Common use of Foreclosure Proceedings Clause in Contracts

Foreclosure Proceedings. The provisions of Section 24 notwithstanding, foreclosure proceedings shall include without limitation non-judicial foreclosure pursuant to a power of sale in accordance with statutes of the State of Texas then in force governing sales of real estate under powers of sale conferred by deed of trust. Upon the occurrence and during the continuance of an Event of Default, or at any time thereafter, Grantor authorizes and empowers the Trustee, at the request of Beneficiary (which request is hereby conclusively presumed), to enforce this Deed of Trust by selling, in one or more sales as Beneficiary or Trustee may elect, the Trust Property then subject to the lien hereof at public auction, to the highest bidder, for cash or for credit against the indebtedness secured hereby if Beneficiary is the highest bidder, at the county court house in the county in Texas in which such Trust Property or any part thereof is situated, as herein described, in the area designated by the commissioners court for such purpose pursuant to a recordation of such designation in the real property records of such county, or if no such recorded designation by the commissioners court has been made, in the area at the county court house designated in the notice of proposed sale posted, filed and served in accordance with the further provisions of this paragraph, between the hours of 10:00 a.m. and 4:00 p.m. on the first Tuesday of any month. The Trustee shall give notice of the time, place and terms of said sale, and of the property to be sold as follows: (i) Notice of such proposed sale shall be given by posting written notice thereof at least twenty-one days preceding the date of the sale at the court house door, and by filing a copy of the Notice in the office of the county clerk of the county in which the sale is to be made, and if the property to be sold is situated in more than one county, one notice shall be posted at the court house door and filed with the county clerk of each county in which the property to be sold is situated. In addition, Beneficiary shall, at least twenty-one days preceding the date of sale, serve written notice of the proposed sale by certified mail on each debtor obligated to pay the debt secured hereby according to the records of Beneficiary. Service of such notice shall be completed upon deposit of the notice, enclosed in a postpaid wrapper, properly addressed to each such debtor at the most recent address as shown by the records of Beneficiary, in a post office or official depository under the care and custody of the United States Postal Service. The affidavit of any person having knowledge of the facts to the effect that such service was completed shall be prima facie evidence of the fact of service; (ii) Any notice that is required or permitted to be given to Grantor may be addressed to Grantor at Grantor's mailing address. Any notice that is to be given by certified mail to any other debtor may, if no address for such other debtor is shown by the records of Beneficiary, be addressed to such other debtor at Grantor's mailing

Foreclosure Proceedings. The provisions of Section 24 notwithstanding, foreclosure proceedings shall include without limitation non-judicial foreclosure pursuant to a power of sale in accordance with statutes of the State of Texas then in force governing sales of real estate under powers of sale conferred by deed of trust. Upon the occurrence and during the continuance of an Event of Default, or at any time thereafter, Grantor authorizes and empowers the Trustee, at the request of Beneficiary (which request is hereby conclusively presumed), to enforce this Deed of Trust by selling, in one or more sales as Beneficiary or Trustee may elect, the Trust Property then subject to the lien hereof at public auction, to the highest bidder, for cash or for credit against the indebtedness secured hereby if Beneficiary is the highest bidder, at the county court house in the county in Texas in which such Trust Property or any part thereof is situated, as herein described, in the area designated by the commissioners court for such purpose pursuant to a recordation of such designation in the real property records of such county, or if no such recorded designation by the commissioners court has been made, in the area at the county court house designated in the notice of proposed sale posted, filed and served in accordance with the further provisions of this paragraph, between the hours of 10:00 a.m. and 4:00 p.m. on the first Tuesday of any month. The Trustee shall give notice of the time, place and terms of said sale, and of the property to be sold as follows: (i) Notice of such proposed sale shall be given by posting written notice thereof at least twenty-one days preceding the date of the sale at the court house door, and by filing a copy of the Notice in the office of the county clerk of the county in which the sale is to be made, and if the property to be sold is situated in more than one county, one notice shall be posted at the court house door and filed with the county clerk of each county in which the property to be sold is situated. In addition, Beneficiary shall, at least twenty-one days preceding the date of sale, serve written notice of the proposed sale by certified mail on each debtor obligated to pay the debt secured hereby according to the records of Beneficiary. Service of such notice shall be completed upon deposit of the notice, enclosed in a postpaid wrapper, properly addressed to each such debtor at the most recent address as shown by the records of Beneficiary, in a post office or official depository under the care and custody of the United States Postal Service. The affidavit of any person having knowledge of the facts to the effect that such service was completed shall be prima facie evidence of the fact of service; (ii) Any notice that is required or permitted to be given to Grantor may be addressed to Grantor at Grantor's mailing address. Any notice that is to be given by certified mail to any other debtor may, if no address for such other debtor is shown by the records of Beneficiary, be addressed to such other debtor at Grantor's mailingmailing address. Notwithstanding the foregoing provisions of this paragraph (ii), notice of such sale given in accordance with the requirements of the applicable law of the State of Texas in effect at the time of such sale shall constitute sufficient (1) first, he shall pay the reasonable expense of executing this deed of trust including a reasonable Trustee's fee or commission; (2) second, he