Foreclosure. If a Default shall have occurred and be continuing, Collateral Agent shall be entitled to proceed to foreclose this Mortgage in the manner provided by law for the foreclosure of mortgages, and to cause the sale of all or any portion of the Property for cash or upon such terms and conditions as Collateral Agent may deem expedient, under the judgment or decree of a court or courts of competent jurisdiction in order to pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys’ fees. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. If a Default shall have occurred and be continuing, to the extent permitted under applicable law, Collateral Agent shall be entitled, and is hereby granted the power, to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether or not possession of the Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s main or front courthouse door, at public outcry, to the highest bidder for cash. At any foreclosure sale, any part or all of the Property, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell all or any portion of the Property in parts or parcels, sales thereof may be held from time to time, and the power of sale granted herein shall not be fully exercised until all of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in full. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Mortgage by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned. Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent is authorized to deduct under this Mortgage.
Appears in 4 contracts
Samples: Leasehold Mortgage (Golfsmith International Holdings Inc), Leasehold Mortgage (Golfsmith International Holdings Inc), Subleasehold Mortgage (Golfsmith International Holdings Inc)
Foreclosure. If a Upon the occurrence of an Event of Default, the entire unpaid Indebtedness shall, at the option of Mortgagee (to be exercised at any time that said Event of Default shall continues to exist), become immediately due and payable for all purposes without any notice or demand, except as required by law (ALL OTHER NOTICE OF THE EXERCISE OF SUCH OPTION, OR OF THE INTENT TO EXERCISE SUCH OPTION, BEING HEREBY EXPRESSLY WAIVED), and Mortgagee may, in addition to exercising any rights it may have occurred and be continuingwith respect to the Personal Property under the Uniform Commercial Code of the jurisdiction in which the Property is located, Collateral Agent shall be entitled to proceed institute proceedings in any court of competent jurisdiction to foreclose this Mortgage instrument as a mortgage, or to enforce any of the covenants hereof, or Mortgagee may, either personally or by agent or attorney in fact, enter upon and take possession of the manner provided by law for Property and may manage, rent or lease the foreclosure of mortgages, and to cause the sale of all Property or any portion of the Property for cash or thereof upon such terms and conditions as Collateral Agent Mortgagee may deem expedient, under and collect, receive and receipt for all rentals and other income therefrom and apply the judgment sums so received as hereinafter provided in case of sale. Mortgagee is hereby further authorized and empowered, as agent or decree attorney in fact, either after or without such entry, to sell and dispose of a court the Property en masse or courts in separate parcels (as Mortgagee may think best), and all the right, title and interest of competent Mortgagor therein, by advertisement or in any manner provided by the laws of the jurisdiction in order which the Property is located (MORTGAGOR HEREBY EXPRESSLY WAIVES ANY RIGHT TO A HEARING PRIOR TO SUCH SALE), and to pay issue, execute and deliver a deed of conveyance, all as then may be provided by law; and Mortgagee shall, out of the Indebtedness secured hereby proceeds or avails of such sale, after first paying and accrued interest thereon and insurance premiumsretaining all fees, liens, assessments, taxes and charges, costs of advertising the Property and of making said sale, and attorneys' fees as herein provided, apply such proceeds to the Indebtedness, including utility chargesall sums advanced or expended by Mortgagee or the legal holder of the Indebtedness, with interest from date of advance or expenditure at the Default Rate (as defined in the Note), rendering the excess, if any, with accrued interest thereinas provided by law; such sale or sales and said deed or deeds so made shall be a perpetual bar, both in law and equity, against Mortgagor, the heirs, successors and assigns of Mortgagor, and all expenses of sale and of all proceedings in connection therewithother persons claiming the Property aforesaid, including reasonable attorneys’ feesor any part thereof, by, from, through or under Mortgagor. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. If a Default shall have occurred and be continuing, to the extent permitted under applicable law, Collateral Agent shall be entitled, and is hereby granted the power, to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether or not possession The legal holder of the Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein Indebtedness may purchase the Property or any part thereof is locatedthereof, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s main or front courthouse door, and it shall not be obligatory upon any purchaser at public outcry, to the highest bidder for cash. At any foreclosure sale, any part or all of the Property, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale en masse to be accounted for in one account without distinction between the items included therein or without assigning see to them any proportion of such proceeds, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell all or any portion of the Property in parts or parcels, sales thereof may be held from time to time, and the power of sale granted herein shall not be fully exercised until all of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in full. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Mortgage by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned. Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent is authorized to deduct under this Mortgagemoney.
Appears in 4 contracts
Samples: Mortgage and Security Agreement (Brookdale Senior Living Inc.), Southfield Second Mortgage and Security Agreement (Brookdale Senior Living Inc.), Mortgage and Security Agreement (Brookdale Senior Living Inc.)
Foreclosure. If a Default shall have occurred In addition to the rights and be continuingremedies set forth in Article 7, Collateral Agent shall be entitled to proceed to foreclose at the option of Lender, this Mortgage may be foreclosed in the any manner now or hereafter provided by law for the foreclosure of mortgagesAlabama law, and Lender, or its agent, may sell, pursuant to cause the sale of all or any portion of the Property for cash or upon such terms and conditions as Collateral Agent may deem expedient, under the judgment or decree of a court or courts of competent jurisdiction in order to pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses power of sale and of all proceedings in connection therewithor otherwise, including reasonable attorneys’ fees. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. If a Default shall have occurred and be continuing, to the extent permitted under applicable law, Collateral Agent shall be entitled, and is hereby granted the power, to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether or not possession of the Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell of the Property (including, without limitation, any leasehold, subleasehold or such part or parts thereof other interest therein encumbered hereby as Collateral Agent Lender may from time to time elect to sell) in front of such county’s main or front courthouse door, at public outcry, outcry to the highest bidder for cashcash in front of the main entrance of the county courthouse of the county where the Property is located, either in person or by auctioneer, after having first given notice of the time, place and terms of sale, together with a description of the property to be sold, at least once a week for three (3) successive weeks preceding the date of such sale in some newspaper published in said county; provided, however, that (i) if the Property is located in more than one county, publication is to be made in all counties in which such Property is located, and (ii) if no newspaper is published in a county where the Property is located, notice shall be in a newspaper in an adjoining county. At any foreclosure such sale, Lender may execute and deliver to the purchaser a conveyance of the Property or any part of the Property. Lender may bid at said sale in the form of cash, cash equivalents and/or cancellation of all or any part of the Obligations, or any combination thereof, and purchase the Property or any part or all of parcel thereof, if the Property, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell all or any portion of the Property in parts or parcels, sales thereof may be held from time to time, and the power of sale granted herein shall not be fully exercised until all of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in fullhighest bidder therefor. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent may adjourn from time to time any sale by it to be made under or this Mortgage by virtue of this Mortgage the exercise of the powers herein granted, or pursuant to any order in any judicial proceedings or otherwise, the Property may be sold as an entirety or in separate parcels and in such manner or order as Lender in its sole discretion may elect. Any sale may be adjourned by Lender, or its agent, and reset at a later date without additional publication; provided that an announcement to that effect be made at the time and scheduled place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which on the same shall be so adjourned. Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of date the sale and the costs of the action and any other sums which Collateral Agent is authorized to deduct under this Mortgageoriginally set.
Appears in 3 contracts
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Inland Real Estate Income Trust, Inc.), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Inland Real Estate Income Trust, Inc.), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Inland Real Estate Income Trust, Inc.)
Foreclosure. If Agent may, and upon request of a Default Lender, shall have occurred exercise any or all of Agent’s remedies under the Mortgage or other Loan Documents including, without limitation, acceleration of the maturity of all payments and be continuingObligations. Agent may, Collateral Agent and upon request of a Lender, shall be entitled take immediate possession of each, any and all Property or any part thereof (which Borrower agrees to proceed surrender to foreclose this Mortgage Agent) and manage, control or lease the same to such Persons and at such rental as it may deem proper and collect and apply Rents (as defined in the manner provided by law applicable Mortgage) to the payment of: (i) the Obligations, together with all costs and attorneys’ fees; (ii) all levies, assessments or liens which may be prior in lien or payment to the Obligations, and premiums for insurance, with interest on all such items; and (iii) the cost of all alterations, repairs, replacements and expenses incident to taking and retaining possession of each, any and all Property and the management and operation thereof; all in such order or priority as Agent in its sole discretion may determine. The taking of possession shall not prevent concurrent or later proceedings for the foreclosure sale of mortgageseach, any and all Property. Agent may, and upon request of a Lender, shall apply to any court of competent jurisdiction for the appointment of a receiver for all purposes including, without limitation, to manage and operate each, any and all Property or any part thereof, and to cause apply the sale of all or any portion of Rents (as defined in the Property for cash or upon such terms and conditions applicable Mortgage) therefrom as Collateral Agent may deem expedient, under the judgment or decree of a court or courts of competent jurisdiction in order to pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys’ feeshereinabove provided. In the event of any such foreclosure saleapplication, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession Borrower consents to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions appointment of law applicable to tenants holding over. If a Default shall have occurred and be continuing, to the extent permitted under applicable law, Collateral Agent shall be entitledreceiver, and is hereby granted the poweragrees that a receiver may be appointed without notice to Borrower, without regard to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether Borrower has committed waste or not possession permitted deterioration of the Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s main or front courthouse door, at public outcry, to the highest bidder for cash. At any foreclosure saleeach, any part or all of the Property, realwithout regard to the adequacy of any security for the Obligations, personal and without regard to the solvency of Borrower or mixedany other person, firm or corporation who or which may be offered liable for sale in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise payment of the power Obligations. Agent may, and upon request of a Lender, shall exercise all the remedies of a mortgagee as provided by law and in equity including, without limitation, foreclosure upon the Mortgage and sale herein givenof each, elects to sell any and all Property, or any portion part of the Property in parts or parcelsProperty, sales thereof at public sale conducted according to applicable law (referred to as “Sale”) and conduct additional Sales as may be held from time to time, and the power of sale granted herein shall not be fully exercised required until all of the Property not previously is sold or the Obligations are satisfied. With respect to any portion of each, any and all Property governed by the UCC, Agent shall have been sold or all of the Indebtedness rights and Obligations shall have been paid in fullremedies of a secured party thereunder. In the event of Agent may elect to foreclose upon any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of Property that is Fixtures under law applicable to tenants holding overforeclosure of interests in real estate or law applicable to personal property. Collateral Agent may, and upon request of a Lender, shall bid at Sale and may adjourn from time accept, as successful bidder, credit of the bid amount against the Obligations as payment of any portion of the purchase price. Agent shall apply the proceeds of Sale, first to time any sale fees or attorney fees permitted Agent by it law in connection with Sale, second to be made under or by virtue expenses of this Mortgage by announcement at the time and place appointed for such sale or for such adjourned sale or sales; andforeclosure, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such and sale at permitted Agent by law in connection with Sale, third to the time and place to which the same shall be so adjourned. Upon any sale made under or by virtue of this Section 3.04Obligations, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent is authorized to deduct under this Mortgageremaining proceeds as required by law.
