXxxxxx’s option, may declare the Indebtedness to be immediately due and payable without further demand and may invoke Lender will have the power of sale STATUTORY POWER OF SALE and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender through the Trustee without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender Xxxxxx will be entitled to collect all costs and expenses incurred in pursuing such remedies, including AttorneysattorneysFees and Costs and fees, costs of documentary evidence, abstracts and title reports. (b) If Lender invokes the power of sale is invokedsale, Trustee will execute a written give notice of sale by public advertisement for the occurrence of an Event of Default time and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower Tennessee, and to such other persons as the laws of Utah prescribe. Lender or Trustee will give public mail a copy of the notice of sale and to Borrower in the manner provided in Section 11.03 of the Loan Agreement. Trustee, without demand on Borrower, will sell the Mortgaged Property according to the laws of Utah. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale at public auction to the highest bidder, in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s designee may purchase If the Mortgaged Property is located in 2 or more counties, it may all be sold in one of the counties if Trustee so elects. Otherwise, the sale will occur in the county in which the Land is located unless Trustee, in its reasonable discretion, elects to conduct the sale elsewhere. The sale will be held at such location in the county as the foreclosure notice may specify. One or more exercises of the power of sale provided for in this Instrument will not extinguish or exhaust said power until the entire Mortgaged Property has been sold or the Indebtedness has been paid in full. It is agreed that Xxxxxx, in the event of any sale of the Mortgaged Property, may bid and buy as any third person might, but Lender will not be required to present cash at the sale except to the extent, if any, by which Xxxxxx’s bid exceeds the amount of the indebtedness secured hereby, including all expenses of collection and sale provided for in this Instrument. Trustee may delegate, in Trustee’s sole discretion, any authority possessed under this Instrument, including the authority to conduct a foreclosure sale. Without limiting the foregoing, Trustee may retain a professional auctioneer to preside over the bidding, and the customary charge for the auctioneer’s services will be paid from sale proceeds as an expense of sale. If prior to any foreclosure sale a third party represents to the Trustee in writing that such party holds the next junior Lien to this Instrument (whether by judgment Xxxx, junior deed of trust or otherwise), the Trustee may disburse surplus proceeds to such third party in an amount not to exceed the amount of Lien alleged by the third party in its written statement to the Trustee. A foreclosure sale may be adjourned by Trustee and may be reset at a later time and/or date by announcement at the time and place of the originally advertised sale and without any further publication. The foreclosure sale of the Mortgaged Property will be conducted for cash to be tendered upon the conclusion of the bidding; provided, however, Trustee may accept a check issued or certified by a local bank as consideration for the sale and if, in Trustee’s sole discretion, Trustee announces before or after bidding that, upon the failure of the high bidder to complete the sale for cash within one hour, the Mortgaged Property may be sold to the second highest bidder, and if the high bidder should subsequently fail to complete the purchase within that time, then Trustee may, at its option, close the sale of the Mortgaged Property to the second highest bidder. Xxxxxxxx further agrees that, in the event of any sale hereunder, it will at once surrender possession of the Mortgaged Property, will from the moment of sale be the tenant at will of the purchaser, will be removable by process and will be liable to pay said purchaser the reasonable rental value of said Mortgaged Property after such sale. Lender or Trustee may, after default, advise third parties of the amount (or estimated amount) of principal, interest and expenses that will be outstanding as of the date of any foreclosure sale and may share any other available information regarding the Mortgaged Property. Following the occurrence of a default hereunder, any “release” provision included in this Instrument or in any other document whereby Lender agreed to release all or part of the Mortgaged Property upon the payment of less than all of the Indebtedness will become void, and Lender will no longer be obligated to release any of the Mortgaged Property until the Indebtedness has been paid in full. Xxxxxxxx agrees that Xxxxxxxx will not bid at any sale hereunder and will not allow others to bid on Xxxxxxxx’s behalf unless, at the time of sale, Borrower has cash sufficient to pay at the sale the amount of its bid. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will apply the proceeds of the sale in the following order: (i) to all costs and expenses of the sale, including Trustee’s fees, attorneys’ fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in LenderXxxxxx’s sole discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Absolute Assignment of Leases and Rents and Security Agreement

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at LenderXxxxxx’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale granted in this Instrument (and Borrower appoints Xxxxxx as Xxxxxxxx’s agent and attorney-in-fact to exercise such power of sale in the name and on behalf of Borrower) and any other remedies permitted by applicable Georgia law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower Xxxxxxxx acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender Xxxxxx will be entitled to collect all costs and expenses incurred in pursuing such remedies, including reasonable Attorneys’ Fees and Costs and costs of documentary evidence, abstracts and title reports. (b) If the power of sale is invoked, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utah. Trustee may sell and dispose of the Mortgaged Property at public auction, at the time and usual place and under for conducting sales at the terms designated courthouse in the notice of sale in one or more parcels. Trustee may postpone sale of county where all or any part of the Mortgaged Property by public announcement at is located, to the time highest bidder for cash, first advertising the time, terms and place of any previously scheduled such sale by publishing a notice of sale once a week for four consecutive weeks (without regard to the actual number of days) in a newspaper in which sheriff’s advertisements are published in such county, all other notice being waived by Borrower; and Xxxxxx may thereupon execute and deliver to the purchaser a sufficient instrument of conveyance of the Mortgaged Property in fee simple, which may contain recitals as to the happening of the default upon which the execution of the power of sale granted by this Section depends. The recitals in the instrument of conveyance will be presumptive evidence that Xxxxxx duly complied with all preliminary acts prerequisite to the sale and instrument of conveyance. Borrower constitutes and appoints Xxxxxx as Xxxxxxxx’s agent and attorney-in-fact to make such recitals, sale and conveyance. Borrower ratifies all of Xxxxxx’s acts, as such attorney-in-fact, and Xxxxxxxx agrees that such recitals will be binding and conclusive upon Borrower and that the conveyance to be made by Xxxxxx (and in the event of a deed in lieu of foreclosure, then as to such conveyance) will be effectual to bar all right, title and interest, equity of redemption, including all statutory redemption, homestead, dower, curtsey and all other exemptions of Borrower, or its successors in interest, in and to the Mortgaged Property. (c) The Mortgaged Property may be sold in one parcel and as an entirety, or in such parcels, manner or order as Lender, in its discretion, may elect, and one or more exercises of the powers granted in this Section will not extinguish or exhaust the power unless the entire Mortgaged Property is sold or the Indebtedness is paid in full, and Xxxxxx will collect the proceeds of such sale, applying such proceeds as provided in this Section. In the event of a deficiency, Xxxxxxxx will immediately on demand from Lender or pay such deficiency to Lender, subject to the provisions of the Note limiting Borrower’s designee personal liability for payment of the Indebtedness. Borrower acknowledges that Lender may bid for and purchase the Mortgaged Property at any sale. (c) Within foreclosure sale and will be entitled to apply all or any part of the Indebtedness as a reasonable time after the sale, Trustee will deliver credit to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or impliedpurchase price. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee Borrower covenants and agrees that Xxxxxx will apply the proceeds of the sale in the following order: (i) to all reasonable costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, reasonable Attorneys’ Fees and Costs and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in LenderXxxxxx’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk excess. The power and agency granted in this Section 31 are coupled with an interest, are irrevocable by death or otherwise and are in addition to the remedies for collection of the county Indebtedness as provided by law. (d) If the Mortgaged Property is sold pursuant to this Section 31, Borrower, or any person holding possession of the Mortgaged Property through Borrower, will surrender possession of the Mortgaged Property to the purchaser at such sale on demand. If possession is not surrendered on demand, Borrower or such person will be a tenant holding over and may be dispossessed in which the sale took placeaccordance with Georgia law.

Appears in 1 contract

Samples: Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Preferred Apartment Communities Inc)

Acceleration; Remedies. (a) At any time during the existence of If an Event of DefaultDefault has occurred and is continuing, Lender, at Lender’s Xxxxxx's option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable California law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower Grantor acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) . If the power of sale is invoked, Trustee will Xxxxxx shall execute a written notice of the occurrence of an Event of Default and of Lender’s 's election to cause the Mortgaged Property to be sold and will record such shall cause the notice to be recorded in each county in which the Mortgaged Property or some part of the Mortgaged Property is located. Lender or Trustee will mail shall give notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will shall sell the Mortgaged Property according to the laws of UtahCalifornia law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone the sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s Xxxxxx's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any express or implied covenant or warranty, express or implied. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made thereinin those recitals. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s 's fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs attorneys' fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s Xxxxxx's discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placeexcess.

Appears in 1 contract

Samples: Multifamily Leasehold Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (Brookdale Living Communities Inc)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable Arizona law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including AttorneysattorneysFees and Costs and fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a Lender shall give written notice to Trustee of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will sold. Trustee shall record such a notice of sale in each county in which the Mortgaged Property or some part of the Mortgaged Property is located. Lender or Trustee will located and shall mail notice copies of default the notices in the manner provided required by the laws of Utah Arizona law to Borrower and to such all other persons as the laws of Utah prescribeentitled to receive such notice under Arizona law. Trustee will shall give public notice of the sale and will shall sell the Mortgaged Property according to the laws of UtahArizona law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone the sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any expressed or implied covenant or warranty, express or implied. The recitals in Trustee’s deed will shall be prima facie evidence of the truth of the statements made thereinin those recitals. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, AttorneysattorneysFees and Costs fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto to the excess, or to the county clerk of the superior court of the county in which the sale took place.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (Century Properties Fund Xiv)

Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower’s breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) At any time during the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property at public auction at a date not less than 120 days in the future. The notice shall further inform Xxxxxxxx of the right to reinstate after acceleration, the right to bring a court action to assert the non-existence of an Event a default or any other defense of DefaultBorrower to acceleration and sale, Lenderand any other matters required to be included in the notice by Applicable Law. If the default is not cured on or before the date specified in the notice, Lender at Lender’s its option, may declare the Indebtedness to be immediately due and payable require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and and/or any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and saleApplicable Law. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in this Section 22, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a Lender shall give written notice to Trustee of the occurrence of an Event event of Default default and of Lender’s election to cause the Mortgaged Property to be sold sold. Trustee and will record Lender shall take such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail action re­garding notice of default in the manner provided by the laws of Utah sale and shall give such notices to Borrower and to such other persons as Applicable Law may require. After the laws time required by Applicable Law and after publication of Utah prescribe. Trustee will give public the notice of sale and will sale, Trustee, without demand on Borrower, shall sell the Mortgaged Property according at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in any order Trustee determines. Trustee may postpone sale of all the Property for a period or any part of the Mortgaged Property periods permitted by Applicable Law by public announcement at the time and place fixed in the notice of any previously scheduled sale. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express expressed or implied. The recitals in the Trustee’s deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including including, but not limited to, reasonable Trustee’s fees not to exceed 5% of the gross sales price, Attorneysand attorneysFees and Costs and costs of title evidencefees; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Security Instrument; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto to it or to the county clerk of the superior court of the county in which the sale took place.