shall pay so far as may be possible, the indebtedness secured hereby (the "INDEBTEDNESS"), discharging first that portion of the indebtedness arising under the covenants or agreements herein contained and not evidenced by the Note; (3) third, he shall pay the residue, if any, to the person or persons legally entitled thereto. Payment of the purchase price to Trustee shall satisfy the obligation of the purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. Said sale shall forever be a bar against Grantor, its successors and assigns, and all other persons claiming under it. In addition to and cumulative of the remedies provided in this clause, the Beneficiary may foreclose or cause to be foreclosed the lien and security interest of this instrument, in whole or in part, through judicial foreclosure, private sale, or in any other manner as may at any time be authorized under the laws of the State of Texas. Beneficiary shall have the right to bid for the Trust Property and to become the purchaser at any sale made pursuant to this clause, if it is the highest bidder therefor and in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the Obligations the amount of the bid made, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder and any other sums which Trustee or Beneficiary is authorized to deduct under the terms hereof, to the extent necessary to satisfy such bid. If foreclosure should be commenced by the Trustee, the Beneficiary may at any time before the sale direct the Trustee to abandon the sale, and may at any time or times thereafter direct the Trustee to again commence foreclosure; or, irrespective of whether foreclosure is commenced by the Trustee, the Beneficiary may at any time after an Event of Default institute suit for foreclosure of the lien of this instrument. If Beneficiary should institute suit for foreclosure of the lien of this instrument, Beneficiary may at any time before the entry of final judgment dismiss the same, and require the Trustee to sell all or part of the Trust Property in accordance with the provisions of this instrument. No single sale or series of sales by the Trustee or by any substitute or successor Trustee under this instrument and no judicial foreclosure shall extinguish the lien or exhaust the power of sale under this instrument except with respect to the items of property sold, but such lien and power shall exist for so long as, and may be exercised in any manner provided by law or as provided in this instrument as often as the circumstances require to give Beneficiary full relief hereunder. Grantor agrees for itself and its trustees, receivers, successors and assigns that if any of them shall hold possession of the Trust Property or any part thereof subsequent to foreclosure of the lien hereof, Grantor, or the parties so holding possession, shall become and be considered as tenants at will of the purchaser or purchasers at such foreclosure sale or sales; and any such tenant failing or refusing to surrender possession upon demand shall be guilty of forcible detainer and shall be liable to such purchaser or purchasers for rental on said premises, and shall be subject to eviction and removal, forcible or otherwise, with or without process of law, all damages which may be sustained by any such tenant as a result thereof being hereby expressly waived. The sale or sales by Trustee of less than the whole of the Trust Property shall not exhaust the power of sale herein granted, and Trustee is specifically empowered to make successive sale or sales under such power until the whole of the Trust Property shall be sold; and if the proceeds of such sale or sales of less than the whole of the Trust Property shall be less than the aggregate of the Indebtedness, this Deed of Trust and the lien, security interest and assignment hereof shall remain in full force and effect as to the unsold portion of the Trust Property just as though no sale or sales had been made; provided, however, that Grantor shall never have any right to require the sale or sales of less than the whole of the Trust Property, but Beneficiary shall have the right, at its sole election, to request Trustee to sell less than the whole of the Trust Property. If an Event of Default has occurred and is continuing hereunder, Beneficiary shall have the option to proceed with foreclosure in satisfaction of such item either through judicial proceedings or by directing Trustee to proceed as if under a full foreclosure, conducting the sale as herein provided without declaring the entire Indebtedness due, and if sale is made because an Event of Default has occurred and is continuing on an installment, or a part of any installment, such sale may be made subject to the unmatured part of the Indebtedness; and it is agreed that such sale, if so made, shall not in any manner affect the unmatured part of the Indebtedness, but as to such unmatured part, this Deed of Trust shall remain in full force and effect as though no sale had been made under the provisions of this paragraph. Several sales may be made hereunder without exhausting the right of sale for any unmatured part of the Indebtedness. At any such sale (I) Grantor hereby agrees, in its behalf and in behalf of its heirs, executors, administrators, successors, personal representatives and assigns, that any and all recitals made in any assignment of lease or deed of conveyance given by Trustee with respect to the identity of Beneficiary, the occurrence or existence of any Event of Default, the acceleration of the maturity of any of the Indebtedness, the request to sell, the notice of sale, the giving of notice to all debtors legally entitled thereto, the time, place, terms, and manner of sale, and receipt, distribution and application of the money realized therefrom, or the due and proper appointment of a substitute Trustee, and, without being limited by the foregoing, with respect to any other act or thing having been duly done by Beneficiary or by Trustee hereunder, shall be taken by all courts of law and equity as prima facie evidence that the statements or recitals are the state of facts and are without further question to be so accepted, and Grantor hereby ratifies and confirms every act that Trustee or any substitute Trustee hereunder may lawfully do in the Trust Property by virtue hereof; and (II) the purchaser may disaffirm any easement granted, or rental, lease or other contract made, in violation of any provision of this Deed of Trust and may take immediate possession of the Trust Property free from, and despite the terms of, such grant of easement and rental or lease contract.