Appears in 3 contracts
Samples: Master Loan Agreement, Master Loan Agreement (Carvana Co.), Master Loan Agreement (Carvana Co.)
Foreclosure. (a) If a an Event of Default shall have occurred and be continuing, Trustee, shall, upon being so requested to do by Collateral Agent shall be entitled to proceed to foreclose this Mortgage in the manner provided by law for the foreclosure of mortgagesAgent, and to cause the sale of sell any or all or any portion of the Property at public auction for cash cash, on the premises or upon at the courthouse door in the county in which the Property is located, having first given notice of the time and place of such terms sale in accordance with the statute in such case provided, and conditions convey the Property so sold to the purchaser in fee. Out of the proceeds of said sale, Trustee shall pay: all costs, charges, expenses, commissions, unpaid taxes, and fees of advertising, selling and conveying the Property and such other assessments, insurance or other fees or costs as Collateral Agent may deem expedienthave been incurred; a reasonable fee not exceeding five percent (5%) of the gross proceeds of sale to Trustee, under or his successor, in payment of his services hereunder and of collecting the judgment or decree monies secured by this Deed of Trust; a court or courts of competent jurisdiction in order sum sufficient to pay the Indebtedness entire balance owing on the Obligations secured hereby hereby; and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility chargesthe surplus, if any, with accrued interest thereinto Grantor or the person entitled thereto.
(b) Should Collateral Agent have elected to accelerate the indebtedness secured hereby, Collateral Agent may initiate foreclosure of the Property by requesting the Trustee to effectuate a non-judicial foreclosure sale. The Trustee of this Deed of Trust shall then sell, or offer for sale, the Property at public sale to the highest bidder for cash during a three hour period between the hours of ten o'clock a.m. and all expenses of sale and of all proceedings four o'clock p.m. whose earliest point in connection therewithtime is specified, including reasonable attorneys’ fees. In on the event first Tuesday of any month, at the area officially designated for holding such foreclosure sales at the courthouse of any county in the State of Texas in which any part of the Property is situated, after having given notice of the date, the time period, place and terms of said sale in accordance with the laws of the State of Texas then in force and governing said sales of real property and improvements under powers conferred by deeds of trust. The Property shall be sold by posting, or causing to be posted, at least twenty-one (21) consecutive days prior to the date of said sale, Mortgagor written or printed notice thereof at the courthouse door in each of the counties in which the Property is situated, designating the county where the Property will be sold and designating the date, the time period, the place and the terms of sale. A copy of such notice shall also be deemed filed in the office of the County Clerk in each county of the State of Texas in which any part of the Premises is situated at least twenty-one (21) consecutive days before the date of said sale of the Property. Collateral Agent or other holders of the indebtedness secured hereby shall have the right to become the purchaser at any sale held by any Trustee or substitute or successor Trustee, or by any receiver or public officer. Any Holder purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Holder upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Said Trustee may appoint an attorney-in-fact to act in its stead as Trustee to conduct sale as hereinbefore provided. Grantor authorizes and empowers the Trustee to sell the Property, in lots or parcels or as a tenant holding over whole, by one sale or by several sales, held at one time or at different times as the Trustee may elect (all rights to a marshaling of the Property, or to a sale in inverse order of alienation, being hereby expressly waived by Grantor) and shall forthwith to execute and deliver possession to the purchaser or purchasers at thereof good and sufficient deeds of conveyance thereto of the estate of title then existing on the Property and bills of sale with covenants of general warranty. Grantor binds itself to warrant and forever defend the title of such sale purchaser or be summarily dispossessed according purchasers when so made by the Trustee, and agrees to provisions accept proceeds of law applicable said sale, if any, which are payable to tenants holding overGrantor as provided herein. If a Default shall have occurred and be continuing, In addition to the extent permitted under applicable posting and filing of notices hereinabove provided, and for so long as required by law, Collateral Agent shall be entitled, and is hereby granted the power, to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether or not possession of the Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s main or front courthouse door, at public outcry, to the highest bidder for cash. At any no foreclosure sale, any part or all of the Property, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of under the power of sale herein given, elects to sell all or any portion of the Property in parts or parcels, sales thereof may contained shall be held from time to time, and the power of sale granted herein shall not be fully exercised until all of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in full. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Mortgage by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, unless Collateral Agent, without further at least twenty-one (21) days preceding the date of sale and in the manner prescribed by law, shall have served written notice of the proposed sale which designates the County where the Property will be sold and designates the date, time period, the place and the terms of sale by certified mail on Grantor. Service of such a notice by certified mail shall be completed upon deposit of such notice, postage prepaid and properly addressed to each such person or publication, may make such sale entity at the time address for Grantor indicated on the first page of this Deed of Trust, in a Post Office of the United States Postal Service or in an official depository under the care and place custody of the United States Postal Service. The affidavit of a person knowledgeable of the facts to which the same effect that such service was completed shall be so adjourned. Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses prima facie evidence of the sale and the costs fact of the action and any other sums which Collateral Agent is authorized to deduct under this Mortgageservice.
Appears in 2 contracts
Samples: Leasehold Deed of Trust (Golfsmith International Holdings Inc), Leasehold Deed of Trust (Golfsmith International Holdings Inc)
Foreclosure. (a) If a an Event of Default shall have occurred and be continuing, Collateral Agent shall be entitled to proceed to foreclose this Mortgage in the manner provided by law for the foreclosure Deed of mortgages, Trust and to cause the sale of take any and all or any portion of the Property for cash or upon such terms and conditions as Collateral Agent may deem expedient, under the judgment or decree of a court or courts of competent jurisdiction in order necessary legal steps to pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys’ fees. In the event of any such foreclosure sale, Mortgagor Grantor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. If a Default shall have occurred and be continuing, to the extent permitted under applicable law, Collateral Agent shall be entitled, and is hereby granted the power, to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether or not possession of the Property is taken, after giving notice by publication once a week for three .
(3b) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell the Property Intentionally omitted.
(or such part or parts thereof as Collateral Agent may from time to time elect to sellc) in front of such county’s main or front courthouse door, at public outcry, to the highest bidder for cash. At any foreclosure sale, any part or all of the Property, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell all or any portion of the Property in parts or parcels, sales thereof may be held from time to time, and the power of sale granted herein shall not be fully exercised until all of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in full. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Mortgage Deed of Trust by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned.
(d) Upon the completion of any sale or sales made by Collateral Agent under or by virtue of this Section 3.04, Collateral Agent, Trustee, or an officer of any court empowered to do so, shall execute and deliver to the accepted purchaser or purchasers a good and sufficient instrument, or good and sufficient instruments, conveying, assigning and transferring all estate, right, title and interest in and to the property and rights sold. Each of Trustee and Collateral Agent is hereby irrevocably appointed the true and lawful attorney of Grantor, in its name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the Property and rights so sold and for that purpose Collateral Agent or Trustee may execute all necessary instruments of conveyance, assignment and transfer, and may substitute one or more persons with like power, Grantor hereby ratifying and confirming all that its said attorney or such substitute or substitutes shall lawfully do by virtue hereof. Any such sale or sales made under or by virtue of this Section 3.04 shall operate to divest all the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of Grantor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against Grantor and against any and all persons claiming or who may claim the same, or any part thereof from, through or under Grantor.
(e) Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for all or a portion of the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent is authorized to deduct under this MortgageDeed of Trust.
Appears in 2 contracts
Samples: Leasehold Deed of Trust (Golfsmith International Holdings Inc), Leasehold Deed of Trust (Golfsmith International Holdings Inc)
Foreclosure. If a Default shall have occurred The Lenders hereby agree to the following in the event of foreclosure under the Mortgage or any other attempt at realization of the security thereunder:
(a) To subscribe to and be continuing, accept its Percentage of the ownership interests in any entity organized to hold title to the Collateral Agent Asset and that the nature of such entity shall be entitled determined by the Required Lenders, subject to proceed each Lender's right to foreclose this Mortgage hold its interests in such entity in, and assign such interests to, any affiliate of such Lender or any other entity required by laws or regulations governing such Lender. The Administrative Agent is hereby authorized to act for and on behalf of the manner provided by law Lenders in all day-to-day matters with respect to the exercise of rights described herein such as the supervision of attorneys, accountants, appraisers or others acting for the benefit of all of the Lenders in connection with litigation, foreclosure of mortgages, and to cause the sale or realization of all or any portion security given as Collateral for the Obligations or other similar actions.
(b) If the Lenders acquire the Collateral Asset either by foreclosure or deed in lieu of foreclosure, to negotiate in good faith to reach agreement in writing relating to the ownership, operation, maintenance, marketing and sale of Collateral Asset and that such agreement shall be consistent with the following:
(i) The Collateral Asset will not be held as a long-term investment but will be marketed in an attempt to sell them in a time period consistent with the regulations applicable to national banks for owning real estate. Current appraisals of the Property for cash or upon such terms and conditions as Collateral Agent may deem expedient, under the judgment or decree of a court or courts of competent jurisdiction in order to pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys’ fees. In the event of any such foreclosure sale, Mortgagor Asset shall be deemed a tenant holding over and shall forthwith deliver possession to obtained by the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. If a Default shall have occurred and be continuing, to the extent permitted under applicable law, Collateral Administrative Agent shall be entitled, and is hereby granted the power, to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether or not possession of the Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s main during the ownership period at Lenders' expense (without diminishing or front courthouse door, at public outcry, to the highest bidder for cash. At releasing any foreclosure sale, any part or all obligation of the Property, real, personal or mixed, may be offered Borrower to pay for sale in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell all or any portion of the Property in parts or parcels, sales thereof may be held from time to time, costs) and the power of sale granted herein shall not be fully exercised until all of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in full. In the event of any such foreclosure sale, Mortgagor an appraised value shall be deemed a tenant holding over established and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent may adjourn updated from time to time any sale by it based on such appraisals.
