Common use of Application of Foreclosure Sale Proceeds Clause in Contracts

Application of Foreclosure Sale Proceeds. The proceeds of such sale or sales under this Deed of Trust, whether under the assent to a decree, the power of sale, or by equitable foreclosure, shall be held by Trustee and applied as follows: FIRST, to pay (A) all Expenses incurred in connection with such sale or in preparing the Property for such sale and of obtaining possession including, among other things, reasonable counsel fees shall be allowed and paid out of the proceeds of such sale or sales as the court having jurisdiction may deem proper, (B) a reasonable commission and expenses to the Trustee, and (C) all taxes, levies, assessments or other charges relating to the Property which have or in the opinion of Trustee may have, priority over the lien of this Deed of Trust, including the pro rata portion thereof applicable to the taxable period during which any payment is made pursuant to this subsection; SECOND, to pay all of the Secured Obligations and all interest then due and accrued thereon, which shall include interest through the date of ratification of the auditor’s account; THIRD, to pay the amount of any liens of record inferior to this Deed of Trust, together with lawful interest, and lawful claims of third parties against the proceeds of any sale; and LASTLY, to pay the surplus, if any, to Grantor or any person or entity entitled thereto unless otherwise required by law or directed by a court of competent jurisdiction. In the event that the proceeds of any such sale or sales, together with all other monies at the time held by Trustee under this Deed of Trust, are insufficient to pay the foregoing costs and expenses, Lender may, at its sole option, advance such sums as Lender in its sole and absolute discretion shall determine for the purpose of paying all or any part of such costs and expenses, and all such sums so advanced shall be (A) a lien against the Property, (B) added to the amount due under the Note and secured by this Deed of Trust, and (C) payable on demand with interest at the rate of interest applicable to the principal balance of the Note, from and including the date each such advance is made. In any event, Grantor shall be liable to Lender for any deficiency if the proceeds of any such sale or sales are insufficient to pay, in full, all amounts to be distributed pursuant to the clauses FIRST through SECOND above.

Application of Foreclosure Sale Proceeds. The proceeds of such sale or sales under this Deed of Trust, whether under the assent to a decree, the power of sale, or by equitable foreclosure, shall be held by Trustee and applied as follows: FIRST, to pay FIRST (A) all Expenses incurred in connection with such sale or in preparing the Property Trust Estate for such sale and of obtaining possession including, among other things, reasonable counsel fees reasonably incurred shall be allowed and paid out of the proceeds of such sale or sales as the court having jurisdiction may deem proper, (B) a reasonable commission the Trustee's Commission (hereinafter defined) and expenses to the Trustee, and (C) all taxes, taxes levies, assessments or other charges relating to the Property Trust Estate which have or in the opinion of Trustee may have, priority over the lien of this Deed of Trust, including the pro rata portion thereof applicable to the taxable period during which any payment is made pursuant to this subsection; SECOND, to pay all of the Secured Obligations and all interest then due and accrued thereon, which shall include interest through the date of ratification of the auditor’s 's account; THIRD, to pay the amount of any liens of record inferior to this Deed of Trust, together with lawful interest, and lawful claims of third parties against the proceeds of any sale; and LASTLY, to pay the surplus, if any, to Grantor or any person or entity entitled thereto unless otherwise required by law or directed by a court of competent jurisdiction. In the event that the proceeds of any such sale or sales, together with all other monies at the time held by Trustee under this Deed of Trust, are insufficient to pay the foregoing costs and expenses, Lender Beneficiary may, at its sole option, advance such sums as Lender Beneficiary in its sole and absolute discretion shall determine for the purpose of paying all or any part of such costs and expenses, and all such sums so advanced shall be (A) a lien against the PropertyTrust Estate, (B) added to the amount due under the Note and secured by this Deed of Trust, and (C) payable on demand with interest at the rate of interest applicable to the principal balance of the Note, from and including the date each such advance is made. In any event, Grantor shall be liable to Lender Beneficiary for any deficiency if the proceeds of any such sale or sales are insufficient to pay, in full, all amounts to be distributed pursuant to the clauses FIRST through SECOND clause above. Grantor shall pay to Trustee a commission in the amount of two and one half percent (2.5%) of the then-outstanding debt secured hereby if the Trust Estate is advertised for sale under the provisions of this Deed of Trust and is not sold, and the Grantor shall also pay or reimburse Trustee for all of Trustee's expenses and disbursements hereunder regardless of whether the Trust Estate is sold (the "Trustee's Commission").

