Common use of Foreclosure-Power of Sale Clause in Contracts

Foreclosure-Power of Sale. Upon Default, the Lender may immediately proceed to with the foreclosure of the lien of this Deed of Trust, against all or part of the Property, and at the option of Lender, the Trustee may foreclose this Deed of Trust by judicial proceedings in accordance with the laws of North Carolina, or Lender may without further notice direct Trustee, and Trustee is authorized and empowered, in accordance with applicable law relating to nonjudicial foreclosure sales under power of sale then in effect, to foreclose the lien of this Deed of Trust, after first having given such notice of hearing as to commencement of foreclosure proceedings and obtained such findings or leave of court as may then be required by law, and after having given such notice and advertising the time and place of sale in such manner as may then be required by law, and to sell and dispose of all or any part of the Property, as public auction for cash, in any sequence or order as the Lender may elect, and all the right, title, and interest of Borrower therein, by sale at any place then authorized by law as may be specified in the notice of such sale, to the highest bidder. Upon final completion of such sale and any resales as made pursuant to law, Trustee shall execute a conveyance of the Property, or applicable portion thereof, to the purchaser. After retaining a reasonable fee, not to exceed five percent (5%) of the gross proceeds of sale, as compensation to Trustee, Trustee shall apply the proceeds of the sale as follows: first, to pay all reasonable fees, charges and costs of conducting the sale and advertising the Property, and to pay any prior liens or encumbrances unless such sale is made subject thereto, and to pay necessary costs, as well as to reimburse Lender for its advances, to protect and maintain the Property, and to pay Impositions, in accordance herewith; second, to pay Lender all accrued and unpaid interest under the Notes, then the unpaid principal balance of the Notes, and then all of the other Indebtedness; and third, the remainder of the proceeds, if any, to Borrower. The purchaser at the sale shall not be responsible for the application of the proceeds. No provision in this Deed of Trust concerning foreclosure procedures which specifies any particular actions to be taken by Trustee or Lender shall be deemed to contradict the requirements and procedures (now or hereafter existing) of North Carolina law, and any such contradiction shall be resolved in favor of North Carolina law applicable at the time of foreclosure. Lender may sell the Personal Property hereunder in whole or part and in any order, together with the remaining Property or separately. Lender may bid and become the purchaser at any sale under this Deed of Trust and may apply against the purchase price all or any portion of the balance of the Indebtedness.

Foreclosure-Power of Sale. Upon DefaultTrustee, the Lender if and as directed by Beneficiary, may immediately proceed to with the foreclosure take possession of the lien of this Deed of Trust, against all or part of and sell the Property, or any part thereof requested by Beneficiary to be sold, and at in connection therewith Grantor hereby (a) assents to the option passage of Lendera decree for the sale of the Property by the equity court having jurisdiction, and (b) authorizes and empowers Trustee to take possession of and sell (or in case of the Trustee may foreclose this Deed default of Trust by judicial proceedings any purchaser to resell) the Property, or any part thereof, all in accordance with the laws Laws or rules of North Carolinacourt relating to deeds of trust, including any amendments thereof, or Lender additions thereto. In connection with any foreclosure, Beneficiary and/or Trustee may without further notice direct Trustee(a) procure such title reports, surveys, tax histories and appraisals as they deem reasonably necessary, and Trustee is authorized (b) make such repairs and empowered, in accordance with applicable law relating to nonjudicial foreclosure sales under power of sale then in effect, to foreclose the lien of this Deed of Trust, after first having given such notice of hearing as to commencement of foreclosure proceedings and obtained such findings or leave of court as may then be required by law, and after having given such notice and advertising the time and place of sale in such manner as may then be required by law, and to sell and dispose of all or any part of the Property, as public auction for cash, in any sequence or order as the Lender may elect, and all the right, title, and