(ii) Certain decision making with respect to the day-to-day operations of the Collateral Asset will be made under or by virtue delegated to management and leasing agents. All agreements with such management and leasing agents will be subject to the approval of this Mortgage by announcement at the time and place appointed for Required Lenders. The day-to-day supervision of such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same agents shall be so adjourneddone by the Administrative Agent.
(iii) Except as provided in the following sentences, all decisions as to whether to sell the Collateral Asset shall be subject to the approval of all the Lenders. Upon any sale made under or by virtue of this Section 3.04Notwithstanding the foregoing, Collateral the Lenders agree that if the Administrative Agent may bid for and acquire receives a bona fide "all cash" offer from an entity not affiliated with the Property Borrower or any part thereof and in lieu of paying cash therefor may make settlement Lender for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of any of the sale Collateral Asset and the costs such offer equals or exceeds ninety percent (90%) of the action most recent Appraised Value of such Collateral Asset as established by an Appraisal prepared in accordance with the standards established in this Agreement that has been completed within six months of such offer, then the Administrative Agent shall give written notice of such offer to the Lenders and any other sums which Collateral Agent request their approval for sale at such a price. If the Required Lenders approve of such a sale (or are deemed to approve of such a sale) then the Administrative Agent, acting on behalf of the Lenders, is irrevocably authorized to deduct under this Mortgageaccept such offer.
(iv) All expenses incurred by the Administrative Agent and Lenders in connection with the ownership, operation, maintenance, marketing and sale of the Collateral Asset shall be allocated among the Lenders pro rata in accordance with their respective Percentages.
(v) All expenditures and other actions taken with respect to the Collateral Asset shall at all times be subject to the regulations and requirements pertaining to national banks applicable thereto. Without limiting the generality of the foregoing, all necessary approvals from regulatory authorities in connection with any expenditure of funds by the Lenders shall be a condition to such expenditure.
Appears in 2 contracts
Samples: Term Loan Agreement (Glimcher Realty Trust), Term Loan Agreement (Glimcher Realty Trust)
Foreclosure. If a Default shall have occurred and be continuing, Collateral Agent shall be entitled to proceed to foreclose this Mortgage in the manner provided by law for the foreclosure of mortgages, and to cause the sale of all or any portion of the Property for cash or upon such terms and conditions as Collateral Agent may deem expedient, under the judgment or decree of a court or courts of competent jurisdiction in order to pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys’ fees. In the event of a Foreclosure,
(a) So long as Shire complies with this Agreement and is not in material breach under the License Agreement, the License Agreement shall continue in full force and effect between Shire and CIBC, acting on its own behalf and on behalf of the other Secured Parties, or any purchaser of the Licensed Property in a foreclosure sale (a “Foreclosure Purchaser”), as applicable, and neither CIBC, acting on its own behalf and on behalf of the other Secured Parties, nor any Foreclosure Purchaser will disturb, diminish or interfere with the rights of Shire under the License Agreement, subject to this Agreement; provided that in the event that Shire is in material breach under the License Agreement, Shire will be given written notice and 30 days (in addition to any notice and cure period provided for under the License Agreement) in which to cure such foreclosure salebreach before CIBC, Mortgagor shall be deemed a tenant holding over acting on its own behalf and shall forthwith deliver possession to on behalf of the purchaser other Secured Parties, or purchasers at such sale any Foreclosure Purchaser disturbs, diminishes or be summarily dispossessed according to provisions interferes with the rights of law applicable to tenants holding overShire under the License Agreement. If a Default shall have occurred and be continuing, to To the extent permitted under applicable lawthat the License Agreement is extinguished as a result of a Foreclosure Sale, Collateral Agent a new license agreement shall be entitled, automatically go into effect upon the same provisions as contained in the License Agreement between WFHC and is hereby granted Shire for the power, to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether or not possession term of the Property is takenLicense Agreement. Shire agrees to accept CIBC, after giving notice by publication once a week for three (3) consecutive weeks acting on its own behalf and on behalf of the timeother Secured Parties, place or a Foreclosure Purchaser, as applicable, as licensor under the License Agreement and terms of each such sale, together with a description of the Property, to be bound by publication in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s main or front courthouse door, at public outcry, to the highest bidder for cash. At any foreclosure sale, any part or and perform all of the Propertyobligations imposed by the License Agreement, realor, personal or mixedas the case may be, may be offered for sale in parcels or en masse for one total price, under the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agentnew license agreement, in the exercise event that the License Agreement is extinguished by a Foreclosure Sale. Upon the acquisition by CIBC, acting on its own behalf and on behalf of the power other Secured Parties, or a Foreclosure Purchaser of sale herein giventitle to the Licensed Property, elects to sell all or any portion CIBC, acting on its own behalf and on behalf of the Property in parts other Secured Parties, or parcels, sales thereof may be held from time to time, and the power of sale granted herein shall not be fully exercised until such Foreclosure Purchaser will perform all of the Property not previously sold obligations imposed on WFHC by the License Agreement except as set forth in this Agreement; provided, however, that neither CIBC, acting on its own behalf and on behalf of the other Secured Parties, nor any Secured Party shall be: (i) liable for any act or omission of WFHC or any Foreclosure Purchaser; (ii) subject to any offsets or defenses that Shire might have been sold against WFHC; (iii) bound by any amendment, modification, assignment or all termination of the Indebtedness License Agreement made without the written consent of CIBC, acting on its own behalf and Obligations shall have been paid on behalf of the other Secured Parties; or (iv) obligated or liable with respect to any representations or warranties contained in full. In the event of any such foreclosure saleLicense Agreement; provided, Mortgagor further, that nothing in this Section 5(a) shall be deemed construed to limit Shire’s right to use the Licensed Property for the entire term of the License Agreement, on the terms and conditions of the License Agreement.
(b) Upon the written request of CIBC, acting on its own behalf and on behalf of the other Secured Parties, or Shire after a tenant holding over Foreclosure Sale, the parties shall execute a new agreement upon the same provisions as contained in the License Agreement between WFHC and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Mortgage by announcement at the time and place appointed for such sale or for such adjourned sale or sales; andShire, except as otherwise provided by any applicable provision of lawset forth in this Agreement, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned. Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses term of the sale and the costs of the action and any other sums which Collateral Agent is authorized to deduct under this MortgageLicense Agreement.
Appears in 2 contracts
Samples: Collateral Release and Nondisturbance Agreement, Collateral Release and Nondisturbance Agreement (Women First Healthcare Inc)
Foreclosure. (a) If a an Event of Default shall have occurred and be continuing, Collateral Agent shall be entitled to proceed to foreclose this Mortgage in the manner provided by law for the foreclosure Deed of mortgages, Trust and to cause the sale of all or any portion of the Property for cash or upon such terms and conditions as Collateral Agent may deem expedient, under the judgment or decree of a court or courts of competent jurisdiction in order to pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys’ fees. In the event of any such foreclosure sale, Mortgagor Grantor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. .
(i) If a an Event of Default shall have occurred and be continuing, to the extent permitted under applicable law, Collateral Agent shall be entitled, and is hereby granted the power, may elect to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether or not possession of the Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein cause the Property or any part thereof to be sold under the power of sale herein granted. Foreclosure through Trustee will be initiated by Collateral Agent’s filing of its notice of election and demand for sale with Trustee. 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 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 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. Collateral Agent may bid at any such sale, and (except insofar as Trustee’s fees and other expenses of sale are required by law to sell be paid in cash) may pay any such bid in whole or in part by credit against the Property (Obligations rather than in cash. The proceeds of any sale under this section 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 in such part or parts thereof order as Collateral Agent may from elect; 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 sale a certificate of purchase, which shall describe the property sold to such purchaser and shall state that upon the expiration of the applicable periods for redemption, the holder of such certificate will be entitled to a deed to the property described in the certificate. After the expiration of all applicable periods of redemption, unless the property sold has been redeemed by Grantor, 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 be, and such deed shall operate to divest Grantor and all Persons claiming under Grantor of all right, title and interest, whether legal or equitable, in the property described in the deed. Nothing in this section dealing with foreclosure procedures or specifying particular actions to be taken by Collateral Agent or by Trustee or any similar officer shall be deemed to contradict or add to the requirements and procedures now or hereafter specified by Colorado law, and any such inconsistency shall be resolved in favor of Colorado law applicable at the time to time of foreclosure.
(ii) In connection with any sale or sales hereunder, Collateral Agent may elect to selltreat any of the Property which consists of a right in action or which is property that can be severed from the real property covered hereby or any improvements thereon without causing structural damage thereto as if the same were personal property, and dispose of the same in accordance with applicable law, separate and apart from the sale of real property.
(iii) Where the Property consists of real property and personal property, any reinstatement of the Indebtedness or Obligations secured hereby, following default and an election by the Collateral Agent to accelerate the maturity of said Indebtedness or Obligations, which is made by Grantor or any other person or entity permitted to exercise the right of reinstatement under Colorado law shall not prohibit the Collateral Agent from conducting a sale or other disposition of any personal property or fixtures or from otherwise proceeding against or continuing to proceed against any personal property or fixtures in front any manner permitted by the Colorado Commercial Code or any other applicable law; nor shall any such reinstatement invalidate, rescind or otherwise affect any sale, disposition or other proceeding held, conducted or instituted with respect to any personal property or fixtures prior to such reinstatement or pending at the time of such countyreinstatement. Any sums paid to Collateral Agent in effecting any reinstatement shall be applied to the secured obligation and to the Collateral Agent’s main and Trustee’s reasonable costs and expenses in the manner required by Colorado law.