Appears in 1 contract

Samples: Deed of Trust

Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower’s breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) At any time during the existence default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of an Event the sums secured by this Security Instrument and sale of Default, Lender, at Lender’s option, may declare the Indebtedness Property. The notice shall further inform Xxxxxxxx of the right to be immediately due reinstate after acceleration and payable without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an a court action to assert the non-existence of an Event of Default a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender will at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale granted by Xxxxxxxx and any other remedies permitted by Applicable Law. Xxxxxxxx appoints Xxxxxx the agent and attorney-in-fact for Borrower to exercise the power of sale. Lender shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in this Section 22, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence, abstracts and title reports. (b) . If Xxxxxx invokes the power of sale is invokedsale, Trustee will execute Lender shall give a written copy of a notice of sale by public advertisement for the occurrence of an Event of Default time and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided prescribed by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribeApplicable Law. Trustee will give public notice of sale and will Lender, without further demand on Borrower, shall sell the Mortgaged Property according at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcels. Trustee may postpone sale of all or parcels and in any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled saleorder Lender determines. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver . Lender shall convey to the purchaser at indefeasible title to the saleProperty, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or impliedand Borrower hereby appoints Xxxxxx Xxxxxxxx's agent and attorney-in-fact to make such conveyance. The recitals in Trusteethe Lender’s deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will Borrower covenants and agrees that Xxxxxx shall apply the proceeds pro­ceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s fees including, but not to exceed 5% of the gross sales pricelimited to, Attorneysreasonable attorneysFees and Costs and costs of title evidencefees; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Security Instrument; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto to it. The power and agency granted are coupled with an interest, are irrevocable by death or otherwise and are cumulative to the county clerk remedies for collection of debt as provided by Applicable Law. If the Property is sold pursuant to this Section 22, Borrower, or any person holding possession of the county Property through Borrower, shall immediately surrender possession of the Property to the purchaser at the sale. If possession is not surrendered, Borrower or such person shall be a tenant holding over and may be dispossessed in which the sale took placeaccordance with Applicable Law.

Appears in 1 contract

Samples: Security Deed

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s 's option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any one or more other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and but not limited to attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will shall mail copies of the notice of default sale to Borrower and to other persons prescribed by applicable law in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utahapplicable law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part parcel of the Mortgaged Property to any later time on the same date by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s 's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee's deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made thereincontained in those recitals. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including including, but not limited to, reasonable Trustee’s 's fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs attorneys' fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s 's sole discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placeit.

Appears in 1 contract

Samples: Deed of Trust (Maxus Realty Trust Inc)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s Xxxxxx's option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke request Trustee to exercise the power of sale and Lender may exercise any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender Trustee without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will shall mail copies of the notice of default sale to Borrower and to other persons prescribed by applicable law in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utahapplicable law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part parcel of the Mortgaged Property to any later time on the same date by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s Xxxxxx's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made thereincontained in those recitals. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s 's fees not to exceed 5% of in the gross sales priceamount allowed by applicable law, Attorneys’ Fees and Costs attorneys' fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s Xxxxxx's discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto to it. Lender shall have the right on one or more occasions to institute one or more actions or proceedings at law or in equity to enforce the rights and remedies of Lender under this Instrument. Trustee hereby lets the Mortgaged Property to Borrower until a sale is held under the foregoing provisions or until the occurrence of an Event of Default, upon the following terms and conditions: Borrower, and all persons claiming or possessing the Mortgaged Property or any part thereof by, through or under Borrower, shall pay rent therefore during said term at the rate of one cent (1¢) per month, payable monthly upon demand, and shall surrender immediate peaceable possession of the Mortgaged Property and any and every part thereof sold under the foregoing power of sale to the county clerk purchaser at such sale, without notice or demand therefore, and shall and will at once, without notice, surrender possession of the county Mortgaged Property and every part thereof in which the sale took placeevent Lender shall take charge and enter the Mortgaged Property as provided in this Instrument.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement

Acceleration; Remedies. (a) At Upon default by Borrower in payment of any time during the existence indebtedness secured hereby or in performance of an Event of Defaultany agreement hereunder, Lender, at Lender’s option, Lender may declare the Indebtedness to be all sums secured hereby, immediately due and payable without further by delivery to Trustee of written declaration of default and demand and may invoke the power of for sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and costs of documentary evidence, abstracts and title reports. (b) If the power of sale is invoked, Trustee will execute a written notice of the occurrence of an Event of Default default and of Lender’s election to cause the Mortgaged Property to be sold and will record such said property, which notice in each county in which the Mortgaged Property is locatedTrustee shall cause to be filed for record. Lender or also shall deposit with Trustee will mail this Deed, the Note and all documents evidencing expenditures secured hereby. After the lapse of such time as may then be required by law following the recordation of said notice of default in the manner provided by the laws of Utah to Borrower default, and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will having been given as then required by law, Trustee, without demand on Borrower, shall sell the Mortgaged Property according to the laws of Utah. Trustee may sell the Mortgaged Property said property at the time and place and under the terms designated fixed by it in the said notice of sale sale, either as a whole or in one or more separate parcels, and in such order as it may determine, 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 part portion of the Mortgaged Property said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time and place of any previously scheduled salefixed by the preceding postponement. Lender or Lender’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will shall deliver to the such purchaser at the sale, a its deed conveying the Mortgaged Property property so sold 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 Borrower, Trustee’s deed will be prima facie , or Lender may purchase at such sale. After deducting all costs, fees and expenses of Trustee and of this Trust, including cost of evidence of the truth of the statements made therein. title in connection with sale, Trustee will shall apply the proceeds of sale to payment of: all sums expended under the sale terms hereof, not then repaid, with accrued interest at the amount allowed by law in effect at the following order: (i) to date hereof; all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in Lender’s discretion, directsother sums then secured hereby; and (iii) the excessremainder, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 1 contract

Samples: Long Form Deed of Trust, Assignment of Rents and Security Agreement (Glimcher Realty Trust)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale granted in this Instrument (and Borrower appoints Lender as Borrower’s agent and attorney-in-fact to exercise such power of sale in the name and on behalf of Borrower) and any other remedies permitted by applicable Georgia law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will be entitled to collect all costs and expenses incurred in pursuing such remedies, including reasonable Attorneys’ Fees and Costs and costs of documentary evidence, abstracts and title reports. (b) If the power of sale is invoked, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utah. Trustee may sell and dispose of the Mortgaged Property at public auction, at the time and usual place and under for conducting sales at the terms designated courthouse in the notice of sale in one or more parcels. Trustee may postpone sale of county where all or any part of the Mortgaged Property by public announcement at is located, to the time highest bidder for cash, first advertising the time, terms and place of any previously scheduled salesuch sale by publishing a notice of sale once a week for four consecutive weeks (without regard to the actual number of days) in a newspaper in which sheriff’s advertisements are published in such county, all other notice being waived by Borrower; and Lender may thereupon execute and deliver to the purchaser a sufficient instrument of conveyance of the Mortgaged Property in fee simple, which may contain recitals as to the happening of the default upon which the execution of the power of sale granted by this Section depends. The recitals in the instrument of conveyance will be presumptive evidence that Lender or duly complied with all preliminary acts prerequisite to the sale and instrument of conveyance. Borrower constitutes and appoints Lender as Borrower’s agent and attorney-in-fact to make such recitals, sale and conveyance. Borrower ratifies all of Lender’s designee acts, as such attorney-in-fact, and Borrower agrees that such recitals will be binding and conclusive upon Borrower and that the conveyance to be made by Lender (and in the event of a deed in lieu of foreclosure, then as to such conveyance) will be effectual to bar all right, title and interest, equity of redemption, including all statutory redemption, homestead, dower, curtsey and all other exemptions of Borrower, or its successors in interest, in and to the Mortgaged Property. (c) The Mortgaged Property may be sold in one parcel and as an entirety, or in such parcels, manner or order as Lender, in its discretion, may elect, and one or more exercises of the powers granted in this Section will not extinguish or exhaust the power unless the entire Mortgaged Property is sold or the Indebtedness is paid in full, and Lender will collect the proceeds of such sale, applying such proceeds as provided in this Section. In the event of a deficiency, Borrower will immediately on demand from Lender pay such deficiency to Lender, subject to the provisions of the Note limiting Borrower’s personal liability for payment of the Indebtedness. Borrower acknowledges that Lender may bid for and purchase the Mortgaged Property at any sale. (c) Within foreclosure sale and will be entitled to apply all or any part of the Indebtedness as a reasonable time after the sale, Trustee will deliver credit to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or impliedpurchase price. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee Borrower covenants and agrees that Lender will apply the proceeds of the sale in the following order: (i) to all reasonable costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, reasonable Attorneys’ Fees and Costs and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk excess. The power and agency granted in this Section 31 are coupled with an interest, are irrevocable by death or otherwise and are in addition to the remedies for collection of the county Indebtedness as provided by law. (d) If the Mortgaged Property is sold pursuant to this Section 31, Borrower, or any person holding possession of the Mortgaged Property through Borrower, will surrender possession of the Mortgaged Property to the purchaser at such sale on demand. If possession is not surrendered on demand, Borrower or such person will be a tenant holding over and may be dispossessed in which the sale took placeaccordance with Georgia law.

Appears in 1 contract

Samples: Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Steadfast Apartment REIT, Inc.)

