Disclaimer of Warranties and Sales on Credit. In connection with any foreclosure sale of the Collateral, Bank may specifically disclaim any warranties of title or the like. This procedure will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. If Bank sells any of the Collateral upon credit, Borrower will be credited only with payments actually made by the purchaser, received by Bank and applied to the indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, Bank may resell the Collateral and Borrower shall be credited with the proceeds of the sale.
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Samples: Loan Agreement (United Development Funding Income Fund V), Loan Agreement (United Development Funding IV), Loan Agreement (United Development Funding IV)
Disclaimer of Warranties and Sales on Credit. In connection with any foreclosure sale of the Collateral, Bank Lender may specifically disclaim any warranties of title or the like. This procedure will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. If Bank Lender sells any of the Collateral upon credit, Borrower will be credited only with payments actually made by the purchaser, received by Bank Lender and applied to the indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, Bank Lender may resell the Collateral and Borrower shall be credited with the proceeds of the sale.
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Samples: Loan Agreement (United Development Funding IV), Loan Agreement (United Development Funding IV)
Disclaimer of Warranties and Sales on Credit. In connection with any foreclosure sale of the Collateral, Bank Lender may specifically disclaim any warranties of title or the like. This procedure will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. If Bank Lender sells any of the Collateral upon credit, Borrower will be credited only with payments actually made by the purchaser, received by Bank Lender and applied to the indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, Bank Lender may resell the Collateral Collateral, and Borrower shall be credited with the proceeds of the such sale.
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