Deficiency on Foreclosure Clause Samples

Deficiency on Foreclosure. In case of a foreclosure sale of all or any part of the Property and of the application of the proceeds of sale towards payment of the Secured Obligations, Mortgagee shall be entitled to enforce payment from Mortgagor of all amounts then remaining due and unpaid and to recover judgment against Mortgagor for any portion remaining unpaid, with interest, if and to the fullest extent permitted by the law of the State of New Mexico. If permitted by applicable law, all such deficiency amounts shall bear interest at the Overdue Rate specified in the Facility Agreement before and after the entry of any judgment. In addition, Mortgagee shall be entitled to recovery of its costs in connection with such proceedings, including reasonable attorneys’ fees (including, expressly, costs of services of paralegals). This provision shall survive any foreclosure or sale of the Property or the extinguishment of the lien.