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Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower’s breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) At any time during the existence default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of an Event the sums secured by this Security Instrument and sale of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without Property. The notice shall further demand and may invoke the power inform Xxxxxxxx of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of an Event of Default a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender will at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale, assent to decree, and/or any other remedies permitted by Applicable Law. Lender shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in this Section 22, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Lender shall mail or cause Trustee will execute to mail a written notice of the occurrence of an Event of Default and of Lender’s election sale to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default Borrower in the manner provided prescribed by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribeApplicable Law. Trustee will shall give public notice of sale by public advertisement and will by such other means as required by Applicable Law. Trustee, without demand on Borrower, shall sell the Mortgaged Property according at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in any order Trustee determines. Trustee may postpone sale of all or any part parcel of the Mortgaged Property by public announcement at the time and place of any previously scheduled salesale and by notice to any other persons as required by Applicable Law. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express expressed or implied. The recitals in the Trustee’s deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including in­cluding, but not limited to, Trustee’s fees not to exceed 5of ____________% of the gross sales price, Attorneyssale price and reasonable attorneysFees and Costs and costs of title evidencefees; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Security Instrument; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto or to it. Borrower, in accordance with Title 14, Chapter 200 of the Maryland Rules of Procedure, does hereby declare and assent to the county clerk passage of a decree to sell the Property in one or more parcels by the equity court having jurisdiction for the sale of the county Property, and consents to the granting to any trustee appointed by the assent to decree of all the rights, powers and remedies granted to the Trustee in which this Security Instrument together with any and all rights, powers and remedies granted by the decree. Neither the assent to decree nor the power of sale took placegranted in this Section 22 shall be exhausted in the event the proceeding is dismissed before the payment in full of all sums secured by this Security Instrument.

Appears in 1 contract

Samples: Deed of Trust

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s 's option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke request Trustee to exercise the power of sale and Lender may exercise any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender Trustee without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will shall mail copies of the notice of default sale to Borrower and to other persons prescribed by applicable law in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utahapplicable law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part parcel of the Mortgaged Property to any later time on the same date by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s 's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made thereincontained in those recitals. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s 's fees not to exceed 5% of in the gross sales priceamount allowed by applicable law, Attorneys’ Fees and Costs attorneys' fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s 's discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto to it. Lender shall have the right on one or more occasions to institute one or more actions or proceedings at law or in equity to enforce the rights and remedies of Lender under this Instrument. Trustee hereby lets the Mortgaged Property to Borrower until a sale is held under the foregoing provisions or until the occurrence of an Event of Default, upon the following terms and conditions: Borrower, and all persons claiming or possessing the Mortgaged Property or any part thereof by, through or under Borrower, shall pay rent therefor during said term at the rate of one cent (14) per month, payable monthly upon demand, and shall surrender immediate peaceable possession of the Mortgaged Property and any and every part thereof sold under the foregoing power of sale to the county clerk purchaser at such sale, without notice or demand therefor, and shall and will at once, without notice, surrender possession of the county Mortgaged Property and every part thereof in which the sale took placeevent Lender shall take charge and enter the Mortgaged Property as provided in this Instrument.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Maxus Real Property Investors Four Lp)

Acceleration; Remedies. (a) At If any time during Event of Default occurs, the existence Note shall become due and payable immediately, without notice or demand, at Lender's option, and Borrower hereby waives notice of an intent to accelerate maturity of the Note and notice of acceleration of the Note. Additionally, without notice or demand and without waiving any other right or remedy, at Lender's option, upon the occurrence of any Event of Default, LenderLender may elect to impose increases in the interest rate pursuant to and as set forth in the sections of the Note captioned "DEFAULT RATE." If the Note is not paid at maturity, at Lender’s optionwhether by acceleration or otherwise, may declare Lender shall have all of the Indebtedness to be immediately due rights and payable without further demand and may invoke the power of sale and remedies provided by any other remedies permitted by applicable law or provided in this Instrument, under the Loan Agreement Note or in any other Loan Related Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and costs of documentary evidence, abstracts and title reports. (b) If the power of sale is invoked, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election authorized to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utah. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcels. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at Collateral to be transferred to or registered in its name or in the time and place name of any previously scheduled saleother person or business entity, with or without designating the capacity of that nominee. Without limiting any other available remedy, Borrower is liable for any deficiency in payment of any Indebtedness remaining after disposition of any Collateral. Borrower is liable to Lender or Lender’s designee may purchase the Mortgaged Property at any sale. (c) Within a for all reasonable time after the sale, Trustee will deliver to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will apply the proceeds of the sale in the following order: (i) to all costs and expenses of every kind incurred (or charged by internal allocation) in connection with the salenegotiation, including Trustee’s fees not to exceed 5% preparation, execution, filing, recording, modification, supplementing and/or waiver of the gross sales priceNote or the Related Documents and for the making, Attorneys’ Fees servicing and Costs collection of the Note or the Related Documents and costs any other amounts owed under the Note or the Related Documents. Borrower is liable to Lender for all Collection Amounts. All amounts payable under the terms of title evidencethe Note shall be paid without relief from valuation and appraisement laws. PROVISIONS RELATED TO GUARANTY These provisions of the Additional Terms apply to the Guaranty and to each Guarantor. UNLIMITED. Guarantor's obligation under the Guaranty is UNLIMITED. CONTINUED RELIANCE. The Guaranty is a continuing guaranty and will continue to be in effect until final payment and performance in full of all Indebtedness and the termination of any commitment of Lender to make loans or other financial accommodations to Borrower. The Guaranty shall remain in effect until payment in full of the Remaining Indebtedness, as defined below, following termination of the Guaranty by Guarantor in accordance with this paragraph or as provided in the section below captioned "Specific Limitation in Kentucky". Guarantor may terminate Guarantor's liability for Indebtedness not in existence or for which Lender has no commitment to advance by delivering written notice to Lender as set forth herein. After Guarantor's termination of the Guaranty, Guarantor will continue to be liable for the following amounts (the "Remaining Indebtedness"): (i) all Indebtedness existing on the effective date of termination and all Indebtedness to which Lender has committed to advance prior to the effective termination date (whether or not Lender is contractually obligated to advance the loans or extensions of credit); (ii) to all subsequent renewals, extensions, modifications, consolidations, rearrangements, restatements, replacements and amendments (but not increases) of such Indebtedness; (iii) all interest accruing on such Indebtedness after the Indebtedness in such order as Lender, in Lender’s discretion, directseffective termination date; and (iiiiv) all Collection Amounts incurred with respect to such Indebtedness, including after the excesseffective termination date. Lender may continue to permit Borrower to incur Indebtedness and to issue commitments to Borrower to advance Indebtedness in reliance on the Guaranty until the effective date of termination, if any, regardless of whether at any time or from time to the person time there is no existing Indebtedness or persons legally entitled thereto or commitment by Lender to the county clerk of the county in which the sale took placeadvance Indebtedness.

Appears in 1 contract

Samples: Additional Terms (Scientific Industries Inc)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, LenderLender shall give any notice to Borrower required by applicable law. If no notice is required or if the Event of Default is not cured as prescribed by applicable law, Lender at Lender’s option, its option may declare the Indebtedness to be immediately due and payable without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence nonexistence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, remedies including AttorneysattorneysFees and Costs fees and costs of documentary evidence, abstracts and title reports. (b) evidence. If Lender invokes the power of sale is invokedsale, Trustee will execute a written Lender shall give notice in the manner required by applicable law to Borrower and any other persons prescribed by applicable law. Lender shall also publish the notice of the occurrence of an Event of Default sale, and of Lender’s election to cause the Mortgaged Property to shall be sold and will record such notice in each county in which the Mortgaged Property is locatedsold, as prescribed by applicable law. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will may, at its option, sell the Mortgaged Property according to the laws of Utah. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Lender may determine. Trustee Lender may postpone the sale of all or any part change the place of the Mortgaged Property sale as permitted by public announcement at the time and place of any previously scheduled saleapplicable law by giving notice complying with applicable law. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will apply the proceeds of the sale shall be applied in the following order: (i) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placemanner prescribed by applicable law.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Maxus Realty Trust Inc.)

Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower’s breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) At any time during the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Xxxxxxxx of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of an Event a default or any other defense of DefaultBorrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender, Lender at Lender’s option, its option may declare the Indebtedness to be immediately due and payable require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and saleApplicable Law. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in this Section 22, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a Xxxxxx shall send written notice as prescribed by Applicable Law to Bor­rower and to the other persons prescribed by Applicable Law of the occurrence of an Event event of Default default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribesold. Trustee will shall give public notice of sale by public advertisement as Trustee deems proper to protect the interests of Borrower and will Lender. After the time required by Applicable Law, Trustee, without demand on Borrower, shall sell the Mortgaged Property according at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in any order Trustee determines. Trustee may postpone sale of all or any part parcel of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express expressed or implied. The recitals in the Trustee’s deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including including, but not limited to, Trustee’s fees not to exceed 5of ____________% of the gross sales price, Attorneyssale price and reasonable attorneysFees and Costs and costs of title evidencefees; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Security Instrument; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placeit.

Appears in 1 contract

Samples: Deed of Trust

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke request Trustee to exercise the power of sale and Lender may exercise any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Deed of Trust or in any other Loan Document. Borrower Trustor acknowledges that the power of sale granted in this Instrument Deed of Trust may be exercised by Lender Trustee without prior judicial hearing. Borrower Trustor has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower Trustor to acceleration and sale. Lender will shall be entitled to collect all reasonable costs and expenses incurred in pursuing such remedies, including Attorneysreasonable attorneysFees and Costs and fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will shall mail copies of the notice of default sale to Trustor and to other persons prescribed by applicable law in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utahapplicable law. Trustee may sell sell, in accordance with Miss. Code Xxx. § 89-1-55 and Section 111 of the Mortgaged Property Constitution of Mississippi, the Trust Estate at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part parcel of the Mortgaged Property Trust Estate to any later time on the same date by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s designee may purchase the Mortgaged Property Trust Estate at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property Trust Estate so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will shall be prima facie evidence of the truth of the statements made thereincontained in those recitals. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of in the gross sales priceamount allowed by applicable law, AttorneysattorneysFees and Costs fees and costs of title evidence; (iib) to the Indebtedness Obligations in such order as Lender, in Lender’s discretion, directs; and (iiic) the excess, if any, to the Trustor or such other person or persons legally entitled thereto to it. Lender shall have the right on one or more occasions to institute one or more actions or proceedings at law or in equity to enforce the rights and remedies of Lender under this Deed of Trust. Following a Trustee’s sale of the Premises, the Trustee shall deliver to the county clerk buyer a Trustee’s deed conveying the property so sold without any covenant or warranty, expressed or implied. The recitals in the Trustee’s deed shall be prima facie evidence of the county truth of the statements made therein. Trustor further agrees that in which case of any sale hereunder, it will at once surrender possession of the sale took placePremises to such buyer.

