Common use of Application of Foreclosure Sale Proceeds Clause in Contracts

Application of Foreclosure Sale Proceeds. If any foreclosure sale is effected, Beneficiary shall apply the proceeds of such sale in the following order of priority: First, to the costs, fees and expenses of exercising the power of sale, including, without limitation, the payment of reasonable attorneys’ fees; Second, to the payment of the Secured Obligations which are secured by this Deed of Trust, in such order as Beneficiary shall determine in its sole discretion; and Third, to Trustor or Trustor’s successor in interest, or in the event the Property has been sold or transferred to another, to the vested owner of record at the time of judicial or nonjudicial foreclosure sale or to such other persons as may be entitled thereto by law.

Application of Foreclosure Sale Proceeds. If any foreclosure sale is effected, Beneficiary Mortgagee shall apply the proceeds of such sale in the following order of priority: First, to the costs, fees and expenses of exercising the power of saleexpenses, including, without limitation, the payment of reasonable attorneys’ fees; Second, to the payment of the Secured Obligations which are secured by this Deed of TrustMortgage, in such order as Beneficiary Mortgagee shall determine in its sole discretion; and Third, to Trustor Mortgagor or TrustorMortgagor’s successor in interest, or in the event the Property has been sold or transferred to another, to the vested owner of record at the time of judicial or nonjudicial foreclosure sale or to such other persons as may be entitled thereto by law.