Application of Foreclosure Sale Proceeds. The proceeds of such sale or sales under this Deed of TrustSecurity Instrument, whether under the assent to a decree, the power of sale, or by equitable foreclosure, shall be held by Trustee and applied as follows: FIRST, to pay FIRST (A) all Expenses incurred in connection with such sale or in preparing the Property for such sale and of obtaining possession including, among other things, reasonable counsel fees reasonably incurred shall be allowed and paid out of the proceeds of such sale or sales as the court having jurisdiction may deem propersales, (B) a reasonable commission the Trustee’s Commission (hereinafter defined) and expenses to the Trustee, and (C) all taxes, levies, assessments or other charges relating to the Property which have or in the opinion of Trustee may have, priority over the lien of this Deed of TrustSecurity Instrument, including the pro rata portion thereof applicable to the taxable period during which any payment is made pursuant to this subsection; SECOND, to pay all of the Secured Obligations Debt and all interest then due and accrued thereon, which shall include interest through the date of ratification of the auditor’s account; THIRD, to pay the amount of any liens of record inferior to this Deed of TrustSecurity Instrument, together with lawful interest, and lawful claims of third parties against the proceeds of any sale; and LASTLY, to pay the surplus, if any, to Grantor Borrower or any person or entity entitled thereto unless otherwise required by law or directed by a court of competent jurisdiction. In the event that the proceeds of any such sale or sales, together with all other monies at the time held by Trustee under this Deed of TrustSecurity Instrument, are insufficient to pay the foregoing costs and expenses, Lender may, at its sole option, advance such sums as Lender in its sole and absolute discretion shall determine for the purpose of paying all or any part of such costs and expenses, and all such sums so advanced shall be (A) a lien against the Property, (B) added to the amount due under the Note and secured by this Deed of TrustSecurity Instrument, and (C) payable on within five (5) days after demand with interest at the rate of interest applicable to the principal balance of the Note, from and including the date each such advance is made. In any event, Grantor Borrower shall be liable to Lender for any deficiency if the proceeds of any such sale or sales are insufficient to pay, in full, all amounts to be distributed pursuant to the clauses FIRST Clauses First through SECOND Second above. Borrower shall pay to Trustee a commission in the amount of $10,000.00 if the Property is advertised for sale under the provisions of this Security Instrument and is not sold, and the Borrower shall also pay or reimburse Trustee for all of Trustee’s reasonable out-of-pocket expenses and disbursements hereunder regardless of whether the Property is sold (the “Trustee’s Commission”).

Application of Foreclosure Sale Proceeds. The proceeds of such sale or sales under this Deed of Trust, whether under the assent to a decree, the power of sale, or by equitable foreclosure, shall be held by Trustee Trustees and applied as follows: FIRST, to pay FIRST (A) all Expenses incurred in connection with such sale or in preparing the Property for such sale and of obtaining possession including, among other things, reasonable counsel fees reasonably incurred shall be allowed and paid out of the proceeds of such sale or sales as the court having jurisdiction may deem proper, (B) a reasonable commission the Trustees' Commission (hereinafter defined) and expenses to the Trustee, and (C) all taxes, levies, assessments or other charges relating to the Property which have or in the opinion of Trustee may have, priority over the lien of this Deed of Trust, including the pro rata portion thereof applicable to the taxable period during which any payment is made pursuant to this subsection; SECOND, to pay all of the Secured Obligations Debt and all interest then due and accrued thereon, which shall include interest through the date of ratification of the auditor’s 's account; THIRD, to pay the amount of any liens of record inferior to this Deed of Trust, together with lawful interest, and lawful claims of third parties against the proceeds of any sale; and LASTLY, to pay the surplus, if any, to Grantor Borrower or any person or entity Person entitled thereto unless otherwise required by law or directed by a court of competent jurisdiction. In the event that the proceeds of any such sale or sales, together with all other monies at the time held by Trustee Trustees under this Deed of Trust, are insufficient to pay the foregoing costs and expenses, Lender may, at its sole option, advance such sums as Lender in its sole and absolute discretion shall determine for the purpose of paying all or any part of such costs and expenses, and all such sums so advanced shall be (A) a lien against the Property, (B) added to the amount due under the Note and secured by this Deed of Trust, and (C) payable on demand with interest at the rate of interest applicable to the principal balance of the Note, from and including the date each such advance is made. In any event, Grantor Borrower shall be liable to Lender for any deficiency if the proceeds of any such sale or sales are insufficient to pay, in full, all amounts to be distributed pursuant to the clauses FIRST through SECOND clause above. Borrower shall pay to Trustees a commission in the amount of two and one half percent (2.5%) of the then-outstanding debt secured hereby if the Property is advertised for sale under the provisions of this Deed of Trust and is not sold, and the Borrower shall also pay or reimburse Trustees for all of Trustees' expenses and disbursements hereunder regardless of whether the Property is sold (the "Trustees' Commission").

