Common use of Application of Foreclosure Proceeds Clause in Contracts

Application of Foreclosure Proceeds. In the event of a foreclosure (non-judicial or judicial) of any of the Mortgages encumbering any of the Individual Properties, each Borrower agrees that Lender shall have full and complete discretion to apply any proceeds from the sale of the applicable Individual Property, after (i) payment of any and all costs of foreclosure, (ii) payment of attorneys’ and trustee’s fees, (iii) payment of any other sums required to be paid under applicable Laws, and (iv) satisfaction of the foreclosed obligation and (any such remaining proceeds being defined as the “Excess Proceeds”) to the prepayment or repayment (together with applicable Prepayment Premium, if any) of the indebtedness evidenced by any of the other Notes. Each Borrower hereby irrevocably assigns, transfers and conveys to Lender any and all of its right, title and interest in and to the Excess Proceeds and consents to the prepayment or repayment of indebtedness herein above provided. Each Borrower hereby waives any right to require Lender to (i) marshal any assets of any Borrower (including, without limitation, the Individual Properties), or (ii) any right to require a sale in inverse order of alienation in the event of foreclosure of the Liens and security interests created by the Mortgages or any of the other Loan Documents.

Application of Foreclosure Proceeds. In the event of a foreclosure (non-judicial or judicial) of any of the Mortgages encumbering any of the Individual Properties, each Borrower of Borrowers and Gatlinburg Obligor agrees that Lender shall have full and complete discretion to apply any proceeds from the sale of the applicable Individual Property, after (i) payment of any and all costs of foreclosure, (ii) payment of attorneys’ and trustee’s fees, (iii) payment of any other sums required to be paid under applicable Laws, and (iv) satisfaction of the foreclosed obligation and (any such remaining proceeds being defined as the “Excess Proceeds”) to the prepayment or repayment (together with applicable Prepayment Premium, if any) of the indebtedness evidenced by any of the other Notes. Each Borrower of Borrowers and Gatlinburg Obligor hereby irrevocably assigns, transfers and conveys to Lender any and all of its right, title and interest in and to the Excess Proceeds and consents to the prepayment or repayment of indebtedness herein above provided. Each Borrower of Borrowers and Gatlinburg Obligor hereby waives any right to require Lender to (i) marshal any assets of any Borrower of Borrowers or Gatlinburg Obligor (including, without limitation, the Individual Properties), or (ii) any right to require a sale in inverse order of alienation in the event of foreclosure of the Liens and security interests created by the Mortgages or any of the other Loan Documents.

Application of Foreclosure Proceeds. In the event of a foreclosure (non-judicial or judicial) of any of the Deeds of Trust or Mortgages encumbering any of the Individual PropertiesFacilities, each Borrower agrees that Lender shall have full and complete discretion to apply any proceeds from the sale of the applicable Individual PropertyFacility, after (i) payment of any and all costs of foreclosure, (ii) payment of attorneys’ ' and trustee’s 's fees, (iii) payment of any other sums required to be paid under applicable Laws, and (iv) after satisfaction of the foreclosed obligation and (any such remaining proceeds being defined as the “"Excess Proceeds”") to the prepayment or repayment (together with applicable Prepayment Premium, if any) of the indebtedness evidenced by any of the other Notes. Each Notes Borrower hereby irrevocably assigns, transfers and conveys to Lender any and all of its right, title and interest in and to the Excess Proceeds and consents to the prepayment or repayment of indebtedness herein above hereinabove provided. Each Borrower hereby waives any right to require Lender to (i) marshal any assets of any Borrower (including, without limitation, the Individual Properties), Facilities or (ii) any right to require a sale in inverse order of alienation in the event of foreclosure of the Liens liens and security interests created by the Deeds of Trust, the Mortgages or any of the other Loan Documents.