Application of the Proceeds of Sale Clause Samples
Application of the Proceeds of Sale. Except as herein otherwise expressly provided, the moneys arising from any sale or realization of the whole or any part of the Mortgaged Premises, whether under any sale or disposal by the Trustee or by judicial process or otherwise, shall be applied, together with any other moneys then in the hands of the Trustee available for such purpose, in the first place to pay or reimburse to the Trustee the costs, charges, expenses, borrowings, advances and compensation of the Trustee in or about the execution of its trusts or otherwise in relation to these presents with interest thereon as herein provided, and the residue of the said moneys shall be applied in the following order:
9.4.1. firstly, to pay any claim or debt which by [YOUR COUNTRY LAW] or under this Deed is payable by preference over the amounts due to the Debenture holders or which is entitled to a lien or security prior to that of the Debenture holders;
9.4.2. secondly, to pay in full the principal of and accrued interest on the Series A Debentures; 9
Application of the Proceeds of Sale. Upon any public sale pursuant to ----------------------------------- the aforementioned power of sale and agency, the proceeds of said sale shall be applied as provided by law. In the event that such proceeds are insufficient to pay all costs and expenses of sale, METLIFE may advance such sums as it 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 shall be a part of the Indebtedness, payable on demand with interest at the rate provided in the Note as applicable upon default. Borrower shall remain liable for any deficiency resulting if the proceeds of sale are inadequate to repay the Indebtedness.
Application of the Proceeds of Sale. Upon any such public sale pursuant to the aforementioned power of sale and agency, the proceeds of said sale are applied first to payment of the reasonable expenses of such sale and of all proceedings in connection therewith, including reasonable attorneys’ fees, then to that portion of the indebtedness secured hereby which represents accrued unpaid interest and late charges, then to the remaining indebtedness secured hereby, and finally, the remainder, if any, are paid to the Grantor.
Application of the Proceeds of Sale. Upon any such public sale pursuant to the aforementioned power of sale and agency, the proceeds of such sale shall be applied first to the expenses of such sale and all proceedings in connection therewith (including attorneys' fees in the amount of 15% of the principal and interest due under the Note if the foreclosure is referred to or handled by an attorney-at-law), then to payment of the indebtedness secured hereby and all accrued interest thereon, then to insurance premiums, liens, assessments, taxes and charges, including utility charges, with accrued interest thereon, and the remainder, if any, shall be paid to Grantor or other person entitled thereto.