interest of Borrower therein, by sale at any place then authorized by law as may be specified in the notice of such sale, additions to the highest bidder. Upon final completion of such sale and any resales Property as made pursuant to lawthey deem advisable, Trustee shall execute a conveyance of the Property, or applicable portion thereof, to the purchaser. After retaining a reasonable fee, not to exceed five percent (5%) of the gross proceeds of sale, as compensation to Trustee, Trustee shall apply the proceeds of the sale as follows: first, to pay all reasonable fees, charges and costs of conducting the sale and advertising the Property, and to pay any prior liens or encumbrances unless such sale is made subject thereto, and to pay necessary costs, as well as to reimburse Lender for its advances, to protect and maintain the Property, and to pay Impositions, in accordance herewith; second, to pay Lender all accrued and unpaid interest under the Notes, then the unpaid principal balance of the Notes, and then all of the other Indebtedness; and third, the remainder which shall constitute Expenses. In case of the proceeds, if any, to Borrower. The purchaser at the sale shall not be responsible for the application of the proceeds. No provision in this Deed of Trust concerning foreclosure procedures which specifies any particular actions to be taken by Trustee or Lender shall be deemed to contradict the requirements and procedures (now or hereafter existing) of North Carolina law, and any such contradiction shall be resolved in favor of North Carolina law applicable at the time of foreclosure. Lender may sell the Personal Property hereunder in whole or part and in any order, together with the remaining Property or separately. Lender may bid and become the purchaser at any sale under this Deed of Trust, by virtue of judicial proceedings or otherwise, the Property may be sold as an entirety or in parcels, by one sale or by several sales, as may be deemed by Trustee to be appropriate and without regard to any right of Grantor or any other Person to the marshalling of assets. Any sale hereunder may be made at public auction, at such time or times, at such place or places, and upon such terms and conditions and after such previous public notice as Trustee shall deem appropriate and advantageous and as required by Law. Upon the terms of such sale being complied with, Trustee shall convey to, and at the cost of, the purchaser or purchasers the interest of Grantor in the Property so sold, free and discharged of and from all estate, title or interest of Grantor, at law or in equity, such purchaser or purchasers being hereby discharged from all liability to see to the application of the purchase money. The proceeds of such sale or sales under this Deed of Trust, whether under the assent to a decree, the power of sale, or by equitable foreclosure, shall be held by Trustee and applied as follows: First, to pay (a) all Expenses incurred in connection with such sale or in preparing the Property for such sale including, among other things, a counsel fee of $5,000 to the attorneys representing Beneficiary and Trustee for conducting the proceedings if without contest, but if legal services be rendered to Trustee and Beneficiary in connection with any contested matter in the proceedings, then such other counsel fees shall be allowed and paid out of the proceeds of such sale or sales as the court having jurisdiction may deem proper, and (b) a trustees' commission equal to the commission allowed trustees for making sales of property under decrees of the equity court having jurisdiction; Second, to pay all of the Obligations and all interest then due and accrued thereon, which shall include interest through the date of ratification of the auditor's account; and Lastly, to pay the surplus, if any, to Grantor or any Person entitled thereto upon surrender and delivery to the purchaser or purchasers of the Property, and less the Expenses, if any, of obtaining possession. Immediately upon the first delivery or publication of any advertisement or notice of sale, there shall become due and owing by Grantor all Expenses incident to any foreclosure proceedings under this Deed of Trust and may apply against a commission on the purchase price all or any portion total amount of the balance Obligations then due equal to one-half of the Indebtednesspercentage allowed as commission to trustees making sales under orders or decrees of the equity court having jurisdiction, and no Person shall be required to receive only the aggregate amount of the Obligations to the date of payment unless the same is accompanied by a tender of such commission.

