Common use of Foreclosure-Power of Sale Clause in Contracts

Foreclosure-Power of Sale. Mortgagor hereby grants power to Mortgagee, in the event of the occurrence of an Event of Default hereunder, to grant, bargain, sell, release and convey the Mortgaged Property at public auction or vendue, and upon such sale to execute and deliver to the purchaser(s) instruments of conveyance pursuant to the terms hereof and to the applicable laws. Mortgagor acknowledges that the foregoing sentence confers a power of sale upon Mortgagee, and that upon default this Mortgage may be foreclosed by advertisement as described below and in the applicable Michigan statutes. Mortgagor understands that upon default, Mortgagee is hereby authorized and empowered to sell the Mortgaged Property, or cause the same to be sold and to convey the same to the purchaser in any lawful manner, including but not limited to that provided by Chapter 32 of the Revised Judicature Act of Michigan, entitled "Foreclosure of Mortgages by Advertisement", which permits Mortgagee to sell the Mortgaged Property without affording Mortgagor a hearing, or giving him actual personal notice. The only notice required under such Chapter 32 is to publish notice in a local newspaper and to post a copy of the notice on the Mortgaged Property. WARNING: THIS MORTGAGE CONTAINS A POWER OF SALE AND UPON A MATURITY EVENT OF DEFAULT MAY BE FORECLOSED BY ADVERTISEMENT. IN FORECLOSURE BY ADVERTISEMENT, NO HEARING IS INVOLVED AND THE ONLY NOTICE REQUIRED IS TO BE PUBLISHED NOTICE IN A LOCAL NEWSPAPER AND TO POST A COPY OF THE NOTICE ON THE PROPERTY. WAIVER: IF THIS MORTGAGE IS FORECLOSED BY ADVERTISEMENT, MORTGAGOR HEREBY VOLUNTARILY, INTELLIGENTLY AND KNOWINGLY WAIVES ALL RIGHTS, UNDER THE CONSTITUTION AND LAWS OF THE STATE OF MICHIGAN AND THE CONSTITUTION AND LAWS OF THE UNITED STATES, TO ALL NOTICE AND A HEARING IN CONNECTION WITH THE ABOVE MENTIONED FORECLOSURE BY ADVERTISEMENT, EXCEPT AS SET FORTH IN THE MICHIGAN STATUTE PROVIDING FOR FORECLOSURE BY ADVERTISEMENT.

Foreclosure-Power of Sale. Mortgagor hereby grants power to Mortgagee, in the event of the occurrence of an Event of Default hereunder, to grant, bargain, sell, release and convey the Mortgaged Property at public auction or venduevenue, and upon such sale to execute and deliver to the purchaser(s) instruments of conveyance pursuant to the terms hereof and to the applicable laws. Mortgagor acknowledges that the foregoing sentence confers a power of sale upon Mortgagee, and that upon default this Mortgage may be foreclosed by advertisement as described below and in the applicable Michigan statutes. Mortgagor understands that upon default, Mortgagee is hereby authorized and empowered to sell the Mortgaged Property, or cause the same to be sold and to convey the same to the purchaser in any lawful manner, including but not limited to that provided by Chapter 32 of the Revised Judicature Act of Michigan, entitled "Foreclosure of Mortgages by Advertisement", which permits Mortgagee to sell the Mortgaged Property without affording Mortgagor a hearing, or giving him actual personal notice. The only notice required under such Chapter 32 is to publish notice in a local newspaper and to post a copy of the notice on the Mortgaged Property. WARNING: THIS MORTGAGE CONTAINS A POWER OF SALE AND UPON A MATURITY EVENT OF DEFAULT MAY BE FORECLOSED BY ADVERTISEMENT. IN FORECLOSURE BY ADVERTISEMENT, NO HEARING IS INVOLVED AND THE ONLY NOTICE REQUIRED IS TO BE PUBLISHED NOTICE IN A LOCAL NEWSPAPER AND TO POST A COPY OF THE NOTICE ON THE PROPERTY. WAIVER: IF THIS MORTGAGE IS FORECLOSED BY ADVERTISEMENT, MORTGAGOR HEREBY VOLUNTARILY, INTELLIGENTLY AND KNOWINGLY WAIVES ALL RIGHTS, UNDER THE CONSTITUTION AND LAWS OF THE STATE OF MICHIGAN AND THE CONSTITUTION AND LAWS OF THE UNITED STATES, TO ALL NOTICE AND A HEARING IN CONNECTION WITH THE ABOVE MENTIONED FORECLOSURE BY ADVERTISEMENT, EXCEPT AS SET FORTH IN THE MICHIGAN STATUTE PROVIDING FOR FORECLOSURE BY ADVERTISEMENT.

