Power of Sale. If an Event of Default should occur, Beneficiary may ------------- enforce payment of the obligations secured hereby and shall, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled thereto.
Appears in 6 contracts
Samples: Deed of Trust (Sizzler International Inc), Deed of Trust (Sizzler International Inc), Deed of Trust (Sizzler International Inc)
Power of Sale. (a) If an Event Beneficiary elects to foreclose by exercise of Default should occurthe power of sale in this Deed of Trust, Beneficiary may ------------- enforce payment of the obligations secured hereby and shall, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to will also deposit with Trustee this Deed of Trust Trust, the Note, and the Note or other any receipts and evidence of indebtedness which is expenditures made and secured hereby, together with a written request for the as Trustee to proceed with a sale may require. If notice of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having default has been given as then required by law law, and not less than after lapse of the time that may then be required by law having elapsed law, after recordation of such the notice of default, Trustee, without demand on Trustor, shall will, after notice of sale having been given as required by law, sell said property the Property at the time and place of sale fixed by it in said the notice of sale, either as a whole or in separate parcels as Trustee determines, and in such any order as that it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of salebidder. Trustee may postpone sale of all or any portion of said property the Property by public announcement at such the time and place of sale, and from time to time thereafter after that may postpone such the sale by public announcement at the time fixed by the preceding postponement, and without further notice make the sale at the time fixed by the last postponement; or Trustee may, in its discretion, give a new notice of sale. Beneficiary may rescind any notice of default at any time before Trustee's sale by executing a notice of rescission and recording it. The recordation of the notice will constitute a cancellation of any prior declaration of default and demand for sale and of any acceleration of maturity of Indebtedness affected by any prior declaration or notice of default. The exercise by Beneficiary of the right of rescission will not constitute a waiver of any default then existing or subsequently occurring, or impair the right of Beneficiary to execute other declarations of default and demand for sale, or notices of default and of election to cause the Property to be sold, nor otherwise affect the Note or this Deed of Trust, or any of the rights, obligations, or remedies of Beneficiary or Trustee. After sale, Trustee shall will deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such the deed of any matters or facts shall will be conclusive proof of the truthfulness thereoftheir truthfulness. Any personPerson, including Trustor, Trustee, or Beneficiary, may purchase at such that sale. After deducting If allowed by law, Beneficiary, if it is the purchaser, may turn in the Note at the amount owing on it toward payment of the purchase price (or for endorsement of the purchase price as a payment on the Note if the amount owing exceeds the purchase price). Trustor expressly waives any right of redemption after sale that Trustor may have at the time of sale or that may apply to the sale.
(b) Trustee, upon the sale, will make (without any covenant or warranty, express or implied), execute and, after due payment made, deliver to a purchaser and its heirs or assigns a deed or other record of interest, as the case may be, to the Property sold, which will convey to the purchaser all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of the title and reasonable counsel fees interest of Trustor in connection with sale, Trustee shall the Property and will apply the proceeds of the sale in payment:
(i1) first, of the expenses of the sale together with the expenses of the trust, including, without limitation, attorney fees, that will become due on any default made by Trustor, and also any sums that Trustee or Beneficiary have paid for procuring a search of the title to the Property subsequent to the execution of this Deed of Trust; and
(2) second, in payment of all sums expended under the terms hereofIndebtedness then remaining unpaid, not then repaid with accrued interest at and the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) amount of all other sums then secured hereby; monies with interest in this Deed of Trust agreed or provided to be paid by Trustor. Trustee will pay the balance or surplus of the proceeds of sale to Trustor and (iii) the remainder, if any, to the person its successors or persons legally entitled theretoassigns as its interests may appear.
Appears in 4 contracts
Samples: Deed of Trust (G&l Realty Corp), Deed of Trust, Security Agreement, and Fixture Filing With Assignment of Rents and Agreements (G&l Realty Corp), Deed of Trust (G&l Realty Corp)
Power of Sale. Agent may direct Trustee to exercise Trustee’s power of sale with respect to the Trust Property, or any part thereof, in a non-judicial procedure as permitted by applicable law. If an Event Agent elects to exercise its power of Default should occur, Beneficiary may ------------- enforce payment sale with respect to the Real Property and other portions of the obligations secured hereby and shallTrust Property, at its optionor any part thereof, execute or cause the Trustee to execute shall record a written notice of default in each county in which any part of such default Real Property and of its election to cause to be sold other Trust Property is located in the Property to satisfy the obligations hereof, form prescribed by applicable law and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation mail copies of such notice in the manner prescribed by applicable law. After the time required by applicable law, Trustee shall give public notice of default, the sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on TrustorGrantor, shall sell said property at the time such Real Property and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, other Trust Property at public auction to the highest bidder for cash at the time and place and under the terms designated in lawful money the notice of the United States, payable at time of salesale in one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any portion parcel of said property the Trust Property in accordance with the provisions of applicable law. Trustee, Agent, or their designee, may purchase at any such sale. Upon receipt of the price bid, Trustee shall deliver to the purchaser a Trustee’s deed conveying the Real Property and other Trust Property that are sold. The recitals in the deed of compliance with applicable law shall be prima facie evidence of such compliance and conclusive evidence thereof in favor of bona fide purchasers and encumbrancers for value and without notice. Grantor acknowledges that the power of sale granted in this Deed of Trust may be exercised by public announcement at such time Trustee without prior judicial hearing. Grantor has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Grantor to acceleration and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its at the sale, within a reasonable time after the sale, a Trustee’s deed conveying the property Trust Property so sold, but sold without any covenant or warrantwarranty, express or implied. The recitals in such Trustee’s deed of any matters or facts shall be conclusive proof prima facie evidence of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses truth of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretostatements made therein.
Appears in 4 contracts
Samples: Deed of Trust (Green Plains Inc.), Deed of Trust (Green Plains Inc.), Deed of Trust (Green Plains Inc.)
Power of Sale. Agent may direct Trustee to exercise Trustee’s power of sale with respect to the Mortgaged Property, or any part thereof, in a non-judicial procedure as permitted by applicable law. If an Event Agent elects to exercise its power of Default should occur, Beneficiary may ------------- enforce payment sale with respect to the Real Property and other portions of the obligations secured hereby and shallMortgaged Property, at its optionor any part thereof, execute or cause the Trustee to execute shall record a written notice of default in each county in which any part of such default Real Property and of its election to cause to be sold other Mortgaged Property is located in the Property to satisfy the obligations hereof, form prescribed by applicable law and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation mail copies of such notice in the manner prescribed by applicable law. After the time required by applicable law, Trustee shall give public notice of default, the sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on TrustorGrantor, shall sell said property at the time such Real Property and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, other Mortgaged Property at public auction to the highest bidder for cash at the time and place and under the terms designated in lawful money the notice of the United States, payable at time of salesale in one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any portion parcel of said property the Mortgaged Property in accordance with the provisions of applicable law. Trustee, Agent, or their designee, may purchase at any such sale. Upon receipt of the price bid, Trustee shall deliver to the purchaser a Trustee’s deed conveying the Real Property and other Mortgaged Property that are sold. The recitals in the deed of compliance with applicable law shall be prima facie evidence of such compliance and conclusive evidence thereof in favor of bona fide purchasers and encumbrancers for value and without notice. Grantor acknowledges that the power of sale granted in this Deed of Trust may be exercised by public announcement at such time Trustee without prior judicial hearing. Grantor has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Grantor to acceleration and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its at the sale, within a reasonable time after the sale, a Trustee’s deed conveying the property Mortgaged Property so sold, but sold without any covenant or warrantwarranty, express or implied. The recitals in such Trustee’s deed of any matters or facts shall be conclusive proof prima facie evidence of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses truth of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretostatements made therein.
Appears in 3 contracts
Samples: First Lien Deed of Trust (Green Plains Inc.), First Lien Deed of Trust (Green Plains Inc.), First Lien Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing Statement (Green Plains Inc.)
Power of Sale. Pari Passu Agent may direct Trustee to exercise Trustee’s power of sale with respect to the Mortgaged Property, or any part thereof, in a non-judicial procedure as permitted by applicable law. If an Event Pari Passu Agent elects to exercise its power of Default should occur, Beneficiary may ------------- enforce payment sale with respect to the Real Property and other portions of the obligations secured hereby and shallMortgaged Property, at its optionor any part thereof, execute or cause the Trustee to execute shall record a written notice of default in each county in which any part of such default Real Property and of its election to cause to be sold other Mortgaged Property is located in the Property to satisfy the obligations hereof, form prescribed by applicable law and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation mail copies of such notice in the manner prescribed by applicable law. After the time required by applicable law, Trustee shall give public notice of default, the sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on TrustorGrantor, shall sell said property at the time such Real Property and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, other Mortgaged Property at public auction to the highest bidder for cash at the time and place and under the terms designated in lawful money the notice of the United States, payable at time of salesale in one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any portion parcel of said property by public announcement the Mortgaged Property in accordance with the provisions of applicable law. Trustee, Pari Passu Agent, or their designee, may purchase at any such time and place sale. Upon receipt of salethe price bid, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its a Trustee’s deed conveying the property Real Property and other Mortgaged Property that are sold. The recitals in the deed of compliance with applicable law shall be prima facie evidence of such compliance and conclusive evidence thereof in favor of bona fide purchasers and encumbrancers for value and without notice. Grantor acknowledges that the power of sale granted in this Deed of Trust may be 9 Trustee shall deliver to the purchaser at the sale, within a reasonable time after the sale, a Trustee’s deed conveying the Mortgaged Property so sold, but sold without any covenant or warrantwarranty, express or implied. The recitals in such Trustee’s deed of any matters or facts shall be conclusive proof prima facie evidence of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses truth of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretostatements made therein.
Appears in 3 contracts
Samples: Second Lien Deed of Trust (Green Plains Inc.), Second Lien Deed of Trust (Green Plains Inc.), Deed of Trust (Green Plains Inc.)
Power of Sale. If an Event of Default should occur, Beneficiary may ------------- enforce payment (i) Should Lender elect to foreclose by exercise of the obligations secured hereby power of sale contained herein, Lender shall notify Trustee and shall, at its optionif required, execute deposit with Trustee the Note, the original or cause the a certified copy of this Deed of Trust, and such other documents, receipts and evidences of expenditures made and secured hereby as Trustee to execute a written notice may require. Upon receipt of such default and of its election to notice from Lender, Trustee shall cause to be sold the Property recorded and delivered to satisfy the obligations hereof, and shall cause Borrower such notice to as may then be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of required by law and by this Deed of Trust. Notice Trustee shall, without demand on Borrower, after lapse of sale having been given such time as may then be required by law and not less than the time then required by law having elapsed after recordation of such notice of defaultdefault and after notice of sale has been given as required by law, Trustee, without demand on Trustor, shall sell said property the Property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate lots or parcels or items as Trustee shall deem expedient, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, States payable at the time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser or purchasers at such sale its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. thereof Any person, including Trustorincluding, Trusteewithout limitation, Borrower, Trustee or BeneficiaryLender, may purchase at such sale, and Borrower hereby covenants to warrant and defend the title of such purchaser or purchasers. Borrower requests that a copy of any notice of default or notice of sale be delivered to it at its mailing address set forth on the first page of this Deed of Trust to the extent required by applicable law.
(ii) After deducting all reasonable costs, fees, fees and expenses of Trustee and of this Deed of Trust, including cost including, without limitation, costs of evidence of title and reasonable counsel actual and customary attorneys' fees of Trustee or Lender in connection with salea sale as provided in subparagraph (i) above, Trustee shall apply the proceeds of such sale (ia) first, to the payment of all sums expended by Lender under the terms of any of the Loan Documents and not yet repaid, together with interest on such sums at the Default Rate as set forth in the Note, (b) second, to the payment of all sums expended under the terms hereof, hereof not then repaid repaid, with accrued interest at the Default Rate, as defined rate of interest equal to the rate then in effect under the Note, providedor if the Note has been repaid, howeverthe rate that would have been in effect under the Note, that such interest rate shall in no event exceed (c) third, to the maximum interest rate allowed by law; (ii) payment of all other sums then secured hereby; , and (iiid) fourth, the remainder, if any, to the person or persons legally entitled thereto.
Appears in 3 contracts
Samples: Deed of Trust and Security Agreement (Behringer Harvard Reit I Inc), Deed of Trust and Security Agreement (Behringer Harvard Reit I Inc), Deed of Trust and Security Agreement (Behringer Harvard Reit I Inc)
Power of Sale. If an Event To the extent, and in the manner permitted by law, Lender (or Trustee, if required by law) may elect to exercise the non-judicial power of Default should occur, Beneficiary may ------------- enforce payment sale which is hereby conferred under the terms of this Security Instrument and as provided for by the statutes of the obligations state in which the Property is located. The power of sale shall be exercised by notifying Trustee hereunder of that election and depositing with Trustee this Security Instrument or the original Note and receipts and evidence of expenditures made and secured hereby as Trustee may reasonably require. Trustee may, without further notice or demand, sell and shall, at its option, execute or cause convey the Trustee to execute a written notice of such default and of its election to cause to Property in accordance with applicable law. The Property may be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate lots, parcels or items and in such order as it Lender (or Trustee, if required by law) may determinedirect, at public auction to the highest bidder for cash in lawful money of the United States, States payable at the time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its such purchaser(s) good and sufficient deed or deeds conveying the property so sold, but without any covenant or warrant, warranty express or implied. The recitals in such deed of any matters matter or facts fact shall be conclusive proof of the truthfulness thereof. Any personPerson, including TrustorBorrower, Trustee, Trustee or BeneficiaryLender, may purchase at any such sale. After deducting A sale of less then all reasonable costs, feesof the Property or any defective or irregular sale made hereunder shall not exhaust the power of sale provided for herein, and expenses subsequent sales may be made hereunder until all Obligations have been satisfied or the entire Property sold, without defect or irregularity. No action of Lender or Trustee based upon the provisions contained herein or contained in the applicable statutes, including, without limitation, the giving of the notice of default and election to sell or the notice of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply constitute an election of remedies which would preclude Lender from pursuing judicial foreclosure before a completed sale pursuant to the proceeds power of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretocontained herein.
Appears in 3 contracts
Samples: Deed of Trust, Security Agreement, Financing Statement, Fixture Filing and Assignment of Leases, Rents, and Security Deposits (Shelbourne Properties Ii Inc), Deed of Trust, Security Agreement, Financing Statement, Fixture Filing and Assignment of Leases, Rents, and Security Deposits (Shelbourne Properties Ii Inc), Deed of Trust (Shelbourne Properties Ii Inc)
Power of Sale. If (a) Upon the occurrence of an Event of Default should occurDefault, Beneficiary Trustee, or the agent or successor of Trustee, at the request of Lender, shall sell or offer for sale the Property in such portions, order and parcels as Lender may ------------- enforce payment determine with or without having first taken possession of same, to the highest bidder for cash at one or more public auctions in accordance with the terms and provisions of the obligations law of the State in which the Property is located. Such sale shall be made at the area within the courthouse of the county in which the Property (or any portion thereof to be sold) is situated (whether the parts or parcels thereof, if any, in different counties are contiguous or not, and without the necessity of having any personal property hereby secured hereby and shallpresent at such sale) which is designated by the applicable court of such County as the area in which public sales are to take place, or, if no such area is designated, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause to be sold area at the Property to satisfy the obligations hereof, and shall cause such notice to be recorded courthouse designated in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale as the area in which the sale will take place, on such day and at such times as permitted under applicable law of the State where the Property is located, after advertising the time, place and terms of sale and that portion of the Property in accordance with such law, and after having served written or printed notice of the proposed sale by certified mail on each Borrower obligated to pay the Note and other secured indebtedness secured by this Security Instrument according to the records of Lender in accordance with applicable law. The affidavit of any person having knowledge of the facts to the effect that such service was completed shall be prima facie evidence of the fact of service. At any such public sale, Beneficiary shall Trustee may execute and deliver in the name of Borrower to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with purchaser a written request for the Trustee to proceed with a sale conveyance of the property described hereinProperty or any part of the Property in fee simple. In the event of any sale under this Security Instrument by virtue of the exercise of the powers herein granted, or pursuant to any order in any judicial proceeding or otherwise, the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it Property may be sold in said notice of sale, either as a whole its entirety or in separate parcels and in such manner or order as it Lender in its sole discretion may elect, and if Lender so elects, Trustee may sell the personal property covered by this Security Instrument at one or more separate sales in any manner permitted by the Uniform Commercial Code of the State in which the Property is located, and one or more exercises of the powers herein granted shall not extinguish or exhaust such powers, until all the Property is sold or the Note and other secured indebtedness is paid in full. If the Note and other secured indebtedness is now or hereafter further secured by any chattel mortgages, pledges, contracts or guaranty, assignments of lease, or other security instruments, Lender at its option may exhaust the remedies granted under any of said security instruments either concurrently or independently, and in such order as Lender may determine.
(b) Upon any foreclosure sale or sales of all or any portion of the Property under the power herein granted, at public auction Lender may bid for and purchase the Property and shall be entitled to apply all or any part of the Debt as a credit to the highest bidder for cash in lawful money purchase price. In the event of the United States, payable at time of sale. Trustee may postpone a foreclosure or a sale of all or any portion of the Property under the power herein granted, the proceeds of said property by public announcement at such time and place sale shall be applied, in whatever order Lender in its sole discretion may decide, to the expenses of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver and of all proceedings in connection therewith (including, without limitation, reasonable attorneys’ fees and expenses), to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, fees and expenses of Trustee (including, without limitation, Trustee’s reasonable attorneys’ fees and expenses), to insurance premiums, liens, assessments, taxes and charges (including, without limitation, utility charges advanced by Lender), to payment of this Trustthe outstanding principal balance of the Debt, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at on all of the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured herebyforegoing; and (iii) the remainder, if any, shall be paid to Borrower, or to the person or persons legally entity lawfully entitled thereto.
Appears in 3 contracts
Samples: Deed of Trust and Security Agreement (Maguire Properties Inc), Deed of Trust and Security Agreement (Maguire Properties Inc), Deed of Trust and Security Agreement
Power of Sale. If (a) Upon the occurrence of an Event of Default should occurDefault, Beneficiary Trustee, or the agent or successor of Trustee, at the request of Lender, shall sell or offer for sale the Trust Property in such portions, order and parcels as Lender may ------------- enforce payment determine with or without having first taken possession of same, to the highest bidder for cash at one or more public auctions in accordance with the terms and provisions of the obligations law of the State in which the Trust Property is located. Such sale shall be made at the area within the courthouse of the county in which the Trust Property (or any portion thereof to be sold) is situated (whether the parts or parcels thereof, if any, in different counties are contiguous or not, and without the necessity of having any personal property hereby secured hereby and shallpresent at such sale) which is designated by the applicable court of such County as the area in which public sales are to take place, or, if no such area is designated, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause to be sold area at the Property to satisfy the obligations hereof, and shall cause such notice to be recorded courthouse designated in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of salesale as the area in which the sale will take place, Beneficiary shall deliver on such day and at such times as permitted under applicable law of the State where the Trust Property is located, after advertising the time, place and terms of sale and that portion of the Trust Property in accordance with such law, and after having served written or printed notice of the proposed sale by certified mail on each Borrower obligated to Trustee pay the Note and other secured indebtedness secured by this Deed of Trust and according to the Note or other records of Lender in accordance with applicable law. The affidavit of any person having knowledge of the facts to the effect that such service was completed shall be prima facie evidence of indebtedness which is secured herebythe fact of service. At any such public sale, together with Trustee may execute and deliver in the name of Borrower to the purchaser a written request for the Trustee to proceed with a sale conveyance of the property described herein, pursuant to Trust Property or any part of the provisions Trust Property in fee simple. In the event of law and any sale under this Deed of Trust. Notice Trust by virtue of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation exercise of such notice of defaultthe powers herein granted, Trusteeor pursuant to any order in any judicial proceeding or otherwise, without demand on Trustor, shall sell said property at the time and place of sale fixed by it Trust Property may be sold in said notice of sale, either as a whole its entirety or in separate parcels and in such manner or order as it Lender in its sole discretion may elect, and if Lender so elects, Trustee may sell the personal property covered by this Deed of Trust at one or more separate sales in any manner permitted by the Uniform Commercial Code of the State in which the Trust Property is located, and one or more exercises of the powers herein granted shall not extinguish or exhaust such powers, until all the Trust Property is sold or the Note and other secured indebtedness is paid in full. If the Note and other secured indebtedness is now or hereafter further secured by any chattel mortgages, pledges, contracts or guaranty, assignments of lease, or other security instruments, Lender at its option may exhaust the remedies granted under any of said security instruments either concurrently or independently, and in such order as Lender may determine.
(b) Upon any foreclosure sale or sales of all or any portion of the Trust Property under the power herein granted, at public auction Lender may bid for and purchase the Trust Property and shall be entitled to apply all or any part of the Debt as a credit to the highest bidder for cash in lawful money purchase price.
(c) In the event of the United States, payable at time of sale. Trustee may postpone a foreclosure or a sale of all or any portion of the Trust Property under the power herein granted, the proceeds of said property by public announcement at such time and place sale shall be applied, in whatever order Lender in its sole discretion may decide, to the expenses of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver and of all proceedings in connection therewith (including, without limitation, attorneys' fees and expenses), to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, fees and expenses of Trustee (including, without limitation, Trustee's attorneys' fees and expenses), to insurance premiums, liens, assessments, taxes and charges (including, without limitation, utility charges advanced by Lender), to payment of this Trustthe outstanding principal balance of the Debt, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at on all of the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured herebyforegoing; and (iii) the remainder, if any, shall be paid to Borrower, or to the person or persons legally entity lawfully entitled thereto.
