Common use of Foreclosure-Power of Sale Clause in Contracts

Foreclosure-Power of Sale. 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 of 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 Mortgaged Property, this Mortgage shall continue as a lien and security interest on the remaining portion of the Mortgaged Property. Subject to the provisions or other requirements of law and except as otherwise provided herein, the following provisions shall apply to 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 the time and 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 or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Borrower in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as herein provided. Effective upon an Event of Default, Lender is hereby appointed the true and lawful attorney-in-fact of Borrower, 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 or for any trust or purpose of this Mortgage or, in any manner whatsoever, be answerable for any loss, misapplication or non-application of any such purchase money, or part thereof, or be bound to inquire as 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 law; (vi) Upon any such sale or sales, 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 authorized to 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.

Foreclosure-Power of Sale. Lender Upon the occurrence of an Event of Default, Beneficiary 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 notify Trustee to exercise the power of 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 granted hereunder and upon such terms as notification it may deem expedient, or as may shall be required by applicable lawlawful for and the duty of Trustee, and Trustee is hereby authorized and empowered to expose to sale and to sell the Property or any part thereof at public sale to the highest bidder for cash, in compliance with applicable requirements of North Carolina law governing the exercise of powers of sale contained in deeds of trust and upon such sale, Trustee shall collect the purchase proceeds and convey title to the 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 foreclosure Trustee for legal services actually performed; (ii) to the reimbursement of Beneficiary for all sums expended or otherwiseincurred by Beneficiary under the terms of this Deed of Trust or to establish, preserve or enforce this Deed of less than all Trust or to collect the Obligations (including, without limitation, reasonable attorneys' fees); (iii) to the payment of the Mortgaged PropertyNote and interest thereon and all other Obligations hereby secured; and (iv) the balance, this Mortgage if any, shall continue as a lien and security interest on the remaining portion of the Mortgaged Property. Subject be paid to the provisions or other requirements parties lawfully entitled thereto. In the event of law a sale hereunder, Beneficiary shall have the right to bid at such sale and except as otherwise provided herein, shall have the following provisions shall apply right to any sale or sales of credit all or any portion of the Mortgaged 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 bid 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 under or by virtue of this Section 8.1(f), whether made under so sold to the bidder because the power of sale herein granted 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 by virtue -------------- may be deposited with the Clerk of judicial proceedings or 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 a judgment or decree the Property which constitutes personal property. If personal property is sold hereunder, it need not be at the place of foreclosure and sale: (i) Lender may conduct any number of sales from time to time. The power notice of sale set forth herein sale, however, 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 state the time and place appointed for where such sale or for such postponed or adjourned sale without further notice; (iii) After each personal property may be inspected prior to sale, Lender or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Borrower in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as herein provided. Effective upon an Event of Default, Lender is hereby appointed the true and lawful attorney-in-fact of Borrower, 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 or for any trust or purpose of this Mortgage or, in any manner whatsoever, be answerable for any loss, misapplication or non-application of any such purchase money, or part thereof, or be bound to inquire as 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 law; (vi) Upon any such sale or sales, 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 authorized to 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.

Foreclosure-Power of Sale. Upon Default, the Lender may institute a proceeding ---------------------------- or proceedings, judicial or private, by advertisement or otherwise, for immediately proceed to with the complete or partial foreclosure of the lien of this Mortgage Deed of Trust, against all or the complete or partial sale part of the Mortgaged Property 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 the power of sale contained herein 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 provision at the time of lawforeclosure. 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 Personal Property hereunder in whole 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, part and in the event of a saleany order, by foreclosure or otherwise, of less than all of the Mortgaged Property, this Mortgage shall continue as a lien and security interest on together with the remaining portion of Property or separately. Lender may bid and become the Mortgaged Property. Subject to the provisions or other requirements of law and except as otherwise provided herein, the following provisions shall apply to purchaser at any sale or sales under this Deed of Trust and may apply against the purchase price 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 balance 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 the time and 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 or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Borrower in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as herein provided. Effective upon an Event of Default, Lender is hereby appointed the true and lawful attorney-in-fact of Borrower, 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 or for any trust or purpose of this Mortgage or, in any manner whatsoever, be answerable for any loss, misapplication or non-application of any such purchase money, or part thereof, or be bound to inquire as 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 law; (vi) Upon any such sale or sales, 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 authorized to 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 PropertyIndebtedness.