Foreclosure-Power of Sale. Mortgagor hereby grants Lender may institute a ---------------------------- proceeding or proceedings, judicial or private, by advertisement or otherwise, for the complete or partial foreclosure of this Mortgage or the complete or partial sale of the Mortgaged Property under the power to Mortgageeof sale contained herein or under any applicable provision of law. Lender may sell the Mortgaged Property, and all estate, right, title, interest, claim and demand of Borrower therein, and all rights of redemption thereof, at one or more sales, as an entirety or in parcels, with such elements of real and/or personal property, and at such time and place and upon such terms as it may deem expedient, or as may be required by applicable law, and in the event of a sale, by foreclosure or otherwise, of less than all of the occurrence Mortgaged Property, this Mortgage shall continue as a lien and security interest on the remaining portion of an Event the Mortgaged Property. Subject to the provisions or other requirements of Default hereunderlaw and except as otherwise provided herein, the following provisions shall apply to grant, bargain, sell, release and convey any sale or sales of all or any portion of the Mortgaged Property under or by virtue of this Section 8.1(f), whether made under the power of sale herein granted or by virtue -------------- of judicial proceedings or of a judgment or decree of foreclosure and sale: (i) Lender may conduct any number of sales from time to time. The power of sale set forth herein shall not be exhausted by any one or more such sales as to any part of the Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in Lender's opinion, until the Indebtedness shall have been paid in full; (ii) Any sale may be postponed or adjourned by public announcement at public auction or vendue, the time and upon place appointed for such sale or for such postponed or adjourned sale without further notice; (iii) After each sale, Lender or an officer of any court empowered to do so shall execute and deliver to the purchaser(s) purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of conveyance pursuant to the terms hereof Borrower in and to the applicable lawsproperty and rights sold and shall receive the proceeds of said sale or sales and apply the same as herein provided. Mortgagor acknowledges that Effective upon an Event of Default, Lender is hereby appointed the foregoing sentence confers a power true and lawful attorney-in-fact of sale upon MortgageeBorrower, which appointment is irrevocable and coupled with an interest, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, and for that purpose Lender may execute all necessary instruments of conveyance, assignment, transfer and delivery, and may substitute one or more persons with like power, Borrower hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof; (iv) Any purchaser of any property or rights sold shall not be bound to see to the application of such purchase price or any part thereof upon default or for any trust or purpose of this Mortgage may or, in any manner whatsoever, be foreclosed by advertisement answerable for any loss, misapplication or non-application of any such purchase money, or part thereof, or be bound to inquire as described below to the authorization, necessity, expediency or regularity of any such sale; (v) Any sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of Borrower in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against Borrower and any and all persons claiming or who may claim the same, or any part thereof or any interest therein, by, through or under Borrower to the fullest extent permitted by applicable Michigan statutes. Mortgagor understands that upon defaultlaw; (vi) Upon any such sale or sales, Mortgagee Lender may bid for and acquire the Mortgaged Property and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the Indebtedness the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Lender is hereby authorized and empowered to sell deduct under the terms hereof, to the extent necessary to satisfy such bid; and (vii) Upon any such sale, it shall not be necessary for Lender or any public officer acting under execution or order of court to have present or constructively in its possession any of the Mortgaged Property, or cause the same to be sold and to convey the same to the purchaser in any lawful manner, including but not limited to that provided by Chapter 32 of the Revised Judicature Act of Michigan, entitled "Foreclosure of Mortgages by Advertisement", which permits Mortgagee to sell the Mortgaged Property without affording Mortgagor a hearing, or giving him actual personal notice. The only notice required under such Chapter 32 is to publish notice in a local newspaper and to post a copy of the notice on the Mortgaged Property. WARNING: THIS MORTGAGE CONTAINS A POWER OF SALE AND UPON A MATURITY EVENT OF DEFAULT MAY BE FORECLOSED BY ADVERTISEMENT. IN FORECLOSURE BY ADVERTISEMENT, NO HEARING IS INVOLVED AND THE ONLY NOTICE REQUIRED IS TO BE PUBLISHED NOTICE IN A LOCAL NEWSPAPER AND TO POST A COPY OF THE NOTICE ON THE PROPERTY. WAIVER: IF THIS MORTGAGE IS FORECLOSED BY ADVERTISEMENT, MORTGAGOR HEREBY VOLUNTARILY, INTELLIGENTLY AND KNOWINGLY WAIVES ALL RIGHTS, UNDER THE CONSTITUTION AND LAWS OF THE STATE OF MICHIGAN AND THE CONSTITUTION AND LAWS OF THE UNITED STATES, TO ALL NOTICE AND A HEARING IN CONNECTION WITH THE ABOVE MENTIONED FORECLOSURE BY ADVERTISEMENT, EXCEPT AS SET FORTH IN THE MICHIGAN STATUTE PROVIDING FOR FORECLOSURE BY ADVERTISEMENT.

