Common use of Application of Indebtedness Toward Purchase Price Clause in Contracts

Application of Indebtedness Toward Purchase Price. If Grantee purchases the Property pursuant to foreclosure, power of sale or otherwise, then Grantee may, in lieu of cash, apply all or any portion of the sums due to Grantee under the Loan Agreement and this Indenture or any other instrument securing the Indebtedness, to the unpaid balance of the purchase price remaining after payment of any portion of the purchase price required to be paid in cash, and the costs and expenses of the sale, compensation and other charges relating to the sale.