Common use of Notice of Sale; Sale of Property Clause in Contracts

Notice of Sale; Sale of Property. It is the express intention of Lender and Borrower that Lender will have a fully enforceable lien on the Property. It is also the express intention of Xxxxxx and Borrower that Xxxxxx’s Default remedies will include the most expeditious means of foreclosure available by law. Accordingly, Xxxxxx and Trustee will have all the powers provided except as may be limited by the Texas Supreme Court. To the extent the Rules do not specify a procedure for the exercise of a power of sale, the following provisions of this Section 23 will apply. If Lender invokes the power of sale, Lender its designee, or Trustee will give notice of the date, time, place, and terms of sale by posting and filing the notice as provided by Applicable Law. Lender or its designee will mail a copy of the notice to Borrower in the manner prescribed by Applicable Law. Sale will be public, occurring between the hours of 10 a.m. and 4 p.m. on a date and at a location permitted by Applicable Law. The time of sale must begin at the time stated in the notice of sale or not later than three hours after that stated time. Borrower authorizes Trustee to sell the Property to the highest bidder for cash in one or more parcels and in any order Trustee determines. Lender or its designee may purchase the Property at any sale. In the event of any conflict between such procedure and the Rules, the Rules will prevail, and this provision will automatically be reformed to the extent necessary to comply.