Foreclosure-Power of Sale. Mortgagor hereby grants power FORECLOSURE UNDER WASHINGTON LAW Upon Default, the Lender may immediately proceed to Mortgageeforeclose the lien of this Deed of Trust, against all or part of the Property, or to sell the Property, by judicial or nonjudicial foreclosure in accordance with the event laws of Washington and may pursue any other remedy available to commercial mortgage lenders under the laws of Washington. Specifically, upon the occurrence of an Event a Default and written request of Default hereunderthe Lender, Trustee shall sell the Property, or any part thereof, in accordance with the Deed of Trust Act of the State of Washington (RCW Chapter 61.24 as existing now, or hereafter amended) and the UCC of the State of Washington where applicable, without regard to grantany right of marshaling of assets, bargain, sell, release and convey the Mortgaged Property at public auction to the highest bidder for cash at such time and at such place as are statutorily prescribed. In connection with any sales hereunder, Trustee may elect to sell any Fixtures or venduePersonal Property encumbered by this Deed of Trust at the same sale as the Real Property or to dispose of the same in one or more separate sales in accordance with applicable law. Any sale of any Personal Property hereunder shall be conducted in any manner permitted by the UCC. The Borrower acknowledges that there is no right to an extension of the Trustee’s sale on “equitable” or other grounds, and upon such that the Lender’s remedies under this Deed of Trust shall not be affected or impaired by the exercise of any right of setoff or to collect and apply rents, profits, insurance proceeds or condemnation awards. Any person except Trustee may bid at a Trustee’s sale. Subject to applicable law, Trustee shall apply the proceeds of the sale in the following order: (1) to execute the expense of sale, including a reasonable Trustee’s fee and attorneys’ fees; (2) to the obligation secured by this Deed of Trust; (3) the surplus, if any, shall be distributed in accordance with said Deed of Trust Act. Trustee shall deliver to the purchaser(s) instruments of conveyance pursuant to purchaser at the terms hereof and to the applicable laws. Mortgagor acknowledges that the foregoing sentence confers a power of sale upon Mortgageeits deed, and that upon default this Mortgage may be foreclosed by advertisement as described below and in the applicable Michigan statutes. Mortgagor understands that upon defaultwithout warranty, Mortgagee is hereby authorized and empowered to sell the Mortgaged Property, or cause the same to be sold and to which shall convey the same to the purchaser the interest in any lawful manner, including but not limited the Property which the Borrower had or had the power to that provided by Chapter 32 convey at the time of the Revised Judicature Act Borrower’s execution of Michiganthis Deed of Trust, entitled "Foreclosure and such as the Borrower may have acquired thereafter. Trustee’s deed shall recite the facts showing that the sale was conducted in compliance with all the requirements of Mortgages by Advertisement"law and of this Deed of Trust, which permits Mortgagee to sell the Mortgaged Property without affording Mortgagor a hearing, or giving him actual personal noticerecital shall be prima facie evidence of such compliance and conclusive evidence thereof in favor of bona fide purchasers and encumbrancers for value. The only notice required Trustee is not obligated to notify any party hereto of pending sale under any other deed of trust or of any action or proceeding in which the Borrower, Trustee or the Lender shall be a party, unless such Chapter 32 action or proceeding is to publish notice in a local newspaper and to post a copy of brought by the notice on the Mortgaged Property. WARNING: THIS MORTGAGE CONTAINS A POWER OF SALE AND UPON A MATURITY EVENT OF DEFAULT MAY BE FORECLOSED BY ADVERTISEMENT. IN FORECLOSURE BY ADVERTISEMENT, NO HEARING IS INVOLVED AND THE ONLY NOTICE REQUIRED IS TO BE PUBLISHED NOTICE IN A LOCAL NEWSPAPER AND TO POST A COPY OF THE NOTICE ON THE PROPERTY. WAIVER: IF THIS MORTGAGE IS FORECLOSED BY ADVERTISEMENT, MORTGAGOR HEREBY VOLUNTARILY, INTELLIGENTLY AND KNOWINGLY WAIVES ALL RIGHTS, UNDER THE CONSTITUTION AND LAWS OF THE STATE OF MICHIGAN AND THE CONSTITUTION AND LAWS OF THE UNITED STATES, TO ALL NOTICE AND A HEARING IN CONNECTION WITH THE ABOVE MENTIONED FORECLOSURE BY ADVERTISEMENT, EXCEPT AS SET FORTH IN THE MICHIGAN STATUTE PROVIDING FOR FORECLOSURE BY ADVERTISEMENTTrustee.