Application of Foreclosure Sale Proceeds. The proceeds of such sale or sales under this Deed of Trust, whether under the assent to a decree, the power of sale, or by equitable foreclosure, shall be held by Trustee and applied as follows: FIRST, to pay FIRST (A) all Expenses incurred in connection with such sale or in preparing the Property for such sale and of obtaining possession including, among other things, reasonable counsel fees reasonably incurred shall be allowed and paid out of the proceeds of such sale or sales as the court having jurisdiction may deem propersales, (B) a reasonable commission the Trustee's Commission (hereinafter defined) and expenses to the Trustee, and (C) all taxes, levies, assessments or other charges relating to the Property which have or in the opinion of Trustee may have, priority over the lien of this Deed of Trust, including the pro rata portion thereof applicable to the taxable period during which any payment is made pursuant to this subsection; SECOND, to pay all of the Secured Obligations and all interest then due and accrued thereon, which shall include interest through the date of ratification of by the auditor’s accountCommissioner of Accounts; THIRD, to pay the amount of any liens of record inferior to this Deed of Trust, together with lawful interest, and lawful claims of third parties against the proceeds of any sale; and LASTLY, to pay the surplus, if any, to Grantor Mortgagor or any person or entity entitled thereto unless otherwise required by law or directed by a court of competent jurisdiction. In the event that the proceeds of any such sale or sales, together with all other monies at the time held by Trustee under this Deed of Trust, are insufficient to pay the foregoing costs and expenses, Lender Beneficiary may, at its sole option, advance such sums as Lender Beneficiary in its sole and absolute discretion shall determine for the purpose of paying all or any part of such costs and expenses, and all such sums so advanced shall be (A) a lien against the Property, (B) added to the amount due under the Note and secured by this Deed of Trust, and (C) payable on within five (5) days after demand with interest at the rate of interest applicable to the principal balance of the Note, from and including the date each such advance is made. In any event, Grantor Mortgagor shall be liable to Lender Beneficiary for any deficiency if the proceeds of any such sale or sales are insufficient to pay, in full, all amounts to be distributed pursuant to the clauses Clauses FIRST through SECOND above. Mortgagor shall pay to Trustee a commission in the amount of five percent (5%) if the Property is advertised for sale under the provisions of this Deed of Trust and is sold, and one percent (!%) if the Property is advertised for sale under the provisions of this Deed of Trust and is not sold, and in either case the Mortgagor shall also pay or reimburse Trustee for all of Trustee's reasonable out-of-pocket expenses and disbursements hereunder regardless of whether the Property is sold (the "Trustee's Commission").

Application of Foreclosure Sale Proceeds. The proceeds of such sale or sales under this Deed of Trust, whether under the assent to a decree, the power of sale, or by equitable foreclosure, shall be held by Trustee Trustees and applied as follows: FIRST, to pay (A) to pay all Expenses incurred in connection with such sale or in preparing the Property for such sale and of obtaining possession including, among other things, reasonable counsel fees shall be allowed and paid out of the proceeds of such sale or sales as the court having jurisdiction may deem properand/or paid, (B) to pay Trustees a reasonable commission and expenses equal to the Trusteelesser of (x) one percent (1%) of the amount of the Debt and (y) $100,000.00, and or such lesser amount as shall be designated by Lender in its sole discretion, (C) to pay all taxes, levies, assessments or other charges relating to the Property which have or in the opinion of Trustee may have, priority over the lien of this Deed of Trust, including the pro rata portion thereof applicable to the taxable period during which any payment is made pursuant to this subsection, and (D) to pay any other lien or encumbrance prior to the legal operation or effect of this Deed of Trust, unless such sale is made subject to any such lien or encumbrance; SECOND, to pay all of the Secured Obligations other Debt and all interest then due and accrued thereon, which shall include interest through the date of ratification of the auditor’s accountaccount whether the same shall be due or not, it being agreed that the Note shall, upon such sale being made before the maturity of the Note, be and become immediately due and payable at the election of Borrower; THIRD, to pay the amount of any liens of record inferior to this Deed of Trust, together with lawful interest, and lawful claims of third parties against the proceeds of any sale; and LASTLY, to pay the surplusremainder of said proceeds, if any, to Grantor Borrower or any person or entity other party entitled thereto unless otherwise required by law or directed by a court of competent jurisdiction. In the event that the proceeds of any such sale or sales, together with all other monies at the time held by Trustee Trustees under this Deed of Trust, are insufficient to pay the foregoing costs costs, expenses and expensesamounts, Lender may, at its sole option, advance such sums as Lender in its sole and absolute discretion shall determine for the purpose of paying all or any part of such costs costs, expenses and expensesamounts, and all such sums so advanced shall be (A) a lien against the Property, (B) added to the amount due under the Note and secured by this Deed of Trust, and (C) payable on demand with interest at the rate of interest then applicable to the principal balance of the Note, from and including the date each such advance is made. In any eventthe event the Property is advertised for sale under this Deed of Trust and is not sold, Grantor then Borrower shall be liable pay to Lender for any deficiency if the proceeds of any such sale or sales are insufficient to pay, in full, all amounts to be distributed pursuant Trustees a commission equal to the clauses FIRST through SECOND abovelesser of (x) one percent (1%) of the aggregate amount of the Debt outstanding and (y) $100,000, or such lesser amount as may be designated by Lender in its sole discretion, and Borrower shall also pay to Trustees all reasonable expenses and disbursements incurred and made by Trustees in connection with the subject proposed sale.