Common use of Additional Provisions Regarding Power of Sale Clause in Contracts

Additional Provisions Regarding Power of Sale. (1) In exercising the power of sale herein conferred, after having been instructed by the Lender to do so, the Trustee shall comply with all applicable laws in effect with respect to the exercise of powers of sale contained in deeds of trust as of the date of the commencement of the proceeding. The Borrower agrees that in the event of a sale under the power of sale hereunder, the Lender shall have the right to bid thereat. The Trustee may require that the successful bidder at any sale deposit immediately with the Trustee cash or certified check in an amount not to exceed ten percent (10%) of the bid, provided notice of such requirement is contained in the advertisement of sale. The bid may be rejected if the deposit is not immediately made, and thereupon the next highest bidder may be declared to be the purchaser. Such deposit shall be refunded in case a resale is had; otherwise, it shall be applied to the purchase price. If personal property is sold hereunder, it need not be at the place of sale; the published notice, however, shall state the time and place where such personal property may be inspected prior to sale. (2) Notwithstanding the provisions of Section 11 of this Security Instrument, the proceeds of any sale of the Property pursuant to the power of sale contained herein shall be applied first to the costs and expenses of foreclosure, including, but not limited to a Trustee's commission and to all costs, expenses and reasonable attorney's fees incurred by the Lender in connection with such sale, with the remaining proceeds to be applied as provided in Section 11 of this Security Instrument.

Additional Provisions Regarding Power of Sale. (1i) In exercising the power of sale herein conferred, after having been instructed by the Lender Beneficiary to do so, the Trustee shall comply with all applicable laws in effect with respect to the exercise of powers of sale contained in deeds of trust as of the date of the commencement of the proceeding. The Borrower Trustor agrees that in the event of a sale under the power of sale hereunder, the Lender Beneficiary shall have the right to bid thereat. The Trustee may require that the successful bidder at any sale deposit immediately with the Trustee cash or certified check in an amount not to exceed ten percent (10%) of the bid, provided notice of such requirement is contained in the advertisement of sale. The bid may be rejected if the deposit is not immediately made, and thereupon the next highest bidder may be declared to be the purchaser. Such deposit shall be refunded in case a resale is had; otherwise, it shall be applied to the purchase price. If personal property is sold hereunder, it need not be at the place of sale; the published notice, however, shall state the time and place where such personal property may be inspected prior to sale. (2ii) Notwithstanding the provisions of Section 11 4.02 of this Security Instrument, the proceeds of any sale of the Mortgaged Property pursuant to the power of sale contained herein shall be applied first to the costs and expenses of foreclosure, including, but not limited to a Trustee's commission equal to five percent (5%) of the highest bid and to all costs, expenses and reasonable attorney's attorneys' fees incurred by the Lender Trustee and by the Beneficiary in connection with such sale, with the remaining proceeds to be applied as provided in Section 11 4.02 of this Security Instrument. If a proceeding for sale pursuant to the power of sale contained herein is commenced by Trustee but terminated prior to its completion or is otherwise not completed, the Trustor shall pay all expenses incurred by Trustee, including reasonable attorneys' fees and a partial Trustee's commission equal to the greater of (A) the reasonable time and expense charges of such Trustee and (B) an amount computed on the basis of a percentage of the fair market value of the Mortgaged Property (as such fair market value shall be agreed upon by Trustor and Beneficiary, or if not agreed upon, then as determined by the Clerk of the Superior Court with jurisdiction over such matters, upon evidence submitted by the parties) in accordance with the following schedule, to wit: one tenth of one percent (.1%) of such fair market value before the Trustee issues a notice of hearing on the right to sell; eleven one hundredths of one percent (.11%) of such fair market value after issuance of said notice; twelve one hundredths of one percent (.12%) of such fair market value after such hearing; and thirteen one hundredths of one percent (.13%) of such fair market value after the initial sale.

Additional Provisions Regarding Power of Sale. (1i) In exercising the power of sale herein conferred, after having been instructed by the Lender Beneficiary to do so, the Trustee shall comply with all applicable laws in effect with respect to the exercise of powers of sale contained in deeds of trust as of the date of the commencement of the proceeding. The Borrower Trustor agrees that in the event of a sale under the power of sale hereunder, the Lender Beneficiary shall have the right to bid thereat. The Trustee may require that the successful bidder at any sale deposit immediately with the Trustee cash or certified check in an amount not to exceed ten percent (10%) of the bid, provided notice of such requirement is contained in the advertisement of sale. The bid may be rejected if the deposit is not immediately made, and thereupon the next highest bidder may be declared to be the purchaser. Such deposit shall be refunded in case a resale is had; otherwise, it shall be applied to the purchase price. If personal property is sold hereunder, it need not be at the place of sale; the published notice, however, shall state the time and place where such personal property may be inspected prior to sale. (2ii) Notwithstanding the provisions of Section 11 4.02 of this Security Instrument, the proceeds of any sale of the Mortgaged Property pursuant to the power of sale contained herein shall be applied first to the costs and expenses of foreclosure, including, but not limited to a Trustee's commission equal to five percent (5%) of the highest bid and to all costs, expenses and reasonable attorney's attorneys' fees incurred by the Lender Trustee and by the Beneficiary in connection with such sale, with the remaining proceeds to be applied as provided in Section 11 4.02 of this Security Instrument. If a proceeding for sale pursuant to the power of sale contained herein is commenced by Trustee but terminated prior to its completion or is otherwise not completed, the Trustor shall pay all expenses incurred by Trustee, including reasonable attorneys' fees and a partial Trustee's commission equal to the greater of (A) the reasonable time and expense charges of such Trustee and (B) an amount computed on the basis of a percentage of the fair market value of the Mortgaged Property (as such fair market value shall be agreed upon by Trustor and Beneficiary, or if not agreed upon, then as determined by the Clerk of the Superior Court with jurisdiction over such matters, upon evidence submitted by the parties) in accordance with the following schedule, to wit: one tenth of one percent (.1%) of such fair market value before the Trustee issues a notice of hearing on the right to sell; eleven one hundredths of one percent (.11%) of such fair market value after issuance of said notice; twelve one hundredths of one percent (.12%) of such fair market value after such hearing; and thirteen one hundredths of one percent (.13%) of such fair market value after the initial sale.

Additional Provisions Regarding Power of Sale. (1i) In exercising the power of sale herein conferred, after having been instructed by the Lender to do so, the Trustee shall comply with all applicable laws in effect with respect to the exercise of powers of sale contained in deeds of trust as of the date of the commencement of the proceeding. The Borrower agrees that in the event of a sale under the power of sale hereunder, the Lender shall have the right to bid thereat. The Trustee may require that the successful bidder at any sale deposit immediately with the Trustee cash or certified check in an amount not to exceed ten percent (10%) of the bid, provided notice of such requirement is contained in the advertisement of sale. The bid may be rejected if the deposit is not immediately made, and thereupon the next highest bidder may be declared to be the purchaser. Such deposit shall be refunded in case a resale is had; otherwise, it shall be applied to the purchase price. If personal property is sold hereunder, it need not be at the place of sale; the published notice, however, shall state the time and place where such personal property may be inspected prior to sale. (2ii) Notwithstanding the provisions of Section 11 20 of this Security InstrumentMortgage, the proceeds of any sale of the Mortgaged Property pursuant to the power of sale contained herein shall be applied first to the costs and expenses of foreclosure, including, but not limited to a Trustee's commission and to all costs, expenses and reasonable attorney's fees incurred by the Lender in connection with such sale, with the remaining proceeds to be applied as provided in Section 11 21 of this Security InstrumentMortgage.