Foreclosure-Power of Sale. Mortgagor Lessee hereby grants power to MortgageeChicago Title Company, in as trustee (together with all successor trustees, the event "TRUSTEE"), IN TRUST for the benefit of Lessor as security for the obligations hereunder A SECURITY INTEREST AND LIEN against the Leased Property WITH POWER OF SALE, and that, upon the occurrence of an any Lease Event of Default hereunderDefault, Lessor shall have the power and authority, to grantthe extent provided by Applicable Laws, bargain, sell, release after proper notice and convey the Mortgaged Property at public auction or vendue, and upon lapse of such sale to execute and deliver to the purchaser(s) instruments of conveyance pursuant to the terms hereof and to the applicable laws. Mortgagor acknowledges that the foregoing sentence confers a power of sale upon Mortgagee, and that upon default this Mortgage time as may be foreclosed required by advertisement as described below and in Applicable Laws, to cause the applicable Michigan statutes. Mortgagor understands that upon default, Mortgagee is hereby authorized and empowered Trustee to sell the Mortgaged Leased Property, or cause any portion thereof, at the same to be sold time and to convey the same place of sale fixed by Lessor in said notice of sale, either as a whole, or in separate lots or parcels or items and in such order as Lessor may elect, at auction to the purchaser highest bidder for cash in any lawful manner, including but not limited to that provided by Chapter 32 money of the Revised Judicature Act United States payable at the time of Michigansale; accordingly, entitled "Foreclosure of Mortgages by Advertisement", which permits Mortgagee to sell the Mortgaged Property without affording Mortgagor a hearing, or giving him actual personal notice. The only notice required under such Chapter 32 it is to publish notice in a local newspaper and to post a copy of the notice on the Mortgaged Property. WARNING: THIS MORTGAGE CONTAINS acknowledged that A POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT; A POWER OF SALE MAY ALLOW LESSOR TO TAKE THE APPLICABLE LEASED PROPERTY AND UPON A MATURITY EVENT OF DEFAULT MAY BE FORECLOSED BY ADVERTISEMENT. IN FORECLOSURE BY ADVERTISEMENT, NO HEARING IS INVOLVED AND THE ONLY NOTICE REQUIRED IS SELL IT WITHOUT GOING TO BE PUBLISHED NOTICE COURT IN A LOCAL NEWSPAPER AND TO POST A COPY OF THE NOTICE ON THE PROPERTYFORECLOSURE ACTION UPON DEFAULT BY LESSEE UNDER THIS INSTRUMENT, and (ii) upon the occurrence of a Lease Event of Default, Lessor, in lieu of or in addition to exercising any power of sale hereinabove given, may proceed by a suit or suits in equity or at law, whether for a foreclosure hereunder, or for the sale of the Leased Property, or against Lessee on a recourse basis for the Lease Balance and all accrued and unpaid interest on the Loans, all accrued and unpaid Yield on the Certificate Amounts, and all other amounts owing by Lessee under the Operative Documents with respect to such Leased Property, or for the specific performance of any covenant or agreement herein contained or in aid of the execution of any power herein granted, or for the appointment of a receiver pending any foreclosure hereunder or the sale of the Leased Property, or for the enforcement of any other appropriate legal or equitable remedy. WAIVER: IF THIS MORTGAGE IS FORECLOSED BY ADVERTISEMENTLessee acknowledges and agrees that upon the declaration of a Lease Event of Default the amount due and owing by it to Lessor hereunder shall be the Lease Balance and that to the maximum extent permitted by Applicable Laws, MORTGAGOR HEREBY VOLUNTARILY, INTELLIGENTLY AND KNOWINGLY WAIVES ALL RIGHTS, UNDER THE CONSTITUTION AND LAWS OF THE STATE OF MICHIGAN AND THE CONSTITUTION AND LAWS OF THE UNITED STATES, TO ALL NOTICE AND A HEARING IN CONNECTION WITH THE ABOVE MENTIONED FORECLOSURE BY ADVERTISEMENT, EXCEPT AS SET FORTH IN THE MICHIGAN STATUTE PROVIDING FOR FORECLOSURE BY ADVERTISEMENTLessee waives any right to contest the Lease Balance as the liquidated sum due upon acceleration of this Lease.