(iv) Should Collateral Agent elect to sell any portion of the Property which is real property or front courthouse doorwhich is personal property or fixtures that Collateral Agent has elected under Section 4-9-604(a)(2) or 4-9-604(b)(2) of the Colorado Uniform Commercial Code to sell together with real property in accordance with the laws governing a sale of real property, Collateral Agent or Trustee shall give such notice of default and election to sell as may then be required by law. Thereafter, upon the expiration of such time and the giving of such notice of sale as may then be required by law, and without the necessity of any demand on Grantor, Trustee, at the time and place specified in the notice of sale, shall sell said real property or part thereof at public outcry, auction to the highest bidder for cash. At any foreclosure sale, any part or all cash in lawful money of the PropertyUnited States. Trustee may, realand upon request of Collateral Agent shall, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell all or any portion of the Property in parts or parcels, sales thereof may be held from time to time, postpone any sale hereunder by public announcement thereof at the time and place noticed therefor, and Grantor agrees and acknowledges that Collateral Agent may elect in its sole and absolute discretion to direct such postponement(s) for such periods of time as Collateral Agent may find necessary or desirable.
(v) In any notice of foreclosure sale, advertisement of sale, or other post-default public statement of Trustee or Collateral Agent in connection with the judicial or nonjudicial foreclosure of all or any part of the Property, Grantor agrees that Trustee and Collateral Agent shall have the right, but not the obligation, to disclose any report or information known to them regarding defects in the Property, that Trustee and Collateral Agent cannot control or otherwise assure the truthfulness or the accuracy of such reports or information, and that the disclosure of such reports or information to prospective bidders at any foreclosure sale of the Property may have a material adverse effect upon the amount which a party may bid at such sale. Grantor agrees that Collateral Agent and Trustee shall have no liability whatsoever as a result of disclosing any or all of such reports or information to any third party, and Grantor hereby waives, releases and forever discharges Collateral Agent and Trustee from any and all claims, damages, or causes of action, arising out of, connected with or incidental to the disclosure, use or delivery of any such report or information.
(vi) Should Collateral Agent desire that more than one sale or other disposition of the Property be conducted, Collateral Agent may, at its option, cause the same to be conducted simultaneously, or successively, on the same day, or at such different days or times and in such order as Collateral Agent may deem to be in its best interests, and no such sale shall terminate or otherwise affect the lien of this Deed of Trust on any part of the Property not sold until all Indebtedness secured hereby has been fully paid and all Obligations secured hereby have been fully performed, nor shall the power of sale granted herein shall not under this Deed of Trust be fully exercised exhausted until all of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in full. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. sales are conducted.
(c) Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Mortgage Deed of Trust by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned.
(d) Upon the completion of any sale or sales made by Collateral Agent under or by virtue of this Section 3.04, (and, in the case of so much of the Property as constitutes real property, upon the expiration of any non-waivable post-sale redemption period), Collateral Agent, Trustee, or an officer of any court empowered to do so, shall execute and deliver to the accepted purchaser or purchasers a good and sufficient instrument, or good and sufficient instruments, conveying, assigning and transferring all estate, right, title and interest in and to the property and rights sold. Each of Trustee and Collateral Agent is hereby irrevocably appointed the true and lawful attorney of Grantor, in its name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the Property and rights so sold and for that purpose Collateral Agent or Trustee may execute all necessary instruments of conveyance, assignment and transfer, and may substitute one or more persons with like power, Grantor hereby ratifying and confirming all that its said attorney or such substitute or substitutes shall lawfully do by virtue hereof. Any such sale or sales made under or by virtue of this Section 3.04 shall operate to divest all the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of Grantor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against Grantor and against any and all persons claiming or who may claim the same, or any part thereof from, through or under Grantor.
(e) Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may (except insofar as Trustee’s fees and other expenses of sale are required by law to be paid in cash) make settlement for all or a portion of the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent is authorized to deduct under this MortgageDeed of Trust.
Appears in 1 contract
Samples: Leasehold Deed of Trust (Golfsmith International Holdings Inc)
Foreclosure. If a Default When the Obligations shall become due whether by ----------- acceleration or otherwise, Trustee shall have occurred and be continuingthe right to foreclosure, Collateral Agent shall in either case in accordance with applicable law. If this Deed of Trust is foreclosed by judicial procedure, Beneficiary will be entitled to proceed to foreclose this Mortgage in the manner provided by law for a judgment which will provide that if the foreclosure of mortgagessale proceeds are insufficient to XI-7 satisfy the judgment, and to cause execution may issue for any amount by which the sale of all or any portion unpaid balance of the Property for cash or upon such terms and conditions as Collateral Agent may deem expedientobligations secured by this Deed of Trust exceeds the net sale proceeds payable to Beneficiary, under the judgment or decree of a court or courts of competent jurisdiction in order to pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys’ fees. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. If a Default shall have occurred and be continuingtrustee's sale, to the extent permitted under by applicable law, Collateral Agent there shall be entitledallowed and included as part of the foreclosed indebtedness all expenditures and expenses that may be paid or incurred by or on behalf of Beneficiary and/or Trustee, as applicable, for court costs, fees of masters in chancery, reasonable attorneys' fees (including charges for inside counsel), appraiser's fees, outlays for documentary and expert evidence, stenographers' charges, publication costs and costs (which may be estimated as to items to be expended after entry of the decree of procuring all such abstracts of title, title searches and examinations, title insurance policies, Torrens certificates, and is hereby granted similar data and assurances with respect to title as Beneficiary or Trustee, as applicable, may deem to be reasonably necessary either to prosecute such suit or to evidence to the powerholder at any foreclosure or trustee's sale the true conditions of the title to or the value of the Trust Property. All expenditures and expenses of the nature Mentioned in this Section 4.03 shall become additional Obligations ------------ and shall be immediately due and payable, with interest thereon at the Default Rate applicable under the Credit Agreement from and after an Event of Default from and after the date when paid or incurred by Beneficiary or Trustee, as applicable, in connection with (a) any proceeding, including probate and bankruptcy proceeding.;, to foreclose which Beneficiary or Trustee, as applicable, shall be a party, either as plaintiff, claimant i r defendant, by reason of this Mortgage by non-judicial means. If Collateral Agent elects Deed of Trust or any of the Obligations; or (b) preparations for the commencement of any suit for the foreclosure hereof after accrual of such right to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its optionwhether or not actually commenced; or (c) preparations for the defense of any threatened suit or proceedings that might affect the Trust Property, whether or not possession of the Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s main or front courthouse door, at public outcry, to the highest bidder for cash. At any foreclosure sale, any part or all of the Property, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell all or any portion of the Property in parts or parcels, sales thereof may be held from time to time, and the power of sale granted herein shall not be fully exercised until all of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in full. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Mortgage by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned. Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent is authorized to deduct under this Mortgageactually commenced.
Appears in 1 contract
Foreclosure. If a Default shall Upon the occurrence of an Event of Default, the entire unpaid Indebtedness shall, at the option of Mortgagee, become immediately due and payable for all purposes without any notice or demand, except as required by law, (ALL OTHER NOTICE OF THE EXERCISE OF SUCH OPTION, OR OF THE INTENT TO EXERCISE SUCH OPTION, BEING HEREBY EXPRESSLY WAIVED) and Mortgagee may in addition to exercising any rights it may have occurred and be continuing, Collateral Agent shall be entitled with respect to proceed the Personal Property under the Uniform Commercial Code of the jurisdiction in which the Property is located; Mortgagee may institute proceedings in any court of competent jurisdiction to foreclose this Mortgage instrument as a mortgage, or to enforce any of the covenants hereof or Mortgagee may, either personally or by agent or attorney in fact and without impairing its right to foreclose this instrument, enter upon and take possession of the manner provided by law for Property and may manage, rent or lease the foreclosure of mortgages, and to cause the sale of all Property or any portion of the Property for cash or thereof upon such terms and conditions as Collateral Agent Mortgagee may deem expedient, under collect, receive and receipt for all rentals and other income therefrom and apply the judgment or decree sums so received as hereinafter provided in case of a sale; and Mortgagee may institute proceedings in any court or courts of competent jurisdiction to foreclose this instrument as a mortgage or to enforce any of the covenants hereof, in order accordance with and subject to pay applicable New York law. Mortgagor hereby waives any right it may have to require that the Indebtedness secured hereby Property be sold as separate tracts or units if Mortgagee shall institute an action to foreclose this instrument and accrued interest thereon agrees that, out of the proceeds or avails of such sale, there may be first paid all fees, charges and insurance premiumscosts of advertising the Property and making said sale and attorneys' fees as herein provided, liens, assessments, taxes and chargesthen paid the outstanding balance of the Indebtedness, including utility charges, if anyall sums advanced or expended by Mortgagee or the legal holder of the Indebtedness, with accrued interest thereinfrom date of advance or expenditure of such sums at the Default Rate (as defined in the Note) until paid. Any such sale or sales and said deed or deeds made or given in consequence of such foreclosure shall be a perpetual bar, both in law and equity, against Mortgagor, its successors and assigns of Mortgagor, and all expenses of sale and of all proceedings in connection therewithother persons claiming the Property aforesaid, including reasonable attorneys’ feesor any part thereof, by, from, through or under Mortgagor. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. If a Default shall have occurred and be continuing, to the extent permitted under applicable law, Collateral Agent shall be entitled, and is hereby granted the power, to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether or not possession The legal holder of the Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein Indebtedness may purchase the Property or any part thereof is locatedthereof, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s main or front courthouse door, and it shall not be obligatory upon any purchaser at public outcry, to the highest bidder for cash. At any foreclosure sale, any part or all of the Property, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale en masse to be accounted for in one account without distinction between the items included therein or without assigning see to them any proportion of such proceeds, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell all or any portion of the Property in parts or parcels, sales thereof may be held from time to time, and the power of sale granted herein shall not be fully exercised until all of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in full. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Mortgage by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned. Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent is authorized to deduct under this Mortgagemoney.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Cornerstone Properties Inc)
Foreclosure. If a Default shall have occurred and be continuing, Collateral Agent shall be entitled to proceed Immediately commence an action to foreclose this Mortgage Deed of Trust or to specifically enforce its provisions or any of the Obligations pursuant to the statutes in such case made and provided and sell the manner Property or cause the Property to be sold in accordance with the requirements and procedures provided by law for said statutes in a single parcel or in several parcels at the option of Lender.
