Common use of Mortgage Foreclosure Clause in Contracts

Mortgage Foreclosure. If a Matured Event of Default exists, foreclose this Mortgage and sell the Property at public auction or venue or judicially foreclose this Mortgage pursuant to Applicable Law, and Grantor agrees to pay all of Bank’s actual, costs and expenses, including reasonable attorney fees on an hourly basis plus expenses, which shall be added to the Secured Liabilities. Any foreclosure sale may, at the sole option of the Bank, be made en masse or in parcels, any law to the contrary notwithstanding, and Grantor hereby knowingly, voluntarily and intelligently waives any right to require any such foreclosure sale to be made in parcels or any right to select which parcels shall be sold. The proceeds of any foreclosure sale of the Property, or any portion thereof, shall be applied, as the Bank elects, to the payment of all costs and expenses, including reasonable attorney fees, incurred by the Bank acting in a commercially reasonable manner, and/or payment of the Secured Liabilities, with the surplus, if any, to Grantor or Grantor’s successor in interest. Commencement of proceedings to foreclose this Mortgage in any manner authorized by law shall be deemed an exercise of the Bank’s option to accelerate the Secured Liabilities. After the date upon which the maturity of the Secured Liabilities has been accelerated, Bank acceptance of any amount(s) paid by Grantor less than the full unpaid principal balance of the Secured Liabilities plus accrued interest, late charges and Bank’s costs and expenses in this Mortgage described, shall not waive the default or acceleration, but shall only be credited upon the unpaid balance of the Secured Liabilities unless the Bank specifically agrees in writing to waive any such default and/or acceleration. To the extent permitted under Applicable Law, this Mortgage contains a power of sale and upon a Matured Event of Default may be foreclosed by advertisement. In a foreclosure by advertisement, no hearing is involved and the only notice required is publication of a foreclosure notice in a local newspaper and posting a copy of the notice upon the Property. If this Mortgage is foreclosed by advertisement under the provisions of Applicable Law, Grantor hereby knowingly, voluntarily, and intelligently waives all rights to any notice or hearing in connection with a foreclosure by advertisement except as set forth in Applicable Law. Loan No. 33453

Mortgage Foreclosure. If a Matured Event of Default exists, To foreclose this Mortgage and sell the Property at public auction or venue pursuant to Michigan Compiled Laws 600.3201 et seq. or judicially foreclose this Mortgage pursuant to Applicable Lawunder the provisions of Michigan Compiled Laws 600.3101 et seq., and Grantor agrees to pay all of Bank’s actual, Lender's costs and expenses, including reasonable attorney fees on an hourly basis plus expensesfees, which shall be added to the Secured LiabilitiesLiabilities secured by this Mortgage. At any foreclosure sale held under the foregoing Michigan statutes, Grantor agrees that in its foreclosure sale bid price the Lender shall be allowed to deduct from the appraised value of the Property: (i) the unpaid balance of any mortgage or other liens which have priority over the lien of this Mortgage; and (ii) the sum of all unpaid property taxes and assessments and insurance premiums due and to become due on the Property through the date upon which the foreclosure redemption period shall expire. Any foreclosure sale may, at the sole option of the BankLender, be made en masse or in parcels, any law to the contrary notwithstanding, and Grantor hereby knowingly, voluntarily and intelligently waives any right to require any such foreclosure sale to be made in parcels or any right to select which parcels shall be sold. The proceeds of any foreclosure sale of the Property, or any portion thereof, shall be applied, as the Bank Lender elects, to the payment of all costs Lender's collection and other expenses, including reasonable attorney fees, incurred by the Bank acting in a commercially reasonable manner, and/or payment of the Secured Liabilities, with the surplus, if any, to Grantor or Grantor’s 's successor in interest. Commencement of proceedings to foreclose this Mortgage in any manner authorized by law shall be deemed an exercise of the Bank’s Lender's option to accelerate the Secured Liabilities. After the date upon which the maturity of the Secured Liabilities secured by this Mortgage has been accelerated, Bank Lender's acceptance of any amount(s) paid by Grantor less than the full unpaid principal balance of the Secured Liabilities plus accrued interest, late charges and Bank’s Lender's costs and expenses in this Mortgage described, shall not waive the default or acceleration, but shall only be credited upon the unpaid balance of the Secured Liabilities unless the Bank Lender specifically agrees in writing to waive any such default and/or acceleration. To the extent permitted under Applicable Law, this d. This Mortgage contains a power of sale and upon a Matured Event of Default default may be foreclosed by advertisement. In a foreclosure by advertisement, no hearing is involved and the only notice required is publication of a foreclosure notice in a local newspaper and posting a copy of the notice upon the Property. If this Mortgage is foreclosed by advertisement under the provisions of Applicable LawMichigan Compiled Laws 600.3201 et seq., Grantor hereby knowingly, voluntarily, and intelligently waives all rights under the Constitution and laws of the State of Michigan and the Constitution and laws of the United States of America to any notice or hearing in connection with a foreclosure by advertisement except as set forth in Applicable Law. Loan No. 33453the Michigan statute.