Appears in 3 contracts
Samples: Deed of Trust (Maguire Properties Inc), Deed of Trust (Maguire Properties Inc), Deed of Trust (Maguire Properties Inc)
Power of Sale. If an Without limiting any other remedies set forth herein, in the event that a court of competent jurisdiction rules that this Lease constitutes a mortgage, deed of trust or other secured financing with respect to the Leased Property as is the intent of the parties pursuant to Section 24 hereof, then Lessor and the Lessee agree that (i) the Lessee hereby grants to the Lessor and its successor and permitted assigns a Lien against the Leased Property (including the estate therein) with Power of Sale to the extent permitted by law, and (ii) upon the occurrence and during the continuance of any Event of Default should occur, Beneficiary may ------------- enforce payment (but subject to the rights of the obligations secured Lessee to purchase the Leased Property pursuant to the terms and within the time periods as set forth in Section 18.1, if any), Lessor may, and is hereby irrevocably empowered to, with or without entry, and shallto the extent permitted by Applicable Law, at its option, execute sell or cause the Trustee sale of the Leased Property or the other Collateral or any part or parts thereof at one or more public auctions as an entirety or in parcels as the Lessor may elect free from any equity of redemption for cash, on credit, or for other property, for immediate or future delivery, and on such terms as the Lessor shall deem advantageous and proper, such sale or sales to execute a written be made in such manner and upon such notice and advertisement as may be required by Applicable Law, or in the absence of any such requirements, as the Lessor may deem appropriate, and to make conveyance to the purchase or purchasers. Lessor may, if at the time such action may be lawful and always subject to compliance with any mandatory legal requirements, by filing its notice of election and demand for sale to enforce its mortgage and to sell the Security Property, as an entirety or in parcels, by one sale or by several sales, held at one time or at different times, all as the Lessor may elect, each sale to be held at the location set forth in the notice of such default proposed sale and the Lessor shall have given notices of the proposed sale in the manner hereinafter set forth, and to make due conveyance to the purchaser or purchasers, with special warranty of title or no warranty of title to such purchaser or purchasers binding upon the Lessee and its election heirs, executors, administrators, and successors. Such sale must begin at the time stated in the notice referred to cause below in this Section or as otherwise permitted by Applicable Law. The Lessee, for itself, its heirs and assigns, and for anyone who may claim by, through or under the Lessee, hereby expressly and specifically waives all rights to a marshaling of the assets of the Lessee, including the Security Property, or to a sale in inverse order of alienation. Lessor may bid and become the purchaser of all or any part of the Leased Property at any such sale, and the amount of Lessor’s successful bid may be sold credited against the Property Obligations. The Lessor (or a person or persons selected by the Lessor) shall promptly comply with all notice and other requirements of the laws of New York then in force with respect to satisfy the obligations hereofsuch sales, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the give any required public notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at advertisement weekly in some newspaper of general circulation then published in the time fixed County or City and County in which the Security Property is located. No notice of such sale or sales other than the notices hereinabove provided shall be required to be given to the Lessee (or anyone who may claim by, through or under the Lessee) or any other persons and any other notice (including, without limitation, any notice of acceleration of, or intent to accelerate, the unpaid balance of any Obligation) is expressly waived. The provisions of this Section with respect to posting, serving, filing, and giving notices of sale are intended to comply with all Applicable Laws. In the event the requirement for any notice, or the posting, serving, filing, or giving thereof, under any Applicable Law shall be eliminated or the prescribed manner of posting, serving, filing, or giving same is modified by future amendment to such Applicable Law, the requirement for such particular notice shall be stricken from, or the manner of posting, serving, filing, or giving any notice hereunder modified in, this Mortgage in conformity with such amendment. The manner herein prescribed for posting, serving, filing, or giving any notice, other than that to be posted and filed or caused to be posted or filed by the preceding postponementLessor, shall not be deemed exclusive but such notice or notices may be posted, served, filed, or given in any other manner which may be permitted by Applicable Law. Trustee shall deliver Further, in relation to this Mortgage and the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed exercise of any matters or facts power of sale by the Lessor hereunder, if any Applicable Law shall be conclusive proof of amended or modified to require any other notice or the truthfulness thereof. Any personposting, including Trustorfiling, Trusteeserving, or Beneficiarygiving thereof or any statute hereafter enacted shall require any other notice or the posting, may purchase at filing, serving, or giving thereof, the Lessor or the person selected by him is hereby authorized and empowered by the Lessee to give such sale. After deducting all reasonable costsnotice or make such posting, feesfiling, and expenses of Trustee and of this Trustserving, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, or giving thereof; provided, however, that the Lessee waives such interest rate other notice or the posting, filing, serving, or giving thereof to the full extent the Lessee may lawfully so do. Any provisions of this paragraph, or any amendments to or modifications to any Applicable Law to the contrary notwithstanding, the time periods provided for in the immediately preceding paragraph in respect of which the notices provided for in said paragraph are to be given shall not be shortened or eliminated as a result of any such amendment or modification. In addition to any other remedies granted to Lessor (including specifically, but not limited to, the right to proceed against all the Security Property in no event exceed accordance with the maximum interest rate allowed rights and remedies in respect to those portions of the Collateral which are real property pursuant to Section 9-501(b) of the UCC), upon the occurrence and during the continuance of an Event of Default (but subject to the rights of the Lessee to purchase the Leased Property pursuant to the terms and within the time periods as set forth in Section 18.1, if any) Lessor may (i) proceed by a suit or suits in equity or at law; , whether for a foreclosure hereunder, or for the sale of the Leased Property, or against Lessee on a recourse basis for the Lease Balance, or for the specific performance of any covenant or agreement contained in this Lease or in aid of the execution of any power herein granted, or for the appointment of a receiver pending any foreclosure hereunder or the sale of the Leased Property, or for the enforcement of any other appropriate legal or equitable remedy and (ii) proceed under the UCC as to all other sums then secured hereby; or any part of the personal property (tangible or intangible) and fixtures included with the Security Property (iiisuch portion of the Security Property being referred to herein as the “Personalty”) the remainder, if any, and shall have and may exercise with respect to the person Personalty all the rights, remedies, and powers of a secured party under the UCC, including, without limitation, the right and power to sell, at one or persons legally entitled theretomore public or private sales, or otherwise dispose of, lease, or utilize the Personalty and any part or parts thereof in any manner authorized or permitted under the UCC after default by a debtor, and to apply the proceeds thereof toward payment of any costs and expenses and attorney’s fees and legal expenses thereby incurred by Lessor, and toward payment of the Obligations hereby secured in such order or manner as provided herein.
Appears in 2 contracts
Samples: Lease Agreement (Regeneron Pharmaceuticals, Inc.), Lease and Remedies Agreement (Regeneron Pharmaceuticals, Inc.)
Power of Sale. If Upon the occurrence and during the continuance of an Event of Default should occurDefault, Beneficiary may ------------- enforce payment of the obligations secured hereby and shallAgent, at its option, execute or cause the Trustee may sell, and is hereby authorized and empowered to execute a written notice of such default and of its election to cause to be sold sell the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office or any part of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note at one or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a more public sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property or sales conducted at the time and place and in the usual manner of the sheriff’s sales in the county in which the Land or any part of the Land is situated, to the highest bidder for cash, in order to pay the indebtedness secured hereby, and all expenses of sale fixed and of all proceedings in connection therewith, including reasonable attorney’s fees, in bar of the right and equity of redemption, homestead and all other rights and exemptions of every kind, if any (including, without limitation, all rights under any appraisement, valuation, stay or extension laws and all rights to have the Property marshaled upon foreclosure hereof), which may now or hereafter exist, all of which are hereby expressly waived by it Grantor, after first advertising the time, place and terms of sale once a week for four (4) weeks immediately preceding such sale (but without regard to the number of days) in a newspaper in which sheriff’s sales are advertised in said county, all other notice of being hereby waived by Grantor. At any such public sale, either Agent may execute and deliver to the purchaser a conveyance of the Property or any part of the Property in fee simple, with full warranties of title, and to this end Grantor hereby constitutes and appoints Agent the agent and attorney-in-fact of Grantor to make such sale and conveyance, and thereby to divest Grantor of all right, title and equity that Grantor may have in and to the Property and to vest the same in the purchaser or purchasers at such sale or sales, and all the acts and doings of said agent and attorney-in-fact are hereby ratified and confirmed, and any recitals in said conveyance or conveyances as to facts essential to a whole valid sale shall be binding upon Grantor. The aforesaid power of sale and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the other remedies provided hereby or by law for the collection of the indebtedness secured hereby, and shall not be exhausted by one exercise thereof but may be exercised until full payment of all of the indebtedness secured hereby. In the event of any sale under this Instrument by virtue of the exercise of the powers herein granted, or pursuant to any order in any judicial proceeding or otherwise, the Property may be sold as an entirety or in separate parcels and in such manner or order as it Agent in its discretion may determineelect, and if Agent so elects, Agent may sell the personal property covered by this Instrument concurrently with the real property covered hereby or at one or more separate sales in any manner permitted by any applicable Uniform Commercial Code, and one or more exercises of the powers herein granted shall not extinguish nor exhaust such powers, until the entire Property are sold or the indebtedness secured hereby is paid in full. Agent may, at public auction its option, sell the Property subject to the highest bidder for cash in lawful money rights of any tenants, licenses, or lessees of the United StatesProperty, payable and the failure to make any such tenants or licensees parties to any foreclosure proceedings and to foreclose their rights will not be asserted by Grantor to be a defense to any proceedings instituted by Agent to collect the indebtedness secured hereby. If the indebtedness secured hereby is now or hereafter further secured by any chattel mortgages, pledges, contracts of guaranty, assignments of lease or other security instruments, Agent may at time its option exhaust the remedies granted under any of said security either concurrently or independently, and in such order as Agent may determine in its discretion. Upon any foreclosure sale. Trustee , Agent may postpone sale of bid for and purchase the Property and shall be entitled to apply all or any portion part of said property by public announcement at the indebtedness secured hereby as a credit to the purchase price. In the event of any such time and place of sale, and from time to time thereafter may postpone such foreclosure sale by public announcement at the time fixed by the preceding postponement. Trustee Agent, Grantor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser its deed conveying or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Agent may proceed to enforce any right, power or remedy of foreclosure under this Instrument upon the property so sold, but occurrence and continuation of an Event of Default and without any covenant requirement or warrantcondition that a judgment against Grantor or Borrower be obtained. In case Agent shall have proceeded to enforce any right, express power or implied. The recitals remedy under this Instrument by foreclosure, entry or otherwise or in such deed of any matters or facts shall be conclusive proof the event Agent commences advertising of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, feesintended exercise of the sale under power provided hereunder, and expenses of Trustee and of this Trustsuch proceeding or advertisement shall have been withdrawn, including cost of evidence of title and reasonable counsel fees discontinued or abandoned for any reason, then in connection with sale, Trustee shall apply the proceeds of sale every such case (i) Grantor and Agent shall be restored to the payment of all sums expended under the terms hereoftheir former positions and rights, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; rights, powers and remedies of Agent shall continue as if no such proceeding had been taken, (iii) each and every Event of Default declared or occurring prior or subsequent to such withdrawal, discontinuance or abandonment shall be deemed to be a continuing Event of Default, and (iv) neither this Instrument, nor the remainderNote, if anynor the indebtedness secured hereby, nor any other Loan Document shall be or shall be deemed to have been reinstated or otherwise affected by such withdrawal, discontinuance or abandonment; and Grantor hereby expressly waives the person benefit of any statute or persons legally entitled theretorule of law now provided, or which may hereafter be provided, which would produce a result contrary to or in conflict with this sentence.
Appears in 2 contracts
Samples: Credit Agreement (Jernigan Capital, Inc.), Credit Agreement (Jernigan Capital, Inc.)
Power of Sale. If After an Event of Default should occurDefault, Beneficiary the Lender, its successors and assigns, may ------------- enforce payment elect to cause the Mortgaged Property or any part thereof to be sold as follows:
(1) Lender may proceed as if all of the obligations secured hereby Mortgaged Property were real property, in accordance with subparagraph (d) below, or Lender may elect to treat any of the Mortgaged Property which consists of a right in action or which is property that can be severed from the Land without causing structural damage thereto as if the same were personal property, and shalldispose of the same in accordance with subparagraph (3) below, separate and apart from the sale of real property, the remainder of the Mortgaged Property being treated as real property.
(2) Lender may cause any such sale or other disposition to be conducted immediately following the expiration of any grace period, if any, herein provided (or immediately upon the expiration of any redemption period required by law) or Lender may delay any such sale or other disposition for such period of time as Lender deems to be in its best interest. Should Lender desire that more than one such sale or other disposition be conducted, Lender may at its option, execute or cause the Trustee same to execute a written notice be conducted simultaneously, or successively on the same day, or at such different days or times and in such order as Lender may deem to be in its best interest.
(3) Should Lender elect to cause any of the Mortgaged Property to be disposed of as personal property as permitted by subparagraph (1) above, it may dispose of any part hereof in any manner now or hereafter permitted by Article 9 of the Uniform Commercial Code or in accordance with any other remedy provided by law. Both Borrower and Lender shall be eligible to purchase any part or all of such default and of its election to cause to property at any such disposition. Any such disposition may be sold the Property to satisfy the obligations hereofeither public or private as Lender may so elect, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant subject to the provisions of law the Uniform Commercial Code. Lender shall give Borrower at least five (5) days' prior written notice of the time and this Deed place of Trust. any public sale or other disposition of such property or of the time at or after which any private sale or any other intended disposition is to be made, and if such notice is sent to Borrower as provided in subparagraph (11) hereof, it shall constitute reasonable notice to Borrower.
(4) Should Lender elect to sell the Mortgaged Property which is real property or which Xxxxxx has elected to treat as real property, upon such election Lender or Trustee shall give such Notice of sale having been given Default and Election to Sell as may then be required by law law. Thereafter, upon the expiration of such time and not less than the time giving of such Notice of Sale as may then be required by law having elapsed after recordation of such notice of defaultlaw, Trustee, without demand on Trustor, shall sell said property at the time and place specified in the Notice of sale fixed Sale, shall sell such Mortgaged Property, or any portion thereof specified by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determineXxxxxx, at public auction to the highest bidder for cash in lawful money of the United States, payable at time subject, however, to the provisions of salesubparagraph (9) hereof. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of salefor good cause may, and upon request of Lender shall, from time to time thereafter may time, postpone such the sale by public announcement thereof at the time fixed by and place noticed therefor. If the preceding postponementMortgaged Property consists of several lots or parcels, Lender may designate the order in which such lots or parcels shall be offered for sale or sold. Any person, including Borrower, Trustee or Lender, may purchase at the sale. Upon any sale Trustee shall execute and deliver to the purchaser its or purchasers a deed or deeds conveying the property so sold, but without any covenant or warrantwarranty whatsoever, express or implied. The recitals in , whereupon such deed purchaser or purchasers shall be let into immediate possession.
(5) In the event of a sale or other disposition of any matters such property, or facts any part thereof, and the execution of a deed or other conveyance, pursuant thereto, the recitals therein of facts, such as a default, the giving of notice of default and notice of sale, demand that such sale should be made, postponement of sale, terms of sale, sale, purchaser, payment of purchase money, and any other fact affecting the regularity or validity of such sale or disposition, shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at truth of such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured herebyfacts; and (iii) the remainder, if any, any such deed of conveyance shall be conclusive against all persons as to the person or persons legally entitled theretosuch facts recited therein.
Appears in 2 contracts
Samples: Deed of Trust, Security Agreement, Fixture Filing and Assignment of Leases and Rents (Investors First Staged Equity L P), Deed of Trust, Security Agreement, Fixture Filing and Assignment of Leases and Rents (Investors First Staged Equity L P)
Power of Sale. If Upon the occurrence of an Event of Default should occurDefault, Beneficiary may ------------- enforce payment notify Trustee to exercise the power of sale granted hereunder and upon such notification it shall be lawful for and the duty of Trustee, and Trustee is hereby authorized and empowered to expose to sale and to sell the Premises or any part thereof as follows:
(a) Trustee shall proceed to sell the same at auction at the premises or at such other place in the city or county in which the Premises or the greater part thereof lies, or in the corporate limits of any city surrounded by or contiguous to such county, or in the case of annexed land, in the county of which the Land was formerly a part, as Trustee may select upon such terms and conditions as Trustee may deem best after first advertising the time, place and terms of sale once a week for two (2) weeks if published on a weekly basis or at least three (3) days if published on a daily basis in advance of the obligations secured hereby date of such sale, of a newspaper published or having general circulation in the county or city in which the Premises or some portion thereof is located.
(b) The power of sale above granted may be exercised at different times as to different portions of the Premises, and shallif for any reason any executory contract of sale shall not be performed, then new contracts may be made with respect to the same portion of the Premises (with or without other portions). If the Trustee deems it best for any reason to postpone or continue the sale at any time or from time to time, he may do so, in which event Trustee shall announce, at its optionthe time and place last appointed for such sale, execute the postponement thereof and the time and place for the postponed sale, or cause shall give such further notice of sale as Trustee may see fit to give, and in either case no other notice shall be required.
(c) Full power and authority is hereby expressly granted and conferred upon the Trustee to execute make, execute, and deliver all necessary deeds of conveyance for the purpose of vesting in the purchaser or purchasers complete and entire legal and equitable title to the Premises, or the portion thereof so sold, and the recitals therein shall be received in all courts of law and equity as prima facie evidence of the matters therein stated; and at such sale the Beneficiary may become a written notice purchaser, and no purchaser shall be required to see to the proper application of the purchase money.
(d) The proceeds of such default and sale shall be applied, first, to discharge the expenses of its election executing the trust, including a reasonable commission to cause the Trustee not to be sold exceed five percent (5%) of the Property gross proceeds of sale; next, to satisfy the obligations hereofdischarge all taxes, levies, and shall cause such notice to be recorded in assessments on the office Premises, with costs and interest if they have priority over the lien of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured herebyTrust, together with including a written request proper proration thereof for the current year; next, to reimburse Trustee to proceed with a sale and Beneficiary or any other holder of the property described herein, debt secured hereby for all sums expended by them pursuant to the provisions of law and this Deed of Trust. Notice , with interest thereon; next, to pay the accrued interest on the unpaid principal balance due under the Obligations secured by this Deed of sale having been given as then required Trust; next to pay said unpaid principal balance due under the Obligations secured by law this Deed of Trust; next, to discharge in order of their priority, if any, the remaining debts and not less than the time then required obligations secured by law having elapsed after recordation any liens of such notice record inferior to this Deed of default, Trustee, without demand on Trustor, shall sell said property at the time Trust; and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion residue of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts proceeds shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, paid to Grantor or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Notehis assigns, provided, however, that Trustee as to such interest rate residue shall in no event exceed the maximum interest rate allowed not be bound by law; (ii) all other sums then secured hereby; and (iii) the remainderan inheritance, if anydevise, conveyance, assignment or lien of or upon Grantor's equity, without actual notice thereof prior to the person or persons legally entitled theretodistribution.
Appears in 2 contracts
Samples: Purchase Money Deed of Trust and Security Agreement, Purchase Money Deed of Trust and Security Agreement (Comstock Homebuilding Companies, Inc.)
Power of Sale. If an Without in any way limiting the other provisions of this Indenture, but in addition thereto and in amplification thereof, upon the occurrence of any Event of Default should occurDefault, Beneficiary may ------------- enforce payment of the obligations secured hereby and shallGrantee, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause to be sold may sell the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office or any part of the recorder Property at one or more public sale or sales before the door of each the courthouse of the county wherein said in which the Property or any part of the Property is situated, to the highest bidder for cash, in order to pay the Indebtedness, any and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys' fees, after advertising the time, place and terms of sale once a week for four (4) consecutive weeks (but without regard to the number of days) in a newspaper in which Sheriff's sales are advertised in said county. Prior At any such public sale, Grantee may execute and deliver to publication the purchaser a conveyance of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note Property or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale any part of the property described hereinProperty in fee simple, with full general warranties of title and to this end, Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to make any such sale and conveyance and thereby to divest Grantor of all right, title and equity that Grantor may have in and to the Property and to vest the same in the purchaser or purchasers at such sale or sales, and all the acts or doings of said agent and attorney-in-fact are hereby ratified and confirmed and any recitals in said conveyance or conveyances as to facts essential to a valid sale shall be binding upon Grantor. Grantee, its agents, representatives, successors or assigns may bid and purchase at any such sale. The aforesaid power of sale and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the other remedies provided hereby or by law for collection of the Indebtedness and shall not be exhausted by one exercise thereof but may be exercised until full payment of all of the Indebtedness. In the event of any sale under this Indenture by virtue of the exercise of the powers herein granted, pursuant to any order in any judicial proceeding or otherwise, the provisions of law and this Deed of Trust. Notice of sale having been given Property may be sold as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole an entirety or in separate parcels and in such manner or order as it Grantee in its sole discretion may elect, and if Grantee so elects, Grantee may sell the personal property covered by this Indenture at one or more separate sales in any manner permitted by the Uniform Commercial Code of the State, and one or more exercises of the powers herein granted shall not extinguish nor exhaust such powers, until the entire Property is sold or the Indebtedness is paid in full. If the Indebtedness is now or hereafter further secured by any chattel mortgages, pledges, contracts of guaranty, assignments of lease or other security instruments, Grantee may, at its option, exhaust the remedies granted under any of said security instruments either concurrently or independently, and in such order as Grantee may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled thereto.