(1) Should Lender have elected to accelerate the indebtedness secured hereby, Lender may initiate foreclosure of mortgagesthe Property by requesting the Trustee to effectuate a non-judicial foreclosure sale. The Trustee of this Deed of Trust shall then sell, or offer for sale, the Property at public sale to the highest bidder for cash after having first given such notice of hearing as to commencement of foreclosure proceedings and obtaining such findings or leave of court as may then be required by law and giving such notice and advertising the time and place of such sale in such manner as may then be provided by law, and upon such and any resales and upon compliance with the law then relating to foreclosure proceedings under power of sale, to convey title to the purchaser in as full and ample manner as the Trustee is empowered. Lender shall have the right to become the purchaser at any sale held by any Trustee or substitute or successor Trustee, or by any receiver or public officer. Any Lender purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Lender upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Said Trustee may appoint an attorney-in-fact to act in its stead as Trustee to conduct sale as hereinbefore provided. Borrower authorizes and empowers the Trustee to sell the Property, in lots or parcels or as a whole, and to cause the sale of all or any portion of the Property for cash or upon such terms execute and conditions as Collateral Agent may deem expedient, under the judgment or decree of a court or courts of competent jurisdiction in order to pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys’ fees. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers thereof good and sufficient deeds of conveyance thereto of the estate of title then existing on the Property and bills of sale with covenants of general warranty. Borrower binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Trustee, and agrees to accept proceeds of said sale, if any, which are payable to Borrower as provided herein. Service of any required notice or pleading by certified mail shall be completed upon deposit of such notice, postage prepaid and properly addressed to each such person or entity at the address for Borrower indicated on the first page of this Deed of Trust, in a Post Office of the United States Postal Service or in an official depository under the care and custody of the United States Postal Service. The affidavit of a person knowledgeable of the facts to the effect that such service was completed shall be prima facie evidence of the fact of service.
(2) Should Lender have not elected to accelerate the indebtedness secured hereby, Lender may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by directing the Trustee to proceed as if under a full foreclosure, conducting sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Deed of Trust due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Deed of Trust, but as to such unmatured part, this Deed of Trust shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are filed by Lender, all expenses incident to such proceeding, including, but not limited to, attorneys’ fees and costs, shall be paid by Borrower and secured by this Deed of Trust and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The Obligations and all other obligations secured by this Deed of Trust, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be summarily dispossessed according paid under the Note in order to provisions of law applicable to tenants holding over. If a Default shall have occurred and be continuing, prepay principal (to the extent permitted under by applicable law), Collateral Agent shall be entitled, attorneys’ and is hereby granted trustee’s fees and any other amounts due and unpaid to Lender under the power, to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether or not possession of the Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s main or front courthouse door, at public outcry, to the highest bidder for cash. At any foreclosure sale, any part or all of the Property, real, personal or mixedLoan Documents, may be offered for sale bid by Lender in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell all or any portion of the Property in parts or parcels, sales thereof may be held from time to time, and the power of sale granted herein shall not be fully exercised until all of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in full. In the event of any such a foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Mortgage by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned. Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent is authorized to deduct under this Mortgagehereunder.
Appears in 1 contract
Foreclosure. If a After the occurrence of one or more Events of Default, ----------- Mortgagee may institute an action of mortgage foreclosure, or take such other action as the law may allow, at law or in equity, for the enforcement hereof and realization on the Property (in its entirety or for the Leasehold Interest or the Fee Interest seperately) or any other security which is herein or elsewhere provided for, and proceed thereon to final judgment and execution thereon for the entire Mortgage Obligations together with interest accrued to the date of such Event of Default shall have occurred and be continuing, Collateral Agent shall be entitled to proceed to foreclose this Mortgage at the rate stipulated in the manner provided applicable Security Documents and thereafter at the Applicable Rate together with all other sums secured by law for this Mortgage, all costs of suit, including, without limitation, the foreclosure of mortgagesexpenses which are described in Paragraph 26, and to cause interest at the Applicable Rate on any judgment obtained by Mortgagee from and after the date of any judicial sale of all or any portion of the Property for cash or upon such terms and conditions as Collateral Agent may deem expedient, under the judgment or decree of a court or courts of competent jurisdiction in order to pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys’ fees. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. If a Default shall have occurred and be continuing, to the extent permitted under applicable law, Collateral Agent shall be entitled, and is hereby granted the power, to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether or not possession of the Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s main or front courthouse door, at public outcry, to the highest bidder for cashuntil actual payment. At any foreclosure sale, any part or all of the Property, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell all or any portion of the Property in parts or parcels, sales thereof may be held from time to time, and the power of sale granted herein shall not be fully exercised until all of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in full. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Mortgage by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned. Upon any sale made under or by virtue of this Section 3.04, Collateral Agent Mortgagee may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Mortgage Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent Mortgagee is authorized to deduct under this Mortgage. The proceeds of such sale shall be applied first to the payment of the costs and charges of such sale, including, without limitation, Mortgagee's reasonable attorneys' fees (to the extent permitted by law), and second to the payment of the Mortgage Obligations then outstanding under the Security Documents including interest as aforesaid, with the surplus money, if any, to be paid to Lessee. Upon the request of Mortgagee and to the extent not prohibited by applicable law, Mortgagor shall execute and file with the clerk of the court a legally sufficient waiver of any statutory waiting period with respect to the execution of a judgment obtained by Mortgagee in connection with any foreclosure proceedings. The obligation of Mortgagor to so execute and file such waiver shall survive the termination of this Mortgage.
Appears in 1 contract
Foreclosure. If a Default shall have occurred and be continuing, Collateral Agent shall be entitled to proceed to foreclose this Mortgage in the manner provided by law Institute proceedings for the complete foreclosure of mortgagesthis Security Instrument under any applicable provision of law, and to cause in which case the sale of all Property or any portion of the Property interest therein may be sold for cash or upon such terms credit in one or more parcels or in several interests or portions and conditions in any order or manner as Collateral Agent may deem expedientMortgagee shall elect in its sole and absolute discretion, Mortgagee being hereby expressly granted the power to foreclose this Security Instrument and sell the Property at public auction and convey the same to the purchaser. With respect to any notices required or permitted under the judgment UCC, Mxxxxxxxx agrees that ten (10) Business Days’ prior written notice shall be deemed commercially reasonable. At any such sale by virtue of any judicial proceedings, power of sale, or decree any other legal right, remedy or recourse, the title to and right of a court or courts possession of competent jurisdiction in order any such property shall pass to pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest thereinpurchaser thereof, and all expenses of sale to the fullest extent permitted by law, Mortgagor shall be completely and irrevocably divested of all proceedings of its right, title, interest, claim, equity, equity of redemption, and demand whatsoever, either at law or in connection therewithequity, including reasonable attorneys’ feesin and to the property sold and such sale shall be a perpetual bar both at law and in equity against Mortgagor, and against all other persons claiming or to claim the property sold or any part thereof, by, through or under Mortgagor. Mortgagee may be a purchaser at such sale. If Mortgagee is the highest bidder, Mortgagee may credit the portion of the purchase price that would be distributed to Mortgagee against the Obligations in lieu of paying cash. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. If a Default shall have occurred and be continuing, to the extent permitted under applicable law, Collateral Agent shall be entitled, and is hereby granted the power, to foreclose this Mortgage is foreclosed by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such meansaction, Collateral Agent shall be authorized, at its option, whether or not possession appraisement of the Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s main or front courthouse door, at public outcry, to the highest bidder for cashwaived. At any foreclosure sale, any part or all of the Property, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell all or any portion of the Property in parts or parcels, sales thereof may be held from time to time, and the power of sale granted herein shall not be fully exercised until all of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in full. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent Mortgagee may adjourn from time to time any sale by it to be made under or by virtue of this Mortgage hereof by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agentand Mortgagee, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned. Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent is authorized to deduct under this Mortgage.
Appears in 1 contract
Samples: Senior Secured Notes Agreement (Office Properties Income Trust)
Foreclosure. If a Default shall have occurred and be continuingWhether or not Lender takes possession of the Collateral, Collateral Agent shall be entitled to proceed to foreclose this the Resort Mortgage and sell the Mortgaged Real Property in the manner provided by law for the foreclosure of mortgages, and to cause the sale of all its entirety or any portion of the Property for cash or upon such terms and conditions as Collateral Agent may deem expedient, in separate increments under the judgment or of decree of a court or courts of competent jurisdiction and pursue any other remedy available to it, at law or in order equity, all as Lender shall deem appropriate. Upon the commencement of suit or foreclosure proceedings with respect to pay the Indebtedness secured hereby Resort Mortgage, the unpaid principal balances of the Mortgage Note and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility chargesthe Receivables Note, if any, with accrued interest therein, not previously accelerated and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys’ fees. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. If a Default shall have occurred and be continuing, to the extent permitted under applicable law, Collateral Agent shall be entitled, and is hereby granted the power, to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether or not possession of the Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and terms of each such saledeclared due, together with a description of the Propertyall interest accrued thereon and all other Obligations, by publication in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s main or front courthouse door, at public outcry, to the highest bidder for cashshall immediately be due and payable. At Upon any foreclosure salesale pursuant to judicial proceedings, any part or all of the Property, real, personal or mixed, Lender may be offered bid for sale in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell and purchase all or any portion of the Mortgaged Real Property in parts or parcelsand, sales thereof upon compliance with the terms of sale, may be held from time to timehold, retain, possess, and the power of sale granted herein shall not be fully exercised until all of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in fulldispose thereof. In the event case of a foreclosure sale of all or any portion of the Mortgaged Real Property and the application of the proceeds of sale to the payment of the debt secured by the Resort Mortgage, Lender shall be entitled to enforce payment of and to receive all amounts then remaining due and unpaid under the Mortgage Note and the Receivables Note, and Lender shall be entitled to recover judgment for any portion of the debt remaining unpaid, with interest thereon. Borrower agrees, to the full extent that it may lawfully so agree, that no recovery of any such foreclosure sale, Mortgagor judgment by Lender and no attachment or levy of any execution upon any such judgment upon the Resort or upon any other property shall be deemed a tenant holding over and shall forthwith deliver possession in any manner or to any extent affect the purchaser or purchasers at such sale or be summarily dispossessed according to provisions Lien of law applicable to tenants holding over. Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this the Resort Mortgage by announcement at upon the time and place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned. Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Mortgaged Real Property or any part thereof or any Lien, rights, powers, or remedies of Lender hereunder, and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale such Lien, rights, powers, and the costs of the action and any other sums which Collateral Agent is authorized to deduct under this Mortgageremedies shall continue unimpaired.
