Deeds; Foreclosure Clause Samples

Deeds; Foreclosure. The Borrower shall, simultaneously with the execution of this Agreement, deliver to Lender (or its nominee, FSM, Inc.) a non-merger deed in lieu of foreclosure (the "Deed") to the real property described in the Indenture (the "Premises"), together with such estoppel certificates as the Lender may require, which Lender shall immediately record. Lender may, in its sole discretion and at such time as it may elect following recordation of the Deed, foreclose the Indenture, by notice of sale or by judicial process, to defray the unpaid balance of the Notes and, to the extent its consent may be required, the Borrower shall and does hereby consent to judgment in favor of Lender in an amount equal to the outstanding debt due Lender in any foreclosure action by judicial process; provided, in the event of foreclosure by judicial process, Lender waives and shall not be entitled to a deficiency judgment against the Borrower. The parties specifically acknowledge and agree that delivery of the Deed shall not merge with or cause a termination or discharge of the Indenture or be deemed a satisfaction of the Notes to the extent a foreclosure of the Indenture is determined to be necessary by Lender.