Appears in 2 contracts
Samples: Deed to Secure Debt, Assignment of Leases and Rents, and Security Agreement (Koger Equity Inc), Deed to Secure Debt, Assignment of Leases and Rents, and Security Agreement (Koger Equity Inc)
Power of Sale. (a) If an Event of Default should occurshall have occurred, Beneficiary may ------------- enforce payment of the obligations secured hereby and shallGrantee, at its option, execute may sell the Property or cause any part of the Trustee Property at one or more public sale or sales before the door of the courthouse of the county in which the Land or any part of the Land is situated, to execute a written notice the highest bidder for cash, in order to pay the Secured Indebtedness and all expenses of such default sale and of its election all proceedings in connection therewith including reasonable attorney's fees, after advertising the time, place and terms of sale once a week for four (4) weeks immediately preceding such sale (but without regard to cause the number of days) in a newspaper in which Sheriff's sales are advertised in said county. At any such public sale, Grantee may execute and deliver to the purchaser a conveyance of the Property or any part of the Property in fee simple, with full warranties of title and to this end, Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to make such sale and conveyance, and thereby to divest Grantor of all right, title and equity that Grantor may have in and to the Property and to vest the same in the purchaser or purchasers at such sale or sales, and all the acts and doings of said agent and attorney-in-fact are hereby ratified and confirmed and any recitals in said conveyance or conveyances as to facts essential to a valid sale shall be binding upon Grantor. The aforesaid power of sale and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the other remedies provided hereby or by law for collection of the Secured Indebtedness and shall not be exhausted by one exercise thereof but may be exercised until full payment of all of the Secured Indebtedness. In the event of any sale under this Deed to Secure Debt by virtue of the exercise of the powers herein granted, or pursuant to any order in any judicial proceeding or otherwise, the Property may be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole an entirety or in separate parcels and in such manner or order as it Grantee in its sole discretion may elect, and if Grantee so elects, Grantee may sell the personal property covered by this Deed to Secure Debt at one or more separate sales in any manner permitted by the Uniform Commercial Code of the State of Georgia, and one or more exercises of the powers herein granted shall not extinguish nor exhaust such powers, until the entire Property are sold or the Secured Indebtedness is paid in full. If the Secured Indebtedness is now or hereafter further secured by any chattel mortgages, pledges, contracts of guaranty, assignments of lease or other security instruments, Grantee may at its option exhaust the remedies granted under any of said security instruments either concurrently or independently, and in such order as Grantee may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled thereto.
Appears in 2 contracts
Samples: Future Advance Deed to Secure Debt, Assignment of Rents and Leases and Security Agreement (Roberts Realty Investors Inc), Future Advance Deed to Secure Debt, Assignment of Rents and Leases and Security Agreement (Roberts Realty Investors Inc)
Power of Sale. If Upon the occurrence of an Event of Default should occurDefault, Beneficiary may ------------- enforce payment of the obligations secured hereby and shall, at its option, execute or cause the notify Trustee to execute a written notice exercise the power of sale hereunder and upon such default notification it shall be lawful for and the duty of its election to cause to be sold the Property to satisfy the obligations hereofTrustee, and shall cause such notice Trustee is hereby authorized and empowered to be recorded in expose to sale and to sell the office of the recorder of each county wherein said Trust Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, any part thereof at public auction sale to the highest bidder for cash cash, in lawful money compliance with applicable requirements of North Carolina law governing the United States, payable at time exercise of sale. Trustee may postpone powers of sale contained in deeds of all or any portion of said property by public announcement at trust and upon such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply collect the purchase proceeds and convey title to the portion of the Trust Property so sold to the purchaser in fee simple. In the event of a sale of the Trust Property or any part thereof, the proceeds of sale shall be applied in the following order of priority: (i) to the payment of all sums expended under the terms hereofcosts and expenses for and in connection with such sale, not then repaid with accrued interest at the Default Rate, including a commission for Trustee's services as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed hereinafter provided and reasonable attorney's fees incurred by lawTrustee for legal services actually performed; (ii) to the reimbursement of Beneficiary for all reasonable and actual sums expended or incurred by Beneficiary under the terms of this Deed of Trust or to establish, preserve or enforce this Deed of Trust or to collect the Note (including, without limitation, reasonable attorneys' fees); (iii) to the payment of the Note and interest thereon and all other sums then secured herebyindebtedness hereby secured; and (iiiiv) the remainderbalance, if any, shall be paid to the person or persons legally parties lawfully entitled thereto. In the event of a sale hereunder, Beneficiary shall have the right to bid at such sale and shall have the right to credit all or any portion of the indebtedness secured hereby against the purchase price. Trustee shall have the right to designate the place of sale in compliance with applicable law and the sale shall be held at the place designated by the notice of sale. Trustee may require the successful bidder at any sale to deposit immediately with Trustee cash or certified check or cashier's check in an amount up to five percent (5%) of the bid provided notice of such deposit requirement is published as required by law. The bid may be rejected if the deposit is not immediately made. Such deposit shall be refunded in case of a resale because of an upset bid or if Trustee is unable to convey the portion of the Trust Property so sold to the bidder because the power of sale has been terminated in accordance with applicable law. If the purchaser fails to comply with its bid, the deposit may, at the option of Trustee, be retained and applied to the expenses of the sale and any resales and to any damages and expenses incurred by reason of such default (including the amount that such bid exceeds the final sales price), or may be deposited with the Clerk of Superior Court. In all other cases, the deposit shall be applied to the purchase price. Pursuant to Section 25-9-604 of the North Carolina General Statutes (or any amendment thereto), Trustee is expressly authorized and empowered to expose to sale and sell, together with the real estate, any portion of the Trust Property which constitutes personal property. If personal property is sold hereunder, it need not be at the place of sale. The Trust Property may be sold in such parcels or lots without regard to principles of marshaling and may be sold at one sale or in multiple sales, all as determined by Trustee. A previous exercise of the power of sale hereunder by Trustee shall not be deemed to extinguish the power of sale which power of sale shall continue in full force and effect until all the Trust Property shall have been finally sold and properly conveyed to the purchasers at the sale. The Trustee shall be entitled to a reasonable commission for both a completed or uncompleted foreclosure based upon the usual and customary hourly rates of the Trustee and the Trustee's paralegals for time actually spent on the matter which shall be in addition to any out of pocket costs and expenses of the Trustee referred to above.
Appears in 2 contracts
Samples: Deed of Trust, Assignment of Leases and Rents and Security Agreement (Medalist Diversified REIT, Inc.), Deed of Trust, Assignment of Leases and Rents and Security Agreement (Medalist Diversified REIT, Inc.)
Power of Sale. If an Event Should default be made by Grantor in the payment or performance of Default any Indebtedness or other Obligation or agreement secured hereby and/or in the performance of any agreement herein, or should occurGrantor otherwise be in default hereunder, Beneficiary may ------------- enforce payment of the obligations may, subject to NRS 107.080, declare all sums secured hereby and shall, at its option, execute or cause the immediately due by delivery to Trustee to execute of a written notice of such default breach and of its election to sell (which notice Trustee shall cause to be sold the Property to satisfy the obligations hereof, recorded and mailed as required by law) and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver surrender to Trustee this Deed of Trust and the Note or other evidence Trust. After three (3) months shall have elapsed following recordation of indebtedness which is secured herebyany such notice of breach, together with a written request for the Trustee to proceed with a sale of shall sell the property described hereinsubject hereto at such time and at such place in the State of Nevada as Trustee, pursuant in its sole discretion, shall deem best to accomplish the provisions objects of law and this Deed these trusts, having first given notice of Trust. Notice of such sale having been given as then required by law and not less than law. In the time then conduct of any such sale Trustee may act itself or through any auctioneer, agent or attorney. The place of sale may be either in the county in which the property to be sold, or any part thereof, is situated, or at an office of the Trustee located in the State of Nevada. Upon the request of Beneficiary or if required by law having elapsed after recordation Trustee shall postpone sale of such notice all or any portion of default, Trustee, without demand on Trustor, shall sell said property or interest therein by public announcement at the time and place of sale fixed by it in said notice of sale, and shall thereafter postpone said sale from time to time by public announcement at the time previously appointed. At the time of sale so fixed, Trustee shall sell the property so advertised or any part thereof or interest therein either as a whole or in separate parcels parcels, as Beneficiary may determine in its sole and in such order as it may determineabsolute discretion, at public auction to the highest bidder for cash in lawful money of the United States, payable at the time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the such purchaser its a deed or deeds or other appropriate instruments conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, Beneficiary and Trustee may bid and purchase at such sale. After deducting To the extent of the Indebtedness secured hereby, Beneficiary need not bid for cash at any sale of all reasonable costsor any portion of the Property pursuant hereto, feesbut the amount of any successful bid by Beneficiary shall be applied in reduction of said Indebtedness. Trustor hereby agrees, if it is then still in possession, to surrender, immediately and without demand, possession of said property to any purchaser. Trustee shall apply the proceeds of any such sale to the payment of expenses of sale and all charges and expenses of Trustee and of this Trustthese trusts, including cost costs of evidence of title and reasonable counsel Trustee’s fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of ; all sums expended under the terms hereof, not then repaid repaid, with accrued interest at the Default Rate, as defined in default rate determined by the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by lawIndenture; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled thereto. Beneficiary, from time to time before Trustee’s sale, may rescind any notice of breach and election to sell by executing, delivering and causing Trustee to record a written notice of such rescission. The exercise by Beneficiary of such right of rescission shall not constitute a waiver of any breach or default then existing or subsequently occurring, or impair the right of Beneficiary to execute and deliver to Trustee, as above provided, other notices of breach and election to sell, nor otherwise affect any term, covenant or condition hereof or under any obligation secured hereby, or any of the rights, obligations or remedies of the parties thereunder.
Appears in 2 contracts
Samples: Deed of Trust, Assignment of Rents and Leases, Fixture Filing and Security Agreement (GNLV Corp), Deed of Trust, Assignment of Rents and Leases, Fixture Filing and Security Agreement (GNLV Corp)
Power of Sale. If an Event In the event of Default should occursuch default and acceleration of the debt, Beneficiary may ------------- enforce payment of the obligations secured hereby and shall, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause the Property to be sold the Property to satisfy the obligations hereof, and Trustee shall cause file such notice to be recorded for record in the office of the recorder of each county wherein said the Property is situated. Prior to publication Beneficiary also shall deposit with Trustee, the Note and all documents evidencing expenditures secured hereby. After the lapse of such time as may then be required by law following the recordation of said notice of saledefault, Beneficiary shall deliver to Trustee this Deed and notice of Trust default and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, law; Trustee, without demand on Trustor, shall sell said property the Ownership Interest(s) on the date and at the time and place of sale fixed by it designated in said the notice of sale, either as a whole or in separate parcels parcels, and in such order as it may determinedetermine (but subject to any statutory right of Trustor to direct the order in which such property, if consisting of several known lots or parcels, shall be sold) at public auction to the highest bidder for cash bidder, the purchase price payable in lawful money of the United States, payable States at the time of sale. Trustee may The person conducting the sale may, for any cause he deems expedient, postpone the sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale until it shall be completed and, in every case, notice of postponement shall be given by public announcement declaration thereof by such person at the time fixed by and place last appointed for the preceding postponementsale. Trustee shall execute and deliver to the purchaser its deed Deed conveying the property Property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such deed the Deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase bid at such the sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of the sale (i) to the payment of (1) the costs and expenses of exercising the power of sale and of the sale, including the payment of the Trustee’s and attorney’s fees (including any which may be awarded by an appellate court); (2) cost of any evidence of title procured in connection with such sale and revenue stamps, if any, on the Trustee’s Deed; (3) all sums expended under the terms hereof, not then repaid repaid, with accrued interest from date of expenditure at the Default Rate, as defined in rate payable from time to time on outstanding principal under the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii4) all other sums then secured hereby; and (iii5) the remainder, if any, to the person or persons legally entitled thereto, or as provided in A.R.S. § 33-812.
Appears in 2 contracts
Samples: Sale Agreement (Marriott Vacations Worldwide Corp), Sale Agreement (Marriott Vacations Worldwide Corp)
Power of Sale. If an Event of Default should occur, Beneficiary may ------------- enforce payment require the Trustee, and the Trustee is hereby authorized and empowered, to enter and take possession of the obligations secured hereby Trust Property and shallto sell all or part of the Trust Property, at its optionpublic auction, execute to the highest bidder for cash, free from equity of redemption, any statutory or cause the Trustee to execute a written common law right of redemption, homestead, dower, marital share, and all other exemptions, after giving notice of the time, place and terms of such default sale and of its election to cause the Trust Property to be sold sold, by advertising the terms of such sale and of the Trust Property to satisfy be sold, by advertising the obligations hereof, and shall cause such notice to be recorded sale of the property for twenty-one (21) days by three (3) weekly notices in some newspaper published in the office of county and state where the recorder of each county wherein said Trust Property is situated, which notice may be given before or after entry by the Trustee. Prior The Trustee shall execute a conveyance to publication the purchaser in fee simple and deliver possession to the purchaser, which the Trustor warrants shall be given without obstruction, hindrance or delay. The Trustee may sell all or any portion of the notice of saleTrust Property, Beneficiary shall together or in lots or parcels, and may execute and deliver to the purchaser or purchasers of such property a conveyance in fee simple. The sale or sales by Trustee of less than the whole of the Trust Property shall not exhaust the power of sale herein granted, and Trustee is specifically empowered to make successive sale or sales under such power until the whole of the Trust Property shall be sold; and if the proceeds of such sale or sales of less than the whole of the Trust Property shall be less than the aggregate of the Secured Obligations and the expenses thereof, this Deed of Trust and the Note or other evidence of indebtedness which is secured herebylien, together with a written request for security interest and assignment hereof shall remain in full force and effect as to the Trustee to proceed with a sale unsold portion of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, Trust Property; provided, however, that such interest rate Trustor shall in no event exceed never have any right to require the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) sale or sales of less than the remainderwhole of the Trust Property, if anybut Beneficiary shall have the right at its sole election, to request the person Trustee to sell less than the whole of the Trust Property. Beneficiary may bid and become the purchaser of all or persons legally entitled theretoany part of the Trust Property at any such sale, and the amount of Beneficiary’s successful bid may be credited on the Secured Obligations.
Appears in 2 contracts
Samples: Deed of Trust, Security Agreement, Assignment of Rents and Leases (LEM America, Inc), Deed of Trust, Security Agreement, Assignment of Rents and Leases (LEM America, Inc)
Power of Sale. If an Event of Default should occur, Should Beneficiary may ------------- enforce payment elect to foreclose by exercise of the obligations secured hereby and shall, at its option, execute or cause the Trustee to execute a written notice power of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of salesale herein contained, Beneficiary shall deliver to notify Trustee and shall deposit with Trustee this Deed of Trust and the Note or other such receipts and evidence of indebtedness which is expenditures made and secured herebyhereby as Trustee may require.
8.3.1 Upon receipt of such notice from Beneficiary, together Trustee shall cause to be recorded, published and delivered to Trustor notices of default and sale to be given in accordance with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law Applicable Laws, including NRS Chapter 107. Trustee shall, without demand on Trustor, after lapse of such time as may then be required by Applicable Laws and this Deed after recordation of Trust. Notice such notice of default and after notice of sale having been given as then required by law and not less than law, sell the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property Trust Estate at the time and place of sale fixed by it in said notice of sale, either as a whole whole, or in separate lots or parcels or items as Trustee shall deem expedient and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, States payable at the time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the such purchaser or purchasers thereof its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any personthereof any Person, including Trustorincluding, Trusteewithout limitation, Trustor or Beneficiary, may purchase at such sale and Trustor hereby covenants to warrant and defend the title of such purchaser or purchasers against the claims of all Persons claiming by, through or under Trustor. To the maximum extent allowed by Applicable Laws, Beneficiary, if it is the purchaser, may apply the amount of the Secured Obligations then due and payable toward payment of the purchase price. To the maximum extent permitted by Applicable Laws, Trustor hereby waives its right, if any, to require that the Property be sold as separate tracts or units in the event of foreclosure.
8.3.2 Trustee, upon such sale. After , shall make (without any covenant or warranty, express or implied), execute and, after due payment made, deliver to purchaser or purchasers, or his or their heirs or assigns, a deed or deeds, or other record or records of interest, as the case may be, in and to the Property so sold that shall convey to the purchaser all the title and interest of Trustor in the Property (or the portion thereof sold), and after deducting all reasonable costs, fees, fees and expenses of Trustee and of this Deed of Trust, including cost costs of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale to payment of (i) to the payment of all sums expended under the terms hereof, not then repaid repaid, with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; Rate and (ii) all other sums then secured hereby; hereby and (iii) the remainder, if any, to the person Person or persons Persons legally entitled thereto.
8.3.3 Trustee may postpone sale of all or any portion of the Trust Estate by public announcement at such time and place of sale, or as otherwise permitted by Applicable Laws, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement or subsequently noticed sale, and without further notice make such sale at the time fixed by the last postponement, or may, in its discretion, give a new notice of sale. Beneficiary may rescind any notice of default at any time before Trustee's sale by executing a notice of rescission and recording the same. The recordation of such notice of rescission shall constitute a cancellation of any prior declaration of default and demand for sale. The exercise by Beneficiary of the right of rescission shall not constitute a waiver of any default then existing or subsequently occurring, or impair the right of Beneficiary to execute other declarations of default and demand for sale, or notices of default and of election to cause the Property to be sold nor otherwise affect the Loan Documents or this Deed of Trust, or any of the rights, obligations or remedies of Beneficiary or Trustee hereunder.
Appears in 2 contracts
Samples: Deed of Trust, Security Agreement and Fixture Filing (Fitzgeralds Gaming Corp), Deed of Trust, Security Agreement and Fixture Filing With Assignment of Rents (Fitzgeralds Gaming Corp)
Power of Sale. If an Event of Default should occur, the Beneficiary may ------------- enforce payment elects to sell the Trustor’s interest in the Trust Property by exercise of the obligations secured hereby and shallpower of sale contained in this Deed of Trust, at its option, execute or cause the Beneficiary will notify the Trustee to execute a in the manner then required by law.
(a) Upon receipt of written notice from the Beneficiary and at the direction of such default and of its election to the Beneficiary, the Trustee will cause to be sold the Property to satisfy the obligations hereofgiven, recorded, published, and shall cause such notice to delivered all notices of default and/or notices of sale as may then be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of required by law and and/or by this Deed of Trust. Notice The Trustee will, only at the direction of the Beneficiary and without demand on the Trustor, after any time as may then be required by law after notice of default and/or notice of sale having been given as then required by law and not less than law, sell the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property Trust Property at the time and place of sale fixed by it in said the notice of sale, either as a whole whole, or in separate lots or parcels or items as the Beneficiary will deem expedient, and in such any order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, States payable at the time of sale, or as otherwise may then be required by law. The Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall will deliver to the purchaser or purchasers of the Trust Property its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warrantwarranty, express express, or implied. The recitals in such the deed of any matters or facts shall will be conclusive proof of the truthfulness thereofof the facts. Any person, including including, without limitation, the Trustor, Trustee, the Trustee or the Beneficiary, may purchase at such the sale. After The Beneficiary may “credit bid” all or any portion of the Obligations at the sale.
(b) As may be permitted by law, after deducting all reasonable costs, fees, and expenses of the Trustee and of this Trust, including cost without limitation costs of evidence of title and reasonable counsel fees in connection with salesale and any attorneys’ fees and expenses incurred by the Trustee, the Trustee shall will apply the proceeds of sale sale: (i) first, to the payment of all sums expended under costs, fees and expenses, including attorneys’ fees and expenses incurred by the terms hereof, not then repaid with accrued interest at Beneficiary in exercising the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by lawpower of sale or foreclosing this Deed of Trust; and (ii) all other sums then secured hereby; and (iii) the remainder, if anysecond, to satisfaction of the person Obligations.
(c) The Trustee may in the manner provided by law postpone sale of all or persons legally entitled theretoany portion of the Trust Property.
Appears in 2 contracts
Samples: Deed of Trust, Security Agreement, Assignment of Rents and Leases, and Fixture Filing, Deed of Trust, Security Agreement, Assignment of Rents and Leases, and Fixture Filing (Quest Software Inc)
Power of Sale. If (a) Upon the occurrence of an Event of Default should occurDefault, Trustee, or the agent or successor of Trustee, at the request of Beneficiary, shall sell or offer for sale the Trust Property in such portions, order and parcels as Beneficiary may ------------- enforce payment determine with or without having first taken possession of same, to the highest bidder for cash at one or more public auctions in accordance with the terms and provisions of the obligations law of the State in which the Trust Property is located. Such sale shall be made at the area within the courthouse of the county in which the Trust Property (or any portion thereof to be sold) is situated (whether the parts or parcels thereof, if any, in different counties are contiguous or not, and without the necessity of having any personal property hereby secured hereby and shallpresent at such sale) which is designated by the applicable court of such County as the area in which public sales are to take place, or, if no such area is designated, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause to be sold area at the Property to satisfy the obligations hereof, and shall cause such notice to be recorded courthouse designated in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of salesale as the area in which the sale will take place, Beneficiary shall deliver on such day and at such times as permitted under applicable law of the State where the Trust Property is located, after advertising the time, place and terms of sale and that portion of the Trust Property in accordance with such law, and after having served written or printed notice of the proposed sale by certified mail on each Trustor obligated to Trustee pay the Note and other secured indebtedness secured by this Deed of Trust and according to the Note or other records of Beneficiary in accordance with applicable law. The affidavit of any person having knowledge of the facts to the effect that such service was completed shall be prima facie evidence of indebtedness which is secured herebythe fact of service. At any such public sale, together with Trustee may execute and deliver in the name of Trustor to the purchaser a written request for the Trustee to proceed with a sale conveyance of the property described herein, pursuant to Trust Property or any part of the provisions Trust Property in fee simple. In the event of law and any sale under this Deed of Trust. Notice Trust by virtue of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation exercise of such notice of defaultthe powers herein granted, Trusteeor pursuant to any order in any judicial proceeding or otherwise, without demand on Trustor, shall sell said property at the time and place of sale fixed by it Trust Property may be sold in said notice of sale, either as a whole its entirety or in separate parcels and in such manner or order as it Beneficiary in its sole discretion may elect, and if Beneficiary so elects, Trustee may sell the personal property covered by this Deed of Trust at one or more separate sales in any manner permitted by the Uniform Commercial Code of the State in which the Trust Property is located, and one or more exercises of the powers herein granted shall not extinguish or exhaust such powers, until all the Trust Property is sold or the Note and other secured indebtedness is paid in full. If the Note and other secured indebtedness is now or hereafter further secured by any chattel Deed of Trusts, pledges, contracts or guaranty, assignments of lease, or other security instruments, Beneficiary at its option may exhaust the remedies granted under any of said security instruments either concurrently or independently, and in such order as Beneficiary may determine.
(b) Upon any foreclosure sale or sales of all or any portion of the Trust Property under the power herein granted, at public auction Beneficiary may bid for and purchase the Trust Property and shall be entitled to apply all or any part of the Debt as a credit to the highest bidder for cash in lawful money purchase price.