Appears in 1 contract
Foreclosure. If (a) All fees, costs and expenses of any kind incurred by Beneficiary in connection with foreclosure of this Deed of Trust, including, without limitation, the costs of any appraisals of the Trust Property obtained by Beneficiary, all costs of any receivership for the Trust Property advanced by Beneficiary, and all reasonable attorneys' and consultants' fees incurred by Beneficiary, appraisers' fees, outlays for documentary and expert evidence, stenographers' charges, publication costs and costs (which may be estimates as to items to be expended after entry of the decree) of procuring all such abstracts of title, title searches and examination, title insurance policies and similar data and assurances with respect to title, as Trustee or Beneficiary may reasonably deem necessary either to prosecute such suit or to evidence to bidders at the sales that may be had pursuant to such proceedings the true conditions of the title to or the value of the Trust Property, together with and including a Default reasonable compensation to Trustee, shall have occurred constitute a part of the Obligations and may be continuing, Collateral Agent included as part of the amount owing from Trustors to Beneficiary at any foreclosure sale.
(b) The proceeds of foreclosure sale of the Trust Property shall be entitled to proceed to foreclose this Mortgage distributed and applied in the manner provided by law for following order of priority: first, on account of all costs and expenses incident to the foreclosure of mortgagesproceedings, and including, without limitation, all such items as are mentioned in Section 4.4(b) hereof; -------------- second, to cause the sale payment of all or any portion of the Property for cash or upon such terms and conditions as Collateral Agent may deem expedient, sums expended under the judgment or decree of a court or courts of competent jurisdiction in order to pay the Indebtedness secured hereby and terms hereof not then repaid, with accrued interest thereon at the Default Rate; third, to the payment of all other Obligations; and insurance premiumslastly, liens, assessments, taxes and charges, including utility chargesthe remainder, if any, with accrued interest thereinto the person or persons legally entitled thereto.
(c) In case of an insured loss after judicial foreclosure or Trustee's sale proceedings have been instituted, and all expenses the proceeds of sale and of all proceedings in connection therewithany insurance policy or policies, including reasonable attorneys’ feesif not applied to rebuilding or restoring the buildings or improvements, shall be used to pay the amount due upon the Obligations. In the event of any such judicial foreclosure or Trustee's sale, Mortgagor shall be deemed a tenant holding over Beneficiary or Trustee is hereby authorized, without the consent of Trustors, to assign any and shall forthwith deliver possession all insurance policies to the purchaser at the sale, or purchasers at to take such sale other steps as Beneficiary or Trustee may deem advisable to cause the interest of such purchaser to be summarily dispossessed according to provisions protected by any of law applicable to tenants holding over. If a Default shall have occurred and be continuing, to the said insurance policies.
(d) To the fullest extent permitted under applicable allowable by law, Collateral Agent each Trustor hereby expressly waives any right which it may have to direct the order in which any Trust Property shall be entitled, and is hereby granted the power, to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether or not possession of the Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication sold in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s main or front courthouse door, at public outcry, to the highest bidder for cash. At any foreclosure sale, any part or all of the Property, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell all or any portion of the Property in parts or parcels, sales thereof may be held from time to time, and the power of sale granted herein shall not be fully exercised until all of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in full. In the event of any such sale or sales pursuant to this Deed of Trust.
(e) Nothing in this Section dealing with foreclosure sale, Mortgagor procedures or specifying particular actions to be taken by Beneficiary or by Trustee or any similar officer shall be deemed a tenant holding over and shall forthwith deliver possession to contradict or add to the purchaser requirements and procedures now or purchasers at hereafter specified by Colorado law, and any such sale or inconsistency shall be summarily dispossessed according to provisions resolved in favor of Colorado law applicable to tenants holding over. Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Mortgage by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned. Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent is authorized to deduct under this Mortgageforeclosure.
Appears in 1 contract
Samples: Deed of Trust (Isle of Capri Black Hawk Capital Corp)
Foreclosure. If a Default shall have occurred and be continuingInstitute an action, Collateral Agent shall be entitled to proceed judicial or otherwise, to foreclose this Mortgage Mortgage, or take such other action as may be allowed at law or in equity, for the enforcement hereof and realization on the Secured Property or any other security which is herein or elsewhere provided for, or proceed thereon to final judgment and execution thereon for the entire unpaid balance of the Obligations, including interest at the rate specified in the manner provided by law for Loan Instruments to the foreclosure of mortgages, and to cause the sale of all or any portion date of the Property for cash or upon such terms Event of Default and conditions as Collateral Agent may deem expedient, under thereafter at the judgment or decree of a court or courts of competent jurisdiction in order to pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest thereinIncreased Rate, and all expenses of sale and of all proceedings in connection therewithother sums secured by this Mortgage, including reasonable all attorneys’ fees. In ' fees and expenses, costs of suit and other collection costs, interest at the event Increased Rate on any judgment obtained by Mortgagee from and after the date of any sale of the Secured Property (which may be sold in one parcel or in such foreclosure saleparcels, Mortgagor manner or order as Mortgagee shall be deemed a tenant holding over and shall forthwith deliver possession elect) until actual payment is made of the full amount due Mortgagee pursuant to the purchaser Loan Instruments, any law, usage or purchasers at such sale or be summarily dispossessed according custom to provisions the contrary notwithstanding.
4.01. B Partial Foreclosure. Mortgagee shall have the right to foreclose the lien hereof to satisfy payment and performance of law applicable any part of the Obligations from time to tenants holding overtime. If a an Event of Default shall have occurred and be continuingexists as to the payment of any part of the Obligations, as an alternative to the right of foreclosure to satisfy payment of the Obligations after acceleration thereof, to the extent permitted under by applicable law, Collateral Agent shall be entitled, and is hereby granted the power, to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether or not possession of the Property is taken, after giving notice by publication once a week for three Mortgagee may institute partial foreclosure proceedings (3“Partial Foreclosure”) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s main or front courthouse door, at public outcry, respect to the highest bidder for cash. At any foreclosure sale, any part or all of the Property, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell all or any portion of the Property in parts or parcelsObligations as to which the Event of Default exists, sales thereof as if under a full foreclosure, and without declaring the entire unpaid balance of the Obligations due. If Mortgagee institutes a Partial Foreclosure, Mortgagee may be held sell, from time to time, and the power of sale granted herein shall not be fully exercised until all such part or parts of the Secured Property not previously sold shall have been sold or all the Indebtedness as Mortgagee, in its discretion, deems appropriate, and Obligations shall have been paid in full. In the event of any may make each such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession sale subject to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions continuing lien of law applicable to tenants holding over. Collateral Agent may adjourn this Mortgage for the remainder, from time to time, of the Obligations. No Partial Foreclosure, if so made, shall in any manner affect the remainder, from time any sale by it to be made under time, of the Obligations or by virtue the priority of this Mortgage by announcement at the time and place appointed for Mortgage. As to such sale or for such adjourned sale or sales; andremainder, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned. Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent is authorized to deduct under this Mortgage.this
Appears in 1 contract
Foreclosure. If The Lender, instead of exercising the power of sale herein conferred upon it, may proceed by a Default shall have occurred and be continuing, Collateral Agent shall be entitled to proceed suit or suits at law or in equity to foreclose this Mortgage in the manner provided by law for Security Interests and sell the foreclosure of mortgagesCollateral and Proceeds, and to cause the sale of all or any portion of the Property for cash or upon such terms and conditions as Collateral Agent may deem expedientthereof, under the judgment a judgement or decree of a court or courts of competent jurisdiction in order to pay jurisdiction. For the purposes of Louisiana executory process procedures, the Borrower does hereby acknowledge the Indebtedness secured and confess judgement in favor of the Lender for the full amount of the Indebtedness. The Borrower does by these presents consent and agree that upon the occurrence of an Event of Default it shall be lawful for the Lender to cause all and singular the Collateral and Proceeds to be seized and sold under executory or ordinary process, at the Lender's sole option, without appraisement, appraisement being hereby and accrued interest thereon and insurance premiumsexpressly waived, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest thereinin one lot as an entirety or in separate parcels or portions as the Lender may determine to the highest bidder, and otherwise exercise the rights, powers and remedies afforded herein and under applicable Louisiana law. Any and all expenses declarations of sale and fact made by authentic act before a Notary Public in the presence of all proceedings in connection therewith, including reasonable attorneys’ feestwo witnesses by a person declaring that such facts lie within his knowledge shall constitute authentic evidence of such facts for the purpose of executory process. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. If a Default shall have occurred and be continuingThe Borrower, to the extent permitted under applicable by law, hereby specifically waives all rights of appraisal which it has or may have under any law now existing or hereafter arising. In the event the Collateral Agent shall be entitled, and is hereby granted the power, to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether (or not possession of the Property is taken, after giving notice by publication once a week for three (3Proceeds) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein the Property or any part thereof is locatedseized as an incident to an action for the recognition or enforcement of this Agreement by executory process, ordinary process, sequestration, writ of fieri facias, or otherwise, the Borrower and the Lender agree that the court issuing any such order shall, if petitioned for by the Lender, direct the applicable sheriff to sell the Property (or such part or parts thereof appoint as Collateral Agent may from time to time elect to sell) in front of such county’s main or front courthouse door, at public outcry, to the highest bidder for cash. At any foreclosure sale, any part or all a keeper of the PropertyCollateral and Proceeds, real, personal the Lender or mixed, any agent designed by the Lender or any person named by the Lender at any time such seizure is effected. This designation is pursuant to Louisiana Revised Statutes 9:5136-9:5140.2 and the Lender shall be entitled to all the rights and benefits afforded thereunder as the same may be offered for sale in parcels or en masse for one total price, amended. It is hereby agreed that the proceeds of any such sale en masse keeper shall be entitled to be accounted for in one account without distinction between the items included therein or without assigning to them any proportion of such proceeds, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agentreceive as compensation, in excess of its reasonable costs and expenses incurred in the exercise administration or preservation of the power of sale herein givenCollateral and Proceeds, elects an amount equal to sell all or any portion five percent of the Property in parts or parcelsgross revenues and other amounts received by the keeper, sales thereof may be held from time to time, and the power payable on a monthly basis. The designation of sale granted keeper made herein shall not be fully exercised until all deemed to require the Lender to provoke the appointment of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in full. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Mortgage by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned. Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent is authorized to deduct under this Mortgagekeeper.