Foreclosure-Power of Sale. Upon the occurrence and during the continuation of an Event of Default, Grantee shall have the Lender may immediately proceed to with the foreclosure of the lien of this Deed of Trust, against all or part of the Property, and at the option of Lender, the Trustee may foreclose this Deed of Trust by judicial proceedings in accordance with the laws of North Carolina, or Lender may without further notice direct Trustee, and Trustee is authorized and empowered, in accordance with applicable law relating to nonjudicial foreclosure sales under power of sale then in effect, right to foreclose the lien hereof, either by judicial action or by power of sale, for the Secured Obligations or any part thereof and/or exercise any right, power or remedy provided in this Deed to Secure Debt or any of Trustthe other Loan Deed to Secure Debt Documents. At any such foreclosure, after first having given such notice Grantee, at its option, may sell the Secured Property at public sale or sales before the door of hearing as to commencement of foreclosure proceedings and obtained such findings or leave of court as may then be required by law, and after having given such notice and advertising the time and place of sale courthouse in such manner as may then be required by law, and to sell and dispose of all the county in which the Secured Property or any part of the PropertySecured Property is situated, as public auction to the highest bidder for cash, in order to pay the Secured Obligations, after advertising the time, place and terms of sale once a week for four (4) weeks immediately preceding such sale (but without regard to the number of days) in a legal organ in which Sheriff’s sales are advertised in said county. Grantee may bid for and acquire the Secured Property or any sequence part thereof at any sale made under or order as by virtue of this Deed to Secure Debt and, in lieu of paying cash therefor, may make settlement for the Lender purchase price by crediting against the purchase price the unpaid amounts due and owing in respect of the Secured Obligations or any other liabilities after deducting from the sales price the expenses of the sale and the costs of the action or proceedings and any other sums that Grantee is authorized to deduct under this Deed to Secure Debt or applicable law. At any such public sale, Grantee may electexecute and deliver to the purchaser a conveyance of the Secured Property, and to this end, Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to make such sale and conveyance, and thereby to divest Grantor of all right, title, interest, equity and equity of redemption that Grantor may have in and to the Secured Property and to vest the same in the purchaser or purchasers at such sale, and all the rightacts and doings of said agent and attorney-in-fact are hereby ratified and confirmed and any recitals in said conveyance or conveyances as to facts essential to a valid sale shall be binding upon Grantor. The aforesaid power of sale and agency hereby granted are coupled with an interest and are irrevocable by dissolution, titleinsolvency or otherwise, and interest of Borrower therein, by sale at any place then authorized by law are granted as may be specified in the notice of such sale, to the highest bidder. Upon final completion of such sale and any resales as made pursuant to law, Trustee shall execute a conveyance of the Property, or applicable portion thereof, to the purchaser. After retaining a reasonable fee, not to exceed five percent (5%) of the gross proceeds of sale, as compensation to Trustee, Trustee shall apply the proceeds of the sale as follows: first, to pay all reasonable fees, charges and costs of conducting the sale and advertising the Property, and to pay any prior liens or encumbrances unless such sale is made subject thereto, and to pay necessary costs, as well as to reimburse Lender for its advances, to protect and maintain the Property, and to pay Impositions, in accordance herewith; second, to pay Lender all accrued and unpaid interest under the Notes, then the unpaid principal balance of the Notes, and then all cumulative of the other Indebtedness; and third, the remainder remedies provided hereby or by law for collection of the proceedsindebtedness secured hereby. In the event of any such foreclosure sale by Grantee, if any, Grantor shall be deemed a tenant holding over and shall forthwith deliver possession to Borrowerthe purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. The purchaser or purchasers at such sale (a) must be financially responsible, as determined by Grantee, taking into account the sale shall not be responsible for the application of the proceeds. No provision in this Deed of Trust concerning foreclosure procedures which specifies any particular actions to be taken by Trustee or Lender shall be deemed to contradict the requirements and procedures (now or hereafter existing) of North Carolina law, and any such contradiction shall be resolved in favor of North Carolina law applicable remaining obligations at the time of foreclosure. Lender