(c) In the event of the United States, payable at time of sale. Trustee may postpone a foreclosure or a sale of all or any portion of the Trust Property under the power herein granted, the proceeds of said property by public announcement at such time and place sale shall be applied, in whatever order Beneficiary in its sole discretion may decide, to the expenses of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver and of all proceedings in connection therewith (including, without limitation, attorneys' fees and expenses), to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, fees and expenses of Trustee (including, without limitation, Trustee's attorneys' fees and expenses), to insurance premiums, liens, assessments, taxes and charges (including, without limitation, utility charges advanced by Beneficiary), to payment of this Trustthe outstanding principal balance of the Debt, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at on all of the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured herebyforegoing; and (iii) the remainder, if any, shall be paid to Trustor, or to the person or persons legally entity lawfully entitled thereto.
Appears in 2 contracts
Samples: Deed of Trust, Assignment of Leases and Rents and Security Agreement (First Potomac Realty Trust), Deed of Trust, Assignment of Leases and Rents and Security Agreement (First Potomac Realty Trust)
Power of Sale. If an Event Subject to the provisions of Default should occurUtah Code 57-1-23 — 57-1-34, the rights and obligations of the parties as expressed therein being incorporated herein by reference Beneficiary may ------------- enforce payment of the obligations secured hereby and shall, at its option, execute or elect to cause the Trustee to execute a written notice of such default and of its election to cause Trust Estate or any part thereof to be sold under the Property power of sale herein granted in any manner permitted by applicable law. Should Beneficiary elect to satisfy sell the obligations hereofTrust Estate or any part thereof, which is real property as provided above, Beneficiary 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 shall cause such notice to be recorded without the necessity of any demand on Trustor, Trustee, at the time and place specified in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it Trust Estate or any part thereof, in said notice of sale, either as a whole one or in separate parcels and in such order as it may determinemultiple sales, at public auction to the highest bidder for cash in lawful money of the United States, States payable at time of salesale or sales. Trustee may postpone sale One or multiple sales of all or any portion of said property the Trust Estate are hereby authorized and may be held in Beneficiary’s or Trustee’s sole discretion. One sale shall not extinguish or terminate this Deed of Trust unless or until all of the Trust Estate has been sold and transferred, as determined by public announcement at such time Beneficiary and place of saleTrustee in their sole discretion. Trustee may, and upon request of Beneficiary shall, from time to time thereafter time, postpone any sale hereunder in the manner required by law. If the Trust Estate, including the Real Property, consists of several lots, parcels or items of property, Beneficiary and/or Trustee may postpone hold one or multiple sales of all or any portion of the Trust Estate. In any of such sale(s), Beneficiary and/or Trustee may designate the order in which such lots, parcels or items shall be offered for sale or sold. Any person, including Trustor, Trustee or Beneficiary, may purchase at any sale hereunder, and Beneficiary shall have the right to purchase at any sale hereunder by crediting upon the bid price the amount of all or any part of the indebtedness hereby secured plus interest, late charges, prepayment fees, and reasonable attorneys’ fees and trustees’ fees, as herein provided. Should Beneficiary desire that more than one sale or other disposition of the Trust Estate, including the Real Property, be conducted, Beneficiary may, at its option, cause the same to be conducted simultaneously, or successively, on the same day, or at such different times and in such order as Beneficiary may deem to be in its best interests, and no such sale by public announcement at shall terminate or otherwise affect the time fixed by lien of this Deed of Trust on any part of the preceding postponementTrust Estate not sold until all indebtedness secured hereby has been fully paid. In the event of default of any purchaser, Trustee shall have the right to resell the Trust Estate as set forth above. Upon any sale hereunder, Trustee shall execute and deliver to the purchaser its or purchasers a deed or deeds conveying the property so sold, but without any covenant or warrantwarranty whatever, express or implied. The , whereupon such purchaser or purchasers shall be let into immediate possession; and the recitals of facts in any such deed or deeds such as default, the giving of any matters notice of default and notice of sale, and other facts affecting the regularity or facts validity of such sale or disposition, shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, truth of such facts and any such deed or Beneficiary, may purchase at deeds shall be conclusive against all persons as to such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretofacts recited therein.
Appears in 2 contracts
Samples: Leasehold Deed of Trust, Leasehold Deed of Trust (Desert Hawk Gold Corp.)
Power of Sale. If an Event of Default should occur, Should Beneficiary may ------------- enforce payment elect to foreclose by exercise of the obligations secured hereby and shall, at its option, execute or cause the Trustee to execute a written notice power of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of salesale herein contained, Beneficiary shall deliver to notify Trustee and shall deposit with Trustee this Deed of Trust and the Note or other such receipts and evidence of indebtedness which is expenditures made and secured herebyhereby as Trustee may require.
8.3.1. Upon receipt of such notice from Beneficiary, together Trustee shall cause to be recorded, published and delivered to Trustor notices of default and sale to be given in accordance with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law Applicable Laws, including NRS Chapter 107. Trustee shall, without demand on Trustor, after lapse of such time as may then be required by Applicable Laws and this Deed after recordation of Trust. Notice such notice of default and after notice of sale having been given as then required by law and not less than law, sell the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property Trust Estate at the time and place of sale fixed by it in said notice of sale, either as a whole whole, or in separate lots or parcels or items as Trustee shall deem expedient, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, States payable at the time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the such purchaser or purchasers thereof its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any personPerson, including Trustorincluding, Trusteewithout limitation, Trustor or Beneficiary, may purchase at such sale and Trustor hereby covenants to warrant and defend the title of such purchaser or purchasers against the claims of all Persons claiming by, through or under Trustor. If allowed by law, Beneficiary, if it is the purchaser, may apply the amount of the Secured Obligations then due and payable toward payment of the purchase price. Trustor hereby waives its right, if any, to require that the Property be sold as separate tracts or units in the event of foreclosure.
8.3.2. Trustee, upon such sale. After , shall make (without any covenant or warranty, express or implied), execute and, after due payment made, deliver to purchaser or purchasers, or his or their heirs or assigns, a deed or deeds, or other record or records of interest, as the case may be, in and to the Property so sold that shall convey to the purchaser all the title and interest of Trustor in the Property (or the portion thereof sold), and after deducting all reasonable costs, fees, fees and expenses of Trustee and of this Deed of Trust, including cost costs of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale to payment of (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Raterepaid, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled thereto.with
Appears in 2 contracts
Samples: Deed of Trust, Security Agreement and Fixture Filing With Assignment of Rents (Fitzgeralds Gaming Corp), Deed of Trust, Security Agreement and Fixture Filing With Assignment of Rents (Fitzgeralds Gaming Corp)
Power of Sale. If an Event of Default should occurshall have occurred and be continuing, Beneficiary the Mortgagee may ------------- enforce payment grant, bargain, sell, assign, transfer, convey and deliver the whole or, from time to time, any part of the obligations secured hereby and shallCollateral, or any interest in any part thereof, at its optionany private sale or at public auction, execute with or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereofwithout demand, advertisement or notice, for cash, on credit or for other property, for immediate or future delivery, and shall cause for such notice to price or prices and on such terms as the Mortgagee in its sole discretion may determine, or as may be recorded in required by law, and upon such sale the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall Mortgagee may execute and deliver to Trustee this Deed the purchaser(s) instruments of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, conveyance pursuant to the provisions terms hereof and to applicable laws. Without limiting the authority granted in this Section 3.3, the Mortgagee shall, without demand on the Mortgagor, after the lapse of law such time as may then be required by law, and this Deed notice of Trust. Notice default and notice of sale having been given as then required by law law, sell the Collateral on the date and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it designated in said the notice of sale, either as a whole or in separate parcels and in such order as it the Mortgagee may determine, but subject to any statutory right of the Mortgagor to direct the order in which such property, if consisting of several known lots, parcels or interests, shall be sold, at public auction to the highest bidder for cash bidder, the purchase price payable in lawful money of the United States, payable States at the time of sale. Trustee may The Person conducting the sale may, for any cause deemed expedient, postpone the sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone until it shall be completed and, in every such sale case, notice of postponement shall be given by public announcement declaration thereof by such Person at the time fixed by and place last appointed for the preceding postponementsale; provided that, if the sale is postponed for longer than one (1) day beyond the day designated in the notice of sale, notice of sale and notice of the time, date and place of sale shall be given in the same manner as the original notice of sale. Trustee The Mortgagee shall execute and deliver to the purchaser its at any such sale a mortgagee's deed conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such mortgagee's deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any personPerson, including Trustor, Trustee, or Beneficiarythe Mortgagee, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest bid at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretosale.
Appears in 2 contracts
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Sterling Chemical Inc), Second Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Sterling Chemical Inc)
Power of Sale. If an Event of Default should occur, A. Beneficiary may ------------- enforce payment of the obligations secured hereby and shall, at its option, execute or elect to cause the Mortgaged Property or any part thereof to be sold under the power of sale herein granted in any manner permitted by applicable law.
B. Beneficiary, from time to time before Trustee’s sale, may rescind any such notice of breach or default and of election to cause the Mortgaged Property to be sold by executing and delivering to Trustee to execute a written notice of such rescission, which notice, when recorded shall also constitute a cancellation of any prior declaration of default and demand for sale. The exercise by Beneficiary of its such right of rescission shall not constitute a waiver of any breach or default then existing or subsequently occurring, or impair the right of Beneficiary to execute and deliver to Trustee, as above provided, other declarations of default and demand for sale, and notices of breach or default, and of election to cause the Mortgaged Property to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office nor otherwise affect any provision, agreement, covenant or condition of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust, any Loan Document or any of the rights, obligations or remedies of the parties hereunder.
C. In connection with any sale or sales hereunder, Beneficiary may elect to treat any of the Mortgaged 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.
D. Any sale of any personal property hereunder shall be conducted in any manner permitted by the Washington Commercial Code. Notice Where the Mortgaged Property consists of sale having been given as then required by law real and personal property or fixtures, whether or not less than such personal property is located on or within the time then required by law having elapsed after recordation Real Property, Beneficiary may elect in its discretion to exercise its rights and remedies against any or all of such notice of defaultthe Real Property, Trusteepersonal property, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and fixtures in such order and manner as it may determineis now or hereafter permitted by applicable law.
E. Without limiting the generality of the foregoing, at public auction Beneficiary may, in its sole and absolute discretion and without regard to the highest bidder for cash in lawful money adequacy of its security, elect to proceed against any or all of the United StatesReal Property, payable at personal property and fixtures in any manner permitted under the Washington Commercial Code; and if the Beneficiary elects to proceed in the manner permitted under the Washington Commercial Code, the power of sale herein granted shall be exercisable with respect to all or any of the Real Property, personal property and fixtures covered hereby, as designated by Beneficiary, and the Trustee is hereby authorized and empowered to conduct any such sale of any of the Real Property, personal property and fixtures in accordance with the procedures applicable to real property.
F. Trustee, from time to time upon the request of sale. Trustee Beneficiary, may postpone or continue the sale of all or any portion of said property the Mortgaged Property by public announcement declaration at such the time and place last appointed for the sale or otherwise in accordance with applicable law. No other notice of the postponed sale shall be required except as required by applicable law.
G. If the Mortgaged Property consists of several lots, parcels or items of property, Beneficiary may: (i) designate the order in which such lots, parcels or items shall be offered for sale or sold, or (ii) elect to sell such lots, parcels or items through a single sale, or through two or more successive sales, or in any other manner Beneficiary deems in its best interest.
H. Any person, including Grantor, Trustee or Beneficiary, may purchase at any sale hereunder, and from time Beneficiary shall have the right to time thereafter purchase at any sale hereunder by crediting upon the bid price the amount of all or any part of the Obligations.
I. If Beneficiary is the successful bidder, it may postpone apply any of the outstanding Obligations secured hereby in settlement of the purchase price.
J. Should Beneficiary desire that more than one sale or other disposition of the Mortgaged Property be conducted, Beneficiary 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 Beneficiary 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 Mortgaged Property not sold until the Obligations have been fully paid.
K. In the event Beneficiary elects to dispose of the Mortgaged Property through more than one sale, Grantor agrees to pay the costs and expenses of each such sale and of any judicial proceedings wherein the same may be made, including reasonable compensation to Trustee and Beneficiary, their agents and counsel, and to pay all expenses, liabilities and advances made or incurred by public announcement Trustee in connection with such sale or sales, together with interest on all such advances made by Trustee at the time fixed by Default Rate provided in the preceding postponement. Loan Agreement.
L. Upon any sale hereunder, Trustee shall execute and deliver to the purchaser its or purchasers a deed or deeds conveying the property so sold, but without any covenant or warrantwarranty whatsoever, express or implied. The , whereupon such purchaser or purchasers shall be let into immediate possession; and the recitals in any such deed or deeds of any matters facts, such as default, the giving of notice of default and notice of sale, and other facts affecting the regularity or facts validity of such sale or disposition, shall be conclusive proof of the truthfulness thereof. Any persontruth of such facts and any such deed or deeds shall be conclusive against all persons as to such facts recited therein.
M. To the extent permitted by the Loan Documents, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses following a sale pursuant to the exercise of Trustee and the power of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee as provided herein, Grantor and any indemnitor or guarantor of the loan secured hereby shall apply the proceeds of sale (i) remain personally liable to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed full extent provided by applicable law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled thereto.
Appears in 2 contracts
Samples: Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (Crimson Wine Group, LTD), Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (Crimson Wine Group, LTD)
Power of Sale. If an Event of Default should occurMortgagee may direct the sheriff and the sheriff shall be empowered, Beneficiary may ------------- enforce payment to foreclose the Property by advertisement and exercise of the obligations secured hereby and shallpower of sale under applicable law. Except as otherwise provided by applicable law, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause to Property may be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property parts at the time and place of sale fixed by it in said notice of sale located in the county where such proceeding is being had (it being agreed that Mortgagee may use the power of sale method of foreclosure in one or more counties and foreclose as a mortgage in one or more other counties). The sheriffs may so sell the Property subject to the power of sale, either as a whole whole, or in separate lots or parcels or items as Trustee shall deem expedient, and in such order as it may determine, at public auction to the highest bidder for cash or cash equivalent (as determined by Mortgagee) in lawful money of the United States, States payable at the time of sale. Trustee may postpone shall have the full power to select in which county or counties the sale of all or the Property is to be made, and the sheriff’s selection shall be binding upon Mortgagor and Mortgagee and shall permit the sale of the whole to be made in any portion one of said property by public announcement at such time the counties in which part of the Property is located. The sheriff shall have the full power to fix the day, time, and place of sale, and from time to time thereafter may postpone such conduct any sale by public announcement at pursuant to law. Mortgagor waives any right it might otherwise have or assert to object to foreclosure, through the time fixed by use of a single Mortgage, of all the preceding postponementProperty in any particular county. Trustee shall deliver to the purchaser its Good and sufficient deed or deeds conveying the property so sold, but without any covenant or warrantwarranty, express or implied, shall be delivered to the purchaser(s) at any such sale. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiarywithout limitation Mortgagee, may purchase at such salesale and Mortgagor hereby covenants to warrant and defend the title of such purchaser or purchasers. After deducting Mortgagor agrees that the Mortgagee shall be entitled to possession of the Note until such time as the obligations evidenced thereby are paid in full or when all reasonable costsof the property identified in this Mortgage has been sold through the foreclosure process. Mortgagor agrees that the Note shall continue to be in full force and effect and shall evidence all sums and obligation remaining unpaid. To the extent permitted by law, fees, and expenses Mortgagor hereby expressly waives any right of Trustee and appraisal or right of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply redemption after sale that Mortgagor may have at the proceeds time of sale (i) or that may apply to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretosale.
Appears in 2 contracts
Samples: Mortgage (Pretoria Resources Two, Inc), Mortgage (Sten Corp)
Power of Sale. If (i) Upon the occurrence of an Event of Default should occur, Beneficiary may ------------- enforce payment of the obligations secured hereby and shall, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice event of default, Trustee, without demand on Trustoror the agent or successor of Trustee, at the request of Lender, shall sell said property or offer for sale the Property in such portions, order and parcels as Lender may determine with or without having first taken possession of same, to the highest bidder for cash at one or more public auctions in accordance with the terms and provisions of the law of the State in which the Property is located. Such sale shall be made at the time area within the courthouse of the county in which the Property (or any portion thereof to be sold) is situated (whether the parts or parcels thereof, if any, in different counties are contiguous or not, and place without the necessity of having any personal property hereby secured present at such sale) which is designated by the applicable court of such county as the area in which public sales are to take place, or, if no such area is designated, at the area at the courthouse designated in the notice of sale fixed by it as the area in said which the sale will take place, on such day and at such times as permitted under applicable law of the state where the Property is located, after advertising the time, place and terms of sale and that portion of the Property in accordance with such law, and after having served written or printed notice of the proposed sale by certified mail on each Borrower obligated to pay the Note and other secured indebtedness secured by this Mortgage according to the records of Lender in accordance with applicable law. The affidavit of any person having knowledge of the facts to the effect that such service was completed shall be prima facie evidence of the fact of service.
(ii) At any such public sale, either as Trustee may execute and deliver in the name of Borrower to the purchaser a whole conveyance of the Property or any part of the Property in fee simple. In the event of any sale under this Mortgage by virtue of the exercise of the powers herein granted, or pursuant to any order in any judicial proceeding or otherwise, the Property may be sold in its entirety or in separate parcels and in such manner or order as it Lender in its sole discretion may elect, and if Lender so elects, Trustee may sell the personal property covered by this Mortgage at one or more separate sales in any manner permitted by the Uniform Commercial Code of the State in which the Property is located, and one or more exercises of the powers herein granted shall not extinguish or exhaust such powers, until all the Property is sold or the Note and other secured indebtedness is paid in full. If the Note and other secured indebtedness is now or hereafter further secured by any chattel deed of trusts, pledges, contracts or guaranty, assignments of lease, or other security instruments, Lender at its option may exhaust the remedies granted under any of said security instruments either concurrently or independently, and in such order as Lender may determine.
(iii) Upon any foreclosure sale or sales of all or any portion of the Property under the power herein granted, at public auction Lender may bid for and purchase the Property and shall be entitled to apply all or any part of the Debt as a credit to the highest bidder for cash in lawful money purchase price.
(iv) In the event of the United States, payable at time of sale. Trustee may postpone a foreclosure or a sale of all or any portion of the Property under the power herein granted, the proceeds of said property by public announcement at such time and place sale shall be applied, in whatever order Lender in its sole discretion may decide, to the expenses of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver and of all proceedings in connection therewith (including, without limitation, attorneys’ fees and expenses), to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, fees and expenses of Trustee (including, without limitation, Trustee’s attorneys’ fees and expenses), to insurance premiums, liens, assessments, taxes and charges (including, without limitation, utility charges advanced by Lender), to payment of this Trustthe outstanding principal balance of the Debt, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at on all of the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured herebyforegoing; and (iii) the remainder, if any, shall be paid to Borrower, or to the person or persons legally entity lawfully entitled thereto.
Appears in 2 contracts
Samples: Deed of Trust and Security Agreement (Infousa Inc), Deed of Trust and Security Agreement (Infousa Inc)
Power of Sale. Pari Passu Agent may direct Trustee to exercise Trustee’s power of sale with respect to the Mortgaged Property, or any part thereof, in a non-judicial procedure as permitted by applicable law. If an Event Pari Passu Agent elects to exercise its power of Default should occur, Beneficiary may ------------- enforce payment sale with respect to the Real Property and other portions of the obligations secured hereby and shallMortgaged Property, at its optionor any part thereof, execute or cause the Trustee to execute shall record a written notice of default in each county in which any part of such default Real Property and of its election to cause to be sold other Mortgaged Property is located in the Property to satisfy the obligations hereof, form prescribed by applicable law and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation mail copies of such notice in the manner prescribed by applicable law. After the time required by applicable law, Trustee shall give public notice of default, the sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on TrustorGrantor, shall sell said property at the time such Real Property and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, other Mortgaged Property at public auction to the highest bidder for cash at the time and place and under the terms designated in lawful money the notice of the United States, payable at time of salesale in one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any portion parcel of said property the Mortgaged Property in accordance with the provisions of applicable law. Trustee, Pari Passu Agent, or their designee, may purchase at any such sale. Upon receipt of the price bid, Trustee shall deliver to the purchaser a Trustee’s deed conveying the Real Property and other Mortgaged Property that are sold. The recitals in the deed of compliance with applicable law shall be prima facie evidence of such compliance and conclusive evidence thereof in favor of bona fide purchasers and encumbrancers for value and without notice. Grantor acknowledges that the power of sale granted in this Deed of Trust may be exercised by public announcement at such time Trustee without prior judicial hearing. Grantor has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Grantor to acceleration and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its at the sale, within a reasonable time after the sale, a Trustee’s deed conveying the property Mortgaged Property so sold, but sold without any covenant or warrantwarranty, express or implied. The recitals in such Trustee’s deed of any matters or facts shall be conclusive proof prima facie evidence of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses truth of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretostatements made therein.
Appears in 2 contracts
Samples: Second Lien Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing Statement (Green Plains Inc.), Second Lien Deed of Trust (Green Plains Inc.)
