Common use of Foreclosure and Sale Clause in Contracts

Foreclosure and Sale. If an Event of Default shall occur and be continuing, Beneficiary shall have the right and option to with foreclosure by power of sale in accordance with California Civil Code Section 2924 or other applicable law by notice to Trustee and shall, if required, deposit with Trustee the Note, the original or a certified copy of this Deed of Trust, and such other documents, receipts and evidences of expenditures made and secured hereby as Trustee may require. Upon receipt of such notice from Beneficiary, Trustee shall cause to be recorded and delivered to Trustor such notice of default as may then be required by law and by this Deed of Trust. Trustee shall, without demand on Trustor, after lapse of such time as may then be required by law and after recordation of such notice of default and after notice of sale has been given as required by law, sell the Trust Property or any portion thereof at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate lots or parcels or items as Trustee shall deem expedient, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United State (or other cash equivalent as is acceptable to Trustee and Beneficiary) payable at the time of sale. Trustee shall deliver to the purchaser or purchasers at such sale its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including, without limitation, Trustor, Trustee or Beneficiary, may purchase at such sale, and Trustor hereby covenants to warrant and defend the title of such purchaser or purchasers. Trustee may postpone the sale of all or any portion of the Trust Property from time to time in accordance with the laws of the State of California. To the fullest extent allowed by law, Borrower hereby expressly waives any right which it may have to direct the order in which any of the Trust Property shall be sold in the event of any sale or sales pursuant to this Deed of Trust. Upon any foreclosure sale, Beneficiary may bid for and purchase the Trust Property and shall be entitled to apply all or any part of the unpaid Obligations as a credit to the purchase price. Beneficiary may from time to time rescind any notice of default or notice of sale before any Trustee's sale as provided above in accordance with the laws of the State of California. The exercise by Beneficiary of such right of rescission shall not constitute a waiver of any breach or default then existing or subsequently occurring, or impair the right of Beneficiary to execute and deliver to Trustee, as above provided, other declarations or notices of default to satisfy the obligations of this Deed of Trust, or otherwise affect any provision, covenant or condition of the Credit Agreement or any Loan Document or any of the rights, obligations or remedies of Trustee or Beneficiary hereunder or thereunder. Each remedy provided in this instrument is distinct from and cumulative with all other rights and remedies provided hereunder or afforded by applicable law or equity, and may be exercised concurrently, independently or successively, in any order whatsoever.

Foreclosure and Sale. If an Event of Default shall occur and be continuing, Beneficiary shall have the right and option to with foreclosure by power of sale in accordance with California Civil Code Section 2924 or other applicable law by notice to Trustee and shall, if required, deposit with Trustee the Note, the original or a certified copy of this Deed of Trust, and such other documents, receipts and evidences of expenditures made and secured hereby as Trustee may require. Upon receipt of such notice from Beneficiary, Trustee shall cause to be recorded and delivered to Trustor such notice of default as may then be required by law and by this Deed of Trust. Trustee shall, without demand on Trustor, after lapse of such time as may then be required by law and after recordation of such notice of default and after notice of sale has been given as required by law, sell the Trust Property or any portion thereof at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate lots or parcels or items as Trustee shall deem expedient, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United State (or other cash equivalent as is acceptable to Trustee and Beneficiary) payable at the time of sale. Trustee shall deliver to the purchaser or purchasers at such sale its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including, without limitation, Trustor, Trustee or Beneficiary, may purchase at such sale, and Trustor hereby covenants to warrant and defend the title of such purchaser or purchasers. Trustee may postpone the sale of all or any portion of the Trust Property from time to time in accordance with the laws of the State of California. To the fullest extent allowed by law, Borrower hereby expressly waives any right which it may have to direct the order in which any of the Trust Property shall be sold in the event of any sale or sales pursuant to this Deed of Trust. Upon any foreclosure sale, Beneficiary may bid for and purchase the Trust Property and shall be entitled to apply all or any part of the unpaid Obligations as a credit to the purchase price. Beneficiary may from time to time rescind any notice of default or notice of sale before any Trustee's sale as provided above in accordance with the laws of the State of California. The exercise by Beneficiary of such right of rescission shall not constitute a waiver of any breach or default then existing or subsequently occurring, or impair the right of Beneficiary to execute and deliver to Trustee, as above provided, other declarations or notices of default to satisfy the obligations of this Deed of Trust, or otherwise affect any provision, covenant or condition of the Credit Financing Agreement or any Loan Document or any of the rights, obligations or remedies of Trustee or Beneficiary hereunder or thereunder. Each remedy provided in this instrument is distinct from and cumulative with all other rights and remedies provided hereunder or afforded by applicable law or equity, and may be exercised concurrently, independently or successively, in any order whatsoever.