Mortgage Foreclosure. If a Matured Event of Default exists, foreclose this Mortgage and sell the Property at public auction or venue or judicially foreclose this Mortgage pursuant to Applicable Law, and Grantor agrees to pay all of Bank’s actual, 's costs and expenses, including reasonable attorney fees on an hourly basis plus expenses, which shall be added to the Secured Liabilities. Any foreclosure sale may, at the sole option of the Bank, be made en masse or in parcels, any law to the contrary notwithstanding, and Grantor hereby knowingly, voluntarily and intelligently waives any right to require any such foreclosure sale to be made in parcels or any right to select which parcels shall be sold. The proceeds of any foreclosure sale of the Property, or any portion thereof, shall be applied, as the Bank elects, to the payment of all costs Bank's collection and other expenses, including reasonable attorney fees, incurred by the Bank acting in a commercially reasonable mannerfees on an hourly basis plus expenses, and/or payment of the Secured Liabilities, with the surplus, if any, to Grantor or Grantor’s 's successor in interest. Commencement of proceedings to foreclose this Mortgage in any manner authorized by law shall be deemed an exercise of the Bank’s 's option to accelerate the Secured Liabilities. After the date upon which the maturity of the Secured Liabilities has been accelerated, Bank acceptance of any amount(s) paid by Grantor less than the full unpaid principal balance of the Secured Liabilities plus accrued interest, late charges and Bank’s 's costs and expenses in this Mortgage described, shall not waive the default or acceleration, but shall only be credited upon the unpaid balance of the Secured Liabilities unless the Bank specifically agrees in writing to waive any such default and/or acceleration. To the extent permitted under Applicable Law, this This Mortgage contains a power of sale and upon a Matured Event of Default may be foreclosed by advertisement. In a foreclosure by advertisement, no hearing is involved and the only notice required is publication of a foreclosure notice in a local newspaper and posting a copy of the notice upon the Property. If this Mortgage is foreclosed by advertisement under the provisions of Applicable Law, Grantor hereby knowingly, voluntarily, and intelligently waives all rights under the Constitution and laws of the State of Michigan and the Constitution and laws of the United States of America to any notice or hearing in connection with a foreclosure by advertisement except as set forth in Applicable Law. Loan No. 33453the Michigan statute.