Power of Sale. If Upon the occurrence and during the continuance of an Event of Default should occurDefault, Beneficiary to the extent permitted by applicable law, Agent may ------------- enforce payment of sell the obligations secured hereby and shallPremises, or any part thereof or any interest therein separately, at its optionAgent’s discretion, execute with or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determinetaking possession thereof, at public auction sale before the courthouse door of the county in which the Premises, or a part thereof, is located, to the highest bidder for cash in lawful money cash, after first giving notice of the United Statestime, payable place and terms of such sale by advertisement published once a week for four weeks (without regard for the number of days) in a newspaper in which advertisements of sheriff’s sales are published in such county. The advertisement so published shall be notice to Mortgagor, and Mortgagor hereby waives all other notices. Agent may bid and purchase at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter Agent may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall execute and deliver to the purchaser its deed conveying or purchasers at any such sale a sufficient conveyance of the property so Premises or the part thereof or interest therein sold, but without any covenant and to this end Mortgagor makes, constitutes and appoints Agent the agent and attorney-in-fact, with full power of substitution, to make such sale and conveyance and thereby to divest Mortgagor of all right, title and equity that Mortgagor may have in and to the Premises and to vest the same in the purchaser or warrantpurchasers at such sale or sales. Agent’s conveyance may contain recitals as to the occurrence of an Event of Default under this Mortgage, express or impliedwhich recitals shall be presumptive evidence that all preliminary acts prerequisite to such sale and conveyance were duly complied with in all respects. The recitals in such deed of any matters or facts made by Agent shall be binding and conclusive proof upon Mortgagor, and the sale and conveyance made by Agent shall divest Mortgagor of all right, title, interest or equity that Mortgagor may have had in, to and under the truthfulness thereof. Any person, including Trustor, TrusteePremises, or Beneficiarythe part thereof or interest therein sold, may purchase and shall vest the same in the purchaser or purchasers at such sale. After deducting Agent may hold one or more sales hereunder until the Obligations have been satisfied in full. Mortgagor hereby ratifies and confirms all reasonable costsof the acts and doings of Agent as Mortgagor’s agent and attorney-in-fact hereunder and expressly waives, feesto the extent allowed by law, all right to have the Premises marshaled upon any sale under the Power granted herein. Agent’s agency and power as attorney-in-fact hereunder are coupled with an interest, cannot be revoked by death, incompetence, reorganization, insolvency, or otherwise, and shall not be exhausted until the Obligations have been satisfied in full. The proceeds of each sale by Agent hereunder shall be applied first to the costs and expenses of Trustee the sale and of this Trust, including cost of evidence of title and reasonable counsel fees all proceedings in connection with saletherewith including the fees and expenses of Agent’s attorneys in connection therewith), Trustee and the balance shall apply the proceeds of sale (i) be applied to the payment remainder of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, Obligations. Any excess shall be paid to Mortgagor or as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed otherwise required by law; (ii) all other sums then secured hereby; . In the event of any sale pursuant to the agency and (iii) power herein granted, Mortgagor shall be and become a tenant holding over and shall deliver possession of the remainderPremises, if anyor the part thereof or interest therein sold, to the person purchaser or persons legally entitled theretopurchasers at the sale or be summarily dispossessed in accordance with the provisions of law applicable to tenants holding over.
Appears in 2 contracts
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Claires Stores Inc), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Claires Stores Inc)
Power of Sale. If an Without limiting any other remedies set forth herein or in the Lease, in the event that a court of competent jurisdiction rules that the Lease and this Memorandum constitutes a mortgage, deed of trust, security agreement or other secured financing with respect to the Leased Property as is the intent of the parties pursuant to Section 4 hereof, then the Lessor and the Lessee agree that (i) the Lessee hereby grants to the Deed of Trust Trustee and its successor and assigns in trust for the use and benefit of the Lessor (for the benefit of the Participants) the Leased Property (including the fee simple estate therein) and Lessee Collateral WITH POWER OF SALE AND RIGHT OF ENTRY AND POSSESSION to the extent permitted by law, and that, upon the occurrence and during the continuance of any Event of Default should occurDefault, Beneficiary may ------------- enforce payment the Deed of Trust Trustee may, and is hereby irrevocably empowered to, with or without entry, and to the obligations secured hereby and shallextent permitted by Applicable Laws, at its option, execute sell or cause the sale of the Subject Property and Lessee Collateral or any part or parts thereof at one or more public auctions as an entirety or in parcels as the Deed of Trust Trustee may elect free from any equity of redemption for cash, on credit, or for other property, for immediate or future delivery, and on such terms as the Deed of Trust Trustee shall deem advantageous and proper, such sale or sales to be made in such manner and upon such notice and advertisement as may be required by Applicable Laws, or in the absence of any such requirements, as the Deed of Trust Trustee may deem appropriate, and to make conveyance to the purchaser or purchasers. The Lessor (or, to the extent required by law, the Deed of Trust Trustee) may, if at the time such action may be lawful and always subject to compliance with any mandatory legal requirements, by filing its notice of election and demand for sale with the Deed of Trust Trustee direct the Deed of Trust Trustee to execute a written enforce its trust and to sell the Subject Property and Lessee Collateral, as an entirety or in parcels, by one sale or by several sales, held at one time or at different times, all as the Deed of Trust Trustee may elect, each sale to be held at the location set forth in the notice of such default proposed sale and the Deed of Trust Trustee shall have given notices of the proposed sale in the manner hereinafter set forth, and to make due conveyance to the purchaser or purchasers, with special warranty of title or no warranty of title to such purchaser or purchasers binding upon the Lessee and its election heirs, executors, administrators, and successors. Such sale must begin at the time stated in the notice referred to cause below in this Section or as otherwise permitted by Applicable Laws. The Lessee, for itself, its heirs and assigns, and for anyone who may claim by, through or under the Lessee, hereby expressly and specifically waives all rights to be sold a marshaling of the assets of the Lessee, including the Subject Property and the Lessee Collateral, or to satisfy a sale in inverse order of alienation. The Deed of Trust Trustee (or a person or persons selected by the obligations hereofDeed of Trust Trustee) shall promptly comply with all notice and other requirements of the laws of Texas then in force with respect to such sales, and shall cause give the required 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 Subject Property and Lessee Collateral is located. No notice of such sale or sales other than the notices hereinabove provided shall be required to be given to the Lessee (or anyone who may claim by, through or under the Lessee) or any other persons and any other notice (including, without limitation, any notice of acceleration of, or intent to accelerate, the unpaid balance of any Obligation) is expressly waived. The provisions of this Section with respect to posting, serving, filing, and giving notices of sale are intended to comply with the provisions of Texas law. In the event the requirement for any notice, or the posting, serving, filing, or giving thereof, under Texas law shall be eliminated or the prescribed manner of posting, serving, filing, or giving same is modified by future amendment to Texas law, the requirement for such particular notice shall be stricken from, or the manner of posting, serving, filing, or giving any notice hereunder modified in, this Deed of Trust in conformity with such amendment. The manner herein prescribed for posting, serving, filing, or giving any notice, other than that to be posted and filed or caused to be posted or filed by the Deed of Trust Trustee, shall not be deemed exclusive but such notice or notices may be posted, served, filed, or given in any other manner which may be permitted by Applicable Laws. Further, in relation to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence exercise of indebtedness which is secured hereby, together with a written request for any power of sale by the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice Trust Trustee hereunder, if Texas law shall be amended or modified to require any other notice or the posting, filing, serving, or giving thereof or any statute hereafter enacted shall require any other notice or the posting, filing, serving, or giving thereof, the Deed of sale having been given as then required Trust Trustee or the person selected by law him is hereby authorized and not less than empowered by the time then required by law having elapsed after recordation of Lessee to give such notice of defaultor make such posting, Trusteefiling, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trusteeserving, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, giving thereof; provided, however, that the Lessee waives such interest rate shall in no event exceed other notice or the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainderposting, if anyfiling, serving, or giving thereof to the person full extent the Lessee may lawfully so do. In addition to any other remedies granted in the Lease or persons legally entitled theretothis Memorandum to the Lessor or the Deed of Trust Trustee (including specifically, but not limited to, the right to proceed against all the Lessee Collateral in accordance with the rights and remedies in respect to those portions of the Collateral which are real property pursuant to Section 9.501(d) of the Uniform Commercial Code), the Lessor may proceed under the Uniform Commercial Code as to all or any part of the personal property (tangible or intangible) and fixtures included with the Lessee Collateral (such portion of the Lessee Collateral being referred to herein as the “Personalty”) and shall have and may exercise with respect to the Personalty all the rights, remedies, and powers of a secured party under the Uniform Commercial Code, including, without limitation, the right and power to sell, at one or more public or private sales, or otherwise dispose of, lease, or utilize the Personalty and any part or parts thereof in any manner authorized or permitted under the Uniform Commercial Code after default by a debtor, and to apply the proceeds thereof toward payment of any costs and expenses and attorney’s fees and legal expenses thereby incurred by the Lessor, and toward payment of the Obligations hereby secured in such order or manner as provided herein.
Appears in 2 contracts
Samples: Lease, Deed of Trust and Security Agreement (Silicon Laboratories Inc), Lease, Deed of Trust and Security Agreement (Silicon Laboratories Inc)
Power of Sale. If an Event Lessor may sell the Subject Property, or any part or parcel thereof or any interest of Default should occurLessee therein separately, Beneficiary may ------------- enforce payment at Lessor's discretion, with or without taking possession thereof, at a public sale or public sales before the courthouse door of the obligations secured hereby and shallcounty in which the Subject Property or any part thereof is located, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money cash, after first giving notice of the United Statestime, payable place and terms of such sale or sales by advertisement published once a week for four weeks (without any regard for the number of days between the date the first such notice is published and the date on which any such sale commences) in the newspaper in which advertisements of sheriff's sales are published in such county. Such advertisement so published shall be notice to Lessee, and Lessee hereby expressly waives all other notices. Lessor may bid and purchase at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter Lessor, as Lessor and attorney-in-fact for Lessee and in Lessee's name, may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall execute and deliver to the purchaser its deed conveying or purchasers at any such sale a sufficient conveyance of the property so Subject Property, or the part or parcel thereof or the interest therein which is sold. Lessor's conveyance may contain recitals as to the occurrence of any event of default under this Security Deed, but without and such recitals shall be presumptive evidence that all preliminary acts prerequisite to any covenant or warrant, express or impliedsuch sale and conveyance were in all respects duly complied with. The recitals in such deed of any matters or facts made by Lessor shall be binding and conclusive proof upon Lessee, and the sale and conveyance made by Lessor shall divest Lessee of all right, title, interest and equity that Lessee may have or have had in, to and under the Subject Property, or the part or parcel thereof or the interest therein which is sold, and shall vest the same in the purchaser or purchasers at such sale or sales. Lessor may hold one or more sales hereunder until the Lessee Liabilities have been satisfied in full. Lessee hereby constitutes and appoints Lessor as Lessee's agent and attorney-in-fact to make such sale or sales, to execute and deliver such conveyance or conveyances, and to make such recitals, and Lessee hereby ratifies and confirms all of the truthfulness thereofacts and doings of Lessor as Lessee's agent and attorney-in-fact hereunder. Any personLessor's agency and power as attorney-in-fact hereunder are coupled with an interest, including Trustorcannot be revoked by bankruptcy, Trusteeinsolvency, incompetency, death, dissolution or Beneficiaryotherwise, may purchase at such saleand shall not be exhausted until the Lessee Liabilities have been satisfied in full. After deducting all reasonable costs, fees, The proceeds of each sale by Lessor hereunder shall be applied first to the costs and expenses of Trustee the sale and of this Trust, including cost of evidence of title and reasonable counsel fees all proceedings in connection with saletherewith (including without limitation the reasonable fees and expenses of Lessor's attorneys actually incurred in connection therewith without regard for any statutory presumption), Trustee shall apply the proceeds of sale (i) then to the payment of all sums expended under the terms hereofbalance of the Lessee Liabilities, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, shall be paid to Lessee or to the person parties entitled thereto by law. If the proceeds of any sale are not sufficient to pay the Lessee Liabilities in full, Lessor shall determine, at Lessor's option and in Lessor's discretion, the portions of the Lessee Liabilities to which the proceeds (after deducting therefrom the costs and expenses of the sale and all proceedings in connection therewith) shall be applied and in what order the proceeds shall be so applied. Lessee covenants and agrees that, in the event of any sale pursuant to the agency and power herein granted, Lessee shall be and become a tenant holding over and shall deliver possession of the Subject Property, or persons legally entitled theretothe part thereof or interest therein sold, to the purchaser or purchasers at the sale or be summarily dispossessed in accordance with the provisions of law applicable to tenants holding over.
Appears in 2 contracts
Samples: Lease Supplement (Choicepoint Inc), Lease Supplement (Choicepoint Inc)
Power of Sale. If (a) Upon the occurrence and during the continuance of an Event of Default should occurDefault, Trustee, or the agent or successor of Trustee, at the request of Beneficiary, shall sell or offer for sale the Trust Property in such portions, order and parcels as Beneficiary may ------------- enforce payment determine with or without having first taken possession of same, to the highest bidder for cash at one or more public auctions in accordance with the terms and provisions of the obligations law of the State in which the Trust Property is located. Such sale shall be made at the area within the courthouse of the county in which the Trust Property (or any portion thereof to be sold) is situated (whether the parts or parcels thereof, if any, in different counties are contiguous or not, and without the necessity of having any personal property hereby secured hereby and shallpresent at such sale) which is designated by the applicable court of such County as the area in which public sales are to take place, or, if no such area is designated, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause to be sold area at the Property to satisfy the obligations hereof, and shall cause such notice to be recorded courthouse designated in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of salesale as the area in which the sale will take place, Beneficiary shall deliver on such day and at such times as permitted under applicable law of the State where the Trust Property is located, after advertising the time, place and terms of sale and that portion of the Trust Property in accordance with such law, and after having served written or printed notice of the proposed sale by certified mail on each Trustor obligated to Trustee pay the Note and other secured indebtedness secured by this Deed of Trust and according to the Note or other records of Beneficiary in accordance with applicable law. The affidavit of any person having knowledge of the facts to the effect that such service was completed shall be prima facie evidence of indebtedness which is secured herebythe fact of service. At any such public sale, together with Trustee may execute and deliver in the name of Trustor to the purchaser a written request for the Trustee to proceed with a sale conveyance of the property described herein, pursuant to Trust Property or any part of the provisions Trust Property in fee simple. In the event of law and any sale under this Deed of Trust. Notice Trust by virtue of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation exercise of such notice of defaultthe powers herein granted, Trusteeor pursuant to any order in any judicial proceeding or otherwise, without demand on Trustor, shall sell said property at the time and place of sale fixed by it Trust Property may be sold in said notice of sale, either as a whole its entirety or in separate parcels and in such manner or order as it Beneficiary in its sole discretion may elect, and if Beneficiary so elects, Trustee may sell the personal property covered by this Deed of Trust at one or more separate sales in any manner permitted by the Uniform Commercial Code of the State in which the Trust Property is located, and one or more exercises of the powers herein granted shall not extinguish or exhaust such powers, until all the Trust Property is sold or the Note and other secured indebtedness is paid in full. If the Note and other secured indebtedness is now or hereafter further secured by any chattel Deed of Trusts, pledges, contracts or guaranty, assignments of lease, or other security instruments, Beneficiary at its option may exhaust the remedies granted under any of said security instruments either concurrently or independently, and in such order as Beneficiary may determine.
(b) Upon any foreclosure sale or sales of all or any portion of the Trust Property under the power herein granted, at public auction Beneficiary may bid for and purchase the Trust Property and shall be entitled to apply all or any part of the Debt as a credit to the highest bidder for cash in lawful money purchase price.
(c) In the event of the United States, payable at time of sale. Trustee may postpone a foreclosure or a sale of all or any portion of the Trust Property under the power herein granted, the proceeds of said property by public announcement at such time and place sale shall be applied, in whatever order Beneficiary in its sole discretion may decide, to the expenses of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver and of all proceedings in connection therewith (including, without limitation, attorneys’ fees and expenses), to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, fees and expenses of Trustee (including, without limitation, Trustee’s attorneys’ fees and expenses), to insurance premiums, liens, assessments, taxes and charges (including, without limitation, utility charges advanced by Beneficiary), to payment of this Trustthe outstanding principal balance of the Debt, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at on all of the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured herebyforegoing; and (iii) the remainder, if any, shall be paid to Trustor, or to the person or persons legally entity lawfully entitled thereto.
Appears in 2 contracts
Samples: Deed of Trust (Republic Property Trust), Deed of Trust (Republic Property Trust)
Power of Sale. If an Event The Trustee, at the request of Default should occurBeneficiary, shall sell at public venue the Mortgaged Property or any part thereof or any interest therein, to the highest bidder, for cash, all in accordance with and as permitted by applicable law. Any notices, postings and filings required by applicable law may be performed or given by Trustee or Beneficiary or by any agent acting in their or its behalf, unless applicable law requires otherwise. Grantor designates as Grantor’s address for the purposes of such notice, the address set out on page 1 of this Deed of Trust, and each other debtor, if any, obligated to pay the debts secured hereby agrees that such address shall likewise constitute such other debtor’s address for such notice, unless a different address is designated by such other debtor; no change of such address or designation of a different address shall be binding on Beneficiary until fifteen (15) days after Beneficiary has received notice of such change sent to Beneficiary in accordance with Section 4.2 below, addressed to Beneficiary at the address for Beneficiary set out herein (or to such other address as Beneficiary may have designated by notice given in accordance with Section 4.2 below to Grantor). Any change of address of Beneficiary shall be effective fifteen (15) business days after written notice thereof addressed to Grantor and sent in accordance with Section 4.2 below. In connection with any sale or sales hereunder, Beneficiary may ------------- enforce payment elect to treat any of the obligations secured Mortgaged 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 shalldispose of the same in accordance with applicable law, separate and apart from the sale of real property. Where the Mortgaged Property consists of real and personal property or fixtures, whether or not such personal property is located on or within the real property, Beneficiary may elect in its discretion to exercise its rights and remedies against any or all of the real property, personal property, and fixtures in such order and manner as is now or hereafter permitted by applicable law. Any sale of personal property hereunder shall be conducted in any manner permitted by Article 9 of the UCC, or any other applicable provision of the UCC. Should Beneficiary elect to sell any portion of the Mortgaged Property which is real property or which is personal property or fixtures that Beneficiary has elected to sell together with real property in accordance with the laws governing a sale of real property, Beneficiary 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 its option, execute or cause the Trustee to execute a written notice of such default time and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded place specified in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said real property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, part thereof at public auction to the highest bidder for cash in lawful money of the United States, payable at time of saleStates or in such other manner as Beneficiary shall direct which is not prohibited by applicable law. Trustee may may, and upon request of Beneficiary shall, from time to time, postpone any sale of all or any portion of said property hereunder by public announcement thereof at such the time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponementnoticed therefor. Trustee shall deliver be entitled to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all a reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees commission in connection with any such sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled thereto.
Appears in 2 contracts
Samples: Credit Agreement (Quixote Corp), Credit Agreement (Quixote Corp)
Power of Sale. If an Event This instrument may be foreclosed in any manner permitted by the laws of Default should occurthe State of California. The sale or sales of less than the whole of the Property shall not exhaust the power of sale herein granted, and Trustee is specifically empowered to make successive sales under such power until the whole of the Property shall be sold. Should Beneficiary elect to invoke the power of sale the Property, or any part thereof, which is real property as provided above, Beneficiary or Trustee shall give such notice of default and election to sell as may ------------- enforce payment then be required by law. Thereafter, upon the expiration of such time and the obligations secured hereby giving of such notice of sale as may then be required by law, and shallwithout the necessity of any demand on Trustor, Trustee, at its option, execute or cause the Trustee to execute a written notice of such default time and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded place specified in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole Property or in separate parcels and in such order as it may determine, any part thereof at public auction to the highest bidder for cash in lawful money of the United States, or cash equivalent acceptable to Trustee and Beneficiary, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, fees and expenses of Trustee and of this Trusttrust, including cost costs of evidence of title and reasonable counsel fees in connection with the sale, Trustee shall apply the proceeds of sale (i) to the payment of of: all sums expended under the terms hereofthis Deed of Trust, not then repaid repaid, with accrued interest thereon from the date of expenditure until paid at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all indebtedness and other sums then obligations secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled thereto. Trustee may, and upon request of Beneficiary shall, from time to time, postpone any sale hereunder by public announcement thereof at the time and place noticed therefor or by giving notice of the time and place of the postponed sale in the manner required by law. If the Property consists of several lots, parcels or items of property, Beneficiary may designate the order in which such lots, parcels or items shall be offered for sale or sold. Should Beneficiary desire that more than one sale or other disposition of the Property be conducted, Beneficiary may, at its option, cause the same to be conducted simultaneously, or successively, on the same day, or at such different times and in such order as Beneficiary 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. In the event of default of any purchaser, Trustee shall have the right to resell the Property as set forth above.
Appears in 2 contracts
Samples: Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Terra Tech Corp.), Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Terra Tech Corp.)
Power of Sale. If an Event Upon Grantor's breach of Default should occur, Beneficiary may ------------- enforce payment any covenant or agreement of the obligations secured hereby and shall, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded Grantor in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is not cured or remedied by Grantor within the applicable notice and grace period, at Grantee's option, all sums secured herebyby this Deed of Trust shall be immediately due and payable. To exercise this option, together with a written request for Grantee may invoke the Trustee power of sale and any other remedies permitted by law. Grantee shall be entitled to proceed with a sale of collect all reasonable costs and expenses incurred in pursuing the property described herein, pursuant to the provisions of law and remedies provided in this Deed of Trust, including but not limited to, reasonable attorney's fees. Notice If Grantee invokes the power of sale having been given sale, Grantee shall give written notice to Trustee of such election. Trustee shall give such notice to Grantor of Grantor's rights as then is provided by law. Trustee shall record a copy of such notice as required by law law. Trustee shall advertise the time and place of the sale of the Property, for not less than four weeks in a newspaper of general circulation in each county in which the time then required by law having elapsed after recordation Property is situated, and shall mail copies of such notice of defaultsale to Grantor and other persons as prescribed by law. After the lapse of such time as may be required by law, Trustee, without demand on TrustorGrantor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, Property at public auction to the highest bidder for cash in lawful money of at the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of (which may be on the Property or any part thereof as permitted by law) in one or more parcels as Trustee may think best and in such order as Trustee may determine. Grantee's designee may purchase the Property at any sale, and from time to time thereafter may postpone . It shall not be obligatory upon the purchaser at any such sale to see the application of the purchase money. The proceeds of each sale by public announcement at the time fixed by the preceding postponement. Trustee hereunder shall deliver be applied first to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, costs and expenses of Trustee the sale and of this Trust, including cost of evidence of title and reasonable counsel fees all proceedings in connection with sale, Trustee shall apply therewith (including without limitation the proceeds actual fees and expenses of sale (ithe Trustee's and Grantee's attorneys in connection therewith) then to the payment of all sums expended under the terms hereofbalance of the Indebtedness, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, shall be paid to Grantor or to the person parties entitled thereto by law. If the proceeds of any sale are not sufficient to pay the Indebtedness in full, Grantee shall determine, at Grantee's option and in Grantee's discretion, the portions of the Indebtedness to which the proceeds (after deducting therefrom the costs and expenses of the sale and all proceedings in connection therewith) shall be applied and in what order the proceeds shall be so applied. Grantor covenants and agrees that, in the event of any sale pursuant to the agency and power herein granted, Grantor shall be and become a tenant holding over and shall deliver possession of the Premises, or persons legally the part thereof or interest therein sold, to the purchaser or purchasers at the sale or be summarily dispossessed in accordance with the provisions of law applicable to tenants holding over. Whenever foreclosure is commenced for nonpayment of any sums due hereunder, the owners of the Property or parties liable hereon shall be entitled theretoto cure said defaults by paying all delinquent principal and interest payments due as of the date of cure, costs, expenses, late charges, attorney's fees and other fees all in the manner provided by law. Upon such payment, this Deed of Trust and the obligations secured hereby shall remain in full force and effect as though no Acceleration had occurred, and the foreclosure proceedings shall be discontinued. All of the foregoing rights and remedies are cumulative of and in addition to, and not restrictive of or in lieu of, any right or remedy provided for by statute, or now or hereafter existing at law or in equity. Grantee may, at Grantee's election and at Grantee's sole discretion, exercise each and every such right and remedy concurrently or separately or in any combination.