Foreclosure-Power of Sale. Mortgagor hereby grants Lender may institute a proceeding ---------------------------- or proceedings, judicial or private, by advertisement or otherwise, for the complete or partial foreclosure of this Mortgage or the complete or partial sale of the Mortgaged Property under the power to Mortgageeof sale contained herein or under any applicable provision of law. Lender may sell the Mortgaged Property, and all estate, right, title, interest, claim and demand of Borrower therein, and all rights of redemption thereof, at one or more sales, as an entirety or in parcels, with such elements of real and/or personal property, and at such time and place and upon such terms as it may deem expedient, or as may be required by applicable law, and in the event of a sale, by foreclosure or otherwise, of less than all of the occurrence Mortgaged Property, this Mortgage shall continue as a lien and security interest on the remaining portion of an Event the Mortgaged Property. Subject to the provisions or other requirements of Default hereunderlaw and except as otherwise provided herein, the following provisions shall apply to grant, bargain, sell, release and convey any sale or sales of all or any portion of the Mortgaged Property under or by virtue of this Section 8.1(f), whether made under the power of sale herein granted or by virtue -------------- of judicial proceedings or of a judgment or decree of foreclosure and sale: (i) Lender may conduct any number of sales from time to time. The power of sale set forth herein shall not be exhausted by any one or more such sales as to any part of the Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in Lender's opinion, until the Indebtedness shall have been paid in full; (ii) Any sale may be postponed or adjourned by public announcement at public auction or vendue, the time and upon place appointed for such sale or for such postponed or adjourned sale without further notice; (iii) After each sale, Lender or an officer of any court empowered to do so shall execute and deliver to the purchaser(s) purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of conveyance pursuant to the terms hereof Borrower in and to the applicable lawsproperty and rights sold and shall receive the proceeds of said sale or sales and apply the same as herein provided. Mortgagor acknowledges that Effective upon an Event of Default, Lender is hereby appointed the foregoing sentence confers a power true and lawful attorney-in-fact of sale upon MortgageeBorrower, which appointment is irrevocable and coupled with an interest, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, and for that purpose Lender may execute all necessary instruments of conveyance, assignment, transfer and delivery, and may substitute one or more persons with like power, Borrower hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof; (iv) Any purchaser of any property or rights sold shall not be bound to see to the application of such purchase price or any part thereof upon default or for any trust or purpose of this Mortgage may or, in any manner whatsoever, be foreclosed by advertisement answerable for any loss, misapplication or non-application of any such purchase money, or part thereof, or be bound to inquire as described below to the authorization, necessity, expediency or regularity of any such sale; (v) Any sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of Borrower in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against Borrower and any and all persons claiming or who may claim the same, or any part thereof or any interest therein, by, through or under Borrower to the fullest extent permitted by applicable Michigan statutes. Mortgagor understands that upon defaultlaw; (vi) Upon any such sale or sales, Mortgagee Lender may bid for and acquire the Mortgaged Property and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the Indebtedness the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Lender is hereby authorized and empowered to sell deduct under the terms hereof, to the extent necessary to satisfy such bid; and (vii) Upon any such sale, it shall not be necessary for Lender or any public officer acting under execution or order of court to have present or constructively in its possession any of the Mortgaged Property, or cause the same to be sold and to convey the same to the purchaser in any lawful manner, including but not limited to that provided by Chapter 32 of the Revised Judicature Act of Michigan, entitled "Foreclosure of Mortgages by Advertisement", which permits Mortgagee to sell the Mortgaged Property without affording Mortgagor a hearing, or giving him actual personal notice. The only notice required under such Chapter 32 is to publish notice in a local newspaper and to post a copy of the notice on the Mortgaged Property. WARNING: THIS MORTGAGE CONTAINS A POWER OF SALE AND UPON A MATURITY EVENT OF DEFAULT MAY BE FORECLOSED BY ADVERTISEMENT. IN FORECLOSURE BY ADVERTISEMENT, NO HEARING IS INVOLVED AND THE ONLY NOTICE REQUIRED IS TO BE PUBLISHED NOTICE IN A LOCAL NEWSPAPER AND TO POST A COPY OF THE NOTICE ON THE PROPERTY. WAIVER: IF THIS MORTGAGE IS FORECLOSED BY ADVERTISEMENT, MORTGAGOR HEREBY VOLUNTARILY, INTELLIGENTLY AND KNOWINGLY WAIVES ALL RIGHTS, UNDER THE CONSTITUTION AND LAWS OF THE STATE OF MICHIGAN AND THE CONSTITUTION AND LAWS OF THE UNITED STATES, TO ALL NOTICE AND A HEARING IN CONNECTION WITH THE ABOVE MENTIONED FORECLOSURE BY ADVERTISEMENT, EXCEPT AS SET FORTH IN THE MICHIGAN STATUTE PROVIDING FOR FORECLOSURE BY ADVERTISEMENT.