may sell the Personal Property hereunder in whole or part and in any order, together with the remaining Property or separately. Lender may bid and become the purchaser at any such sale under this Deed the Ownership Agreement, the Operating Agreement and the Nuclear Managing Board Agreement, and (b) must become a party or parties to each such agreement, and assume (i) the rights and obligations of Trust and may apply against Grantor under the purchase price all or any Ownership Agreement as a “Participating Party” solely with respect to the portion of Grantor’s “Ownership Interest” in the balance “Additional Units” (as those terms are defined in the Ownership Agreement) acquired by such purchaser, (ii) the rights and obligations of Grantor under the Operating Agreement solely with respect to the portion of Grantor’s “Ownership Interest” in the “Additional Units” (as those terms are defined in the Operating Agreement) acquired by such purchaser, (iii) the rights and obligations of Grantor under the Declaration of Covenants as an “Additional Units Owner” solely with respect to the portion of Grantor’s ownership interest in the “Additional Units Property” (as those terms are defined in the Declaration of Covenants) acquired by such purchaser, (iv) the rights and obligations of Grantor under the Nuclear Managing Board Agreement solely as a “Participant” with respect to the portion of Grantor’s “Undivided Ownership Interest” in the “Additional Units” and related facilities, equipment, inventory and common facilities (as those terms are defined in the Nuclear Managing Board Agreement) acquired by such purchaser, and (v) the rights and obligations of Grantor under the Development Agreement as a “Participating Party” solely with respect to the portion of Grantor’s ownership interest in the Additional Units (as those terms are defined in the Development Agreement), in each of the Indebtedness.foregoing cases (i) through (v) arising from and after the date of such assumption. For the avoidance of doubt, nothing in this Section 4.2 requires Deed to Secure Debt

Foreclosure-Power of Sale. Upon Default, the Lender may immediately proceed to with the foreclosure of foreclose the lien of this Deed of Trust, against all or part of the Property, and at the option of LenderBeneficiary, the Trustee may foreclose this Deed of Trust may be foreclosed by judicial proceedings in accordance with the laws of North Carolina, or Lender Beneficiary may without further notice direct Trustee, and Trustee is authorized and empowered, in accordance with applicable law relating to nonjudicial foreclosure sales under power of sale then in effect, to foreclose the lien of this Deed of Trust, after first having given such notice of hearing as to commencement of foreclosure proceedings and obtained such findings or leave of court as may then be required by law, and after having given such notice and advertising the time and place of sale in such manner as may then be required by law, and to sell and dispose of all or any part of the Property, as public auction for cash, in any sequence or order as the Lender Beneficiary may elect, and all the right, title, and interest of Borrower Grantor therein, by sale at any place then authorized by law as may be specified in the notice of such sale, to the highest bidder. Upon final completion of such sale and any resales as made pursuant to lawsale, Trustee shall execute a conveyance of the Property, or applicable portion thereof, to the purchaser. After retaining a reasonable fee, not to exceed five percent (5%) of the gross proceeds of sale, as compensation to Trustee, Trustee shall apply the proceeds of the sale as follows: first, to pay all reasonable fees, charges and costs of conducting the sale and advertising the Property, and to pay any prior liens or encumbrances unless such sale is made subject thereto, and to pay necessary costs, as well as to reimburse Lender Beneficiary for its advances, to protect and maintain the Property, and to pay Impositions, in accordance herewith; second, to pay Lender Beneficiary all accrued and unpaid interest under the NotesNote, then the unpaid principal balance of the NotesNote, and then all of the other Indebtedness; and third, the remainder of the proceeds, if any, to BorrowerGrantor. The purchaser at the sale shall not be responsible for the application of the proceeds. No provision in this Deed of Trust concerning foreclosure procedures which specifies any particular actions to be taken by Trustee or Lender Beneficiary shall be deemed to contradict the requirements and procedures (now or hereafter existing) of North Carolina law, and any such contradiction shall be resolved in favor of North Carolina law applicable at the time of foreclosure. Lender Beneficiary may sell the Personal Property hereunder in whole or part and in any order, together with the remaining Property or separately. Lender Beneficiary may bid and become the purchaser at any sale under this Deed of Trust and may apply against the purchase price all or any portion of the balance of the Indebtedness.