Foreclosure Proceedings. The provisions of Section 24 notwithstanding, foreclosure proceedings shall include without limitation non-judicial foreclosure pursuant to a power of sale in accordance with statutes (a) All expenses which may be paid or incurred by or on behalf of the State Mortgagee in connection with the foreclosure of Texas then this Mortgage for reasonable attorneys’ fees, appraisers’ fees, outlays for documentary and expert evidence, stenographers’ charges, publication costs and cost of procuring all title searches, policies and examinations and similar data and assurances with respect to title as the Mortgagee reasonably may deem necessary to prosecute such suit shall constitute advancements under this Mortgage, shall be immediately due and payable by the Mortgagor, and shall be allowed and included as indebtedness in force governing sales of real estate under powers of sale conferred by deed of trust. the judgment for sale. (b) Upon the occurrence and during the continuance commencement of an Event of Default, or at any time thereafter, Grantor authorizes and empowers the Trustee, at the request of Beneficiary (which request is hereby conclusively presumed), proceedings to enforce foreclose this Deed of Trust by selling, in one or more sales as Beneficiary or Trustee may electMortgage, the Trust Property then subject Mortgagee shall be entitled forthwith to the lien hereof at public auctionappointment of a receiver or receivers, as a matter of right, without the giving of notice to any other party, without regard to the highest bidder, adequacy or inadequacy of any security for cash or for credit against the indebtedness secured hereby if Beneficiary is and without the highest bidderrequirement of any bond. The Mortgagee shall be entitled to recover judgment either before or after or during the pendency of any proceedings for the enforcement of this Mortgage. The right of the Mortgagee to recover such judgment shall not be affected by the exercise of any other right, at power or remedy for the county court house in enforcement of this Mortgage, or the county in Texas in which such Trust foreclosure of the lien of this Mortgage. (c) Upon the occurrence of any sale made under this Mortgage, whether made under the power of sale or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale, the Mortgagee may bid for and acquire the Mortgaged Property or any part thereof is situatedthereof. In lieu of paying cash therefor, as herein described, in the area designated Mortgagee may make settlement for the purchase price by crediting upon the commissioners court for such purpose pursuant to a recordation Waiver Balance or other sums secured by this Mortgage the net sales price after deducting therefrom the expenses of such designation in sale and the real property records of such county, or if no such recorded designation by the commissioners court has been made, in the area at the county court house designated in the notice of proposed sale posted, filed and served in accordance with the further provisions of this paragraph, between the hours of 10:00 a.m. and 4:00 p.m. on the first Tuesday of any month. The Trustee shall give notice cost of the time, place action and terms of said sale, and of the property to be sold as follows: (i) Notice of such proposed sale shall be given by posting written notice thereof at least twenty-one days preceding the date of the sale at the court house door, and by filing a copy of the Notice in the office of the county clerk of the county in any other sums which the sale Mortgagee is authorized to be made, and if the property to be sold is situated in more than one county, one notice shall be posted at the court house door and filed with the county clerk of each county in which the property to be sold is situated. In addition, Beneficiary shall, at least twenty-one days preceding the date of sale, serve written notice of the proposed sale by certified mail on each debtor obligated to pay the debt secured hereby according to the records of Beneficiary. Service of such notice shall be completed upon deposit of the notice, enclosed in a postpaid wrapper, properly addressed to each such debtor at the most recent address as shown by the records of Beneficiary, in a post office or official depository deduct under the care and custody of the United States Postal Service. The affidavit of any person having knowledge of the facts to the effect that such service was completed shall be prima facie evidence of the fact of service; (ii) Any notice that is required or permitted to be given to Grantor may be addressed to Grantor at Grantor's mailing address. Any notice that is to be given by certified mail to any other debtor may, if no address for such other debtor is shown by the records of Beneficiary, be addressed to such other debtor at Grantor's mailingthis Mortgage.