Foreclosure-Power of Sale. Upon Default, the Lender may institute a proceeding ---------------------------- or proceedings, judicial or private, by advertisement or otherwise, for elect immediately to proceed with the complete or partial foreclosure of the lien of this Mortgage 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 complete or partial sale of the Mortgaged Property Lender may without further notice direct Trustee, and Trustee is authorized and empowered, in accordance with applicable law relating to nonjudicial foreclosure sales under the power of sale contained herein then in effect, to foreclose the lien of this Deed of Trust, after having first given such notice of hearing as to commencement of foreclosure proceedings and obtained such findings 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 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 Note, then the unpaid principal balance of the Note, and then all of the other Indebtedness; and third, the remainder of the proceeds, if any, to Grantor. 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 he deemed to contradict the requirements and procedures (now or hereafter existing) of North Carolina law, and any such contradiction shall he resolved in favor of North Carolina law applicable provision at the time of lawforeclosure. The 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 Personal Property hereunder in whole 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, part and in the event of a saleany order, by foreclosure or otherwise, of less than all of the Mortgaged Property, this Mortgage shall continue as a lien and security interest on together with the remaining portion of Property or separately. The Lender may hid and become the Mortgaged Property. Subject to the provisions or other requirements of law and except as otherwise provided herein, the following provisions shall apply to purchaser at any sale or sales under this Deed of Trust and may apply against the purchase price 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 balance 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 the time and 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 or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Borrower in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as herein provided. Effective upon an Event of Default, Lender is hereby appointed the true and lawful attorney-in-fact of Borrower, 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 or for any trust or purpose of this Mortgage or, in any manner whatsoever, be answerable for any loss, misapplication or non-application of any such purchase money, or part thereof, or be bound to inquire as 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 law; (vi) Upon any such sale or sales, 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 authorized to 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 PropertyIndebtedness.

Foreclosure-Power of Sale. 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 of 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 Mortgaged Property, this Mortgage shall continue as a lien and security interest on the remaining portion of the Mortgaged Property. Subject to the provisions or other requirements of law and except as otherwise provided herein, the following provisions shall apply to 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 the time and 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 or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Borrower in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as herein provided. Effective upon an Event of Default, Lender is hereby appointed the true and lawful attorney-in-fact of Borrower, 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 or for any trust or purpose of this Mortgage or, in any manner whatsoever, be answerable for any loss, misapplication or non-application of any such purchase money, or part thereof, or be bound to inquire as 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 law; (vi) Upon any such sale or sales, 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 authorized to 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.

Foreclosure-Power of Sale. Upon Default, the Lender may institute a proceeding ---------------------------- or proceedings, judicial or private, by advertisement or otherwise, for immediately proceed to foreclose the complete or partial foreclosure lien of this Mortgage Deed of Trust, against all or the complete or partial sale part of the Mortgaged Property under the power of sale contained herein or under any applicable provision of law. Lender may sell the Mortgaged Property, and at the option of Beneficiary, this Deed of Trust may be foreclosed by judicial proceedings in accordance with the laws of North Carolina, or Beneficiary may without further notice direct Trustee, and Trustee is authorized and empowered, in accordance with applicable law relating to nonjudicial foreclosure sales then in effect, to foreclose the lien of this Deed of Trust, and to sell and dispose of all estateor any part of the Property, in any sequence or order as the Beneficiary may elect, and all the right, title, interest, claim and demand interest of Borrower Grantor therein, and all rights of redemption thereof, by sale 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 any place and upon such terms as it may deem expedient, or then authorized by law as may be required specified in the notice of such sale, to the highest bidder. Upon final completion of such sale, 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 Beneficiary for its advances, to protect and maintain the Property, and to pay Impositions, in accordance herewith; second, to pay Beneficiary all accrued and unpaid interest under the Note, then the unpaid principal balance of the Note, and then all of the other Indebtedness; and third, the remainder of the proceeds, if any, to Grantor. 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 applicable Trustee or 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 event time of a saleforeclosure. Beneficiary may sell the Personal Property hereunder in whole or part and in any order, by foreclosure or otherwise, of less than all of the Mortgaged Property, this Mortgage shall continue as a lien and security interest on together with the remaining portion of Property or separately. Beneficiary may bid and become the Mortgaged Property. Subject to the provisions or other requirements of law and except as otherwise provided herein, the following provisions shall apply to purchaser at any sale or sales under this Deed of Trust and may apply against the purchase price 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 balance 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 the time and 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 or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Borrower in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as herein provided. Effective upon an Event of Default, Lender is hereby appointed the true and lawful attorney-in-fact of Borrower, 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 or for any trust or purpose of this Mortgage or, in any manner whatsoever, be answerable for any loss, misapplication or non-application of any such purchase money, or part thereof, or be bound to inquire as 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 law; (vi) Upon any such sale or sales, 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 authorized to 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 PropertyIndebtedness.