Foreclosure-Power of Sale. Mortgagor Lessee hereby grants to First American Title Guaranty Company, as trustee (together with all successor trustees, the "TRUSTEE"), IN TRUST, WITH POWER OF SALE, all of Lessee's right, title and interest in and to the Properties and, upon the occurrence of a Lease Event of Default, Lessor shall have the power and authority, after proper notice and lapse of such time as may be required by law, to Mortgageecause Trustee to sell any Property or the Properties by notifying Trustee of that election and depositing with Trustee this instrument and receipts and evidence of expenditures made and secured hereby as Trustee may reasonably require. Upon receipt of any such notice from Lessor, Trustee shall cause to be recorded, published and delivered to Lessee such Notice of Default and Election to Sell as is then required by applicable statutory authority and by this instrument, which notice shall set forth, among other things, the nature of the breach(es) or default(s), the action(s) required to effect a cure thereof and the time period within which that cure may be effected. If no cure is effected within the statutory time limits following recordation of the Notice of Default and Election to Sell and after Notice of Sale has been given as required by the above-referenced statutes, Trustee may without further notice or demand sell and convey any Property or the Properties in accordance with the above-referenced statutes. Each Property may be sold as a whole or in separate lots, parcels or items and in such order as Lessor may direct, at public auction to the highest bidder for cash in lawful money of the United States payable at the time of sale. Trustee shall deliver to such purchaser(s) a 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 matter or fact shall be conclusive proof of the truthfulness thereof. Any Person, including Lessee, Trustee or Lessor, may purchase at any sale. After deducting all costs, fees and expenses of Lessor and Trustee, including costs of evidence of title in connection with any sale, Lessor shall apply the proceeds of sale, in the event following order of priority, to payment of the occurrence following (collectively, the "OBLIGATIONS"): (i) FIRST, all amounts expended by or for the account of an Event of Default hereunder, to grant, bargain, sell, release and convey the Mortgaged Property at public auction or vendue, and upon such sale to execute and deliver to the purchaser(s) instruments of conveyance pursuant to Lessor under the terms hereof and not then repaid, with accrued interest at the Overdue Rate; and (ii) SECOND, all other amounts then due and owing hereunder including, without limitation, all Basic Rent, Supplemental Rent, the full amount of the Lease Balance as of the date of sale as if this Lease had been terminated with respect to all of the Properties then subject to this Lease under SECTION 18.1, and all other amounts then payable by Lessee under this Lease and the other Operative Documents, with Lessor having the right to apply the proceeds of sale to the amounts described above in this clause (ii) in such order, proportion and priority as Lessor may elect in its sole and absolute discretion. To the extent permitted by applicable lawsstatutes, Trustee may postpone the sale of all or any portion of any Property or the Properties by public announcement at the time and place of sale, and from time to time thereafter may again postpone that sale by public announcement or subsequently noticed sale, and without further notice may make such sale at the time fixed at the last postponement or may, in its discretion, give a new notice of sale. Mortgagor acknowledges that A sale of less than all of any Property or the foregoing sentence confers a Properties or any defective or irregular sale made hereunder shall not exhaust the power of sale upon Mortgageeprovided for herein, and that upon default this Mortgage subsequent sales may be foreclosed by advertisement as described below and made hereunder until all of the Obligations have been satisfied or all the Properties have been sold, without defect or irregularity. No action of Lessor or Trustee based upon the provisions contained herein or contained in the applicable Michigan statutes, including, without limitation, the giving of the Notice of Default and Election to Sell or the Notice of Sale, shall constitute an election of remedies which would preclude Lessor from pursuing judicial foreclosure before a completed sale pursuant to the power of sale contained herein. Mortgagor understands that upon defaultLessor shall have the right, Mortgagee is with the irrevocable consent of Lessee hereby given and evidenced by the execution of this instrument, to obtain appointment of a receiver by any court of competent jurisdiction without further notice to Lessee, which receiver shall be authorized and empowered to sell enter upon and take possession of any Property or the Mortgaged PropertyProperties, including all personal property used upon or cause in connection with the same real property herein conveyed, to let any Property or the Properties, to receive all the rents, issues and profits, if any, which may be sold and to convey the same due or become due in respect to the purchaser in leasing of any lawful mannerProperty or the Properties to another party ("PROPERTY RENTS"), including but not limited and apply the Property Rents after payment of all necessary charges and expenses to that provided by Chapter 32 reduction of the Revised Judicature Act Obligations in such order, proportion and priority as Lessor may elect. At the option of MichiganLessor, entitled "Foreclosure the receiver shall accomplish entry and taking possession of Mortgages any Property or the Properties by Advertisement", which permits Mortgagee actual entry and possession or by notice to sell the Mortgaged Property without affording Mortgagor a hearing, or giving him actual personal noticeLessee. The only notice required under such Chapter 32 is receiver so