Appears in 2 contracts
Samples: Deed of Trust and Security Agreement, Deed of Trust and Security Agreement (Blue Ridge Real Estate Co)
Power of Sale. If an Event Upon the occurrence of Default should occura default, Trustee, or his successor or substitute, is authorized and empowered and it shall be his special duty at the request of Beneficiary may ------------- enforce payment to sell the Property or any part thereof situated in the State of Texas, at the courthouse of any county (whether or not the counties in which the Property is located are contiguous, if the Property is located in more than one county) in the State of Texas in which any part of the obligations secured hereby and shallProperty is situated, at its optionpublic vendue to the highest bidder for cash between the hours of ten o'clock a.m. and four o'clock p.m. on the first Tuesday in any month or at such other place, execute or cause time and date as provided by the Trustee to execute a written statutes of the State of Texas then in force governing sales of real estate under powers of sale conferred by deed of trust, after having given notice of such default sale in accordance with such statutes. Any sale made by Trustee hereunder may be as an entirety or in such parcels as Beneficiary may request. To the extent permitted by applicable law, any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. The sale by Trustee of its election to cause to be sold less than the whole of the Property to satisfy shall not exhaust the obligations hereofpower of sale herein granted, and shall cause Trustee is specifically empowered to make successive sale or sales under such notice to be recorded in power until the office whole of the recorder Property shall be sold; and, if the proceeds of each county wherein said Property is situated. Prior to publication such sale of less than the whole of the notice Property shall be less than the aggregate of salethe Indebtedness and the expense of executing this trust as provided herein, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for lien hereof shall remain in full force and effect as to the Trustee to proceed with a sale unsold portion of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of Property just as though no sale having had been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, made; provided, however, that Grantor shall never have any right to require the sale of less than the whole of the Property but Beneficiary shall have the right, at its sole election, to request Trustee to sell less than the whole of the Property. Trustee may, after any request or direction by Beneficiary, sell not only the Real Property but also the Personal Property Collateral and other interests which are a part of the Property, or any part thereof, as a unit and as a part of a single sale, or may sell any part of the Property separately from the remainder of the Property. It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Personal Property Collateral. After each sale, Trustee shall make to the purchaser or purchasers at such interest rate shall sale good and sufficient conveyances in no event exceed the maximum interest rate allowed by law; name of Grantor, conveying the Property so sold to the purchaser or purchasers with general warranty of title of Grantor, subject to any recorded liens, charges or encumbrances (ii) all and to such leases and other sums then secured hereby; and (iii) the remaindermatters, if any, as Trustee may elect upon request of Beneficiary), and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the person Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as Beneficiary may deem necessary until all of the Property has been duly sold and all Indebtedness has been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of Beneficiary, such sale shall not exhaust the power of sale hereunder and Beneficiary shall have the right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact or other recitals made in any deed or deeds or other conveyances given by Trustee or any successor or substitute appointed hereunder as to nonpayment of the Indebtedness or as to the occurrence of any default, or as to Beneficiary's having declared all of said indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to the refusal, failure or inability to act of Trustee or any substitute or successor trustee, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by Beneficiary or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or his successor or substitute may appoint or delegate any one or more persons legally entitled theretoas agent to perform any act or acts necessary or incident to any sale held by Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of Trustee, his successor or substitute. If Trustee or his successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance of the Property pursuant thereto as if such notice had been given by the successor or substitute Trustee conducting the sale.
Appears in 2 contracts
Samples: Deed of Trust (FSP Galleria North Corp), Deed of Trust (FSP Phoenix Tower Corp)
Power of Sale. If an Event of Default should occuroccurs (as defined hereinafter), Beneficiary we may ------------- enforce payment of exercise the obligations secured hereby and shall, at its option, execute or cause the Trustee power to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion part of said property by public announcement at such time the Margin/Collateral/Assets you provide us with under these Terms and place of sale, Conditions and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall entitled to apply the proceeds of sale (i) or other disposal in paying the costs of such sale or other disposal and in or towards satisfaction of the Secured Obligations. Such sale shall take place by the means that we in our reasonable discretion determines and at the price that we in our reasonable discretion determine to be the payment best obtainable. General lien: In addition, and without prejudice to any rights to which we may be entitled under this Agreement or any Applicable Laws, Rules and/or Regulations we shall have a general lien on all Assets and property held on your behalf by us, our Associates or our nominees, until the satisfaction of all sums expended under Secured Obligations. Without limitation, such general lien shall comprise the terms hereofcredit balances on your Accounts, the securities registered as belonging to you on our books, and the value of your open positions with us. We may, in our absolute discretion and without notice to you, apply and/or transfer any or all such Assets which you have deposited at any time with us or which may at any time be in our possession or control or carried on our books for any purpose, including safe keeping, between any of your Accounts with us and combine or set off between accounts and convert any currency into another. Without prejudice to any other rights to which we may be entitled, we may at any time and without notice to you set-off any amounts (whether actual or contingent, present or future) at any time owing between you and us paying you the difference. Abusive Trading Strategies: Internet, connectivity delays, and errors sometimes create a situation where the price displayed on our Online Trading Facility does not then repaid with accrued interest accurately reflect the market rates. We do not permit the deliberate practice of gaming and/or use of abusive trading practices on our Online Trading Facility. Transactions that rely on price latency opportunities may be revoked, without prior notice. We reserve the right to make the necessary corrections or adjustments on the Account involved, without prior notice. Accounts that rely on gaming and/or abusive strategies may, at the Default Rateour sole discretion, as defined be subject to intervention by us and our approval of any Orders. Any dispute arising from such quoting or execution errors will be resolved by our management in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; its sole and (iii) the remainder, if any, to the person or persons legally entitled theretoabsolute discretion.
Appears in 2 contracts
Samples: Client Agreement, Client Agreement
Power of Sale. If an (a) Should a Loan Default Event have occurred and be continuing under the Loan Agreement, or upon the breach by the Trustor of Default should occurany of its covenants or agreements contained herein, Beneficiary may ------------- enforce payment in the Regulatory Agreement or in the Contract of Insurance, the Trustee, upon written request by the Beneficiary, shall declare all sums secured hereby immediately due and payable.
(b) Having so declared, the Trustee shall provide and record such notices of default and of the obligations secured hereby and shall, at its option, execute or election to cause the Trustee Property or any part of it to be sold as are required by law.
(c) The Trustee, upon written request by the Beneficiary, from time to time before the Trustee’s sale, may rescind any such notice of default and of election to cause to be sold the Property and may execute a written notice of such a rescission, which notice, when recorded, shall also constitute a cancellation of any prior declaration of default and demand for sale. The exercise of such right of rescission shall not constitute a waiver of any breach or default then existing or subsequently occurring or impair the right of the Beneficiary to execute and deliver to the Trustee, as above provided, other requests for notices of default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office nor otherwise affect any provision, covenant or condition of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale any of the property described hereinrights, pursuant to obligations or remedies of the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not parties hereunder.
(d) Not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on the Trustor, the Trustee, having first given notice of sale as then required by law, shall sell said property the Property in the manner provided by law at the time and place of sale fixed by it in said the notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to provided that the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property the Property in the manner provided by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. law.
(e) The Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The , and the recitals in such deed of any matters or facts affecting the regularity or validity of the sale shall be conclusive proof of the truthfulness thereof. Also, such deed shall be conclusive against all persons as to all matters or facts therein recited. Any person, including the Trustor, Trustee, or the Trustee and the Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, .
(f) The Trustee shall apply the proceeds of any such sale to payment of:
(i1) all costs, fees, charges and expenses of the Trustee and of these trusts, and fees of any attorneys employed by the Trustee or the Beneficiary to enforce the payment of all sums expended under the terms provisions hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii2) the Trustee’s fees in connection with the sale, and all expenses of sale, including the cost of procuring evidence of title in connection with the sale proceedings and revenue stamps on the Trustee’s deed; and (3) all other sums then secured hereby; , including interest on each of the foregoing items, all in such manner and (iii) order of priority or preference as the Beneficiary may in its sole and absolute discretion direct. The remainder, if any, of such proceeds, shall be paid to the person or persons legally entitled thereto, upon proof satisfactory to the Trustee of such right.
Appears in 2 contracts
Samples: Deed of Trust, Deed of Trust
Power of Sale. If an Without limiting any other remedies set forth herein, in the event that a court of competent jurisdiction rules that this Lease constitutes a mortgage, deed of trust, security agreement or other secured financing with respect to the Leased Property as is the intent of the parties pursuant to Section 24 hereof, then the Lessor and the Lessee agree that (i) the Lessee hereby grants to the Deed of Trust Trustee and its successor and assigns in trust for the use and benefit of the Lessor (for the benefit of the Participants) the Leased Property (including the fee simple estate therein) and Lessee Collateral WITH POWER OF SALE AND RIGHT OF ENTRY AND POSSESSION to the extent permitted by law, and that, upon the occurrence and during the continuance of any Event of Default should occurDefault, Beneficiary may ------------- enforce payment the Deed of Trust Trustee may, and is hereby irrevocably empowered to, with or without entry, and to the obligations secured hereby and shallextent permitted by Applicable Laws, at its option, execute sell or cause the sale of the Subject Property and Lessee Collateral or any part or parts thereof at one or more public auctions as an entirety or in parcels as the Deed of Trust Trustee may elect free from any equity of redemption for cash, on credit, or for other property, for immediate or future delivery, and on such terms as the Deed of Trust Trustee shall deem advantageous and proper, such sale or sales to be made in such manner and upon such notice and advertisement as may be required by Applicable Laws, or in the absence of any such requirements, as the Deed of Trust Trustee may deem appropriate, and to make conveyance to the purchaser or purchasers. The Lessor (or, to the extent required by law, the Deed of Trust Trustee) may, if at the time such action may be lawful and always subject to compliance with any mandatory legal requirements, by filing its notice of election and demand for sale with the Deed of Trust Trustee direct the Deed of Trust Trustee to execute a written enforce its trust and to sell the Subject Property and the Lessee Collateral, as an entirety or in parcels, by one sale or by several sales, held at one time or at different times, all as the Deed of Trust Trustee may elect, each sale to be held at the location set forth in the notice of such default proposed sale and the Deed of Trust Trustee shall have given notices of the proposed sale in the manner hereinafter set forth, and to make due conveyance to the purchaser or purchasers, with special warranty of title or no warranty of title to such purchaser or purchasers binding upon the Lessee and its election heirs, executors, administrators, and successors. Such sale must begin at the time stated in the notice referred to cause below in this Section or as otherwise permitted by Applicable Laws. The Lessee, for itself, its heirs and assigns, and for anyone who may claim by, through or under the Lessee, hereby expressly and specifically waives all rights to be sold a marshaling of the assets of the Lessee, including the Subject Property and the Lessee Collateral, or to satisfy a sale in inverse order of alienation. The Deed of Trust Trustee (or a person or persons selected by the obligations hereofDeed of Trust Trustee) shall promptly comply with all notice and other requirements of the laws of Texas then in force with respect to such sales, and shall cause give the required 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 Subject Property is located. No notice of such sale or sales other than the notices hereinabove provided shall be required to be given to the Lessee (or anyone who may claim by, through or under the Lessee) or any other persons and any other notice (including, without limitation, any notice of acceleration of, or intent to accelerate, the unpaid balance of any Obligation) is expressly waived. The provisions of this Section with respect to posting, serving, filing, and giving notices of sale are intended to comply with the provisions of Texas law. In the event the requirement for any notice, or the posting, serving, filing, or giving thereof, under Texas law shall be eliminated or the prescribed manner of posting, serving, filing, or giving same is modified by future amendment to Texas law, the requirement for such particular notice shall be stricken from, or the manner of posting, serving, filing, or giving any notice hereunder modified in, this Deed of Trust in conformity with such amendment. The manner herein prescribed for posting, serving, filing, or giving any notice, other than that to be posted and filed or caused to be posted or filed by the Deed of Trust Trustee, shall not be deemed exclusive but such notice or notices may be posted, served, filed, or given in any other manner which may be permitted by Applicable Laws. Further, in relation to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence exercise of indebtedness which is secured hereby, together with a written request for any power of sale by the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice Trust Trustee hereunder, if Texas law shall be amended or modified to require any other notice or the posting, filing, serving, or giving thereof or any statute hereafter enacted shall require any other notice or the posting, filing, serving, or giving thereof, the Deed of sale having been given as then required Trust Trustee or the person selected by law him is hereby authorized and not less than empowered by the time then required by law having elapsed after recordation of Lessee to give such notice of defaultor make such posting, Trusteefiling, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trusteeserving, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, giving thereof; provided, however, that the Lessee waives such interest rate shall in no event exceed other notice or the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainderposting, if anyfiling, serving, or giving thereof to the person full extent the Lessee may lawfully so do. In addition to any other remedies granted in this Deed of Trust to the Lessor or persons legally entitled theretothe Deed of Trust Trustee (including specifically, but not limited to, the right to proceed against all the Lessee Collateral in accordance with the rights and remedies in respect to those portions of the Collateral which are real property pursuant to Section 9.501(d) of the Uniform Commercial Code), the Lessor may proceed under the Uniform Commercial Code as to all or any part of the personal property (tangible or intangible) and fixtures included with the Lessee Collateral (such portion of the Lessee Collateral being referred to herein as the “Personalty”) and shall have and may exercise with respect to the Personalty all the rights, remedies, and powers of a secured party under the Uniform Commercial Code, including, without limitation, the right and power to sell, at one or more public or private sales, or otherwise dispose of, lease, or utilize the Personalty and any part or parts thereof in any manner authorized or permitted under the Uniform Commercial Code after default by a debtor, and to apply the proceeds thereof toward payment of any costs and expenses and attorney’s fees and legal expenses thereby incurred by the Lessor, and toward payment of the Obligations hereby secured in such order or manner as provided herein.
Appears in 2 contracts
Samples: Lease, Deed of Trust and Security Agreement (Silicon Laboratories Inc), Lease, Deed of Trust and Security Agreement (Silicon Laboratories Inc)
Power of Sale. If an Event of Default should occurshall have occurred, Beneficiary the Mortgagee may ------------- enforce payment grant, bargain, sell, assign, transfer, convey and deliver the whole or, from time to time, any part of the obligations secured hereby and shallCollateral, or any interest in any part thereof, at its optionany private sale or at public auction, execute with or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereofwithout demand, advertisement or notice, for cash, on credit or for other property, for immediate or future delivery, and shall cause for such notice to price or prices and on such terms as the Mortgagee in its uncontrolled discretion may determine, or as may be recorded in required by law, and upon such sale the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall Mortgagee may execute and deliver to Trustee this Deed the purchaser(s) instruments of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, conveyance pursuant to the provisions terms hereof and to applicable laws. Without limiting the authority granted in this SECTION 3.3, the Mortgagee shall, without demand on the Mortgagor, after the lapse of law such time as may then be required by law, and this Deed notice of Trust. Notice default and notice of sale having been given as then required by law law, sell the Collateral on the date and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it designated in said the notice of sale, either as a whole or in separate parcels and in such order as it the Mortgagee may determine, but subject to any statutory right of the Mortgagor to direct the order in which such property, if consisting of several known lots, parcels or interests, shall be sold, at public auction to the highest bidder for cash bidder, the purchase price payable in lawful money of the United States, payable States at the time of sale. Trustee may The Person conducting the sale may, for any cause deemed expedient, postpone the sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone until it shall be completed and, in every such sale case, notice of postponement shall be given by public announcement declaration thereof by such Person at the time fixed by and place last appointed for the preceding postponementsale; PROVIDED THAT, if the sale is postponed for longer than one (1) day beyond the day designated in the notice of sale, notice of sale and notice of the time, date and place of sale shall be given in the same manner as the original notice of sale. Trustee The Mortgagee shall execute and deliver to the purchaser its at any such sale a mortgagee's deed conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such mortgagee's deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any personPerson, including Trustor, Trustee, or Beneficiarythe Mortgagee, may purchase bid at such the sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee The Mortgagee shall apply the proceeds of sale (i) the sale, to the extent consistent with this Mortgage, to the payment of (a) the costs and expenses of exercising the power of sale and of the sale, including the payment of attorneys' fees and costs, (b) the cost of any evidence of title procured in connection with such sale, (c) all sums expended under the terms hereof in conjunction with any default provision hereof, not then repaid repaid, with accrued interest at the Default Rate, as defined rate provided for in the NoteCredit Agreement from the date of incurrence, provided(d) outstanding principal and interest under the Credit Agreement, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (iie) all Secured Obligations (other sums then secured hereby; and than as provided in CLAUSE (iiiD) above). The Mortgagee shall give the remainder, if any, of the proceeds of the sale to the person Person or persons Persons legally entitled thereto, or the Mortgagee, in the Mortgagee's discretion, may deposit the balance of such proceeds with any court or public official authorized to receive such proceeds.
Appears in 2 contracts
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Leiner Health Products Inc), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Leiner Health Products Inc)
Power of Sale. If an Event Lender may elect to cause the Property or any part thereof to be sold under the power of Default should occur, Beneficiary may ------------- enforce payment sale herein granted in any manner permitted by applicable law at one or more public sale or sales at the usual place for conducting sales at the courthouse of the obligations county in which the Land or any part of the Land is situated, to the highest bidder for cash, in order to pay the indebtedness secured hereby, and all expenses of sale and of all proceedings in connection therewith, including attorneys' fees, after advertising the time, place and terms of each sale once a week for four (4) consecutive weeks immediately preceding such sale (but without regard to the number of days) in a newspaper in which Sheriff's sales are advertised in said county, all other notice, including judicial notice, being hereby waived by Borrower. Upon the expiration of such time and shallthe giving of such notice of sale, and without the necessity of any demand on Borrower, Lender, at the time and place specified in the notice of sale, shall sell the Property or any part thereof. The foregoing notwithstanding, Lender may sell, or cause to be sold, any tangible or intangible personal property or any part thereof, and which constitutes a part of the security hereunder, in the foregoing manner, or as may otherwise be provided by law. Lender may, from time to time, postpone any sale hereunder by public announcement thereof at the time and place noticed therefor or by giving notice of the time and place of the postponed sale in the manner required by law. If the Property consists of several lots, parcels or items of property, Lender may designate the order in which such lots, parcels or items shall be offered for sale or sold. Any person, including Borrower or Lender, may purchase at any sale hereunder, and Lender shall have the right to purchase at any sale hereunder by crediting upon the bid price the amount of all or any part of the indebtedness hereby secured plus interest, late charges, prepayment fees, and reasonable attorneys' fees, as herein provided. Should Lender desire that more than one sale or other disposition of the Property be conducted, Lender may, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause same to be sold conducted simultaneously, or successively, on the Property to satisfy the obligations hereofsame day, and shall cause or at such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels different times and in such order as it Lender may determinedeem to be in its best interests, at public auction and no such sale shall terminate or otherwise affect the security of this Security Deed on any part of the Property not sold until all indebtedness secured hereby has been fully paid. In the event of default of any purchaser, Lender shall have the right to resell the Property as set forth above. Upon any sale hereunder, Lender shall execute and deliver to the highest bidder for cash purchaser or purchasers a deed or deeds conveying the property so sold in lawful money Fee Simple, with or without any covenant or warranty whatever, express or implied, whereupon such purchaser or purchasers shall be let into immediate possession; and the recitals of facts in any such deed or deeds such as default, the United States, payable at time giving of sale. Trustee may postpone sale notice of all or any portion of said property by public announcement at such time default and place notice of sale, and from time to time thereafter may postpone other facts affecting the regularity or validity of such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so soldor disposition, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereoftruth of such facts and any such deed or deeds shall be conclusive against all persons as to such facts recited therein. Any personBorrower hereby constitutes and appoints Lender the agent and attorney-in-fact of Borrower to make such recitals, sale and conveyance, and thereby to divest Borrower of all right, title and equity that Borrower may have in and to the Property and to vest the same in the purchaser or purchasers at such sale or sales. The conveyance to be made by Lender, or its assigns, (and in the event of a deed in lieu of foreclosure, then as to such conveyance) shall be effective to bar all right, title and interest, equity or redemption, including Trustorall statutory redemption, Trusteehomestead, dower, courtesy, and all other exemptions of Borrower, or Beneficiaryits successors in interest, may purchase at such salein and to the Property. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds The aforesaid power of sale (i) to the and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise and shall not be exhausted by one exercise thereof, but may be exercised until full payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled thereto.