Appears in 1 contract

Samples: Deed of Trust (Lodging Fund REIT III, Inc.)

Acceleration; Remedies. (a) At Beneficiary shall give notice to Grantor prior to acceleration following Grantor’s breach of any time during covenant or agreement in this Deed of Trust. The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than thirty (30) days from the date the notice is given to Grantor, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Deed of Trust and sale of the Mortgaged Property. The notice shall further inform Grantor of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of an Event a default or any other defense of DefaultGrantor to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender, Beneficiary at Lender’s option, its option may declare the Indebtedness to be immediately due and payable require immediate payment in full of all sums secured by this Deed of Trust without further demand and may invoke the power of sale and sale, assent to decree, and/or any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan DocumentApplicable Law. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will Beneficiary shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in Article 4, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence, abstracts and title reports. (b) If Beneficiary invokes the power of sale is invokedsale, Beneficiary shall mail or cause Trustee will execute to mail a written notice of the occurrence of an Event of Default and of Lender’s election sale to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default Grantor in the manner provided prescribed by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribeApplicable Law. Trustee will shall give public notice of sale by public advertisement and will by such other means as required by Applicable Law. Trustee, without demand on Grantor, shall sell the Mortgaged Property according at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in any order Trustee determines. Trustee may postpone sale of all or any part parcel of the Mortgaged Property by public announcement at the time and place of any previously scheduled salesale and by notice to any other persons as required by Applicable Law. Lender Beneficiary or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will shall deliver to the purchaser at the sale, a Trustee’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express expressed or implied. The recitals in the Trustee’s deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including including, but not limited to, Trustee’s fees not to exceed of five percent (5% %) of the gross sales price, Attorneyssale price and reasonable attorneysFees and Costs and costs of title evidencefees; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Deed of Trust; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto or to it. (d) Grantor, in accordance with Title 14, Chapter 200 of the Maryland Rules of Procedure, does hereby declare and assent to the county clerk passage of a decree to sell the Mortgaged Property in one or more parcels by the equity court having jurisdiction for the sale of the county Mortgaged Property, and consents to the granting to any trustee appointed by the assent to decree of all the rights, powers and remedies granted to the Trustee in which this Deed of Trust together with any and all rights, powers and remedies granted by the decree. Neither the assent to decree nor the power of sale took placegranted in this Section 7.1 shall be exhausted in the event the proceeding is dismissed before the payment in full of all sums secured by this Deed of Trust.

Appears in 1 contract

Samples: First Lien Indemnity Deed of Trust (Green Plains Inc.)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s 's option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale granted in this Instrument (and Borrower appoints Lender as Borrower's agent and attorney-in-fact to exercise such power of sale in the name and on behalf of Borrower) and any other remedies permitted by applicable Georgia law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will be entitled to collect all costs and expenses incurred in pursuing such remedies, including reasonable Attorneys' Fees and Costs and costs of documentary evidence, abstracts and title reports.. Georgia Page 16 Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (b) If the power of sale is invoked, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utah. Trustee may sell and dispose of the Mortgaged Property at public auction, at the time and usual place and under for conducting sales at the terms designated courthouse in the notice of sale in one or more parcels. Trustee may postpone sale of county where all or any part of the Mortgaged Property by public announcement at is located, to the time highest bidder for cash, first (a) providing Borrower written notice of the initiation of proceedings to exercise the power of sale in accordance with O.C.G.A. §00-00-000, and (b) advertising the time, terms and place of any previously scheduled such sale by publishing a notice of sale once a week for four consecutive weeks (without regard to the actual number of days) in a newspaper in which sheriff's advertisements are published in such county, all other notice being waived by Borrower; and Lender may thereupon execute and deliver to the purchaser a sufficient instrument of conveyance of the Mortgaged Property in fee simple, which may contain recitals as to the happening of the default upon which the execution of the power of sale granted by this Section depends. The recitals in the instrument of conveyance will be presumptive evidence that Lender duly complied with all preliminary acts prerequisite to the sale and instrument of conveyance. Borrower constitutes and appoints Lender as Borrower's agent and attorney-in-fact to make such recitals, sale and conveyance. Borrower ratifies all of Lender's acts, as such attorney-in-fact, and Borrower agrees that such recitals will be binding and conclusive upon Borrower and that the conveyance to be made by Lender (and in the event of a deed in lieu of foreclosure, then as to such conveyance) will be effectual to bar all right, title and interest, equity of redemption, including all statutory redemption, homestead, dower, curtsey and all other exemptions of Borrower, or its successors in interest, in and to the Mortgaged Property. (c) The Mortgaged Property may be sold in one parcel and as an entirety, or in such parcels, manner or order as Lender, in its discretion, may elect, and one or more exercises of the powers granted in this Section will not extinguish or exhaust the power unless the entire Mortgaged Property is sold or the Indebtedness is paid in full, and Lender will collect the proceeds of such sale, applying such proceeds as provided in this Section. In the event of a deficiency, Borrower will immediately on demand from Lender or pay such deficiency to Lender’s designee , subject to the provisions of the Note limiting Borrower's personal liability for payment of the Indebtedness. Borrower acknowledges that Lender may bid for and purchase the Mortgaged Property at any sale. (c) Within foreclosure sale and will be entitled to apply all or any part of the Indebtedness as a reasonable time after the sale, Trustee will deliver credit to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or impliedpurchase price. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee Borrower covenants and agrees that Lender will apply the proceeds of the sale in the following order: (i) to all reasonable costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, reasonable Attorneys' Fees and Costs and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in Lender’s 's discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk excess. The power and agency granted in this Section 31 are coupled with an interest, are irrevocable by death or otherwise and are in addition to the remedies for collection of the county Indebtedness as provided by law. (d) If the Mortgaged Property is sold pursuant to this Section 31, Borrower, or any person holding possession of the Mortgaged Property through Borrower, will surrender possession of the Mortgaged Property to the purchaser at such sale on demand. If possession is not surrendered on demand, Borrower or such person will be a tenant holding over and may be dispossessed in which the sale took place.accordance with Georgia law. Georgia Page 17 Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement

Appears in 1 contract

Samples: Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Steadfast Apartment REIT, Inc.)

Acceleration; Remedies. (a) At any time during the existence of If an Event of DefaultDefault has occurred and is continuing, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable California law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including AttorneysattorneysFees and Costs and fees, costs of documentary evidence, abstracts and title reports. (b) . If the power of sale is invoked, Trustee will Lender shall execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such shall cause the notice to be recorded in each county in which the Mortgaged Property or some part of the Mortgaged Property is located. Lender or Trustee will mail shall give notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will shall sell the Mortgaged Property according to the laws of UtahCalifornia law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone the sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after . At the sale, Lender shall be entitled to credit bid, or to instruct Trustee, on behalf of Lender to credit bid, up to and including the entire amount of the Indebtedness plus Trustee’s fees and expenses. Trustee will shall deliver to the purchaser at the sale, within a reasonable time, but in any event within 10 calendar days, after the sale, a deed conveying the Mortgaged Property so sold without any express or implied covenant or warranty, express or implied. The recitals in Trustee’s deed will shall be prima facie evidence of the truth of the statements made thereinin those recitals. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of exercising the power of sale, including the payment of Trustee’s fees not to exceed 5% of the gross sales price, Attorneysand attorneysFees and Costs fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placeexcess.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (Behringer Harvard Multifamily Reit I Inc)

Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower’s breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 15 unless Applicable Law provides otherwise). The notice shall specify: (a) At any time during the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Xxxxxxxx of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of an Event a default or any other defense of DefaultBorrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender, Lender at Lender’s option, its option may declare the Indebtedness to be immediately due and payable require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and saleApplicable Law. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in this Section 25, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a Lender shall give written notice to Borrower of the occurrence of an Event event of Default default and of Lender’s election to cause the Mortgaged Property to be sold and will sold. Lender shall record such a notice of sale in each county in which any part of the Mortgaged Property is located. Lender or Trustee will , and shall mail copies of the notice of default in the manner provided as prescribed by the laws of Utah Applicable Law to Borrower and to such the other persons as prescribed by Applicable Law. After the laws time required by Applicable Law and after publication and posting of Utah prescribe. Trustee will give public the notice of sale and will sale, Lender, shall sell the Mortgaged Property according at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in any order Lender determines. Trustee Lender may postpone sale of all or any part parcel of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will . Lender shall deliver to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express expressed or implied. The recitals in Trustee’s the deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will Lender shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s fees including, but not to exceed 5% of the gross sales pricelimited to, Attorneysreasonable attorneysFees and Costs and costs of title evidencefees; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Security Instrument; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took place.and

Appears in 1 contract

Samples: Mortgage

Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower’s breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) At any time during the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Xxxxxxxx of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of an Event a default or any other defense of DefaultBorrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender, Lender at Lender’s option, its option may declare the Indebtedness to be immediately due and payable require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and saleApplicable Law. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in this Section 22, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will shall mail copies of a notice of default sale in the manner provided prescribed by the laws of Utah Applicable Law to Borrower and to such the other persons as the laws of Utah prescribeprescribed by Applicable Law. Trustee will shall give public notice of sale by public advertisement for the time and will in the manner prescribed by Applicable Law. Trustee, without demand on Borrower, shall sell the Mortgaged Property according at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder for cash at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in any order Trustee determines. Trustee may postpone sale of all or any part parcel of the Mortgaged Property to any later time on the same date by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express warranty expressed or implied. The recitals in the Trustee’s deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including including, but not limited to, reasonable Trustee’s fees not to exceed 5% of the gross sales price, Attorneysand attorneysFees and Costs and costs of title evidencefees; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Security Instrument; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placeit.