appointed by a court of competent jurisdiction shall be empowered to publish notice in issue receiver's certificates for funds advanced by Lessor for the purpose of protecting the value of any Property or the Properties as security for the Obligations. The amounts evidenced by receiver's certificates shall bear interest at the Overdue Rate and may be added to the Obligations if the Lessee or a local newspaper junior lienholder purchases any Property or the Properties at the trustee's sale. Trustee or any successor acting hereunder may resign and to post a copy thereupon be discharged of the trusts hereunder upon thirty (30) days' prior written notice on the Mortgaged Property. WARNING: THIS MORTGAGE CONTAINS A POWER OF SALE AND UPON A MATURITY EVENT OF DEFAULT MAY BE FORECLOSED BY ADVERTISEMENT. IN FORECLOSURE BY ADVERTISEMENT, NO HEARING IS INVOLVED AND THE ONLY NOTICE REQUIRED IS TO BE PUBLISHED NOTICE IN A LOCAL NEWSPAPER AND TO POST A COPY OF THE NOTICE ON THE PROPERTY. WAIVER: IF THIS MORTGAGE IS FORECLOSED BY ADVERTISEMENT, MORTGAGOR HEREBY VOLUNTARILY, INTELLIGENTLY AND KNOWINGLY WAIVES ALL RIGHTS, UNDER THE CONSTITUTION AND LAWS OF THE STATE OF MICHIGAN AND THE CONSTITUTION AND LAWS OF THE UNITED STATES, TO ALL NOTICE AND A HEARING IN CONNECTION WITH THE ABOVE MENTIONED FORECLOSURE BY ADVERTISEMENT, EXCEPT AS SET FORTH IN THE MICHIGAN STATUTE PROVIDING FOR FORECLOSURE BY ADVERTISEMENT.to

Foreclosure-Power of Sale. Mortgagor hereby grants power Subject to Mortgageethe provisions of any Intercreditor Agreement, in the event Grantee may sell and dispose of the occurrence of an Event of Default hereunder, to grant, bargain, sell, release and convey the Mortgaged Property at public auction auction, at the usual place for conducting sales at the courthouse in the county where the Property or vendueany part thereof may be, to the highest bidder for cash, first advertising the time, terms and upon place of such sale by publishing a notice thereof once a week for four consecutive weeks (without regard to the actual number of days) in a newspaper in which sheriff's advertisements are published in said county, all other notice being hereby waived by Grantor, or in such other manner as is then permitted for such sales; and Grantee may thereupon execute and deliver to the purchaser(s) instruments purchaser at said sale a sufficient conveyance of the Property in fee simple, which conveyance pursuant may contain recitals as to the terms hereof happening of the default upon which the execution of the power of sale, herein granted, depends, the said recitals shall be presumptive evidence that all preliminary acts prerequisite to said sale and deed were in all things duly complied with; and Grantor hereby constitutes and appoints Grantee or its assigns agent and attorney-in-fact to make such recitals, sale and conveyance, and all of the acts of such attorney-in-fact are hereby ratified, and Grantor agrees that such recitals shall be binding and conclusive (absent manifest error) upon Grantor and that the conveyance to be made by Grantee, or its assigns, (and in the event of a deed in lieu of foreclosure, then as to such conveyance) shall be effectual to bar all right, title and interest, equity of redemption, including all statutory redemption, homestead, dower, curtesy and all other exemptions of Grantor, or its successors in interest, in and to the applicable laws. Mortgagor acknowledges that Property; at the foregoing sentence confers a power election of sale upon MortgageeGrantee, and that upon default this Mortgage may be foreclosed by advertisement as described below and in the applicable Michigan statutes. Mortgagor understands that upon default, Mortgagee is hereby authorized and empowered to sell the Mortgaged Property, or cause the same to any part thereof, may be sold in one parcel and as an entirety, or in such parcels, manner or order as Grantee in its sole discretion may elect, and one or more exercises of the powers herein granted shall not extinguish or exhaust the power unless the entire Property is sold or the Obligations satisfied in full, and Grantee, or its assigns, shall collect the proceeds of such sale, applying such proceeds as provided in Section 7.8 (in the event of deficiency, Grantor shall immediately on demand from Grantee pay over to convey the same Grantee, or its nominee, such deficiency); and Grantor agrees that in case of a sale, as herein provided, Grantor or any person in possession under Grantor shall then become and be tenants holding over, and shall forthwith deliver possession to the purchaser in any lawful manner, including but not limited to that provided by Chapter 32 of the Revised Judicature Act of Michigan, entitled "Foreclosure of Mortgages by Advertisement", which permits Mortgagee to sell the Mortgaged Property without affording Mortgagor a hearingat such sale, or giving him actual personal notice. The only notice required under such Chapter 32 is be summarily dispossessed in accordance with the provisions of law applicable to publish notice tenants holding over; the power and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, and are in a local newspaper addition to any and to post a copy of the notice on the Mortgaged Property. WARNING: THIS MORTGAGE CONTAINS A POWER OF SALE AND UPON A MATURITY EVENT OF DEFAULT MAY BE FORECLOSED BY ADVERTISEMENT. IN FORECLOSURE BY ADVERTISEMENT, NO HEARING IS INVOLVED AND THE ONLY NOTICE REQUIRED IS TO BE PUBLISHED NOTICE IN A LOCAL NEWSPAPER AND TO POST A COPY OF THE NOTICE ON THE PROPERTY. WAIVER: IF THIS MORTGAGE IS FORECLOSED BY ADVERTISEMENT, MORTGAGOR HEREBY VOLUNTARILY, INTELLIGENTLY AND KNOWINGLY WAIVES ALL RIGHTS, UNDER THE CONSTITUTION AND LAWS OF THE STATE OF MICHIGAN AND THE CONSTITUTION AND LAWS OF THE UNITED STATES, TO ALL NOTICE AND A HEARING IN CONNECTION WITH THE ABOVE MENTIONED FORECLOSURE BY ADVERTISEMENT, EXCEPT AS SET FORTH IN THE MICHIGAN STATUTE PROVIDING FOR FORECLOSURE BY ADVERTISEMENTall other remedies which Grantee may have at law or in equity.

