Common use of Exercise of Power of Sale Clause in Contracts

Exercise of Power of Sale. Upon receipt of such notice from the Beneficiary, the Trustee shall cause to be recorded, published and delivered to the Grantor such Notice of Default and Election to Sell as then required by Chapter 107 of the Nevada Revised Statutes ("NRS"), or any successor statutes. The Trustee shall, without demand on the Grantor, after lapse of such time as may be required by law and after recordation of such Notice of Default and Election to Sell first give notice of the time and place of such sale, in the manner provided by the laws of the State of Nevada for the sale of real property under execution, and may from time to time postpone such sale by such advertisement as it may deem reasonable, or without further advertisement, by proclamation made to the persons assembled at the time and place previously appointed and advertised for such sale, and on the day of sale so advertised, or to which such sale may have been postponed, the Trustee may sell the Trust Property so advertised, at public auction, at the time and place specified in the notice, either in the county in which the Trust Property, or any part thereof, to be sold, is situated, or at the principal office of the Trustee located in Xxxxx County, State of Nevada, in its discretion, to the highest cash bidder (subject to the Beneficiary's right to credit upon the amount of the bid made therefor the amount payable to it). The Trustee shall execute and deliver to the purchaser a trustee's deed conveying the Trust Property so sold, but without any covenant of warranty, express or implied. The recitals in the trustee's deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including the Beneficiary, may bid at the sale, and Beneficiary shall have the right to credit upon the amount of the bid made therefor the amount payable to it out of the net proceeds of such sale. All other sales shall be, to the extent permitted by applicable law, on a cash basis. The Trustee shall apply the proceeds of the sale to payment of (a) the costs and expenses of exercising the power of sale and of the sale, including the payment of the Trustee's, and both the Trustee's and the Beneficiary's attorneys', fees and costs; (b) the cost of any evidence of title procured in connection with such sale; (c) all sums expended under the terms hereof in conjunction with any default provision hereunder, not then repaid, with accrued interest at the rate then provided for in the Note; (d) all sums then secured by this Deed of Trust, including interest and principal on the Note; and (e) the remainder, if any, to the person or persons legally entitled thereto, or the Trustee, in the Trustee's discretion, may deposit the balance of such proceeds with the County Clerk of the county wherein the Trust Property is located.

Exercise of Power of Sale. Upon receipt of such notice from the Beneficiary, the Trustee shall cause to be recorded, published and delivered to the Grantor such Notice of Default and Election to Sell as then required by Chapter 107 of the Nevada Revised Statutes ("“NRS"”), or any successor statutes. The Trustee shall, without demand on the Grantor, after lapse of such time as may be required by law and after recordation of such Notice of Default and Election to Sell first give notice of the time and place of such sale, in the manner provided by the laws of the State of Nevada for the sale of real property under execution, and may from time to time postpone such sale by such advertisement as it may deem reasonable, or without further advertisement, by proclamation made to the persons assembled at the time and place previously appointed and advertised for such sale, and on the day of sale so advertised, or to which such sale may have been postponed, the Trustee may sell the Trust Property so advertised, at public auction, at the time and place specified in the notice, either in the county in which the Trust Property, or any part thereof, to be sold, is situated, or at the principal office of the Trustee located in Xxxxx County, State of Nevada, in its discretion, to the highest cash bidder (subject to the Beneficiary's ’s right to credit upon the amount of the bid made therefor the amount payable to it). The Trustee shall execute and deliver to the purchaser a trustee's ’s deed conveying the Trust Property so sold, but without any covenant of warranty, express or implied. The recitals in the trustee's ’s deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including the Beneficiary, may bid at the sale, and Beneficiary shall have the right to credit upon the amount of the bid made therefor the amount payable to it out of the net proceeds of such sale. All other sales shall be, to the extent permitted by applicable law, on a cash basis. The Trustee shall apply the proceeds of the sale to payment of (a) the costs and expenses of exercising the power of sale and of the sale, including the payment of the Trustee's’s, and both the Trustee's ’s and the Beneficiary's ’s attorneys'’, fees and costs; (b) the cost of any evidence of title procured in connection with such sale; (c) all sums expended under the terms hereof in conjunction with any default provision hereunder, not then repaid, with accrued interest at the rate then provided for in the Note; (d) all sums then secured by this Deed of Trust, including interest and principal on the Note; and (e) the remainder, if any, to the person or persons legally entitled thereto, or the Trustee, in the Trustee's ’s discretion, may deposit the balance of such proceeds with the County Clerk of the county wherein the Trust Property is located.