Foreclosure and Sale. If an Event of Default shall occur and be continuing, Beneficiary shall have To the right and option to with foreclosure by power of sale in accordance with California Civil Code Section 2924 or other applicable law by notice to Trustee and shall, if required, deposit with Trustee the Note, the original or a certified copy of this Deed of Trust, and such other documents, receipts and evidences of expenditures made and secured hereby as Trustee may require. Upon receipt of such notice from Beneficiary, Trustee shall cause to be recorded and delivered to Trustor such notice of default as may then be required by law and by this Deed of Trust. Trustee shall, without demand on Trustor, after lapse of such time as may then be required by law and after recordation of such notice of default and after notice of sale has been given as required greatest extent permitted by law, sell or offer for sale the Trust Property or any portion thereof at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate lots or parcels or items as Trustee shall deem expedient, and Collateral in such portions, order and parcels as it Beneficiary may determine, at public auction with or without having first taken possession of same, to the highest bidder for cash in lawful money of the United State (or other cash equivalent as is acceptable to Trustee and Beneficiary) payable at the time of salepublic auction. Trustee shall deliver to the purchaser or purchasers at such Such sale its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including, without limitation, Trustor, Trustee or Beneficiary, may purchase at such sale, and Trustor hereby covenants to warrant and defend the title of such purchaser or purchasers. Trustee may postpone the sale of all or any portion of the Trust Property from time to time made in accordance with the laws of the State of CaliforniaCalifornia relating to the sale of real estate or by Article 9 of the UCC relating to the sale of collateral after default by a debtor (as such laws now exist or may be hereafter amended or succeeded), or by any other present or subsequent articles or enactments relating to same. To With respect to any notices required or permitted under the UCC, Grantor agrees that five (5) days' prior written notice shall be deemed commercially reasonable. At any such sale (i) whether made under the power herein contained, the UCC, any other legal requirement or by virtue of any judicial proceedings or any other legal right, remedy or recourse, it shall not be necessary for Trustee to be physically present at or to have constructive possession of the Collateral (Grantor shall deliver to Trustee any portion of the Collateral not actually or constructively possessed by Trustee immediately upon demand by Trustee), and the title to and right of possession of any such property shall pass to the purchaser thereof as completely as if Trustee had been actually present and delivered to purchaser at such sale, (ii) each instrument of conveyance executed by Trustee shall contain a general warranty of title binding upon Grantor, (iii) each recital contained in any instrument of conveyance made by Trustee shall conclusively establish the truth and accuracy of the matters recited therein, including nonpayment of the Obligations, advertisement and conduct of such sale in the manner provided herein and otherwise by law, and appointment of any successor Trustee hereunder, (iv) any prerequisites to the validity of such sale shall be conclusively presumed to have been performed, (v) the receipt of Trustee or other party making the sale shall be a sufficient discharge to the purchaser or purchasers for its or their purchase money and no such purchaser or purchasers, or its or their assigns or personal representatives, shall thereafter be obligated to see to the application of such purchase money or be in any way answerable for any loss, misapplication or nonapplication thereof, and (vi) to the fullest extent allowed permitted by law, Borrower hereby expressly waives any right which it may have to direct the order in which any of the Trust Property Grantor shall be completely and irrevocably divested of all of its right, title, interest, claim, equity, equity of redemption, and demand whatsoever, either at law or in equity, in and to the property sold in the event of any and such sale or sales pursuant to this Deed of Trust. Upon any foreclosure sale, Beneficiary may bid for and purchase the Trust Property and shall be entitled a perpetual bar both at law and in equity against Grantor, and against all other persons claiming or to apply all claim the property sold or any part of the unpaid Obligations as a credit to the purchase pricethereof, by, through or under Grantor. Beneficiary may from time to time rescind any notice of default or notice of be a purchaser at such sale before any Trustee's sale as provided above in accordance with and if Beneficiary is the laws highest bidder, may credit the portion of the State purchase price that would be distributed to Beneficiary against the Obligations in lieu of Californiapaying cash. The exercise by Beneficiary Any proceeds of any such right of rescission sale or disposition shall not constitute a waiver cure any Event of Default or reinstate any breach or default then existing or subsequently occurring, or impair the right Obligation for purposes of Beneficiary to execute and deliver to Trustee, as above provided, other declarations or notices of default to satisfy the obligations of this Deed of Trust, or otherwise affect any provision, covenant or condition 2924c of the Credit Agreement or any Loan Document or any of the rights, obligations or remedies of Trustee or Beneficiary hereunder or thereunder. Each remedy provided in this instrument is distinct from and cumulative with all other rights and remedies provided hereunder or afforded by applicable law or equity, and may be exercised concurrently, independently or successively, in any order whatsoeverCalifornia Civil Code.

