Common use of Application of Proceeds of Foreclosure Sale Clause in Contracts

Application of Proceeds of Foreclosure Sale. The proceeds from any sale, lease or other disposition made pursuant to Section 17 or the proceeds from the surrender of any insurance policies pursuant hereto, or any Rents collected by Agent from the Property, or, subject to Section 5(a) hereof, proceeds from insurance which Agent or Lender elects to apply to the Indebtedness, shall be applied by Agent or by Lender, as the case may be, to the Indebtedness in the following order and priority: (i) to the payment of all expenses of advertising, selling, and conveying the Property or part thereof, and/or prosecuting or otherwise collecting Rents, proceeds, premiums, or other sums including reasonable attorneys’ fees, not to exceed one percent (1%) of the proceeds thereof or sums so received; (ii) to the remainder of the Indebtedness in the order of priority set forth in the Note with the excess, if any, being applied, to any party entitled thereto as their rights may appear. The application of proceeds of sale or other proceeds as otherwise provided herein shall be deemed to be payment of the Indebtedness like any other payment. The balance of the Indebtedness remaining unpaid, if any, shall remain fully due and owing in accordance with the terms of the Note or other Loan Documents.