Appears in 1 contract

Samples: Deed of Trust

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately xxxxxxately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will be entitled to collect all costs and expenses expxxxxx incurred in pursuing such remedies, including Attorneysreasonable attorneysFees and Costs and fees, costs of documentary evidence, abstracts and title reports. (b) If Lender invokes the power of sale and if it is invokeddetermined in a hearing held in accordance with applicable law that Trustee can proceed to sale, Trustee will execute a written take such action regarding notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold sale and will record give such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah additional notices to Borrower and to such other persons as North Carolina law may require. After the laws lapse of Utah prescribe. Trustee will give public such time as may be required by applicable law and after the publication of the notice of sale and sale, Trustee will sell the Mortgaged Property according to the laws of UtahNorth Carolina. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s designee may purchase the Mortgaged Property at any Propertx xx xny sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made thereinin Trustee’s deed. Trustee will apply the proceeds of the sale in the following order: (i) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, Attorneys’ Fees reasonable North Carolina Page 15 Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Costs Fixture Filing (CME and Portfolio) fees and out-of-pocket expenses of attorneys and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iii) the excesstxx xxxess, if anyxx xxx, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (Preferred Apartment Communities Inc)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at LenderXxxxxx’s option, may declare the Indebtedness to be immediately due and payable without further demand and may invoke Lender shall have the power of sale STATUTORY POWER OF SALE and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender through the Trustee without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including AttorneysattorneysFees and Costs and fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a written shall give notice of sale by public advertisement for the occurrence of an Event of Default time and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower Tennessee, and to such other persons as Lender or Trustee shall mail a copy of the laws of Utah prescribe. Trustee will give public notice of sale and will sell to Borrower in the Mortgaged Property according to the laws manner provided in Section 31 of Utahthis Instrument. Trustee may Trustee, without demand on Borrower, shall sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale at public auction to the highest bidder, in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or LenderXxxxxx’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, AttorneysattorneysFees and Costs fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in LenderXxxxxx’s sole discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Grubb & Ellis Apartment REIT, Inc.)

Acceleration; Remedies. (a) At Beneficiary shall give notice to Grantor prior to acceleration following Grantor’s breach of any time during covenant or agreement in this Deed of Trust. The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than thirty (30) days from the date the notice is given to Grantor, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Deed of Trust and sale of the Mortgaged Property. The notice shall further inform Grantor of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of an Event a default or any other defense of DefaultGrantor to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender, Beneficiary at Lender’s option, its option may declare the Indebtedness to be immediately due and payable require immediate payment in full of all sums secured by this Deed of Trust without further demand and may invoke the power of sale and sale, assent to decree, and/or any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan DocumentApplicable Law. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will Beneficiary shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in Article 4, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence, abstracts and title reports. (b) If Beneficiary invokes the power of sale is invokedsale, Beneficiary shall mail or cause Trustee will execute to mail a written notice of the occurrence of an Event of Default and of Lender’s election sale to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default Grantor in the manner provided prescribed by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribeApplicable Law. Trustee will shall give public notice of sale by public advertisement and will by such other means as required by Applicable Law. Trustee, without demand on Grantor, shall sell the Mortgaged Property according at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in any order Trustee determines. Trustee may postpone sale of all or any part parcel of the Mortgaged Property by public announcement at the time and place of any previously scheduled salesale and by notice to any other persons as required by Applicable Law. Lender Beneficiary or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will shall deliver to the purchaser at the sale, a Trustee’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express expressed or implied. The recitals in the Trustee’s deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will apply the proceeds of the sale in the following order: 20 (ia) to all costs and expenses of the sale, including including, but not limited to, Trustee’s fees not to exceed of five percent (5% %) of the gross sales price, Attorneyssale price and reasonable attorneysFees and Costs and costs of title evidencefees; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Deed of Trust; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto or to it. (d) Grantor, in accordance with Title 14, Chapter 200 of the Maryland Rules of Procedure, does hereby declare and assent to the county clerk passage of a decree to sell the Mortgaged Property in one or more parcels by the equity court having jurisdiction for the sale of the county Mortgaged Property, and consents to the granting to any trustee appointed by the assent to decree of all the rights, powers and remedies granted to the Trustee in which this Deed of Trust together with any and all rights, powers and remedies granted by the decree. Neither the assent to decree nor the power of sale took placegranted in this Section 7.1 shall be exhausted in the event the proceeding is dismissed before the payment in full of all sums secured by this Deed of Trust.

Appears in 1 contract

Samples: Second Lien Indemnity Deed of Trust (Green Plains Inc.)

Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 17 unless Applicable Law provides otherwise). The notice shall specify: (a) At any time during the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Xxxxxxxx of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of an Event a default or any other defense of DefaultBorrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender, Lender at Lender’s option, its option may declare the Indebtedness to be immediately due and payable require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted permitt ed by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and saleApplicable Law. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in this Section 21, including Attorneys’ Fees and Costs including, but not limited to, reasonable attorneys' fees and costs of documentary title evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a written shall give notice of sale by public advertisement in the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default located for the time and in the manner provided by Applicable Law, and Lender or Trustee shall mail a copy of the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will to Borrower in the manner provided in Section 14. Trustee, without demand on Borrower, shall sell the Mortgaged Property according at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder at the time and place and an d under the terms designated in the notice of sale in one or more parcels. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee's deed conveying the Mortgaged Property so sold without any covenant or warranty, express expressed or implied. The recitals in the Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including includ ing, but not limited to, reasonable Trustee’s fees not to exceed 5% of the gross sales price, Attorneys’ Fees 's and Costs and costs of title evidenceattorneys' fees; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Security Instrument; and (iiic) the excess, if any, any excess to the person per son or persons legally entitled thereto to it. If the Property is sold pursuant to this Section 21, Borrower, or any person holding possession of the Property through Borrower, shall immediately surrender possession of the Property to the county clerk purchaser at the sale. If possession is not surrendered, Borrower or such person shall be a tenant at will of the county in which purchaser and hereby agrees to pay the sale took placepurchaser the reasonable rental value of the Property after sale.

Appears in 1 contract

Samples: Deed of Trust

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, Lender at Lender’s option, Xxxxxx's option may declare the Indebtedness to be immediately due and payable without further demand and may invoke Lender shall have the power of sale STATUTORY POWER OF SALE and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower Xxxxxxxx acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power STATUTORY POWER OF SALE, Lender shall mail copies of a notice of sale is invoked, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah applicable law to Borrower and to such the other persons as prescribed by applicable law. Lender shall publish the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to shall be sold in the laws of Utahmanner prescribed by applicable law. Trustee Lender may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelspart and in such order as Lender may determine. Trustee Lender may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s Xxxxxx's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will . Lender shall deliver to the purchaser at the sale, a Xxxxxx's deed conveying to the Mortgaged Property so sold without any covenant or warrantysold, express or implieddischarged of all rights of redemption by Borrower. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will apply the proceeds of the sale shall be applied in the following order: (ia) to all costs and expenses of the sale, including Trustee’s attorneys' fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s Xxxxxx's discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at LenderXxxxxx’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable Maryland law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower Xxxxxxxx acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including AttorneysattorneysFees and Costs and fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Lender shall mail or cause Trustee will execute a to mail written notice of the occurrence of an Event of Default and of Lender’s election sale to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default Borrower in the manner provided prescribed by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribeMaryland law. Trustee will shall give public notice of sale and will shall sell the Mortgaged Property according to the laws of UtahMaryland law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or LenderXxxxxx’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any express or implied covenant or warranty, express or implied. The recitals in Trustee’s deed will shall be prima facie evidence of the truth of the statements made thereinin those recitals. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales sale price, AttorneysattorneysFees and Costs fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in LenderXxxxxx’s discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk excess. Borrower hereby assents to the passage of a decree for the sale of the county in which the sale took placeMortgaged Property pursuant to Lender’s exercise of its rights under this Section.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke request Trustee to exercise the power of sale and Lender may exercise any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender Trustee without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and Costs, costs of documentary evidence, abstracts and title reports. (b) If Lender invokes the power of sale is invokedsale, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail copies of the notice of default sale to Borrower and to other persons prescribed by applicable law in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utahapplicable law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part parcel of the Mortgaged Property to any later time on the same date by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made thereincontained in those recitals. Trustee will apply the proceeds of the sale in the following order: (i) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of in the gross sales priceamount allowed by applicable law, AttorneysattorneysFees and Costs fees and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placeit.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents, and Security Agreement (Steadfast Income REIT, Inc.)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke will have the power of sale STATUTORY POWER OF SALE and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will be entitled to collect all costs and expenses incurred in pursuing such remedies, including AttorneysattorneysFees and Costs and fees, costs of documentary evidence, abstracts and title reports. (b) If Lender invokes the power STATUTORY POWER OF SALE, Lender will mail a copy of a notice of sale is invoked, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default Borrower in the manner provided by applicable law. Lender will publish the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and the Mortgaged Property will be sold in the manner prescribed by the laws of Massachusetts. Lender may, at Lender’s option, sell the Mortgaged Property according to the laws of Utah. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcels. Trustee parcels and in such order as Lender may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled saledetermine. Lender or Lender’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will apply the proceeds of the sale will be applied in the following order: (ia) to all costs and expenses of the sale, including Trustee’s attorneys’ fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto to it. (c) This Instrument is with MORTGAGE COVENANTS upon the STATUTORY CONDITION and upon the further condition that all covenants and agreements of Borrower contained in this Instrument will be kept and fully performed, and upon any breach of such covenants and agreements or if an Event of Default will exist under this Instrument, Lender will have, as to the county clerk Mortgaged Property, the STATUTORY POWER OF SALE, and as to the UCC Collateral, all remedies of a secured party under the county in which the sale took placeUniform Commercial Code.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents, Security Agreement and Fixture Filing (New England Realty Associates Limited Partnership)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s Xxxxxx's option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower Xxxxxxxx acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and reasonable attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale and if it is invokeddetermined in a hearing held in accordance with applicable law that Trustee can proceed to sale, Trustee will execute a written shall take such action regarding notice of the occurrence of an Event of Default sale and of Lender’s election to cause the Mortgaged Property to be sold and will record shall give such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah additional notices to Borrower and to such other persons as North Carolina law may require. After the laws lapse of Utah prescribe. Trustee will give public such time as may be required by applicable law and after the publication of the notice of sale and will sale, Trustee shall sell the Mortgaged Property according to the laws of UtahNorth Carolina. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s Xxxxxx's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s 's fees not to exceed 5% of the gross sales price, Attorneys’ Fees reasonable fees and Costs out-of-pocket expenses of attorneys and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s Xxxxxx's discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s 's option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) . If the power of sale is invoked, Trustee will execute shall record a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice default in each county in which the Mortgaged Property is located. Lender or Trustee will located and shall mail copies of such notice of default in the manner provided prescribed by the laws of Utah applicable law to Borrower and to such the other persons as the laws of Utah prescribeprescribed by applicable law. Trustee will shall give public notice of sale and will Trustee shall sell the Mortgaged Property according to the laws of UtahNebraska. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s 's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a Trustee's deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s 's fees of not to exceed more than 5% of the gross sales sale price, Attorneys’ Fees and Costs attorneys' fees and costs of title evidence; (iib) to the XXXXXX XXX MULTIFAMILY SECURITY INSTRUMENT Form 4028 (NEBRASKA) 4/98 Indebtedness in such order as Lender, in Lender’s 's discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Capital Senior Living Corp)

Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower’s breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) At any time during the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured, and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Xxxxxxxx of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of an Event a default or any other defense of DefaultBorrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender, Lender at Lender’s option, its option may declare the Indebtedness to be immediately due and payable require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and saleApplicable Law. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in this Section 22, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will shall mail copies of a notice of default sale in the manner provided prescribed by the laws of Utah Applicable Law to Borrower and to such the other persons as the laws of Utah prescribeprescribed by Applicable Law. Trustee will shall give public notice of sale by public advertisement for the time and will in the manner prescribed by Applicable Law. Trustee, without demand on Borrower, shall sell the Mortgaged Property according at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder for cash at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in any order Trustee determines. Trustee may postpone sale of all or any part parcel of the Mortgaged Property to any later time on the same date by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express warranty expressed or implied. The recitals in the Trustee’s deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including including, but not limited to, reasonable Trustee’s fees not to exceed 5% of the gross sales price, Attorneysand attorneysFees and Costs and costs of title evidencefees; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Security Instrument; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placeit.

Appears in 1 contract

Samples: Deed of Trust

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, LenderLender shall give any notice to Borrower required by applicable law. If no notice is required or if the Event of Default is not cured as prescribed by applicable law, Lender at Lender’s option, its option may declare the Indebtedness to be immediately due and payable without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower Xxxxxxxx acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence nonexistence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, remedies including AttorneysattorneysFees and Costs fees and costs of documentary evidence, abstracts and title reports. (b) evidence. If Lender invokes the power of sale is invokedsale, Trustee will execute a written Lender shall give notice in the manner required by applicable law to Borrower and any other persons prescribed by applicable law. Lender shall also publish the notice of the occurrence of an Event of Default sale, and of Lender’s election to cause the Mortgaged Property to shall be sold and will record such notice in each county in which the Mortgaged Property is locatedsold, as prescribed by applicable law. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will may, at its option, sell the Mortgaged Property according to the laws of Utah. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Lender may determine. Trustee Lender may postpone the sale of all or any part change the place of the Mortgaged Property sale as permitted by public announcement at the time and place of any previously scheduled saleapplicable law by giving notice complying with applicable law. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will apply the proceeds of the sale shall be applied in the following order: (i) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placemanner prescribed by applicable law.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Steadfast Income REIT, Inc.)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s 's option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable Arizona law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a Lender shall give written notice to Trustee of the occurrence of an Event of Default and of Lender’s 's election to cause the Mortgaged Property to be sold and will sold. Trustee shall record such a notice of sale in each county in which the Mortgaged Property or some part of the Mortgaged Property is located. Lender or Trustee will located and shall mail notice copies of default the notices in the manner provided required by the laws of Utah Arizona law to Borrower and to such all other persons as the laws of Utah prescribeentitled to receive such notice under Arizona law. Trustee will shall give public notice of the sale and will shall sell the Mortgaged Property according to the laws of UtahArizona law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone the sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s 's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any expressed or implied covenant or warranty, express or implied. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made thereinin those recitals. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s 's fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs attorneys' fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s 's discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto to the excess, or to the county clerk of the superior court of the county in which the sale took place.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (VMS National Properties Joint Venture)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at LenderXxxxxx’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any one or more other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Borrower Document. Borrower Xxxxxxxx acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneysbut not limited to attorneysFees and Costs and fees, costs of documentary evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will shall mail copies of the notice of default sale to Borrower and to other persons prescribed by applicable law in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utahapplicable law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part parcel of the Mortgaged Property to any later time on the same date by public announcement at the time and place of any previously scheduled sale. Lender or LenderXxxxxx’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will shall be prima facie evidence of the truth of the statements made thereincontained in those recitals. Unless otherwise required by applicable law, Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including including, but not limited to, reasonable Trustee’s fees not to exceed 5% of the gross sales price, Attorneysand attorneysFees and Costs fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in LenderXxxxxx’s sole discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placeit.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (America First Apartment Investors Inc)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s Xxxxxx's option, may declare the Indebtedness to be immediately due and payable without further demand and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower Xxxxxxxx acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs attorneys' fees and costs of documentary evidence, abstracts and title reports. (b) . If the power of sale is invoked, Trustee will shall execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will shall record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will shall mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will shall give public notice of sale and will shall sell the Mortgaged Property according to the laws of Utah. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcels. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s Xxxxxx's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s 's fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs attorneys' fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s Xxxxxx's discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took place.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without further demand and may invoke the power of sale and any other remedies permitted by applicable law or Except as provided in this Instrumentparagraph 16 hereof, the Loan Agreement upon Borrower's breach of any covenant or in any other Loan Document. agreement of Borrower acknowledges that the power of sale granted in this Instrument Deed of Trust, including the covenants to pay when due any sums secured by this Deed of Trust, Lender prior to acceleration shall give notice to Borrower as provided in paragraph 12 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 10 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may be exercised result in acceleration of the sums secured by Lender without prior judicial hearingthis Deed of Trust and sale of the Property. The notice shall further inform Borrower has of the right to reinstate after acceleration and the right to bring an a court action to assert the non-existence nonexistence of an Event of Default a default or any other defense of Borrower to acceleration and sale. Lender will be entitled to collect all reasonable costs and expenses incurred in pursuing such remediesthe remedies provided in this paragraph 17, including Attorneys’ Fees and Costs and costs of documentary evidenceincluding, abstracts and title reports. (b) If the power of sale is invokedbut not limited to, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is locatedreasonable attorneys' fees. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utah. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part parcel of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s 's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee's deed conveying the Mortgaged Property so sold without any covenant or o r warranty, express expressed or implied. The recitals in the Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all reasonable costs and expenses of the sale, including including, but not limited to, reasonable Trustee’s 's and attorneys' fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Deed of Trust; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 1 contract

Samples: Deed of Trust

Acceleration; Remedies. (a) At Upon Borrower's breach of any time during covenant or agreement of Borrower in this Instrument, including, but not limited to, the existence of an Event of Defaultcovenants to pay when due any sums secured by this Instrument, Lender, Lender at Lender’s option, 's option may declare all of the Indebtedness sums secured by this Instrument to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and saleherein. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and including, but not limited to, costs of documentary evidence, abstracts and title reports. (b) , all of which shall be additional sums secured by this Instrument. If Lender invokes the power of sale and if it is invokeddetermined in a hearing held in accordance with applicable law that Trustee can proceed to sale, Trustee will execute a written shall take such action regarding notice of the occurrence of an Event of Default sale and of Lender’s election to cause the Mortgaged Property to be sold and will record shall give such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah additional notices to Borrower and to such other persons as North Carolina law may require. After the laws lapse of Utah prescribe. Trustee will give public such time as may be required by applicable law and after the publication of the notice of sale and will sale, Trustee shall sell the Mortgaged Property according to the laws of UtahNorth Carolina. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part parcel of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s 's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee's deed conveying the Mortgaged Property so sold without any covenant or warranty, express expressed or implied. The recitals in the Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including including, but not limited to, reasonable Trustee’s 's fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (iib) to the Indebtedness all sums secured by this Instrument in such order as Lender, Lender in Lender’s 's sole discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 1 contract

Samples: Deed of Trust, Assignment of Rents and Security Agreement (Ca Short Co)

Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower’s breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) At any time during the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property at public auction at a date not less than 120 days in the future. The notice shall further inform Xxxxxxxx of the right to reinstate after acceleration, the right to bring a court action to assert the non-existence of an Event a default or any other defense of DefaultBorrower to acceleration and sale, Lenderand any other matters required to be included in the notice by Applicable Law. If the default is not cured on or before the date specified in the notice, Lender at Lender’s its option, may declare the Indebtedness to be immediately due and payable require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and and/or any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and saleApplicable Law. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remediesthe remedies provided in this Section 22, including Attorneysincluding, but not limited to, reasonable attorneysFees and Costs fees and costs of documentary title evidence, abstracts and title reports. (b) . If Lender invokes the power of sale is invokedsale, Trustee will execute a Lender shall give written notice to Trustee of the occurrence of an Event event of Default default and of Lender’s election to cause the Mortgaged Property to be sold sold. Trustee and will record Lender shall take such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail action regarding notice of default in the manner provided by the laws of Utah sale and shall give such notices to Borrower and to such other persons as Applicable Law may require. After the laws time required by Applicable Law and after publication of Utah prescribe. Trustee will give public the notice of sale and will sale, Trustee, without demand on Borrower, shall sell the Mortgaged Property according at public auction to the laws of Utah. Trustee may sell the Mortgaged Property highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in any order Trustee determines. Trustee may postpone sale of all the Property for a period or any part of the Mortgaged Property periods permitted by Applicable Law by public announcement at the time and place fixed in the notice of any previously scheduled sale. Lender or Lender’s its designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express expressed or implied. The recitals in the Trustee’s deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including including, but not limited to, reasonable Trustee’s fees not to exceed 5% of the gross sales price, Attorneysand attorneysFees and Costs and costs of title evidencefees; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directsall sums secured by this Security Instrument; and (iiic) the excess, if any, any excess to the person or persons legally entitled thereto to it or to the county clerk of the superior court of the county in which the sale took place.