Appears in 1 contract
Foreclosure. If Should Lender elect to foreclose by exercise of the power of sale herein contained, Lender shall notify Trustee and shall deposit with Trustee this Deed of Trust and the Note and such receipts with evidence of expenditures made and secured hereby as Trustee may require. Trustee shall then have the following duties and powers:
(i) Upon receipt of such notice from Lender, Trustee shall cause to be recorded, published and delivered to Borrower such Notice of Default and Election to Sell as then required by law and by this Deed of Trust and the Note and after lapse of such time as may then be required by law and after recordation of such notice of default, Trustee without demand on Borrower, shall, after notice of sale having been given as required by law, sell the Property at the time and place of sale fixed by it in said notice of sale, either as a Default whole or in separate parcels or items and such order as Trustee may determine, at public auction to the highest bidder for cash in lawful money of the United States payable at the time of sale. Trustee shall have occurred and be continuingdeliver to such purchaser its deed conveying the Property so sold, Collateral Agent but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including, without limitation, Borrower, Trustee or Lender, may purchase at such sale.
(ii) After deducting all costs, fees and expenses of Trustee and of this trust, including costs of evidence of title in connection with sale, Trustee shall apply the proceeds of sale to payment of: all sums expended under the terms hereof, not then repaid, with accrued interest at the rate then applicable under the Note; all other sums then secured hereby; and the remainder, if any, to the person or persons legally entitled to proceed to foreclose this Mortgage in the manner provided by law for the foreclosure of mortgages, and to cause thereto. Trustee may postpone the sale of all or any portion of the Property for cash or upon such terms and conditions as Collateral Agent may deem expedient, under the judgment or decree of a court or courts of competent jurisdiction in order to pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys’ fees. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. If a Default shall have occurred and be continuing, to the extent permitted under applicable law, Collateral Agent shall be entitled, and is hereby granted the power, to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether or not possession of the Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s main or front courthouse door, at public outcry, to the highest bidder for cash. At any foreclosure sale, any part or all of the Property, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell all or any portion of the Property in parts or parcels, sales thereof may be held from time to time, and the power of sale granted herein shall not be fully exercised until all of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in full. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Mortgage by announcement at the time and place appointed first fixed for sale, and from time to time thereafter may postpone such sale or for such adjourned sale or sales; andby public announcement at the time and place fixed by the preceding postponement, except as otherwise provided by any applicable provision of law, Collateral Agent, and without further notice or publication, may make such sale at the time and place to which fixed by the same shall be so adjourned. Upon any sale made under last postponement, or by virtue may, in its discretion, give new notice of this Section 3.04, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent is authorized to deduct under this Mortgagesale.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (Micro Linear Corp /Ca/)
Foreclosure. If a Default shall Agent may institute an action of mortgage foreclosure, or take such other action at law or in equity for the enforcement of this Mortgage and realization on the mortgage security or any other security herein or elsewhere provided for, as the law may allow, and may proceed therein to final judgment and execution for the entire unpaid balance of the principal debt, with interest at the rate(s) stipulated in the Loan Agreement, together with all other sums due from Mortgagor in accordance with the provisions of the Loan Agreement, including all sums which may have occurred been loaned by Agent to Mortgagor after the date of this Mortgage, all sums which may have been advanced by Agent to Mortgagor after the date of this Mortgage, all sums which may have been advanced by Agent for taxes, water or sewer rents, other lienable charges or claims, insurance or repairs or maintenance after the date of this Mortgage (including the period after the entry of any judgment in mortgage foreclosure or other judgment entered pursuant to this Mortgage or the Loan Agreement), and be continuingall costs of suit, Collateral including counsel fees (as permitted by applicable law). Mortgagor authorizes Agent shall be entitled to proceed at its option to foreclose this Mortgage subject to the rights of any tenants of the Mortgaged Property, and the failure to make any such tenants parties defendant to any such foreclosure proceedings and to foreclose their rights will not be asserted by Mortgagor as a defense to any proceedings instituted by Agent to recover the indebtedness secured hereby or any deficiency remaining unpaid after the foreclosure sale of the Mortgaged Property; however, nothing herein contained shall prevent Mortgagor from asserting in any proceedings disputing the amount of the deficiency or the sufficiency of any bid at such foreclosure sale that any such tenants adversely affect the value of the Mortgaged Property. In connection with the exercise of Agent’s rights above, Mortgagor hereby authorizes and empowers any attorney of any court of record in the manner provided by law Commonwealth of Pennsylvania or elsewhere, as attorney for Agent and all persons claiming under or through Agent, to appear for and confess judgment in ejectment against Mortgagor for the foreclosure possession of mortgages, the Mortgaged Property and to cause appear for and confess judgment against Mortgagor and against all persons claiming under or through Mortgagor, in favor of Agent, for recovery by Agent of possession thereof, for which this Mortgage, or a copy thereof verified by affidavit, shall be a sufficient warrant; and thereupon a writ of possession may immediately issue for possession of the sale Mortgaged Property, without any prior writ or proceeding whatsoever and without any stay of all execution. If for any reason after such action has been commenced it shall be discontinued, or possession of the Mortgaged Property shall remain in or be restored to Mortgagor, Agent shall have the right for the same default or any portion subsequent default to bring one or more further actions as above provided to recover possession of the Property for cash or upon such terms and conditions as Collateral Mortgaged Property. Agent may deem expedientconfess judgment in ejectment therein before or after the institution of proceedings to foreclose this Mortgage or to enforce the Loan Documents, under or after entry of judgment on this Mortgage or on the judgment or decree of a court or courts of competent jurisdiction in order to pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of sale and of all proceedings other Loan Documents executed in connection therewith, including reasonable attorneys’ feesor after a sheriff’s sale of the Mortgaged Property in which Agent or any Lender is the successful bidder. In The authorization to pursue such proceedings for obtaining possession is an essential part of the event enforcement of any such foreclosure salethis Mortgage, Mortgagor shall be deemed a tenant holding over or the other Loan Documents, and shall forthwith deliver possession survive any execution sale to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. If a Default shall have occurred and be continuing, to the extent permitted under applicable law, Collateral Agent shall be entitled, and is hereby granted the power, to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether or not possession of the Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s main or front courthouse door, at public outcry, to the highest bidder for cash. At any foreclosure sale, any part or all of the Property, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell all or any portion of the Property in parts or parcels, sales thereof may be held from time to time, and the power of sale granted herein shall not be fully exercised until all of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in full. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Mortgage by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned. Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent is authorized to deduct under this Mortgage.
Appears in 1 contract
Foreclosure. If a Default shall have occurred and be continuing, Collateral Agent shall be entitled to proceed to foreclose this Mortgage in the manner provided by law for the foreclosure of mortgages, and to cause the sale of all or any portion of the Property for cash or upon such terms and conditions as Collateral Agent may deem expedient, under the judgment or decree of a court or courts of competent jurisdiction in order to pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys’ ' fees. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. If a Default shall have occurred and be continuing, to the extent permitted under applicable law, Collateral Agent shall be entitled, and is hereby granted the power, to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether or not possession of the Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s 's main or front courthouse door, at public outcry, to the highest bidder for cash. At any foreclosure sale, any part or all of the Property, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell all or any portion of the Property in parts or parcels, sales thereof may be held from time to time, and the power of sale granted herein shall not be fully exercised until all of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in full. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Mortgage by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned. Upon any sale made under or by virtue of this Section 3.04, . Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent is authorized to deduct under this Mortgage.
Appears in 1 contract
Samples: Leasehold Mortgage (Golfsmith International Holdings Inc)
Foreclosure. If a Default shall have occurred and be continuing, Collateral Agent shall be entitled to proceed to foreclose this Mortgage in the manner provided by law for the foreclosure of mortgages, and to cause the sale of all or any portion of the Property for cash or upon such terms and conditions as Collateral Agent may deem expedient, under the judgment or decree of a court or courts of competent jurisdiction in order to pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys’ ' fees. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. If a Default shall have occurred and be continuing, to the extent permitted under applicable law, Collateral Agent shall be entitled, and is hereby granted the power, to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether or not possession of the Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s 's main or front courthouse door, at public outcry, to the highest bidder for cash. At any foreclosure sale, any part or all of the Property, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell all or any portion of the Property in parts or parcels, sales thereof may be held from time to time, and the power of sale granted herein shall not be fully exercised until all of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in full. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Mortgage by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned. Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent is authorized to deduct under this Mortgage.
Appears in 1 contract
Samples: Leasehold Mortgage (Golfsmith International Holdings Inc)
Foreclosure. If (a) The Trustee is hereby granted a Default shall have occurred and be continuingpower of sale. The Beneficiary may institute, Collateral Agent shall be entitled or direct the Trustee to proceed to foreclose this Mortgage institute, an action of deed of trust foreclosure, or take other action as the law may allow, at law or in the manner provided by law equity, for the foreclosure enforcement of mortgagesthis Deed of Trust, and proceed thereon to cause the sale of all or any portion final judgment and execution of the Property for cash or upon such terms and conditions as Collateral Agent may deem expedient, under the judgment or decree of a court or courts of competent jurisdiction in order to pay the Indebtedness entire amount secured hereby including costs of suit, interest and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys’ ' fees. In the event case of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. If a Default shall have occurred and be continuing, to the extent permitted under applicable law, Collateral Agent shall be entitled, and is hereby granted the power, to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether or not possession of the Trust Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s main or front courthouse door, at public outcry, to the highest bidder for cash. At any foreclosure sale, any part or all of the Property, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell all or any portion of the Property in parts or parcels, sales thereof may be held from time to time, and the power of sale granted herein shall not be fully exercised until all of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in full. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of judicial proceedings, the Trust Property may be sold in one parcel and as an entirety or in such parcels, manner or order as the Beneficiary in its sole discretion may elect. The failure to make any tenant a party defendant to a foreclosure proceeding and to foreclose its rights will not be asserted by the Grantor as a defense in any proceeding instituted by the Beneficiary to collect the obligations secured hereby or any deficiency remaining unpaid after the foreclosure sale of the Trust Property. Costs and expenses incurred by the Beneficiary (including, without limitation, all reasonable attorneys' fees, trustee's fees, expenses and charges through all appeals) under this Mortgage by announcement at Section shall become part of the time Secured Indebtedness secured hereby. Proceeds realized from a foreclosure of this Deed of Trust shall be applied in accordance with the provisions of the Credit Agreement and place appointed for such sale or for such adjourned sale or sales; Section 5 of this Article 3 and, except as otherwise provided by in any applicable provision event, in accordance with the provisions of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned. Applicable Law.