Appears in 2 contracts
Samples: Deed to Secure Debt and Security Agreement (Inland Western Retail Real Estate Trust Inc), Deed to Secure Debt and Security Agreement (Inland Western Retail Real Estate Trust Inc)
Power of Sale. If an Event In the event of Default should occursuch default and acceleration of the debt, Beneficiary may ------------- enforce payment of the obligations secured hereby and shall, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause the Property to be sold the Property to satisfy the obligations hereof, and Trustee shall cause file such notice to be recorded for record in the office of the recorder of each county wherein said the Property is situated. Prior to publication Beneficiary also shall deposit with Trustee, the Note and all documents evidencing expenditures secured hereby. After the lapse of such time as may then be required by law following the recordation of said notice of saledefault, Beneficiary shall deliver to Trustee this Deed and notice of Trust default and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, law; Trustee, without demand on Trustor, shall sell said property the Property on the date and at the time and place of sale fixed by it designated in said the notice of sale, either as a whole or in separate parcels parcels, and in such order as it may determinedetermine (but subject to any statutory right of Trustor to direct the order in which such property, if consisting of several known lots or parcels, shall be sold) at public auction to the highest bidder for cash bidder, the purchase price payable in lawful money of the United States, payable States at the time of sale. Trustee may The person conducting the sale may, for any cause he deems expedient, postpone the sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale until it shall be completed and, in every case, notice of postponement shall be given by public announcement declaration thereof by such person at the time fixed by and place last appointed for the preceding postponementsale; provided, however, if the sale is postponed for longer than one day beyond the day designated in the notice of sale, notice thereof shall be given in the same manner as the original notice of sale. Trustee shall execute and deliver to the purchaser its deed Deed conveying the property Property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such deed the Deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase bid at such the sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of the sale (i) to the payment of (i) the costs and expenses of exercising the power of sale and of the sale, including the payment of the Trustee’s and attorney’s fees (including any which may be awarded by an appellate court); (2) cost of any evidence of title procured in connection with such sale and revenue stamps, if any, on the Trustee’s Deed; (3) all sums expended under the terms hereof, not then repaid repaid, with accrued interest from date of expenditure at the Default Rate, as defined in rate payable from time to time on outstanding principal under the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii4) all other sums then secured hereby; and (iii5) the remainder, if any, to the person or persons legally entitled thereto, or the Trustee, in its discretion, may deposit the balance of such proceeds with the County Clerk of the county in which the sale took place.
Appears in 2 contracts
Samples: Sale Agreement (Marriott Vacations Worldwide Corp), Sale Agreement (Marriott Vacations Worldwide Corp)
Power of Sale. Pari Passu Agent may direct Trustee to exercise Trustee’s power of sale with respect to the Mortgaged Property, or any part thereof, in a non-judicial procedure as permitted by applicable law. If an Event Pari Passu Agent elects to exercise its power of Default should occur, Beneficiary may ------------- enforce payment sale with respect to the Real Property and other portions of the obligations secured hereby and shallMortgaged Property, at its optionor any part thereof, execute or cause the Trustee to execute shall record a written notice of default in each City in which any part of such default Real Property and of its election to cause to be sold other Mortgaged Property is located in the Property to satisfy the obligations hereof, form prescribed by applicable law and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation mail copies of such notice in the manner prescribed by applicable law. After the time required by applicable law, Trustee shall give public notice of default, the sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on TrustorGrantor, shall sell said property at the time such Real Property and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, other Mortgaged Property at public auction to the highest bidder for cash at the time and place and under the terms designated in lawful money the notice of the United States, payable at time of salesale in one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any portion parcel of said property the Mortgaged Property in accordance with the provisions of applicable law. Trustee, Pari Passu Agent, or their designee, may purchase at any such sale. Upon receipt of the price bid, Trustee shall deliver to the purchaser a Trustee’s deed conveying the Real Property and other Mortgaged Property that are sold. The recitals in the deed of compliance with applicable law shall be prima facie evidence of such compliance and conclusive evidence thereof in favor of bona fide purchasers and encumbrancers for value and without notice. Grantor acknowledges that the power of sale granted in this Deed of Trust may be exercised by public announcement at such time Trustee without prior judicial hearing. Grantor has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Grantor to acceleration and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its at the sale, within a reasonable time after the sale, a Trustee’s deed conveying the property Mortgaged Property so sold, but sold without any covenant or warrantwarranty, express or implied. The recitals in such Trustee’s deed of any matters or facts shall be conclusive proof prima facie evidence of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses truth of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretostatements made therein.
Appears in 2 contracts
Samples: Second Lien Indemnity Deed of Trust (Green Plains Inc.), Second Lien Deed of Trust (Green Plains Inc.)
Power of Sale. If (a) Upon the occurrence of an Event of Default should occurDefault, Beneficiary may ------------- enforce payment of the obligations secured Mortgagee is hereby authorized and shall, at its option, execute empowered to sell or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property Premises (either in its entirety or the Leasehold Interest or the Fee Interest independently) and to satisfy convey the obligations hereof, and shall cause such notice same to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described hereinpurchaser, pursuant to the provisions of law the New York Real Property Actions and Proceedings Law, Sec. 1401 et seq. pertaining to Foreclosure of Mortgage by Power of Sale. Mortgagor further agrees that Mortgagee is authorized and empowered to retain out of the sale proceeds such moneys as are due it under the terms of this Deed of Trust. Notice of sale having been given as then required by law Mortgage, the costs and not less than the time then required by law having elapsed after recordation charges of such notice sale, attorneys' fees and any other sums, costs or expenses permitted by law, rendering the surplus moneys (if any there should be) to Lessee.
(b) Mortgagee may adjourn from time to time any sale by it to be made under or by virtue of default, Trustee, without demand on Trustor, shall sell said property this Paragraph 21 or otherwise under 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, Mortgagee, without further notice or publication, may make such sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place to which the same shall be so adjourned.
(c) Upon the completion of saleany sale or sales made by Mortgagee under or by virtue of this Paragraph 21, Mortgagee, an officer of any court ------------ empowered to do so, or other appropriate person so authorized by law, shall execute and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the accepted purchaser its deed conveying or purchasers a good and sufficient instrument, or good and sufficient instruments, conveying, assigning and transferring the estate, right, title and interest in and to the property and rights sold. Mortgagee is hereby appointed the true and lawful attorney irrevocable of Mortgagor, in its name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the Premises and rights so sold and for that purpose Mortgagee may execute all necessary instruments of conveyance, assignment and transfer, and may substitute one or more persons with like power, Mortgagor hereby ratifying and confirming all that its said attorney or such substitute or substitutes shall lawfully do by virtue hereof. This power of attorney shall be deemed to be a power coupled with an interest and not subject to revocation. Nevertheless, Mortgagor, if so requested by Mortgagee, shall ratify and confirm any such sale or sales by executing and delivering to Mortgagee or to such purchaser or purchasers all such instruments as may be advisable, in the judgment of Mortgagee, for the purpose, and as may be designated in such request. Any such sale or sales made under or by virtue of this section, whether made under the power of sale herein granted or under or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale, shall operate to divest the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of Mortgagor in and to the properties and rights so sold, but without and shall be a perpetual bar both at law and in equity against Mortgagor and against any covenant and all persons claiming or warrantwho may claim the same, express or implied. The recitals in such deed any part thereof, from, through or under Mortgagor.
(d) In the event of any matters sale made under or facts shall be conclusive proof by virtue of this Paragraph 21 (whether made under the truthfulness thereof. Any personpower of sale herein granted or under or by ------------ virtue of judicial proceedings or of a judgment or decree of foreclosure and sale), including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, feesthe entire principal of, and expenses of Trustee interest on, the Loan Agreement, if not previously due and of this Trustpayable, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; required to be paid by Lessee pursuant to this Mortgage, immediately prior thereto shall become due and (iii) the remainderpayable, if any, to the person or persons legally entitled theretounless such acceleration be expressly waived in writing by Mortgagee.
Appears in 1 contract
Power of Sale. If Upon the occurrence and during the continuance of an Event of Default should occurDefault, Beneficiary may ------------- enforce payment of the obligations secured hereby and shallAgent, at its option, execute or cause the Trustee may sell, and is hereby authorized and empowered to execute a written notice of such default and of its election to cause to be sold sell the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office or any part of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note at one or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a more public sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property or sales conducted at the time and place and in the usual manner of the sheriff’s sales in the county in which the Land or any part of the Land is situated, to the highest bidder for cash, in order to pay the indebtedness secured hereby, and all expenses of sale fixed and of all proceedings in connection therewith, including reasonable attorney’s fees, in bar of the right and equity of redemption, homestead and all other rights and exemptions of every kind, if any (including, without limitation, all rights under any appraisement, valuation, stay or extension laws and all rights to have the Property marshaled upon foreclosure hereof), which may now or hereafter exist, all of which are hereby expressly waived by it Mortgagor, after first advertising the time, place and terms of sale once a week for four (4) weeks immediately preceding such sale (but without regard to the number of days) in a newspaper in which sheriff’s sales are advertised in said county, all other notice of being hereby waived by Mortgagor. At any such public sale, either Agent may execute and deliver to the purchaser a conveyance of the Property in fee simple, with full warranties of title, or any part of the Property, and to this end Mortgagor hereby constitutes and appoints Agent the agent and attorney-in-fact of Mortgagor to make such sale and conveyance, and thereby to divest Mortgagor of all right, title and equity that Mortgagor may have in and to the Property and to vest the same in the purchaser or purchasers at such sale or sales, and all the acts and doings of said agent and attorney-in-fact are hereby ratified and confirmed, and any recitals in said conveyance or conveyances as to facts essential to a whole valid sale shall be binding upon Mortgagor. The aforesaid power of sale and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the other remedies provided hereby or by law for the collection of the indebtedness secured hereby, and shall not be exhausted by one exercise thereof but may be exercised until full payment of all of the indebtedness secured hereby. In the event of any sale under this Instrument by virtue of the exercise of the powers herein granted, or pursuant to any order in any judicial proceeding or otherwise, the Property may be sold as an entirety or in separate parcels and in such manner or order as it Agent in its discretion may determineelect, and if Agent so elects, Agent may sell the personal (movable) property covered by this Instrument concurrently with the real property covered hereby or at one or more separate sales in any manner permitted by any applicable Uniform Commercial Code, and one or more exercises of the powers herein granted shall not extinguish nor exhaust such powers, until the entire Property are sold or the indebtedness secured hereby is paid in full. Agent may, at public auction its option, sell the Property subject to the highest bidder for cash in lawful money rights of any tenants, licenses, or lessees of the United StatesProperty, payable and the failure to make any such tenants or licensees parties to any foreclosure proceedings and to foreclose their rights will not be asserted by Mortgagor to be a defense to any proceedings instituted by Agent to collect the indebtedness secured hereby. If the indebtedness secured hereby is now or hereafter further secured by any chattel mortgages, pledges, contracts of guaranty, assignments of lease or other security instruments, Agent may at time its option exhaust the remedies granted under any of said security either concurrently or independently, and in such order as Agent may determine in its discretion. Upon any foreclosure sale. Trustee , Agent may postpone sale of bid for and purchase the Property and shall be entitled to apply all or any portion part of said property by public announcement at the indebtedness secured hereby as a credit to the purchase price. In the event of any such time and place of sale, and from time to time thereafter may postpone such foreclosure sale by public announcement at the time fixed by the preceding postponement. Trustee Agent, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser its deed conveying or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Agent may proceed to enforce any right, power or remedy of foreclosure under this Instrument upon the property so sold, but occurrence and continuation of an Event of Default and without any covenant requirement or warrantcondition that a judgment against Mortgagor or any Borrower be obtained. In case Agent shall have proceeded to enforce any right, express power or implied. The recitals remedy under this Instrument by foreclosure, entry or otherwise or in such deed of any matters or facts shall be conclusive proof the event Agent commences advertising of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, feesintended exercise of the sale under power provided hereunder, and expenses of Trustee and of this Trustsuch proceeding or advertisement shall have been withdrawn, including cost of evidence of title and reasonable counsel fees discontinued or abandoned for any reason, then in connection with sale, Trustee shall apply the proceeds of sale every such case (i) Mortgagor and Agent shall be restored to the payment of all sums expended under the terms hereoftheir former positions and rights, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; rights, powers and remedies of Agent shall continue as if no such proceeding had been taken, (iii) each and every Event of Default declared or occurring prior or subsequent to such withdrawal, discontinuance or abandonment shall be deemed to be a continuing Event of Default, and (iv) neither this Instrument, nor the remainderNote, if anynor the indebtedness secured hereby, nor any other Loan Document shall be or shall be deemed to have been reinstated or otherwise affected by such withdrawal, discontinuance or abandonment; and Mortgagor hereby expressly waives the person benefit of any statute or persons legally entitled theretorule of law now provided, or which may hereafter be provided, which would produce a result contrary to or in conflict with this sentence.
Appears in 1 contract
Power of Sale. If At any time after and during the continuance of an Event of Default should occurDefault, Beneficiary may ------------- enforce payment Agent shall be entitled to invoke any and all of the obligations secured hereby rights and shallremedies described below in 2.06(a) — (d), in addition to all other rights and remedies available to Agent at its optionlaw or in equity. All of such rights and remedies shall be cumulative, execute and the exercise of any one or cause the more of them shall not constitute an election of remedies.
(a) Direct and empower Trustee to execute a written notice take possession of such default and any or all of its election to cause to be sold the Property and to satisfy sell the obligations hereofProperty, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels part, and in the case of default of any purchaser or purchasers, resell all the Property as an entirety, or in such order parcels as it Agent shall in writing request, or, in the absence of such request, as Trustee may determine, at public auction to at some convenient place in the highest bidder for cash District of Columbia, at such time, in lawful money of the United States, payable at time of sale. such manner and upon such terms as Trustee may postpone fix. The notice of sale of all or any portion of said property by public announcement at such shall state the time and place of the sale, shall contain a brief general description of the Property to be sold, and from time to time thereafter may postpone shall be sufficiently given if published in either The Washington Post or other publications where such notices are customarily published or in the place(s) where such sale is to take place, such advertisement of sale to be published five (5) times every other day (excluding Sundays and holidays) over a ten business day period prior to the day of said sale, subject to compliance with the requirements formerly codified at Section 45-715(b) of the D.C. Code, or any recodified, revised or successor provision as may hereafter take effect, and Agent or Trustee shall cause further public advertisement to be made as they deem advisable. Any such sale may be adjourned by public Trustee by announcement at the time fixed and place appointed for such sale or for such adjourned sale(s), and, without further notice or publication, such sale may be made at the time and place to which same shall be so adjourned. Upon the completion of any sale, Trustee shall execute and deliver to the purchaser(s) a good and sufficient deed of conveyance, or assignment and transfer, lawfully conveying, assigning and transferring, without warranty, the property sold.
(b) If any or all of the Property or any estate or interest therein is to be sold under the provisions of this Instrument, by virtue of a judicial sale or otherwise, it may be sold at public auction, as an entirety or in one or more parcels, by one sale or by several sales held at one time or at different times, with such postponement of any such sale as Trustee may deem appropriate and without regard to any right of Grantor or any other person to the preceding postponementmarshalling of assets. Trustee shall deliver to hold such sale or sales at such time or times and at such place or places, and shall make sales upon such terms and conditions and after such previous public notice as required by law and as Trustee may deem appropriate. Agent may bid and become the purchaser its deed conveying at any such sale, and shall, upon presentation of the property Note or a true copy thereof at such sale, be credited for the unpaid balance due under the Note and any interest accrued and unpaid thereon, and any other amounts secured hereunder or such portion of such unpaid balance or interest or other sums evidenced by the Note and secured by this Instrument as Agent may specify, against any price bid by Agent thereat. The terms of sale being complied with, Trustee shall convey, in the form of a Trustee’s Deed, to and at the cost of the purchaser at such sale Grantor’s interest in so much of the Property as is so sold, but without any covenant free of and discharged from all estate, right, title or warrantinterest of Grantor at law or in equity, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof purchaser being hereby discharged from all liability to see to the application of the truthfulness thereof. Any personpurchase money.
(c) Upon sale of Grantor’s interest in any or all of the Property, including Trustor, Trusteewhether under the power of sale herein granted, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with saleby other foreclosure or judicial proceedings, Trustee shall apply the proceeds of such sale, together with any other sum then held as security hereunder or due under any of the provisions hereof as part of the security of the Note after paying all expenses of obtaining possession of the Property and all expenses of sale, including attorneys’ fees and a commission to the party making the sale equal to the commission allowed to trustees for making sales of property under orders or decrees of a court having competent jurisdiction, and all taxes and assessments which Trustee or Agent deem it advisable or expedient to pay and all sums advanced, with interest thereon at the Default Rate (i) as such term is defined in the Note), as herein provided to the payment of all sums expended under the terms hereofSecured Obligations and interest thereon to the date of payment, not then repaid with accrued interest at due and owing by Grantor to Agent, including the Default Rate, as defined in paying over the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remaindersurplus, if any, less the expense, if any, of obtaining possession, to Grantor or any person entitled thereto upon the surrender and delivery to the person purchaser of possession of the Property.
(d) Immediately upon the first insertion of any advertisement or persons legally entitled theretonotice of any such sale, there shall become due and owing by Grantor all expenses incident to such advertisement or notice, all court costs and all expenses incident to any foreclosure proceedings brought under this Instrument or otherwise in connection with such sale, and a commission equal to one-half of one percent (0.5%) of the total amount of the Secured Obligations then due and owing, such commission being the commission allowed to trustees for making sales of property under orders or decrees of a court having competent jurisdiction, and no party shall be required to receive the principal, interest and prepayment fee only of the Secured Obligations in satisfaction thereof unless it is accompanied by a tender of payment of such expenses, costs and commissions. The foregoing shall not be in derogation of the commission payable under Section 42-818(b) of the D.C. Code. Notwithstanding the relationship of the parties constituting Grantor, and as an express inducement to Agent to make the loan or loans secured hereby, and for other good and valuable consideration to Grantor in hand paid, receipt whereof is hereby acknowledged, Grantor does hereby waive for itself (as well as all of its partners), its successors and assigns, in the event of foreclosure of this Instrument, any equitable right, otherwise available to it, in respect to marshalling of assets hereunder. In the event of a sale of part of, or interest in, the Property in satisfaction of part of the debt secured by this Instrument, this Instrument shall, as to the remaining part of, or interest in, the Property, continue as a lien for the remainder of the debt.
Appears in 1 contract
Power of Sale. If an Event of Default should occur, Beneficiary may ------------- enforce payment of the obligations secured hereby and shall(i) Grantee, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause to be sold may sell the Property or any part of the Property at public sale or sales before the door of the courthouse of the county in which the Property or any part of the Property is situated, to satisfy the obligations hereofhighest bidder for cash, after advertising the time, place and terms of sale once a week for four (4) weeks immediately preceding such sale (but without regard to the number of days) in a newspaper in which Sheriff’s sales are advertised in said county. Grantee may bid and purchase at such sale the Property or any part thereof and in lieu of paying cash therefore 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 Grantee is authorized to deduct under the Security Instrument.
(ii) With respect to any personal property or fixtures included in or located on the Property, Grantee may, at its option, sell or otherwise dispose of the same by public or private proceedings, separate from the sale of the real property, in accordance with the provisions of the UCC, and Grantee may with respect to such personal property and fixtures exercise any other rights and remedies of a secured party under the UCC.
(iii) At any such sale, Grantee may execute and deliver to the purchaser a conveyance of the Property, or any part of the Property, or any personal property or fixtures included in or located on the Property, which conveyance may contain recitals as to the occurrence of an Event of Default hereunder or under the other Loan Documents, and to this end Grantor hereby constitutes and appoints Grantee as its agent and attorney in fact to make such sale and conveyance, and thereby to divest Grantor of all right, title and equity in and to the Property and to vest the same in the purchaser or purchasers at such sale or sales, and all the acts and doings of said agent and attorney in fact are hereby ratified and confirmed. The aforesaid power of sale and agency hereby granted is coupled with an interest and is irrevocable by dissolution or otherwise, is granted as cumulative of the other remedies provided by law for collection of the Obligations secured hereby, and shall cause such notice not be exhausted by one exercise thereof, but may be exercised until full satisfaction of all sums secured hereby has occurred.
(iv) Grantee may adjourn from time to time any sale by it to be recorded in the office made under or by virtue of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required Security Instrument by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property 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, Grantee, without further notice or publication, may make such sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at which the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts same shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretoso adjourned.
Appears in 1 contract
Power of Sale. (a) If an Event notice of Default should occurdefault has been given as then required by law, Beneficiary may ------------- enforce payment and after lapse of the obligations secured hereby and shalltime that may then be required by law, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication after recordation of the notice of saledefault, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured herebyCOUNTY, together with a written request for the Trustee to proceed with a sale of the property described hereinwithout demand on BUYER, pursuant to the provisions of law and this Deed of Trust. Notice will, after notice of sale having been given as then required by law and not less than law, sell the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property Property at the time and place of sale fixed by it in said the notice of sale, either as a whole or in separate parcels as COUNTY determines, and in such any order as that it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of salebidder. Trustee COUNTY may postpone sale of all or any portion of said property the Property by public announcement at such the time and place of sale, and from time to time thereafter after that may postpone such the sale by public announcement at the time fixed by the preceding postponement, and without further notice make the sale at the time fixed by the last postponement; or COUNTY may, in its discretion, give a new notice of sale. Trustee shall COUNTY may rescind any notice of default at any time before sale by executing a notice of rescission and recording it. The recordation of the notice will constitute a cancellation of any prior declaration of default and demand for sale and of any acceleration of maturity of amounts owing hereunder affected by any prior declaration or notice of default. The exercise by COUNTY of the right of rescission will not constitute a waiver of any default then existing or subsequently occurring, or impair the right of COUNTY to execute other declarations of default and demand for sale, or notices of default and of election to cause the Property to be sold, nor otherwise affect this Agreement, or any of the rights, obligations, or remedies of COUNTY. After sale, COUNTY will deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such the deed of any matters or facts shall will be conclusive proof of the truthfulness thereoftheir truthfulness. Any person, including Trustor, TrusteeBUYER, or BeneficiaryCOUNTY, may purchase at that sale. If allowed by law, COUNTY, if it is the purchaser at such sale, may credit the amount owing under this Agreement toward payment of the purchase price (or for endorsement of the purchase price as a payment hereunder if the amount owing exceeds the purchase price). After deducting BUYER expressly waives any right of redemption after sale that BUYER may have at the time of sale or that may apply to the sale.