Foreclosure-Power of Sale. Upon the occurrence of an Event of Default, Beneficiary may notify Trustee to exercise the Lender may immediately proceed to with power of sale granted hereunder and upon such notification it shall be lawful for and the foreclosure duty of the lien of this Deed of Trust, against all or part of the Property, and at the option of Lender, the Trustee may foreclose this Deed of Trust by judicial proceedings in accordance with the laws of North Carolina, or Lender may without further notice direct Trustee, and Trustee is hereby authorized and empoweredempowered to expose to sale and to sell the Property or any part thereof at public sale to the highest bidder for cash, in accordance compliance with applicable requirements of North Carolina law relating to nonjudicial foreclosure sales under power governing the exercise of powers of sale then contained in effectdeeds of trust and upon such sale, Trustee shall collect the purchase proceeds and convey title to foreclose the lien portion of the Property so sold to the purchaser in fee simple. In the event of a sale of the Property or any part thereof, the proceeds of sale shall be applied in the following order of priority: (i) to the payment of all costs and expenses for and in connection with such sale, including a commission for Trustee's services as hereinafter provided and reasonable attorney's fees incurred by Trustee for legal services actually performed; (ii) to the reimbursement of Beneficiary for all sums expended or incurred by Beneficiary under the terms of this Deed of TrustTrust or to establish, after first having given such notice preserve or enforce this Deed of hearing as Trust or to commencement of foreclosure proceedings and obtained such findings or leave of court as may then be required by lawcollect the Obligations (including, and after having given such notice and advertising without limitation, reasonable attorneys' fees); (iii) to the time and place of sale in such manner as may then be required by law, and to sell and dispose of all or any part payment of the Property, as public auction for cash, in any sequence or order as the Lender may elect, Note and interest thereon and all the right, title, and interest of Borrower therein, by sale at any place then authorized by law as may be specified in the notice of such sale, to the highest bidder. Upon final completion of such sale and any resales as made pursuant to law, Trustee shall execute a conveyance of the Property, or applicable portion thereof, to the purchaser. After retaining a reasonable fee, not to exceed five percent (5%) of the gross proceeds of sale, as compensation to Trustee, Trustee shall apply the proceeds of the sale as follows: first, to pay all reasonable fees, charges and costs of conducting the sale and advertising the Property, and to pay any prior liens or encumbrances unless such sale is made subject thereto, and to pay necessary costs, as well as to reimburse Lender for its advances, to protect and maintain the Property, and to pay Impositions, in accordance herewith; second, to pay Lender all accrued and unpaid interest under the Notes, then the unpaid principal balance of the Notes, and then all of the other IndebtednessObligations hereby secured; and third, (iv) the remainder of the proceedsbalance, if any, to Borrower. The purchaser at the sale shall not be responsible for the application of the proceeds. No provision in this Deed of Trust concerning foreclosure procedures which specifies any particular actions to be taken by Trustee or Lender shall be deemed paid to contradict the requirements parties lawfully entitled thereto. In the event of a sale hereunder, Beneficiary shall have the right to bid at such sale and procedures (now or hereafter existing) of North Carolina law, and any such contradiction shall be resolved in favor of North Carolina law applicable at have the time of foreclosure. Lender may sell the Personal Property hereunder in whole or part and in any order, together with the remaining Property or separately. Lender may bid and become the purchaser at any sale under this Deed of Trust and may apply against the purchase price right to credit all or any portion of the balance indebtedness secured hereby against the purchase price. Trustee shall have the right to designate the place of sale in compliance with applicable law and the sale shall be held at the place designated by the notice of sale. Trustee may require the successful bidder at any sale to deposit immediately with Trustee cash or certified check or cashier's check in an amount up to ten percent (10%) of the Indebtednessbid provided notice of such deposit requirement is published as required by law. The bid may be rejected if the deposit is not immediately made. Such deposit shall be refunded in case of a resale because of an upset bid or if Trustee is unable to convey the portion of the Property so sold to the bidder because the power of sale has been terminated in accordance with applicable law. If the purchaser fails to comply with its bid, the deposit may, at the option of Trustee, be retained and applied to the expenses of the sale and any resales and to any damages and expenses incurred by reason of such default (including the amount that such bid exceeds the final sales price), or may be deposited with the Clerk of Superior Court. In all other cases, the deposit shall be applied to the purchase price. Pursuant to N.C. Gen. Stat. Section 25-9-501(4)(or any amendment thereto), Trustee is expressly authorized and empowered to expose to sale and sell, together with the real estate, any portion of the Property which constitutes personal property. If personal property is sold hereunder, it need not be at the place of sale. The notice of sale, however, shall state the time and place where such personal property may be inspected prior to sale.

