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 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.

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 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 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 DefaultLender may institute an action to foreclose this Security Instrument under the power of sale which is hereby conferred, such foreclosure to be accomplished in accordance with the following provisions. To the extent permitted under (and in Domain at Tallahassee 9 Loan No. 00-1102733 accordance with) any Laws, the following provisions shall, as Lender may immediately proceed determine in its sole discretion, apply to with any sales of the Property under this Article VII, whether by judicial proceeding, judgment, decree, power of sale, foreclosure or otherwise: (a) Lender may conduct a single sale of the Property or multiple sales of any part of the Property in separate tracts or in its entirety or any other manner as Lender deems in its best interests and Borrower waives any right to require otherwise; (b) if Lender elects more than one sale of the Property, Lender may at its option cause the same to be conducted simultaneously or successively, on the same day or on such different days or times and in such order as Lender may deem to be in its best interests, no such sale shall terminate or otherwise affect the lien of this Deed of Trust, against all or Security Instrument on any part of the PropertyProperty not then sold, and Borrower shall pay any and all costs and expenses incurred by Lender in connection with each such sale; (c) any sale may be postponed or adjourned by public announcement 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 appointed for such sale or for such postponed or adjourned sale without further notice; or such sale may occur, without further notice, at the time fixed by the last postponement or a new notice of sale may be given; and (d) Lender may acquire the Property and, in such manner as lieu of paying cash, may then be required pay by lawcrediting against the Obligations the amount of its bid, and after deducting therefrom any sums which Lender is authorized to sell and dispose of all or any part deduct under the provisions of the Property, as public auction for cash, in Loan Documents. After 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 deliver 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 such sale a deed conveying the Property so sold, but without any sale under this Deed covenant or warranty, express or implied from Lender. The recitals in any such deed of Trust and may apply against the purchase price all any matters or any portion facts shall be conclusive proof of the balance of the Indebtednesstruthfulness thereof. Any Person, including Borrower or Lender, may purchase at such sale.