Appears in 1 contract

Samples: Deed of Trust

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s 's option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) . If the power of sale is invoked, Trustee will execute shall record a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice default in each county in which the Mortgaged Property is located. Lender or Trustee will located and shall mail copies of such notice of default in the manner provided prescribed by the laws of Utah applicable law to Borrower and to such the other persons as the laws of Utah prescribeprescribed by applicable law. Trustee will shall give public notice of sale and will Trustee shall sell the Mortgaged Property according to the laws of UtahNebraska. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s 's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, within a reasonable time after the sale, a Trustee's deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of the sale, including Trustee’s 's fees of not to exceed more than 5% of the gross sales sale price, Attorneys’ Fees and Costs attorneys' fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s 's discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (VMS National Properties Joint Venture)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that hereby grants power to Lender, upon the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence occurrence of an Event of Default Default, to grant, bargain, sell, release and convey the Mortgaged Property at public auction or any other defense venue, and upon such sale to execute and deliver to the purchaser(s) instruments of conveyance pursuant to the terms of this Instrument and applicable laws. Borrower to acceleration and sale. Lender will be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and costs of documentary evidence, abstracts and title reports. (b) If acknowledges that the preceding sentence confers a power of sale is invoked, Trustee will execute a written notice of upon Lender and that upon the occurrence of an Event of Default this Instrument may be foreclosed by advertisement as described below and in the applicable Michigan statutes. Borrower understands that upon the occurrence of Lender’s election an Event of Default, Lender is authorized and empowered to sell the Mortgaged Property, or cause the same to be sold, and to convey the same to the purchaser in any lawful manner, including that provided by Chapter 32 of the Revised Judicature Act of Michigan, entitled “Foreclosure of Mortgages by Advertisement,” which permits Lender to sell the Mortgaged Property without affording Borrower a hearing or giving Borrower actual personal notice. The only notice required under such Chapter 32 is to be sold and will record such publish notice in each county in which a local newspaper and to post a copy of the Mortgaged Property is located. notice at the Improvements. (b) If Lender or Trustee invokes the power of sale, Lender will mail a copy of a notice of default sale to Borrower in the manner provided by in Section 11.03 of the laws of Utah to Borrower and to such other persons as the laws of Utah prescribeLoan Agreement. Trustee Lender will give public notice of sale and will sell the Mortgaged Property according to the laws of UtahMichigan. Trustee may Lender may, at Lender’s option, sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcels. Trustee parcels and in such order as Lender may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled saledetermine. Lender or Lender’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed proceeds of sale will be prima facie evidence of the truth of the statements made therein. Trustee will apply the proceeds of the sale applied in the following order: (i) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placeit.

Appears in 1 contract

Samples: Multifamily Mortgage

Acceleration; Remedies. (a) At any time during the existence of If an Event of DefaultDefault has occurred and is continuing, Lender, at Lender’s optionLendxx'x xption, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable California law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges Borrxxxx xxxnowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) . If the power of sale is invoked, Trustee will Lendxx xxxll execute a written notice of the occurrence of an Event of Default and of Lender’s 's election to cause the Mortgaged Property to be sold and will record such shall cause the notice to be recorded in each county in which the Mortgaged Property or some part of the Mortgaged Property is located. Lender or Trustee will mail shall give notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will shall sell the Mortgaged Property according to the laws of UtahCalifornia law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone the sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s designee Lendxx'x xesignee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after . At the sale, Lendxx xxxll be entitled to credit bid, or to instruct Trustee, on behalf of Lender to credit bid, up to and including the entire amount of the Indebtedness plus Trustee's fees and expenses. Trustee will shall deliver to the purchaser at the sale, within a reasonable time, but in any event within 10 calendar days, after the sale, a deed conveying the Mortgaged Property so sold without any express or implied covenant or warranty, express or implied. The recitals in Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made thereinin those recitals. Trustee will shall apply the proceeds of the sale in the following order: (ia) to all costs and expenses of exercising the power of sale, including the payment of Trustee’s 's fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs attorneys' fees and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s discretionLendxx'x xiscretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placeexcess.

Appears in 1 contract

Samples: Multifamily Note (Arv Assisted Living Inc)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s Xxxxxx's option, may declare the Indebtedness to be immediately due and payable without further demand and may invoke the power of sale STATUTORY POWER OF SALE and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. This Instrument is upon the STATUTORY CONDITION, and upon the further condition that all covenants of Borrower contain in this Instrument, in the Reimbursement Agreement or in any of the other Loan Documents, shall be kept and performed, and for any breach of the STATUTORY CONDITION or at any time during the existence of any Event of Default, Lender shall have the STATUTORY POWER OF SALE. Xxxxxxxx acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs attorneys' fees and costs of documentary evidence, abstracts and title reports. (b) . The STATUTORY CONDITION and the STATUTORY POWER OF SALE referred to in the preceding paragraph, as well as the MORTGAGE COVENANTS in the granting clause of this Instrument, are those contained in the General Laws of the State of Rhode Island. If Lender invokes the power STATUTORY POWER OF SALE, Lender shall publish the notice of sale is invoked, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to shall be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided prescribed by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribeRhode Island. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utah. Trustee Lender may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Lender may determine. Trustee Lender may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s Xxxxxx's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will . Lender shall deliver to the purchaser at the sale, a Xxxxxx's deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s Xxxxxx's deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will apply the The proceeds of the sale shall be applied in the following order: (ia) to all costs and expenses of the sale, including Trustee’s attorneys' fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s Xxxxxx's discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s Xxxxxx's option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale granted in this Instrument (and Borrower appoints Xxxxxx as Xxxxxxxx's agent and attorney-in-fact to exercise such power of sale in the name and on behalf of Borrower) and any other remedies permitted by applicable Georgia law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower Xxxxxxxx acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and reasonable attorneys' fees, costs of documentary evidence, abstracts and title reports. (b) If the power of sale is invoked, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utah. Trustee may sell and dispose of the Mortgaged Property at public auction, at the time and usual place and under for conducting sales at the terms designated courthouse in the notice of sale in one or more parcels. Trustee may postpone sale of county where all or any part of the Mortgaged Property by public announcement at is located, to the time highest bidder for cash, first advertising the time, terms and place of any previously scheduled such sale by publishing a notice of sale once a week for four consecutive weeks (without regard to the actual number of days) in a newspaper in which sheriff's advertisements are published in such county, all other notice being waived by Borrower; and Lender may thereupon execute and deliver to the purchaser a sufficient instrument of conveyance of the Mortgaged Property in fee simple, which may contain recitals as to the happening of the default upon which the execution of the power of sale granted by this Section depends. The recitals in the instrument of conveyance shall be presumptive evidence that Lender duly complied with all preliminary acts prerequisite to the sale and instrument of conveyance. Borrower constitutes and appoints Xxxxxx as Xxxxxxxx's agent and attorney-in-fact to make such recitals, sale and conveyance. Borrower ratifies all of Xxxxxx's acts, as such attorney-in-fact, and Xxxxxxxx agrees that such recitals shall be binding and conclusive upon Borrower and that the conveyance to be made by Xxxxxx (and in the event of a deed in lieu of foreclosure, then as to such conveyance) shall be effectual to bar all right, title and interest, equity of redemption, including all statutory redemption, homestead, dower, curtsey and all other exemptions of Borrower, or its successors in interest, in and to the Mortgaged Property. The Mortgaged Property may be sold in one parcel and as an entirety, or in such parcels, manner or order as Lender, in its discretion, may elect, and one or more exercises of the powers granted in this Section shall not extinguish or exhaust the power unless the entire Mortgaged Property is sold or the Indebtedness is paid in full, and Lender shall collect the proceeds of such sale, applying such proceeds as provided in this Section. In the event of a deficiency, Borrower shall immediately on demand from Lender or pay such deficiency to Lender’s designee , subject to the provisions of the Note limiting Borrower's personal liability for payment of the Indebtedness. Borrower acknowledges that Lender may bid for and purchase the Mortgaged Property at any sale. (c) Within foreclosure sale and shall be entitled to apply all or any part of the Indebtedness as a reasonable time after the sale, Trustee will deliver credit to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or impliedpurchase price. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will Borrower covenants and agrees that Xxxxxx shall apply the proceeds of the sale in the following order: (ia) to all reasonable costs and expenses of the sale, including Trustee’s reasonable attorneys' fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s Xxxxxx's discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk excess. The power and agency granted in this Section 43 are coupled with an interest, are irrevocable by death or otherwise and are in addition to the remedies for collection of the county Indebtedness as provided by law. If the Mortgaged Property is sold pursuant to this Section 43, Borrower, or any person holding possession of the Mortgaged Property through Borrower, shall surrender possession of the Mortgaged Property to the purchaser at such sale on demand. If possession is not surrendered on demand, Borrower or such person shall be a tenant holding over and may be dispossessed in which the sale took placeaccordance with Georgia law.

