Foreclosure Sale Sample Clauses
A Foreclosure Sale clause outlines the process by which a lender may sell a borrower's property to recover unpaid debts after a default on a loan. Typically, this clause specifies the conditions under which the sale can occur, the notice requirements to the borrower, and the method of sale, such as public auction. Its core practical function is to provide a clear legal mechanism for lenders to recoup losses while informing borrowers of the consequences of default, thereby allocating risk and ensuring procedural fairness.
POPULAR SAMPLE Copied 3 times
Foreclosure Sale. If the Mortgaged Property is transferred pursuant to a Foreclosure Event or Lender otherwise acquires title to the Mortgaged Property, Borrower acknowledges that Lender shall automatically succeed to all rights of Borrower in and to any insurance policies and unearned insurance premiums applicable to the Mortgaged Property and in and to the proceeds resulting from any damage to the Mortgaged Property prior to such Foreclosure Event or such acquisition.
Foreclosure Sale. All or any part of the Collateral may be sold for cash or other value in any number of lots in any commercially reasonable manner; provided, however that unless the Collateral to be sold threatens to decline speedily in value or is of a type customarily sold on a recognized market, Edge shall give the Company 10 days prior written notice of the time and place of any public sale, or the time after which a private sale may be made, which notice each of the Company and Edge agrees to be reasonable. At any sale or sales of Collateral, Edge or any of its assigns may bid for and purchase all or any part of the property and rights so sold and may use all or any portion of the Secured Obligations owed to Edge as payment for the property or rights so purchased, all without further accountability to the Company, except for the proceeds of such sale or sales pursuant to Section 4(c)(iii).
Foreclosure Sale. If any or all of the Property or any estate or interest therein is to be sold under the provisions of this Deed of Trust, by virtue of a judicial sale or otherwise, it may be sold at public auction, as an entirety or in one or more parcels, by one or by several sales held at one time or at different times, with such postponement of any such sale as the Trustee may deem appropriate and without regard to any right of the Borrower or any other person to the marshaling of assets. Any such sale or sales shall be held at such time or times and at such place or places, and shall be made upon such terms and conditions and after such previous public notice as required by law, as the Trustee may deem appropriate. The Beneficiary may bid and become the purchaser at any such sale, and shall, upon presentation of the Note or a true copy thereof at such sale, be credited for the unpaid balance due under the Note and any interest accrued and unpaid thereon, or such portion of such unpaid balance or interest as the Beneficiary may specify, against any price bid by the Beneficiary, its Trustees, or agents. The terms of sale being complied with the Trustee shall convey to and at the cost of the purchaser at such sale the Borrower’s interest in so much of the Property as is so sold, free of and discharged from all estate, right, title or interest of the Borrower at law or in equity, such purchaser being hereby discharged from all liability to see to the correct application of any financing.
Foreclosure Sale. All or any part of the Collateral may be sold for cash or other value in any number of lots at public or private sale, and unless the Collateral to be sold threatens to decline speedily in value or is of a type customarily sold on a recognized market, the Administrative Agent shall give the Loan Parties not less than 10 days’ prior written notice of the time and place of any public sale, or the time after which a private sale may be made, which notice each of the Loan Parties and the Administrative Agent agrees to be reasonable. At any sale or sales of Collateral, the Administrative Agent, the Lenders or any of their assigns may bid for and purchase all or any part of the property and rights so sold and may use all or any portion of the Obligations owed to the Administrative Agent or such Lender as payment for the property or rights so purchased.
Foreclosure Sale. This Mortgage shall be subject to foreclosure and may be foreclosed as now provided by law in case of past due mortgages, and the Credit Obligor shall be authorized, at its option, whether or not possession of the Collateral is taken, to sell the Collateral (or such part or parts thereof as the Credit Obligor may from time to time elm to sell) under the power of sale which is hereby given to the Credit Obligor, at public outcry, to the 22 highest bidder for cash, at the front or main door of the courthouse of the county in which the real property to be sold, or a substantial and material part thereof, is located, after first giving notice by publication once a week for three successive weeks of the time, place and terms of such sale, together with a description of the Collateral to be sold, by publication in some newspaper published in the county or counties in which the real property to be sold is located. If there is real property to be sold in more than one county, publication shall be made in all counties where the real property to be sold is located, but if no newspaper is published in any such county, the notice shall be published in a newspaper published in an adjoining county for three successive weeks. The sale shall be hold between the hours of 1:00 a.m. and 4:00 p.m. on the day designated for the exercise of the power of sale hereunder. The Credit Obligor, its successors and assigns, may bid at any sale or sales had under the terms of the Mortgage and may Purchase the Collateral, or any part thereof, if the highest bidder therefor. The purchaser at any such sale or sales shall be under no obligation to see to the proper application of the purchase money. At any foreclosure sale any part or all of the Collateral, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale an masse to be accounted for in one account without distinction between the items included therein or without assigning to them any proportion of such proceeds, the Mortgagors hereby waiving the application of any doctrine of marshalling or like proceeding. If the Credit Obligor, in the exercise of the power of sale herein given, elects to sell the Collateral in parts or parcels, sees thereof may be held from time to time, and the power of sale granted herein shall not be fully exercised until all of the Collateral not previously sold shall have been sold or all the Obligations shall have been paid in full. The Mortg...
Foreclosure Sale. In the event of any foreclosure sale of the Mortgaged Property, the same may be sold in one or more parcels. Lender may be the purchaser at any foreclosure sale of the Mortgaged Property or any part thereof.
Foreclosure Sale. All references in this Instrument to “foreclosure sale,” “judicial foreclosure,” “non-judicial foreclosure” and words of similar import shall be deemed to include strict foreclosure or foreclosure by sale.
Foreclosure Sale. In the event of any foreclosure sale, the Property may be sold in one or more parcels. Mortgagee may bid for and acquire the Property or any part thereof at any sale made under or by virtue of this Second Mortgage and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the purchase price the unpaid amounts due and owing in respect of any Notes, 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 Mortgagee is authorized to deduct under this Second Mortgage or applicable law.
Foreclosure Sale. Lender may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale, without further notice, may be made at the time and place to which the same was so adjourned.
(a) At any sale made pursuant to this Agreement, Lender may bid for or purchase, free from any rights of redemption, stay or appraisal on the part of Pledgor (all said rights being hereby unconditionally and irrevocably waived and released by Pledgor to the extent permitted by law), any part or all of the Collateral offered for sale and may make payment on account thereof by using any of the Obligations as a credit against the purchase price, and Lender may, upon compliance with the terms of the sale, hold, retain and dispose of such property without further accountability to Pledgor.
(b) As an alternative to exercising the power of sale herein conferred upon it, Lender may proceed by a suit or suits at law or in equity to foreclose against any of the Collateral pledged pursuant to this Agreement and to sell the Collateral, or any portion thereof, pursuant to a judgment or decree of a court or courts of competent jurisdiction. In the event of any sale or alternative thereto hereunder, Lender shall, after deducting all costs and expenses of every kind for care, safekeeping, collection, sale, deliver, legal proceedings (including, without limitation, the fees and disbursements of legal counsel) or otherwise apply the residue of the proceeds of the sale, together with any other moneys at the time held by it hereunder, as set forth in Section 12 hereof.
Foreclosure Sale. In case any sale under this Deed of Trust occurs by virtue of judicial proceedings, the Property may be sold in one parcel and as an entity, or in such parcels, manner or order as the Beneficiary directs the Trustee in Beneficiary's sole discretion may elect.