FORECLOSURE AND SALE OF THE PROPERTY Clause Samples
The 'Foreclosure and Sale of the Property' clause outlines the lender's right to take possession of and sell the property if the borrower defaults on their loan obligations. Typically, this clause details the conditions under which foreclosure can occur, the process for notifying the borrower, and the steps leading up to the public sale of the property to recover the outstanding debt. Its core function is to provide a clear legal mechanism for the lender to recoup losses in the event of non-payment, thereby allocating risk and ensuring the enforceability of the loan agreement.
POPULAR SAMPLE Copied 1 times
FORECLOSURE AND SALE OF THE PROPERTY. This deed of trust shall be construed to impose and confer upon the parties hereto, and the Beneficiaries hereunder, all duties, rights and obligations as set forth in Section 55-59, and 55-59.1 through 55-59.4 and 55-60 of the Code of Virginia as now in force and (to the extent that any amendment thereof shall not limit the rights of the Trustees or Beneficiaries hereunder or the obligations of the Grantor) as hereafter amended; and further to incorporate herein the following provisions by the short form references below, of Sections 55-59 and 55-59.1 through 55-59.4 and 55-60 of the Code of Virginia: ADVERTISEMENT REQUIRED: Four times in a newspaper published or having general circulation in Northumberland County BIDDER’S DEPOSIT: of Ten Percent (10%) may be required. EXEMPTIONS WAIVED. SUBJECT TO CALL UPON DEFAULT. RENEWAL OR EXTENSIONS PERMITTED. Grantor acknowledges that Beneficiary will have the right to seek a deficiency judgment in the event of default, sale of the property and Beneficiary not being made whole from the proceeds of such sale.
FORECLOSURE AND SALE OF THE PROPERTY. Trustee shall, at the request of Secured Party, sell on any secular day chosen by the Trustee, the Property conveyed, or a sufficiency thereof, to satisfy the Indebtedness at public outcry to the highest bidder for cash. Sale of the property shall be advertised for three consecutive weeks preceding the sale in a newspaper published in the county where the Property is situated, or if none is so published, then in some newspaper having general circulation therein, and by posting a notice for the same time at the courthouse of the same county. The notice and advertisement shall disclose the name of the original Debtors in this Deed of Trust. Debtors waive the provisions of Section 89-1-55 of the Mississippi Code of 1972 as amended, if any, as far as this section restricts the right of Trustee to offer at sale more than 160 acres at a time, and Trustee may offer the Property herein conveyed as a whole, regardless of how it is described. If the Property is situated in two or more counties, or in two judicial districts of the same county, Trustee shall have full power to select in which county, or judicial district, the sale of the Property is to be made, newspaper advertisement published and notice of sale posted, and Trustee’s selection shall be binding upon Debtor and Secured Party. Grantor acknowledges that Beneficiary will have the right to seek a deficiency judgment in the event of default, sale of the property and Beneficiary not being made whole from the proceeds of such sale.