Appears in 1 contract

Samples: Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Roberts Realty Investors Inc)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at LenderXxxxxx’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any one or more other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower Xxxxxxxx acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender Xxxxxx will be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees Xxxx and Costs and costs of documentary evidence, abstracts and title reports. (b) If Lender invokes the power of sale is invokedsale, Trustee Lender will execute mail a written copy of a notice of sale to Borrower in the occurrence manner provided in Section 11.03 of an Event the Loan Agreement. Lender will give notice by publication once a week for three consecutive weeks of Default the time, place and terms of Lender’s election to cause such sale, together with a description of the Mortgaged Property to be sold and will record such notice sold, in each a newspaper published in the county or counties in which the Mortgaged Property Land to be sold is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower , and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and thereupon will sell the Mortgaged Property according (or such part or parts thereof as the Lender may from time to time elect to sell) to the laws highest bidder at public auction at the front door of Utahthe County Courthouse of the county in which the Land to be sold, or a substantial and material part thereof is located. Trustee The sale will be held between the hours of 11:00 a.m. and 4:00 p.m. on the day designated for the exercise of the power of sale hereunder. Lender may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Lender may determine. Trustee Lender may postpone sale of all or any part parcel of the Mortgaged Property by public announcement at the time and place of any previously scheduled salesale and by re-publication of notice announcing the new sale date. Lender or LenderXxxxxx’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee Lender will deliver to the purchaser at the sale, a Xxxxxx’s deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in TrusteeXxxxxx’s deed will be prima facie evidence of the truth of the statements made thereinin those recitals. Trustee will apply Borrower covenants and agrees that the proceeds of the any sale will be applied in the following orderorder or as otherwise prescribed by law: (i) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidenceCosts; (ii) to the Indebtedness in such order as Lender, in LenderXxxxxx’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to it, after deducting therefrom the county clerk costs of the county in which the sale took placeascertaining their identity.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale granted in this Instrument (and Borrower appoints Lender as Borrower’s agent and attorney-in-fact to exercise such power of sale in the name and on behalf of Borrower) and any other remedies permitted by applicable Georgia law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneysreasonable attorneysFees and Costs and fees, costs of documentary evidence, abstracts and title reports. (b) If the power of sale is invoked, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utah. Trustee may sell and dispose of the Mortgaged Property at public auction, at the time and usual place and under for conducting sales at the terms designated courthouse in the notice of sale in one or more parcels. Trustee may postpone sale of county where all or any part of the Mortgaged Property by public announcement at is located, to the time highest bidder for cash, first advertising the time, terms and place of any previously scheduled salesuch sale by publishing a notice of sale once a week for four consecutive weeks (without regard to the actual number of days) in a newspaper in which sheriff’s advertisements are published in such county, all other notice being waived by Borrower; and Lender may thereupon execute and deliver to the purchaser a sufficient instrument of conveyance of the Mortgaged Property in fee simple, which may contain recitals as to the happening of the default upon which the execution of the power of sale granted by this Section depends. The recitals in the instrument of conveyance shall be presumptive evidence that Lender or duly complied with all preliminary acts prerequisite to the sale and instrument of conveyance. Borrower constitutes and appoints Lender as Borrower’s agent and attorney-in-fact to make such recitals, sale and conveyance. Borrower ratifies all of Lender’s designee acts, as such attorney-in-fact, and Borrower agrees that such recitals shall be binding and conclusive upon Borrower and that the conveyance to be made by Lender (and in the event of a deed in lieu of foreclosure, then as to such conveyance) shall be effectual to bar all right, title and interest, equity of redemption, including all statutory redemption, homestead, dower, curtsey and all other exemptions of Borrower, or its successors in interest, in and to the Mortgaged Property. The Mortgaged Property may be sold in one parcel and as an entirety, or in such parcels, manner or order as Lender, in its discretion, may elect, and one or more exercises of the powers granted in this Section shall not extinguish or exhaust the power unless the entire Mortgaged Property is sold or the Indebtedness is paid in full, and Lender shall collect the proceeds of such sale, applying such proceeds as provided in this Section. In the event of a deficiency, Borrower shall immediately on demand from Lender pay such deficiency to Lender, subject to the provisions of the Note limiting Borrower’s personal liability for payment of the Indebtedness. Borrower acknowledges that Lender may bid for and purchase the Mortgaged Property at any sale. (c) Within foreclosure sale and shall be entitled to apply all or any part of the Indebtedness as a reasonable time after the sale, Trustee will deliver credit to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or impliedpurchase price. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will Borrower covenants and agrees that Lender shall apply the proceeds of the sale in the following order: (ia) to all reasonable costs and expenses of the sale, including Trustee’s reasonable attorneys’ fees not to exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (iib) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk excess. The power and agency granted in this Section 43 are coupled with an interest, are irrevocable by death or otherwise and are in addition to the remedies for collection of the county Indebtedness as provided by law. If the Mortgaged Property is sold pursuant to this Section 43, Borrower, or any person holding possession of the Mortgaged Property through Borrower, shall surrender possession of the Mortgaged Property to the purchaser at such sale on demand. If possession is not surrendered on demand, Borrower or such person shall be a tenant holding over and may be dispossessed in which the sale took placeaccordance with Georgia law.

Appears in 1 contract

Samples: Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Roberts Realty Investors Inc)

Acceleration; Remedies. (a) At Upon Borrower's breach of any time during covenant or agreement of Borrower in this Instrument, including, but not limited to, the existence of an Event of Defaultcovenants to pay when due any sums secured by this Instrument, Lender, Lender at Lender’s option, 's option may declare all of the Indebtedness sums secured by this Instrument to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Documentherein. Borrower acknowledges that the power of sale herein granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default a breach or any other defense of Borrower to acceleration and sale. Lender will shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs including, but not limited to, attorney's fees and costs of documentary evidence, abstracts and title reports. (b) . If the power of sale is invoked, Trustee will execute shall record a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in each country in which the Property or some part thereof is located and shall mail copies of such notice in the manner provided prescribed by the laws of Utah applicable law to Borrower and to such the other persons as the laws of Utah prescribe. prescribed by applicable law Trustee will shall give public notice of sale and will Trustee shall sell the Mortgaged Property according to the laws of UtahNebraska. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part parcel of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender’s 's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, . Trustee will shall deliver to the purchaser at the sale, a Trustee's deed conveying the Mortgaged Property so sold without any covenant or warranty, express expressed or implied. The recitals in the Trustee’s 's deed will shall be prima facie evidence of the truth of the statements made therein. Trustee will shall apply the proceeds of the sale in the following order: , (ia) to all costs and expenses of the sale, including including, but not limited to, Trustee’s 's fees of not to exceed more than 5% of the gross sales sale price, Attorneys’ Fees and Costs attorney's fees and costs of title evidence; : (iib) to the Indebtedness all sums secured by this Instrument in such order as Lender, in Lender’s 's sold discretion, directs; and (iiic) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placethereto.

Appears in 1 contract

Samples: Deed of Trust (Capital Senior Living Corp)

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at LenderXxxxxx’s option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke request Trustee to exercise the power of sale and Lender may exercise any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender Trustee without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender Xxxxxx will be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees Xxxx and Costs and Costs, costs of documentary evidence, abstracts and title reports. (b) If Lender invokes the power of sale is invokedsale, Trustee will execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail copies of the notice of default sale to Borrower and to other persons prescribed by applicable law in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utahapplicable law. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcelsparcels and in such order as Trustee may determine. Trustee may postpone sale of all or any part parcel of the Mortgaged Property to any later time on the same date by public announcement at the time and place of any previously scheduled sale. Lender or LenderXxxxxx’s designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed will be prima facie evidence of the truth of the statements made thereincontained in those recitals. Trustee will apply the proceeds of the sale in the following order: (i) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of in the gross sales priceamount allowed by applicable law, AttorneysattorneysFees and Costs fees and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in LenderXxxxxx’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled thereto to it. (d) Xxxxxx will have the right on one or more occasions to institute one or more actions or proceedings at law or in equity to enforce the rights and remedies of Lender under this Instrument. (e) Trustee hereby lets the Mortgaged Property to Borrower until a sale is held under the foregoing provisions or until the occurrence of an Event of Default, upon the following terms and conditions: Borrower, and all persons claiming or possessing the Mortgaged Property or any part thereof by, through or under Borrower, will pay rent therefore during said term at the rate of one cent (1¢) per month, payable monthly upon demand, and will surrender immediate peaceable possession of the Mortgaged Property and any and every part thereof sold under the foregoing power of sale to the county clerk purchaser at such sale, without notice or demand therefore, and will at once, without notice, surrender possession of the county Mortgaged Property and every part thereof in which the sale took placeevent Lender will take charge and enter the Mortgaged Property as provided in this Instrument.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents, and Security Agreement

Acceleration; Remedies. (a) At any time during the existence of an Event of Default, Lender, at Lender’s 's option, may declare the Indebtedness to be immediately due and payable without further demand demand, and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement Instrument or in any other Loan Document. Borrower acknowledges that hereby grants power to Lender, upon the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence occurrence of an Event of Default Default, to grant, bargain, sell, release and convey the Mortgaged Property at public auction or any other defense vendue, and upon such sale to execute and deliver to the purchaser(s) instruments of conveyance pursuant to the terms of this Instrument and applicable laws. Borrower to acceleration and sale. Lender will be entitled to collect all costs and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and costs of documentary evidence, abstracts and title reports. (b) If acknowledges that the preceding sentence confers a power of sale is invoked, Trustee will execute a written notice of upon Lender and that upon the occurrence of an Event of Default this Instrument may be foreclosed by advertisement as described below and in the applicable Michigan statutes. Borrower understands that upon the occurrence of Lender’s election an Event of Default, Lender is authorized and empowered to sell the Mortgaged Property, or cause the same to be sold, and to convey the same to the purchaser in any lawful manner, including that provided by Chapter 32 of the Revised Judicature Act of Michigan, entitled "Foreclosure of Mortgages by Advertisement," which permits Lender to sell the Mortgaged Property without affording Borrower a hearing or giving Borrower actual personal notice. The only notice required under such Chapter 32 is to be sold and will record such publish notice in each county in which a local newspaper and to post a copy of the Mortgaged Property is located. notice at the Improvements. (b) If Lender or Trustee invokes the power of sale, Lender will mail a copy of a notice of default sale to Borrower in the manner provided by in Section 11.03 of the laws of Utah to Borrower and to such other persons as the laws of Utah prescribeLoan Agreement. Trustee Lender will give public notice of sale and will sell the Mortgaged Property according to the laws of UtahMichigan. Trustee may Lender may, at Lender's option, sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcels. Trustee parcels and in such order as Lender may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled saledetermine. Lender or Lender’s 's designee may purchase the Mortgaged Property at any sale. (c) Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee’s deed proceeds of sale will be prima facie evidence of the truth of the statements made therein. Trustee will apply the proceeds of the sale applied in the following order: (i) to all costs and expenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, Attorneys' Fees and Costs and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in Lender’s discretion, 's discretion directs; and (iii) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took placeit.

Appears in 1 contract

Samples: Multifamily Mortgage (Bluerock Residential Growth REIT, Inc.)

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