(b) [reserved].
(c) Upon any foreclosure sale made under or by virtue this Deed of this Section 3.04Trust, Collateral Agent Beneficiary may bid for and acquire the Trust Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price (after deducting therefrom the costs and expenses of the sale and the costs of the action and any other sums which Collateral Agent Beneficiary is authorized to deduct deduct) upon the indebtedness or other sums secured by this Deed of Trust.
(d) Any foreclosure sale made under this MortgageDeed of Trust shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of Grantor in and to the Trust Property and rights so sold, and shall be a perpetual bar, both at law and in equity, against Grantor and all Persons who may at any time claim the same, or any part thereof, from, through or under Grantor. Grantor hereby expressly waives any right to direct the order in which the Trust Property shall be sold pursuant hereto.
(e) To the fullest extent permitted by law, Grantor will not at any time insist upon, plead, or in any manner whatsoever claim, take or insist upon any benefit or advantage of any stay, extension or moratorium law; any law pertaining to the marshaling of assets or the administration of estates or decedents; any exemption from execution or sale (including, but not limited to, any exemption of homestead); any law providing for valuation or appraisal prior to any sale pursuant to this Deed of Trust, or any decree, judgment or order of any court of competent jurisdiction; any law allowing redemption of Trust Property sold; or any law, now or at any time hereafter in force, which may affect the covenants and terms or performance of this Deed of Trust; and Grantor (for itself and all who claim under it) hereby expressly waives all benefit or advantage of such laws, and covenants not to hinder, delay or impede the execution of any power herein granted or delegated to Beneficiary, but to suffer and permit the execution of every power as though no such laws had been made or enacted.
(f) Grantor hereby requests that a copy of any Notice of Default and a copy of any Notice of Sale under this Deed of Trust be mailed to Grantor at Grantor's address for Notices as set forth in Section 2 of Article IV.
Appears in 1 contract
Foreclosure. Mortgagee may institute an action of mortgage foreclosure against the Property, or take such other action at law or in equity for the enforcement of this Mortgage and realization on the mortgage security or any other security herein or elsewhere provided for, as the law may allow, and may proceed therein to final judgment and execution for the entire unpaid balance of the principal debt and the Prepayment Premium, with interest at the rate stipulated in the Note to the date of default, and thereafter at the Default Rate specified in the Note, together with all other sums due by Mortgagor in accordance with the provisions of the Note and this Mortgage, including all sums which may have been advanced or loaned by Mortgagee to Mortgagor after the date of this Mortgage, including Future Advances, and all sums which may have been advanced by Mortgagee for taxes, water or sewer rents, charges or claims, payments on prior liens, insurance, utilities or repairs to the Property, all costs of suit, together with interest at the Default Rate on any judgment obtained by Mortgagee from and after the date of any Sheriff or other judicial sale until actual payment is made of the full amount due Mortgagee, and an attorney's commission for collection which shall be five percent (5%) of the total of the foregoing sums. Any real estate sold pursuant to any writ of execution issued on a judgment obtained by virtue of the Note or this Mortgage, or pursuant to any other judicial proceedings under the Mortgage, may be sold in one parcel, as an entirety, or in such parcels, and in such manner or order as Mortgagee, in its sole discretion, may elect. If a Default for any reason after any action in mortgage foreclosure has been commenced it shall be discontinued, or possession of the Property shall remain in or be restored to Mortgagor, Mortgagee shall have occurred and be continuing, Collateral Agent shall be entitled the right for the same default or any subsequent event of default to proceed bring one or more further actions in mortgage foreclosure. In any action to foreclose this Mortgage in the manner provided by law for the foreclosure of mortgagesMortgage, and to cause the sale of all or any portion of the Property for cash or upon such terms and conditions as Collateral Agent may deem expedient, under the judgment or decree of a court or courts of competent jurisdiction in order to pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys’ fees. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. If a Default shall have occurred and be continuing, to the extent permitted under applicable law, Collateral Agent shall be entitled, and is hereby granted the power, to foreclose this Mortgage by non-judicial means. If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorizedMortgagee may, at its option, whether or not possession have a receiver appointed to take charge of the Property is takenand to collect such rents, after giving notice by publication once a week for three (3) consecutive weeks issues and profits, all without consideration of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s main or front courthouse door, at public outcry, to the highest bidder for cash. At any foreclosure sale, any part or all of the Property, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell all or any portion value of the Property in parts as security for the amount of indebtedness secured hereby. All such rents, issues and profits paid to Mortgagee or parcelscollected by such receiver shall be first applied to the cost of collection thereof (including the cost of such receivership, sales thereof may be held from time if any) and then to time, the payment of the interest on and principal of the power of sale granted herein shall not be fully exercised until all Note. Mortgagor for itself and any subsequent owner of the Property not previously sold shall have been sold or hereby waives any and all the Indebtedness and Obligations shall have been paid in full. In the event of any such foreclosure sale, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession defenses to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Mortgage by announcement at the time and place appointed application for such sale or for receiver and hereby specifically consents to such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, appointment without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned. Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent is authorized to deduct under this Mortgagenotice.
Appears in 1 contract
Foreclosure. If a Default shall have occurred The Lenders hereby agree to the following in the event of foreclosure under the Mortgage or any other attempt at realization of the security thereunder:
(a) To subscribe to and be continuing, accept its Percentage of the ownership interests in any entity organized to hold title to the Collateral Agent Asset and that the nature of such entity shall be entitled determined by the Required Lenders, subject to proceed each Lender’s right to foreclose this Mortgage hold its interests in such entity in, and assign such interests to, any affiliate of such Lender or any other entity required by laws or regulations governing such Lender. The Administrative Agent is hereby authorized to act for and on behalf of the manner provided by law Lenders in all day-to-day matters with respect to the exercise of rights described herein such as the supervision of attorneys, accountants, appraisers or others acting for the benefit of all of the Lenders in connection with litigation, foreclosure of mortgages, and to cause the sale or realization of all or any portion security given as Collateral for the Obligations or other similar actions.
(b) If the Lenders acquire the Collateral Asset either by foreclosure or deed in lieu of foreclosure, to negotiate in good faith to reach agreement in writing relating to the ownership, operation, maintenance, marketing and sale of the Property for cash or upon Collateral Asset and that such terms and conditions as Collateral Agent may deem expedient, under the judgment or decree of a court or courts of competent jurisdiction in order to pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys’ fees. In the event of any such foreclosure sale, Mortgagor agreement shall be deemed consistent with the following:
(i) The Collateral Asset will not be held as a tenant holding over and shall forthwith deliver possession long-term investment but will be marketed in an attempt to sell them in a time period consistent with the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law regulations applicable to tenants holding overnational banks for owning real estate. If a Default shall have occurred and be continuing, to Current appraisals of the extent permitted under applicable law, Collateral Agent Asset shall be entitled, and is hereby granted obtained by the power, to foreclose this Mortgage by non-judicial means. If Collateral Administrative Agent elects to foreclose this Mortgage by such means, Collateral Agent shall be authorized, at its option, whether or not possession of the Property is taken, after giving notice by publication once a week for three (3) consecutive weeks of the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the county or counties wherein the Property or any part thereof is located, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s main during the ownership period at Lenders’ expense (without diminishing or front courthouse door, at public outcry, to the highest bidder for cash. At releasing any foreclosure sale, any part or all obligation of the Property, real, personal or mixed, may be offered Borrower to pay for sale in parcels or en masse for one total price, the proceeds of any such sale en 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, Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case Collateral Agent, in the exercise of the power of sale herein given, elects to sell all or any portion of the Property in parts or parcels, sales thereof may be held from time to time, costs) and the power of sale granted herein shall not be fully exercised until all of the Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in full. In the event of any such foreclosure sale, Mortgagor an appraised value shall be deemed a tenant holding over established and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent may adjourn updated from time to time any sale by it based on such appraisals.
(ii) Certain decision making with respect to the day-to-day operations of the Collateral Asset will be made under or by virtue delegated to management and leasing agents. All agreements with such management and leasing agents will be subject to the approval of this Mortgage by announcement at the time and place appointed for Required Lenders. The day-to-day supervision of such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same agents shall be so adjourneddone by the Administrative Agent.
(iii) Except as provided in the following sentences, all decisions as to whether to sell the Collateral Asset shall be subject to the approval of all the Lenders. Upon any sale made under or by virtue of this Section 3.04Notwithstanding the foregoing, Collateral the Lenders agree that if the Administrative Agent may bid for and acquire receives a bona fide “all cash” offer from an entity not affiliated with the Property Borrower or any part thereof and in lieu of paying cash therefor may make settlement Lender for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale Collateral Asset and the costs such offer equals or exceeds ninety percent (90%) of the action most recent Appraised Value of such Collateral Asset as established by an Appraisal prepared in accordance with the standards established in this Agreement that has been completed within six months of such offer, then the Administrative Agent shall give written notice of such offer to the Lenders and any other sums which Collateral Agent request their approval for sale at such a price. If the Required Lenders approve of such a sale (or are deemed to approve of such a sale) then the Administrative Agent, acting on behalf of the Lenders, is irrevocably authorized to deduct under this Mortgageaccept such offer.
(iv) All expenses incurred by the Administrative Agent and Lenders in connection with the ownership, operation, maintenance, marketing and sale of the Collateral Asset shall be allocated among the Lenders pro rata in accordance with their respective Percentages.
(v) All expenditures and other actions taken with respect to the Collateral Asset shall at all times be subject to the regulations and requirements pertaining to national banks applicable thereto. Without limiting the generality of the foregoing, all necessary approvals from regulatory authorities in connection with any expenditure of funds by the Lenders shall be a condition to such expenditure.
Appears in 1 contract