Foreclosure and Sale. If Upon the occurrence of an Event of Default Default, Beneficiary may notify Deed Trustee to exercise the power of sale granted hereunder and upon such notification it shall occur be lawful for and be continuingthe duty of Deed Trustee and Deed Trustee is hereby authorized and empowered to expose to sale and to sell the Trust Property or any part thereof at public sale to the highest bidder for cash, after having first complied with all applicable requirements of North Carolina law with respect to the exercise of powers of sale contained in Deeds of Trust and upon such sale, Deed Trustee shall convey title to the portion of the Trust Property so sold to the purchaser in fee simple. Grantor agrees that in the event of a sale hereunder, Beneficiary shall have the right to bid at such sale. Deed Trustee may require the successful bidder at any sale to deposit immediately with Deed Trustee cash or certified check in an amount up to five percent (5%) of the bid up to and option to with foreclosure by power including $750.00, provided that notice of sale such requirement is contained in accordance with California Civil Code Section 2924 or other applicable law by notice to Trustee and shall, the advertisement of the sale. The bid may be rejected if required, the deposit with Trustee the Note, the original or a certified copy of this Deed of Trust, and such other documents, receipts and evidences of expenditures is not immediately made and secured hereby as Trustee thereupon the next highest bidder may require. Upon receipt of such notice from Beneficiary, Trustee shall cause be declared to be recorded and delivered the purchaser. Such deposit shall be refunded in case a resale is had; otherwise it shall be applied to Trustor such notice the purchase price. If personal property is sold hereunder, it need not be at the place of default as may then be required by law and by this Deed of Trustsale. Trustee shallThe published notice, without demand on Trustorhowever, after lapse of such time as may then be required by law and after recordation of such notice of default and after notice of sale has been given as required by law, sell the Trust Property or any portion thereof at shall state the time and place of sale fixed by it where such personal property may be inspected prior to sale. The Trust Property may be sold in said notice of sale, either as a whole or in separate lots or such parcels or items lots as Trustee shall deem expedient, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United State (or other cash equivalent as is acceptable to Trustee and Beneficiary) payable at the time of sale. Trustee shall deliver to the purchaser or purchasers at such sale its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including, without limitation, Trustor, Trustee or Beneficiary, may purchase at such sale, and Trustor hereby covenants to warrant and defend the title of such purchaser or purchasers. Deed Trustee may postpone the sale of all or any portion of determine and the Trust Property from time to time may be sold at one sale or in accordance with the laws multiple sales as determined by Deed Trustee. The exercise of the State power of California. To sale hereunder by Deed Trustee on one or more occasions shall not be deemed to extinguish the fullest extent allowed by law, Borrower hereby expressly waives any right power of sale which it may have to direct the order power of sale shall continue in which any full force and effect until all of the Trust Property shall be have been finally sold in the event of any sale or sales pursuant to this Deed of Trust. Upon any foreclosure sale, Beneficiary may bid for and purchase the Trust Property and shall be entitled to apply all or any part of the unpaid Obligations as a credit properly conveyed to the purchase price. Beneficiary may from time to time rescind any notice of default or notice of sale before any Trustee's sale as provided above in accordance with the laws of the State of California. The exercise by Beneficiary of such right of rescission shall not constitute a waiver of any breach or default then existing or subsequently occurring, or impair the right of Beneficiary to execute and deliver to Trustee, as above provided, other declarations or notices of default to satisfy the obligations of this Deed of Trust, or otherwise affect any provision, covenant or condition of the Credit Agreement or any Loan Document or any of the rights, obligations or remedies of Trustee or Beneficiary hereunder or thereunder. Each remedy provided in this instrument is distinct from and cumulative with all other rights and remedies provided hereunder or afforded by applicable law or equity, and may be exercised concurrently, independently or successively, in any order whatsoever.purchasers at the