Foreclosure-Power of Sale. Upon the occurrence and during the continuation of an Event of Default, Grantee shall have the Lender may immediately proceed to with the foreclosure of the lien of this Deed of Trust, against all or part of the Property, and at the option of Lender, the Trustee may foreclose this Deed of Trust by judicial proceedings in accordance with the laws of North Carolina, or Lender may without further notice direct Trustee, and Trustee is authorized and empowered, in accordance with applicable law relating to nonjudicial foreclosure sales under power of sale then in effect, right to foreclose the lien hereof, either by judicial action or by power of sale, for the Secured Obligations or any part thereof and/or exercise any right, power or remedy provided in this Deed to Secure Debt or any of Trustthe other Loan Documents. At any such foreclosure, after first having given such notice Grantee, at its option, may sell the Secured Property at public sale or sales before the door of hearing as to commencement of foreclosure proceedings and obtained such findings or leave of court as may then be required by law, and after having given such notice and advertising the time and place of sale courthouse in such manner as may then be required by law, and to sell and dispose of all the county in which the Secured Property or any part of the PropertySecured Property is situated, as public auction to the highest bidder for cash, in order to pay the Secured Obligations, after advertising the time, place and terms of sale once a week for four (4) weeks immediately preceding such sale (but without regard to the number of days) in a legal organ in which Sheriff’s sales are advertised in said county. Grantee may bid for and acquire the Secured Property or any sequence part thereof at any sale made under or order as by virtue of this Deed to Secure Debt and, in lieu of paying cash therefor, may make settlement for the Lender purchase price by crediting against the purchase price the unpaid amounts due and owing in respect of the Secured Obligations or any other liabilities after deducting from the sales price the expenses of the sale and the costs of the action or proceedings and any other sums that Grantee is authorized to deduct under this Deed to Secure Debt or applicable law. At any such public sale, Grantee may electexecute and deliver to the purchaser a conveyance of the Secured Property, and to this end, Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to make such sale and conveyance, and thereby to divest Grantor of all right, title, interest, equity and equity of redemption that Grantor may have in and to the Secured Property and to vest the same in the purchaser or purchasers at such sale, and all the rightacts and doings of said agent and attorney-in-fact are hereby ratified and confirmed and any recitals in said conveyance or conveyances as to facts essential to a valid sale shall be binding upon Grantor. The aforesaid power of sale and agency hereby granted are coupled with an interest and are irrevocable by dissolution, titleinsolvency or otherwise, and interest of Borrower therein, by sale at any place then authorized by law are granted as may be specified in the notice of such sale, to the highest bidder. Upon final completion of such sale and any resales as made pursuant to law, Trustee shall execute a conveyance of the Property, or applicable portion thereof, to the purchaser. After retaining a reasonable fee, not to exceed five percent (5%) of the gross proceeds of sale, as compensation to Trustee, Trustee shall apply the proceeds of the sale as follows: first, to pay all reasonable fees, charges and costs of conducting the sale and advertising the Property, and to pay any prior liens or encumbrances unless such sale is made subject thereto, and to pay necessary costs, as well as to reimburse Lender for its advances, to protect and maintain the Property, and to pay Impositions, in accordance herewith; second, to pay Lender all accrued and unpaid interest under the Notes, then the unpaid principal balance of the Notes, and then all cumulative of the other Indebtedness; and third, the remainder remedies provided hereby or by law for collection of the proceedsindebtedness secured hereby. In the event of any such foreclosure sale by Grantee, if any, Grantor shall be deemed a tenant holding over and shall forthwith deliver possession to Borrowerthe purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. The purchaser or purchasers at the such sale shall not (a) must be responsible for the application of the proceeds. No provision in this financially responsible, as determined by Grantee, taking into Deed of Trust concerning foreclosure procedures which specifies any particular actions to be taken by Trustee or Lender shall be deemed to contradict the requirements and procedures (now or hereafter existing) of North Carolina law, and any such contradiction shall be resolved in favor of North Carolina law applicable at the time of foreclosure. Lender may sell the Personal Property hereunder in whole or part and in any order, together with the remaining Property or separately. Lender may bid and become the purchaser at any sale under this Deed of Trust and may apply against the purchase price all or any portion of the balance of the Indebtedness.Secure Debt

