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

Application of Proceeds of Foreclosure Sale. The proceeds of any foreclosure (or partial foreclosure) sale of the Premises shall be distributed and applied in the following order of priority: first, to all costs and expenses incident to the foreclosure proceedings, including all such items as are mentioned in Paragraph 15 above; second, to all other items which may under the terms hereof constitute secured indebtedness additional to that evidenced by the Note, with interest thereon as provided herein or in the other Loan Documents; third, to all principal and interest remaining unpaid on the Note; and fourth, any surplus to Mortgagor, its successors or assigns, as their rights may appear or to any other party legally entitled thereto.

Application of Proceeds of Foreclosure Sale. The proceeds of any foreclosure (or partial foreclosure) sale of the Premises shall be distributed and applied in the following order of priority: first, to on account of all costs and expenses incident to the foreclosure proceedings, including all such items as are mentioned in Paragraph 15 aboveSection 14 hereof; second, to all other items which may under the terms hereof or the Loan Agreement constitute secured indebtedness additional to that evidenced by the Note, with interest thereon as provided herein or in the other Loan DocumentsAgreement; third, to all principal and interest remaining unpaid on the Note; and fourth, any surplus overplus to Mortgagor, its successors or assigns, as their rights may appear or to any other party legally entitled theretoappear.