Foreclosure-Power of Sale. Mortgagor hereby grants power Subject to Mortgageethe provisions of any Intercreditor Agreement, in the event Mortgagee may sell and dispose of the occurrence of an Event of Default hereunder, to grant, bargain, sell, release and convey the Mortgaged Property at public auction auction, at the usual place for conducting sales at the courthouse in the county where the Property or vendueany part thereof may be, to the highest bidder for cash, first advertising the time, terms and upon place of such sale by publishing a notice thereof once a week for three successive weeks (without regard to the actual number of days) in a newspaper published in the county or counties wherein such Property or any part thereof is located, all other notice being hereby waived by Mortgagor, or in such other manner as is then permitted under applicable Laws for such sales; and Mortgagee may thereupon execute and deliver to the purchaser(s) instruments purchaser at said sale a sufficient conveyance of the Property in fee simple, which conveyance pursuant may contain recitals as to the terms hereof happening of the default upon which the execution of the power of sale, herein granted, depends, the said recitals shall be presumptive evidence that all preliminary acts prerequisite to said sale and deed were in all things duly complied with; and Mortgagor hereby constitutes and appoints Mortgagee or its assigns as its agent and attorney-in-fact to make such recitals, sale and conveyance, and all of the acts of such attorney-in-fact are hereby ratified, and Mortgagor agrees that such recitals shall be binding and conclusive (absent manifest error) upon Mortgagor and that the conveyance to be made by Mortgagee, or its assigns, (and in the event of a deed in lieu of foreclosure, then as to such conveyance) shall be effectual to bar all right, title and interest, equity of redemption, including all statutory redemption, homestead, dower, curtesy and all other exemptions of Mortgagor, or its successors in interest, in and to the applicable laws. Mortgagor acknowledges that Property; at the foregoing sentence confers a power election of sale upon Mortgagee, and that upon default this Mortgage may be foreclosed by advertisement as described below and in the applicable Michigan statutes. Mortgagor understands that upon default, Mortgagee is hereby authorized and empowered to sell the Mortgaged Property, or cause the same to any part thereof, may be sold in one parcel and as an entirety, or in such parcels, manner or order as Mortgagee in its sole discretion may elect, and one or more exercises of the powers herein granted shall not extinguish or exhaust the power unless the entire Property is sold or the Obligations satisfied in full, and Mortgagee, or its assigns, shall collect the proceeds of such sale, applying such proceeds as provided in Section 7.8 (in the event of deficiency, Mortgagor shall immediately on demand from Mortgagee pay over to convey the same Mortgagee, or its nominee, such deficiency); and Mortgagor agrees that in case of a sale, as herein provided, Mortgagor or any person in possession under Mortgagor shall then become and be tenants holding over, and shall forthwith deliver possession to the purchaser in any lawful manner, including but not limited to that provided by Chapter 32 of the Revised Judicature Act of Michigan, entitled "Foreclosure of Mortgages by Advertisement", which permits Mortgagee to sell the Mortgaged Property without affording Mortgagor a hearingat such sale, or giving him actual personal notice. The only notice required under such Chapter 32 is be summarily dispossessed in accordance with the provisions of law applicable to publish notice tenants holding over; the power and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, and are in a local newspaper addition to any and to post a copy of the notice on the Mortgaged Property. WARNING: THIS MORTGAGE CONTAINS A POWER OF SALE AND UPON A MATURITY EVENT OF DEFAULT MAY BE FORECLOSED BY ADVERTISEMENT. IN FORECLOSURE BY ADVERTISEMENT, NO HEARING IS INVOLVED AND THE ONLY NOTICE REQUIRED IS TO BE PUBLISHED NOTICE IN A LOCAL NEWSPAPER AND TO POST A COPY OF THE NOTICE ON THE PROPERTY. WAIVER: IF THIS MORTGAGE IS FORECLOSED BY ADVERTISEMENT, MORTGAGOR HEREBY VOLUNTARILY, INTELLIGENTLY AND KNOWINGLY WAIVES ALL RIGHTS, UNDER THE CONSTITUTION AND LAWS OF THE STATE OF MICHIGAN AND THE CONSTITUTION AND LAWS OF THE UNITED STATES, TO ALL NOTICE AND A HEARING IN CONNECTION WITH THE ABOVE MENTIONED FORECLOSURE BY ADVERTISEMENT, EXCEPT AS SET FORTH IN THE MICHIGAN STATUTE PROVIDING FOR FORECLOSURE BY ADVERTISEMENTall other remedies which Mortgagee may have at law or in equity.