Foreclosure-Power of Sale. Upon the occurrence of any Event of Default, and whether or not Beneficiary shall have accelerated the Lender maturity of the Obligations pursuant to Section 7.1 hereof, Beneficiary, at its option, may immediately proceed to with the initiate foreclosure of this Deed of Trust insofar as it encumbers the lien Property, either by judicial action or by way of a trustee’s sale pursuant to the provisions of Title 38, Article 38, Colorado Revised Statutes, as currently in effect, as amended, or in any other manner than permitted by law. Foreclosure through Trustee will be initiated by Beneficiary filing of its notice of election and demand for sale with Trustee. Trustee shall have the power to sell and dispose of the Property as Beneficiary may deem best as Trustee may deem best or as Beneficiary may direct. Upon the filing of such notice of election and demand for sale, Trustee shall promptly comply with all notice and other requirements of the laws of Colorado then in force with respect to such sales, and shall give four (4) weeks public notice of the time and place of such sale by advertisement weekly in some newspaper of general circulation then published in the county or city and county in which the Property is located. Any sale conducted by Trustee pursuant to this Section 7.2 shall be held at the front door of the county courthouse for such county or city and county, or on the Property, or at such other place as similar sales are then customarily held in such county or city and county, provided that the actual place of sale shall be specified in the notice of sale. All reasonable fees, costs and expenses of any kind incurred by Beneficiary in connection with foreclosure of this Deed of Trust, against including, without limitation, the costs of any appraisals of the Property obtained by Beneficiary, all or costs of any receivership for the Property advanced by Beneficiary, and all reasonable attorneys’ and consultants’ fees incurred by Beneficiary, shall constitute a part of the PropertyObligations and may be included as part of the amount owing from Grantor to Beneficiary at a foreclosure sale. Except as otherwise provided by law, the proceeds of any sale under this Section 7.2 shall be applied first to the fees and expenses of the officer conducting the sale, and then to the reduction or discharge of the Obligations; any surplus remaining shall be paid over to Grantor or to such other person or persons as may be lawfully entitled to such surplus. At the conclusion of any foreclosure sale, the officer conducting the sale shall execute and deliver to the purchaser at the option sale a certificate of Lenderpurchase which shall describe the property sold to such purchaser and shall state that upon the expiration of any applicable periods for redemption, the Trustee holder of such certificate will be entitled to a deed to the property described in the certificate. After the expiration of any applicable periods of redemption, the officer who conducted such sale shall, upon request, execute and deliver an appropriate deed to the holder of the certificate of purchase or the last certificate of redemption, as the case may foreclose be. Nothing in this Deed of Trust by judicial proceedings Section 7.2 or elsewhere in accordance with the laws of North Carolina, or Lender may without further notice direct Trustee, and Trustee is authorized and empowered, in accordance with applicable law relating to nonjudicial foreclosure sales under power of sale then in effect, to foreclose the lien of this Deed of Trust, after first having given such notice of hearing as to commencement of foreclosure proceedings and obtained such findings or leave of court as may then be required by law, and after having given such notice and advertising the time and place of sale in such manner as may then be required by law, and to sell and dispose of all or any part of the Property, as dealing with public auction for cash, in any sequence or order as the Lender may elect, and all the right, title, and interest of Borrower therein, by sale at any place then authorized by law as may be specified in the notice of such sale, to the highest