Foreclosure of Personalty Sample Clauses

Foreclosure of Personalty. Upon the occurrence and during the continuation of an Event of Default, should Beneficiary or the Trustee, as applicable, elect to cause any of the Property to be disposed of as personal property because the same consists of a right of action or property that can be severed from the Land or the Improvements without causing material damage thereto, Beneficiary, or the Trustee, as applicable, may dispose of all or any part thereof in any manner now or hereafter permitted under the U.C.C. or in accordance with any other remedy provided by law. Any such disposition may be conducted by an employee or agent of Beneficiary or the Trustee. Beneficiary or the Trustee shall be entitled to purchase any part or all of such property at such disposition. Any such disposition may be by public or private sale as Beneficiary or the Trustee may so elect, subject to the provisions of the U.C.
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Foreclosure of Personalty. Upon the happening of any and every ------------------------- such Event of Default, should METLIFE elect to cause any of the Property to be disposed of as personal property because the same is personal property under the applicable laws of the State of Maryland, METLIFE may dispose of all or any part thereof in any manner now or hereafter permitted by the Uniform Commercial Code of the State of Maryland or in accordance with any other remedy provided in law or in equity. Any such disposition may be conducted by an employee or agent of METLIFE or Trustee. Both Borrower and METLIFE shall be eligible to purchase any part or all of such property at such disposition. Any such disposition may be either public or private as METLIFE may so elect, in its sole discretion, subject to the provisions of the Uniform Commercial Code of the State of Maryland. METLIFE shall have all of the rights and remedies of a secured party under the Uniform Commercial Code of the State of Maryland. Expenses of retaking, holding, preparing for sale, selling or the like shall include METLIFE's attorney's fees and legal expenses, and upon the occurrence of any Event of Default, Borrower, upon demand of METLIFE, shall assemble such personal property and make it available to METLIFE at the Property, a place which is deemed to be reasonably convenient to both METLIFE and Borrower. METLIFE shall give Borrower at least five (5) days' prior written notice (or a longer period if then required in accordance with the laws of the State of Maryland) of the time and place of any public sale or other disposition of such property or of the time at or after which any private sale or any other intended disposition is to be made, and if such notice is sent to Borrower, as the same is provided for the mailing of notices herein, it shall constitute reasonable notice to Borrower.
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Foreclosure of Personalty. Upon the occurrence and during the continuation of an Event of Default, should the Mortgagee elect to cause any of the Property to be disposed of as personal property because the same consists of a right of action or property that can be severed from the Land or the Improvements without causing material damage thereto, the Mortgagee may dispose of all or any part thereof in any manner now or hereafter permitted under the U.C.C. or in accordance with any other remedy provided by law.
Sample 1
Foreclosure of Personalty. Upon the happening of any and every such Event of Default, should Beneficiary elect to cause any of the Security to be disposed of as personal property because the same is personal property under the applicable laws of the State of Texas, Beneficiary may dispose of all or any part thereof in any manner now or hereafter permitted by the Uniform Commercial Code of the State of Texas or in accordance with any other remedy provided in law or in equity. Any such disposition may be conducted by an employee or agent of Beneficiary. Both Grantor and Beneficiary shall be eligible to purchase any part or all of such property at such disposition. Any such disposition may be either public or private as Beneficiary may so elect, in its sole discretion, subject to the provisions of the Uniform Commercial Code of the State of Texas. Beneficiary shall have all of the rights and remedies of a secured party under the Uniform Commercial Code of the State of Texas. Expenses of retaking, holding, preparing for sale, selling or the like shall include Beneficiary’s Attorney’s Fees and legal expenses, and upon the occurrence of any Event of Default, Grantor, upon demand of Beneficiary, shall assemble such personal property and make it available to Beneficiary at a place which is deemed to be reasonably convenient to both Beneficiary and Grantor. Beneficiary shall give Grantor at least five (5) days’ prior written notice (or a longer period if then required in accordance with the laws of the State of Texas) of the time and place of any public sale or other disposition of such property or of the time at or after which any private sale or any other intended disposition is to be made, and if such notice is sent to Grantor, as the same is provided for the mailing of notices herein, it shall constitute reasonable notice to Grantor.
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Related to Foreclosure of Personalty

  • Removal of Personal Property Seller shall remove from the Property by the Possession Date all debris and Seller’s personal property not conveyed by Xxxx of Sale to Buyer.

  • Replacement of Personal Property No personal property included as part of the Property shall be removed from the Property unless the same is replaced with similar items of at least equal quality prior to the Closing Date.