Mortgage Foreclosure. If a Matured Event of Default exists, To foreclose this Mortgage and sell the Property at public auction or venue pursuant to Michigan Compiled Laws 600.3201 et seq. or judicially foreclose this Mortgage pursuant to Applicable Lawunder the provisions of Michigan Compiled Laws 600.3101 et seq., and Grantor agrees to pay all of Bank’s actual, Lender's costs and expenses, including reasonable attorney fees on an hourly basis plus expensesfees, which shall be added to the Secured LiabilitiesLiabilities secured by this Mortgage. At any foreclosure sale held under the foregoing Michigan statutes, Grantor agrees that in its foreclosure sale bid price the Lender shall be allowed to deduct from the appraised value of the Property: (i) a brokerage commission of not more than ten percent (10%) of the Property value; (ii) the unpaid balance of any mortgage or other liens which have priority over the lien of this Mortgage; and (iii) the sum of all unpaid property taxes and assessments and insurance premiums due and to become due on the Property through the date upon which the foreclosure redemption period shall expire. Any foreclosure sale may, at the sole option of the BankLender, be made en masse or in parcels, any law to the contrary notwithstanding, and Grantor hereby knowingly, voluntarily and intelligently waives any right to require any such foreclosure sale to be made in parcels or any right to select which parcels shall be sold. The proceeds of any foreclosure sale of the Property, or any portion thereof, shall be applied, as the Bank Lender elects, to the payment of all costs Lender's collection and other expenses, including reasonable attorney fees, incurred by the Bank acting in a commercially reasonable manner, and/or payment of the Secured Liabilities, with the surplus, if any, to Grantor or Grantor’s 's successor in interest. Commencement of proceedings to foreclose this Mortgage in any manner authorized by law shall be deemed an exercise of the Bank’s Lender's option to accelerate the Secured Liabilities. After the date upon which the maturity of the Secured Liabilities secured by this Mortgage has been accelerated, Bank Lender acceptance of any amount(s) paid by Grantor less than the full unpaid principal balance of the Secured Liabilities plus accrued interest, late charges and Bank’s Lender's costs and expenses in this Mortgage described, shall not waive the default or acceleration, but shall only be credited upon the unpaid balance of the Secured Liabilities unless the Bank Lender specifically agrees in writing to waive any such default and/or acceleration. To the extent permitted under Applicable LawTHIS MORTGAGE CONTAINS A POWER OF SALE AND UPON DEFAULT MAY BE FORECLOSED BY ADVERTISEMENT. IN A FORECLOSURE BY ADVERTISEMENT, this Mortgage contains a power of sale and upon a Matured Event of Default may be foreclosed by advertisementNO HEARING IS INVOLVED AND THE ONLY NOTICE REQUIRED IS PUBLICATION OF A FORECLOSURE NOTICE IN A LOCAL NEWSPAPER AND POSTING A COPY OF THE NOTICE UPON THE PROPERTY. In a foreclosure by advertisementIF THIS MORTGAGE IS FORECLOSED BY ADVERTISEMENT UNDER THE PROVISIONS OF MICHIGAN COMPILED LAWS 600.3201 ET SEQ., no hearing is involved and the only notice required is publication of a foreclosure notice in a local newspaper and posting a copy of the notice upon the Property. If this Mortgage is foreclosed by advertisement under the provisions of Applicable LawGRANTOR HEREBY KNOWINGLY, Grantor hereby knowinglyVOLUNTARILY, voluntarily, and intelligently waives all rights to any notice or hearing in connection with a foreclosure by advertisement except as set forth in Applicable Law. Loan No. 33453AND INTELLIGENTLY WAIVES ALL RIGHTS UNDER THE CONSTITUTION AND LAWS OF THE STATE OF MICHIGAN AND THE CONSTITUTION AND LAWS OF THE UNITED STATES OF AMERICA TO ANY NOTICE OR HEARING IN CONNECTION WITH A FORECLOSURE BY ADVERTISEMENT EXCEPT AS SET FORTH IN THE MICHIGAN STATUTE.

Mortgage Foreclosure. If a Matured Event of Default exists, exists foreclose this Mortgage and sell the Property at public auction or venue or judicially foreclose this Mortgage pursuant to Applicable Law, and Grantor agrees to pay all of Bank’s actual, costs and expenses, including reasonable attorney fees on an hourly basis plus expenses, which shall be added to the Secured Liabilities. Any foreclosure sale may, at the sole option of the Bank, be made en masse or in parcels, any law to the contrary notwithstanding, and Grantor hereby knowingly, voluntarily and intelligently waives any right to require any such foreclosure sale to be made in parcels or any right to select which parcels shall be sold. The proceeds of any foreclosure sale of the Property, or any portion thereof, shall be applied, as the Bank elects, to the payment of all costs Bank’s collection and other expenses, including reasonable attorney fees, incurred by the Bank acting in a commercially reasonable mannerfees on an hourly basis plus expenses, and/or payment of the Secured Liabilities, with the surplus, if any, to Grantor or Grantor’s successor in interest. Commencement of proceedings to foreclose this Mortgage in any manner authorized by law shall be deemed an exercise of the Bank’s option to accelerate the Secured Liabilities. After the date upon which the maturity of the Secured Liabilities has been accelerated, Bank acceptance of any amount(s) paid by Grantor less than the full unpaid principal balance of the Secured Liabilities plus accrued interest, late charges and Bank’s costs and expenses in this Mortgage described, shall not waive the default or acceleration, but shall only be credited upon the unpaid balance of the Secured Liabilities unless the Bank specifically agrees in writing to waive any such default and/or acceleration. To the extent permitted under Applicable Law, this This Mortgage contains a power of sale and upon a Matured Event of Default may be foreclosed by advertisement. In a foreclosure by advertisement, no hearing is involved and the only notice required is publication of a foreclosure notice in a local newspaper and posting a copy of the notice upon the Property. If this Mortgage is foreclosed by advertisement under the provisions of Applicable Law, Grantor hereby knowingly, voluntarily, and intelligently waives all rights under the Constitution and laws of the State of Michigan and the Constitution and laws of the United States of America to any notice or hearing in connection with a foreclosure by advertisement except as set forth in Applicable Law. Loan No. 33453the Michigan statute.