bidder. Upon final completion of such sale and any resales as made pursuant to law, Trustee shall execute a conveyance of the Property, or applicable portion thereof, to the purchaser. After retaining a reasonable fee, not to exceed five percent (5%) of the gross proceeds of sale, as compensation to Trustee, Trustee shall apply the proceeds of the sale as follows: first, to pay all reasonable fees, charges and costs of conducting the sale and advertising the Property, and to pay any prior liens or encumbrances unless such sale is made subject thereto, and to pay necessary costs, as well as to reimburse Lender for its advances, to protect and maintain the Property, and to pay Impositions, in accordance herewith; second, to pay Lender all accrued and unpaid interest under the Notes, then the unpaid principal balance of the Notes, and then all of the other Indebtedness; and third, the remainder of the proceeds, if any, to Borrower. The purchaser at the sale shall not be responsible for the application of the proceeds. No provision in this Deed of Trust concerning trustee foreclosure procedures which specifies any or specifying particular actions to be taken by Beneficiary or by Trustee or Lender any similar officer shall be deemed to contradict or add to the requirements and procedures (now or hereafter existing) of North Carolina specified by Colorado law, and any such contradiction inconsistency shall be resolved in favor of North Carolina Colorado law applicable at the time of foreclosure. Lender may sell the Personal Property hereunder in whole or part and in any order, together with the remaining Property or separately. Lender may bid and become the purchaser at any sale under this Deed of Trust and may apply against the purchase price all or any portion of the balance of the Indebtedness.

Foreclosure-Power of Sale. Upon Default, the Lender may elect immediately to proceed to with the foreclosure of the lien of this Deed of Trust, against all or part of the Property, and at the option of the Lender, the Trustee may foreclose this Deed of Trust by judicial proceedings in accordance with the laws of North Carolina, or the Lender may without further notice direct Trustee, and Trustee is authorized and empowered, in accordance with applicable law relating to nonjudicial foreclosure sales under power of sale then in effect, to foreclose the lien of this Deed of Trust, after having first having given such notice of hearing as to commencement of foreclosure proceedings and obtained such findings or of leave of court as may then be required by law, and after having given such notice and advertising the time and place of sale in such manner as may then be required by law, and to sell and dispose of all or any part of the Property, as Property at public auction for cash, in any sequence or order as the Lender may elect, and all the right, title, and interest of the Borrower therein, by sale at any place then authorized by law as may be specified in the notice of such sale, to the highest bidder. Upon final completion of such sale and any resales as made pursuant to law, Trustee shall execute a conveyance of the Property, or applicable portion thereof, to the purchaser. After retaining a reasonable fee, not to exceed five percent (5%) of the gross proceeds of sale, as compensation to Trustee, Trustee shall apply the proceeds of the sale as follows: first, to pay all reasonable fees, charges and costs of conducting the sale and advertising the Property, and to pay any prior liens or encumbrances unless such sale is made subject thereto, and to pay necessary costs, as well as to reimburse the Lender for its advances, to protect and maintain the Property, and to pay Impositions, in accordance herewith; second, to pay the Lender all accrued and unpaid interest under the NotesNote, then the unpaid principal balance of the NotesNote, and then all of the other Indebtedness; and third, the remainder of the proceeds, if any, to BorrowerGrantor. The purchaser at the sale shall not be responsible for the application of the proceeds. No provision in this Deed of Trust concerning foreclosure procedures which specifies any particular actions to be taken by Trustee or the Lender shall be he deemed to contradict the requirements and procedures (now or hereafter existing) of North Carolina law, and any such contradiction shall be he resolved in favor of North Carolina law applicable at the time of foreclosure. The Lender may sell the Personal Property hereunder in whole or part and in any order, together with the remaining Property or separately. The Lender may bid hid and become the purchaser at any sale under this Deed of Trust and may apply against the purchase price all or any portion of the balance of the Indebtedness.