  • Personalty 3.1 Subject to any rights of the Corporation or any holder of a xxxx-xxxx to which the Lease is subordinate, this sale includes all of the Seller's interest, if any, in the Personalty and the Included Interests. 3.2 No consideration is being paid for the Personalty or for the Included Interests; nothing shall be sold to Purchaser if the Closing does not occur. 3.3 Prior to Closing, Seller shall remove from the Unit all the furniture, furnishings and other property not included in this sale, and repair any damage caused by such removal.

  • Condition of Personal Property All tangible personal property, equipment, fixtures and inventories included within the assets of the Company are in good, merchantable or in reasonably repairable condition and are suitable for the purposes for which they are used. No value in excess of applicable reserves has been given to any inventory with respect to obsolete or discontinued products. To the best of the Company's knowledge, all of the inventories and equipment, including equipment leased to others, are well maintained and in good operating condition.

  • Other Personal Property Unless at the time the Secured Party ------------------------ takes possession of any tangible Collateral, or within seven days thereafter, the Debtor gives written notice to the Secured Party of the existence of any goods, papers or other property of the Debtor, not affixed to or constituting a part of such Collateral, but which are located or found upon or within such Collateral, describing such property, the Secured Party shall not be responsible or liable to the Debtor for any action taken or omitted by or on behalf of the Secured Party with respect to such property without actual knowledge of the existence of any such property or without actual knowledge that it was located or to be found upon or within such Collateral.

  • Foreclosure (a) Subordinate Lender shall not exercise any rights it may have under the Second Mortgage and the other Subordinate Loan Documents or applicable law with respect to a foreclosure or other realization upon the Premises (including, without limitation, obtaining title to the Premises or selling or otherwise transferring the Premises) without the prior written consent of Senior Lender (such consent not to be unreasonably withheld or delayed) unless (i) the transferee of title to the Premises is a Qualified Transferee, (ii) the Premises will be managed by a Qualified Manager promptly after the transfer of title to the Premises, and (iii) if not in place prior to the transfer of title to the Premises, hard cash management and adequate reserves for taxes, insurance, debt service, ground rents, capital repair and improvement expenses, tenant improvement expenses and leasing commissions and operating expenses will be implemented under the Senior Loan to the extent required under the Senior Loan Documents promptly after the transfer of title to the Premises. Prior to consummation of any transfer of the Premises pursuant to this Section 5(a), the Subordinate Lender shall provide to Senior Lender notice of the potential transfer. Upon consummation of any such transfer of the Premises pursuant to this Section 5(a), Subordinate Lender shall provide to the Senior Lender an officer’s certificate from an officer of Subordinate Lender certifying that all conditions set forth in this Section 5(a) have been satisfied. Senior Lender may request reasonable evidence that the foregoing requirements have been satisfied. (b) Nothing contained herein shall limit or restrict the right of Subordinate Lender to exercise its rights and remedies, in law or in equity, or otherwise, in order to realize on its second lien on the Premises. (c) In the event Subordinate Lender or any purchaser at a foreclosure sale obtains title to the Premises, Senior Lender hereby acknowledges and agrees that any transfer or assumption fee in the Senior Loan Commitment shall be waived as a condition to such transfer, any such transfer shall not constitute a breach or default under the Senior Loan Documents, provided the conditions in Section 5(a) are met. Senior Lender also acknowledges and agrees that it will not impose any unreasonable fees or delays in connection with such Transfer.

  • Reports of Foreclosures and Abandonment of Mortgaged Property The Master Servicer or the Subservicers shall file information returns with respect to the receipt of mortgage interests received in a trade or business, the reports of foreclosures and abandonments of any Mortgaged Property and the information returns relating to cancellation of indebtedness income with respect to any Mortgaged Property required by Sections 6050H, 6050J and 6050P, respectively, of the Code, and deliver to the Trustee an Officers' Certificate on or before March 31 of each year stating that such reports have been filed. Such reports shall be in form and substance sufficient to meet the reporting requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

  • Tenant’s Personal Property Tenant's trade fixtures, furniture, equipment and other personal property in the Premises.

  • Use of Personal Vehicles When employees are authorized to use their personal vehicles to transport clients or residents in the care of the State, the State agrees to provide, subject to the rules and regulations of the Comptroller, a supplemental mileage allowance rate of seven cents ($.07) per mile for the use of such personal vehicle.

  • Use of Personal Vehicle Employees will not be required to use their personal vehicle for Company business.

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