(b) COUNTY, upon the sale, will make (without any covenant or warranty, express or implied), execute and, after due payment made, deliver to a purchaser and its heirs or assigns a deed or other record of interest, as the case may be, to the Property sold, which will convey to the purchaser all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of the title and reasonable counsel fees interest of BUYER in connection with sale, Trustee shall the Property and will apply the proceeds of the sale in payment:
(i) first, of the expenses of the sale, including, without limitation, attorney's fees, that will become due on any default made by BUYER, and also any sums that COUNTY has paid for procuring a search of the title to the payment Property subsequent to the execution of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by lawthis Agreement; and
(ii) second, in payment of the amounts then remaining unpaid hereunder, and the amount of all other sums then secured hereby; monies with interest in this Agreement agreed or provided to be paid by BUYER. COUNTY will pay the balance or surplus of the proceeds of sale to BUYER and (iii) the remainder, if any, to the person its successors or persons legally entitled theretoassigns as its interests may appear.
Appears in 1 contract
Samples: Installment Land Sale Contract
Power of Sale. If an In addition to all other remedies of Lender and Trustee, upon the occurrence of any Event of Default should occurDefault, Beneficiary may ------------- enforce payment of Lender shall have the obligations secured hereby and shall, at its option, execute or cause right to have the Property sold by the Trustee to execute a written notice by its power of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and the laws of the State of Washington then in effect with respect to foreclosure pursuant to Trustee’s sale under deeds of trust or, at Lender’s option, to have this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it Security Instrument foreclosed in said notice of sale, either judicial proceedings as a whole mortgage, and Lender and Trustee shall have the right to exercise all other remedies provided for herein or in separate parcels by law, including the Uniform Commercial Code. All rights and remedies of Lender and Trustee are cumulative. Lender and Trustee may exercise rights and remedies at such times and in such order as it Lender may determineelect in accordance with Applicable Law. In the exercise of rights and remedies, Property, whether real or personal, and any portions thereof, may be sold, whether at public auction Trustee’s sale or execution sale after judicial foreclosure or in any other manner permitted by law, in one parcel or several parcels as Lender may elect. Borrower agrees that a sale pursuant to the highest bidder for cash in lawful money power of sale (or sheriff’s sale pursuant to judicial foreclosure) of all the Property as real estate constitutes a commercially reasonable disposition thereof, but that with respect to all of any part of the United States, payable at time of sale. Trustee Property which may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with salepersonal property, Trustee shall apply have and exercise, at Beneficiary’s sole election, all the proceeds rights and remedies of sale (i) to the payment of all sums expended a secured party under the terms hereofUniform Commercial Code. Whenever notice is permitted or required hereunder or under the Uniform Commercial Code, ten (10) days shall be deemed reasonable. If this Security Instrument is foreclosed as a mortgage in judicial proceedings, any judgment recovered, including a deficiency judgment if Lender shall be entitled to a deficiency, shall bear at the rate applicable to sums secured hereby after an Event of Default, not then repaid with accrued interest at the Default Rate, as defined in the Note, providedto exceed, however, that such interest the highest rate permitted by applicable law. Notwithstanding the foregoing, Lender shall not to foreclose on any fixtures, equipment or Personal Property prior to the expiration of the reinstatement period as provided in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainderRCW § 61.24.090, if any, to the person or persons legally entitled theretoapplicable.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement
Power of Sale. If an Event Trustee is hereby granted a power of sale, and upon the occurrence of any Default should occurhereunder, Beneficiary may ------------- enforce request Trustee to proceed with foreclosure, and in such event Trustee is hereby authorized and empowered, and it shall be his special duty, upon such request of the Beneficiary, to exercise Trustee's power of sale and sell the Property, or any part thereof. Any sale of any part of the Property located in the State of Texas shall be made in the area so designated by the commissioners court for such sales at the county courthouse in the county in which such Property is situated, or, if no area is so designated, then in the area designated by the notice, as provided for herein. Where any part of the Property located in the State of Texas is situated in more than one county, then notice as herein provided shall be given in both or all of such counties, and such notice shall designate the county where the Property will be sold. Notice of such proposed sale shall state the earliest time in which the sale will begin and shall be given by (i) posting written notice thereof at least twenty-one (21) days preceding the date of the sale at the courthouse door of the county in which the sale is to be made and if the Property is in more than one county, one notice shall be posted at the courthouse door of each county in which the Property is situated, (ii) by filing a copy of said notice in the office of the county clerk of each county in which the property is located, and (iii) by the Beneficiary, at least twenty-one (21) days preceding the date of any such sale, serving written notice of the proposed sale by Certified Mail on each person or entity obligated to pay the Liabilities according to the records of Beneficiary. Service of such notice shall be completed upon deposit of the notice, enclosed in a postpaid wrapper, properly addressed to each person or entity at the most recent address as shown by the records of the Beneficiary in a Post Office or official depository under the care and custody of the United States Postal Service. The Affidavit of any person having knowledge of the facts to the effect that such service was completed shall be prima facie evidence of the facts of service. Such sale shall be made at public auction between the hours of 10:00 A.M. and 4:00 P.M. on the first Tuesday in any month to the highest bidder for cash. After such sale, Trustee shall make to the purchaser or purchaser's trustee good and sufficient deeds and assignments, in the name of Grantors, conveying the Property, or part thereof, so sold to the purchaser or purchasers with general warranty of title by the Grantors. Sale of a part of the Property shall not exhaust the Trustee's power of sale, but sales may be made from time to time until the Liabilities are paid and performed in full. It shall not be necessary to have present or to exhibit at any such sale any of the Property. In addition to the rights and powers of the sale granted under the preceding provisions of this Subsection 8(c), if default is made in the payment of any installment of the obligations secured hereby and shallLiabilities, Beneficiary, at its option, execute at once or cause at any time thereafter while any matured installment remains unpaid, without declaring the entire Liabilities to be due and payable, may orally or in writing direct Trustee to execute a written notice of such default enforce this trust and of its election to cause to be sold sell the Property subject to satisfy such unmatured indebtedness and the obligations hereofliens and security interests securing its payment, and shall cause such notice to be recorded in the office of same manner, on the recorder of each county wherein said Property is situated. Prior to publication of same terms, at the same place and time and after having given notice of salein the same manner, Beneficiary shall deliver to Trustee this Deed of Trust and all as provided in the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the preceding provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such saleSubsection 8(c). After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with such sale, Trustee shall apply make due conveyance to the proceeds of sale (i) to purchaser or purchasers. Sales made without maturing the Liabilities may be made hereunder whenever there is a default in the payment of all sums expended any installment of the Liabilities without exhausting the power of sale granted hereby, and without affecting in any way the power of sale granted under this Subsection 8(c), the terms hereofunmatured balance of the Liabilities (except as to any proceeds of any sale which Beneficiary may apply as prepayment of the Liabilities) or the liens and security interest securing payment of the Liabilities. It is intended by each of the foregoing provisions of this Subsection 8(c) that Trustee may, after any request or direction by Beneficiary, sell, not then repaid only the leases and well described in Exhibit A attached hereto, but also other interests constituting a part of the Property, or any part thereof, along with accrued interest at such leases and well, or any part thereof, all as a unit and a part of a single sale, or may sell any part of the Default Rate, as defined in Property separately from the Note, provided, however, that such interest rate shall in no event exceed remainder of the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretoProperty.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Geopetro Resources Co)
Power of Sale. If an (a) In addition to all other remedies of Lender and Trustee, upon the occurrence of any Event of Default should occurDefault, Beneficiary may ------------- enforce payment of Lender shall have the obligations secured hereby and shall, at its option, execute or cause right to have the Property sold by the Trustee to execute a written notice by its power of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law the laws of the State of Washington then in effect with respect to foreclosure pursuant to Trustee’s sale under deeds of trust or, at Lender’s option, to have this Security Instrument foreclosed in judicial proceedings as a mortgage, and this Deed Lender and Trustee shall have the right to exercise all other remedies provided for herein or by law, including the Uniform Commercial Code. All rights and remedies of TrustLender and Trustee are cumulative. Notice Lender and Trustee may exercise rights and remedies at such times and in such order as Lender may elect in accordance with Applicable Law. In the exercise of rights and remedies, Property, whether real or personal, and any portions thereof, may be sold, whether at Trustee’s sale or execution sale after judicial foreclosure or in any other manner permitted by law, in one parcel or several parcels as Lender may elect. Borrower agrees that a sale pursuant to the power of sale having been given (or sheriff’s sale pursuant to judicial foreclosure) of all the Property as then real estate constitutes a commercially reasonable disposition thereof, but that with respect to all of any part of the Property which may be personal property, Trustee shall have and exercise, at Beneficiary’s sole election, all the rights and remedies of a secured party under the Uniform Commercial Code. Whenever notice is permitted or required hereunder or under the Uniform Commercial Code, ten (10) days shall be deemed reasonable. If this Security Instrument is foreclosed as a mortgage in judicial proceedings, any judgment recovered, including a deficiency judgment if Lender shall be entitled to a deficiency, shall bear at the rate applicable to sums secured hereby after an Event of Default, not to exceed, however, the highest rate permitted by applicable law. Notwithstanding the foregoing, Lender shall not to foreclose on any fixtures, equipment or Personal Property prior to the expiration of the reinstatement period as provided in RCW § 61.24.090, if applicable.
(b) If Lender invokes the power of sale, Lender shall send written notice as prescribed by applicable law to Borrower and to the other persons prescribed by applicable law of the occurrence of an event of default and of Lender’s election to cause the Property to be sold. Trustee shall give notice of sale by public advertisement as Trustee deems proper to protect the interests of Borrower and Lender. After the time required by law and not less than the time then required by law having elapsed after recordation of such notice of defaultapplicable law, Trustee, without demand on TrustorBorrower, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, Property at public auction to the highest bidder for cash at the time and place and under the terms designated in lawful money the notice of the United States, payable at time of salesale in one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of salethe Property, and from time to time thereafter may postpone such sale sale, as provided by public announcement statute Lender or its designee may purchase the Property at the time fixed by the preceding postponement. any sale.
(c) Trustee shall deliver to the purchaser its Trustee’s deed conveying the property so sold, but Property without any covenant or warrantwarranty, express expressed or implied. The recitals in such the Trustee’s deed of any matters or facts shall be conclusive proof prima facie evidence of the truthfulness thereoftruth of the statements made therein. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of the sale in the following order: (i1) to all expenses of the payment of sale, including, but not limited to, Trustee’s fees and reasonable attorneys’ fees, but such fees shall be limited to an amount that a judge would set as a reasonable fee in an uncontested mortgage foreclosure action; (2) to all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed secured by law; (ii) all other sums then secured herebythis Security Instrument; and (iii3) the remainder, if any, any excess to the person or persons legally entitled theretoto it pursuant to RCW § 61.24.080.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (American Assets Trust, Inc.)
Power of Sale. If an Event of Default should occur, Beneficiary may ------------- enforce payment direct Trustee to exercise Trustee’s power of sale with respect to the Mortgaged Property, or any part thereof, in a non-judicial procedure as permitted by applicable law. If Beneficiary elects to exercise its power of sale with respect to the Real Property and other portions of the obligations secured hereby and shallMortgaged Property, at its optionor any part thereof, execute or cause the Trustee to execute shall record a written notice of default in each county or city in which any part of such default Real Property and of its election to cause to be sold other Mortgaged Property is located in the Property to satisfy the obligations hereof, form prescribed by applicable law and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation mail copies of such notice in the manner prescribed by applicable law. After the time required by applicable law, Trustee shall give public notice of default, the sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on TrustorGrantor, shall sell said property at the time such Real Property and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, other Mortgaged Property at public auction to the highest bidder for cash at the time and place and under the terms designated in lawful money the notice of the United States, payable at time of salesale in one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any portion parcel of said property the Mortgaged Property in accordance with the provisions of applicable law. Trustee, Beneficiary, or their designee, may purchase at any such sale. Upon receipt of the price bid, Trustee shall deliver to the purchaser a Trustee’s deed conveying the Real Property and other Mortgaged Property that are sold. The recitals in the deed of compliance with applicable law shall be prima facie evidence of such compliance and conclusive evidence thereof in favor of bona fide purchasers and encumbrancers for value and without notice. Grantor acknowledges that the power of sale granted in this Deed of Trust may be exercised by public announcement at such time Trustee without prior judicial hearing. Grantor has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Grantor to acceleration and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its at the sale, within a reasonable time after the sale, a Trustee’s deed conveying the property Mortgaged Property so sold, but sold without any covenant or warrantwarranty, express or implied. The recitals in such Trustee’s deed of any matters or facts shall be conclusive proof prima facie evidence of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses truth of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretostatements made therein.
Appears in 1 contract
Power of Sale. If an Event Without limiting any rights of Default should occurLender under Section 2.2, Beneficiary upon any Default:
(a) Lender may ------------- enforce payment cause any or all of the obligations secured hereby and shall, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause Property to be sold under the power of sale granted in this Instrument in any manner permitted by applicable law. Lender is hereby authorized and empowered to expose to sale and to sell the Mortgaged Property at public auction for cash, after having first complied with all applicable requirements of the law of the State of Minnesota with respect to satisfy the obligations hereofexercise of powers of sale contained in mortgages or such other sales appropriate under the circumstances, and upon any such sale, Lender shall cause convey title to the purchaser of the Mortgaged Property.
(b) Lender may qualify for the appointment of a receiver of the Mortgaged Property either before or after a foreclosure sale pursuant to Minnesota Statutes Section 559.17 or otherwise, without notice and without regard to the solvency or insolvency of Borrower at the time of the application for such notice receiver, and without regard to the then value of the Mortgaged Property, and Lender or any holder of the Note may be recorded appointed as such receiver or as Lender in possession, and to file in the office Office of the recorder Hennepin County Recorder, or in the case of each county wherein said Property is situated. Prior to publication a registered property, in the Office of the Hennepin County Registrar of Titles, a notice of the occurrence of a Default in the terms and conditions of this Instrument and by serving the notice of salethe occurrence of a Default upon the occupiers of the Mortgaged Property. The receiver or Lender in possession shall have the power to collect the Rents during the pendency of such foreclosure action, Beneficiary shall deliver to Trustee this Deed and in case of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale and a deficiency, during the full statutory period of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainderredemption, if any, whether there be a redemption or not, as well as during all other times, when Borrower, except for the intervention of the receiver or Lender in possession, would be entitled to collect such Rents, together with all other powers which may be necessary or are usual in such cases for the protection, possession, control, management and operation of the Mortgaged Property during the whole of said period; if application of the Rents is made after the occurrence of a Sheriff's sale foreclosing this Instrument and Lender is not entitled to obtain a deficiency judgment under Minnesota Statutes, Section 582.30, such Rents shall be applied to the holder of the Sheriff's Certification of Sale as a credit against the amount required to be paid to effect a redemption of the Mortgaged Property from foreclosure of this Instrument, and if Lender is entitled to obtain a deficiency judgment pursuant to Minnesota Statutes, Section 582.30, such Rents shall be applied first, to Lender for the payment of any deficiency for which Xxxxxx is entitled to seek a judgment (whether or not Lender has obtained a judgment) and second, to the holder of the Sheriff's Certificate of Sale; as a credit to the amount required to be paid to effect a redemption of the Mortgaged Property from the foreclosure of this Instrument;
(c) If a Default shall have occurred, Lender may cause the Mortgaged Property to be sold by advertisement for cash, after having first complied with all applicable requirements of the law of the State of Minnesota with respect to the exercise of powers of sale or foreclosure by advertisement (pursuant to Minn. Stat. chs. 580 and 582, or otherwise) contained in mortgages or such other sales appropriate under the circumstances. Lender or any person conducting the sale for Lender is authorized to execute to the purchaser at said sale a deed to the Mortgaged Property so purchased. Lender may bid at said sale and purchase said Mortgaged Property, or any part hereof, if the highest bidder therefor. At the foreclosure sale the Mortgaged Property may be offered for sale and sold as a whole without first offering it in any other manner or may be offered for sale and sold in any other manner Lender may elect. Any and all statements of fact or other recitals made in any deed or deeds given by the Lender as to nonpayment of the Debt, or as to the occurrence of any Default, or as to Lender having declared all of such Debt to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the properties to be sold having been duly given, or as to any other act or thing having been duly done by Lender, shall be taken as prima facie evidence of the truth of the facts so stated and recited. Xxxxxx may appoint or delegate any one or more persons legally entitled theretoas agent (or as attorney-in-fact) to perform any act or acts necessary or incident to any sale held by Xxxxxx, including the posting of notices and the conduct of sale, but in the name and on behalf of Xxxxxx.
(d) Any and all statements of fact or other recitals made in any deed or deeds given by Xxxxxx as to nonpayment of the Debt, or as to the occurrence of any Default, or as to Lender having declared all of such Debt to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the properties to be sold having been duly given, or as to any other act or thing having been duly done by Xxxxxx, shall be taken as prima facie evidence of the truth of the facts so stated and recited.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Paper Warehouse Inc)
Power of Sale. If an Event of Default should occurshall have occurred and be continuing, Beneficiary may ------------- enforce payment the Mortgagee may, without further order of or application to the Bankruptcy Court, but subject to any applicable requirements of the obligations secured hereby Financing Order, the Credit Agreement and shallthe Revolver Intercreditor Agreement, grant, bargain, sell, assign, transfer, convey and deliver the whole or, from time to time, any part of the Collateral, or any interest in any part thereof, at its optionany private sale or at public auction, execute with or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereofwithout demand, advertisement or notice, for cash, on credit or for other property, for immediate or future delivery, and shall cause for such notice to price or prices and on such terms as the Mortgagee in its sole discretion may determine, or as may be recorded in required by law, and upon such sale the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall Mortgagee may execute and deliver to Trustee this Deed the purchaser(s) instruments of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, conveyance pursuant to the provisions terms hereof and to applicable laws. Without limiting the authority granted in this Section 3.3, the Mortgagee shall, without further order of law or application to the Bankruptcy Court and this Deed without demand on the Mortgagor, but subject to any applicable requirements of Trust. Notice the Financing Order, the Credit Agreement and the Revolver Intercreditor Agreement, after the lapse of such time as may then be required by law, and notice of default and notice of sale having been given as then required by law law, sell the Collateral on the date and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it designated in said the notice of sale, either as a whole or in separate parcels and in such order as it the Mortgagee may determine, but subject to any statutory right of the Mortgagor to direct the order in which such property, if consisting of several known lots, parcels or interests, shall be sold, at public auction to the highest bidder for cash bidder, the purchase price payable in lawful money of the United States, payable States at the time of sale. Trustee may The Person conducting the sale may, for any cause deemed expedient, postpone the sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone until it shall be completed and, in every such sale case, notice of postponement shall be given by public announcement declaration thereof by such Person at the time fixed by and place last appointed for the preceding postponementsale; provided that, if the sale is postponed for longer than one (1) day beyond the day designated in the notice of sale, notice of sale and notice of the time, date and place of sale shall be given in the same manner as the original notice of sale. Trustee The Mortgagee shall execute and deliver to the purchaser its at any such sale a mortgagee's deed conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such mortgagee's deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any personPerson, including Trustor, Trustee, or Beneficiarythe Mortgagee, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest bid at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretosale.
Appears in 1 contract
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement (Sterling Chemical Inc)
Power of Sale. If (a) Upon the occurrence of an Event of Default should occurDefault, Beneficiary Trustee, or the agent or successor of Trustee, at the request of Lender, shall sell or offer for sale the Trust Property in such portions, order and parcels as Lender may ------------- enforce payment determine with or without having first taken possession of same, to the highest bidder for cash at one or more public auctions in accordance with the terms and provisions of the obligations law of the State in which the Trust Property is located. Such sale shall be made at the area within the courthouse of the county in which the Trust Property (or any portion thereof to be sold) is situated (whether the parts or parcels thereof, if any, in different counties are contiguous or not, and without the necessity of having any personal property hereby secured hereby and shallpresent at such sale) which is designated by the applicable court of such County as the area in which public sales are to take place, or, if no such area is designated, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause to be sold area at the Property to satisfy the obligations hereof, and shall cause such notice to be recorded courthouse designated in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of salesale as the area in which the sale will take place, Beneficiary shall deliver on such day and at such times as permitted under applicable law of the State where the Trust Property is located, after advertising the time, place and terms of sale and that portion of the Trust Property in accordance with such law, and after having served written or printed notice of the proposed sale by certified mail on each Borrower obligated to Trustee pay the Note and other secured indebtedness secured by this Deed of Trust and according to the Note or other records of Lender in accordance with applicable law. The affidavit of any person having knowledge of the facts to the effect that such service was completed shall be prima facie evidence of indebtedness which is secured herebythe fact of service. At any such public sale, together with Trustee may execute and deliver in the name of Borrower to the purchaser a written request for the Trustee to proceed with a sale conveyance of the property described herein, pursuant to Trust Property or any part of the provisions Trust Property in fee simple. In the event of law and any sale under this Deed of Trust. Notice Trust by virtue of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation exercise of such notice of defaultthe powers herein granted, Trusteeor pursuant to any order in any judicial proceeding or otherwise, without demand on Trustor, shall sell said property at the time and place of sale fixed by it Trust Property may be sold in said notice of sale, either as a whole its entirety or in separate parcels and in such manner or order as it Lender in its sole discretion may elect, and if Lender so elects, Trustee may sell the personal property covered by this Deed of Trust at one or more separate sales in any manner permitted by the Uniform Commercial Code of the State in which the Trust Property is located, and one or more exercises of the powers herein granted shall not extinguish or exhaust such powers, until all the Trust Property is sold or the Note and other secured indebtedness is paid in full. If the Note and other secured indebtedness is now or hereafter further secured by any chattel mortgages, pledges, contracts or guaranty, assignments of lease, or other security instruments, Lender at its option may exhaust the remedies granted under any of said security instruments either concurrently or independently, and in such order as Lender may determine.
(b) Upon any foreclosure sale or sales of all or any portion of the Trust Property under the power herein granted, at public auction Lender may bid for and purchase the Trust Property and shall be entitled to apply all or any part of the Debt as a credit to the highest bidder for cash in lawful money purchase price.
(c) In the event of the United States, payable at time of sale. Trustee may postpone a foreclosure or a sale of all or any portion of the Trust Property under the power herein granted, the proceeds of said property by public announcement at such time and place sale shall be applied, in whatever order Lender in its sole discretion may decide, to the expenses of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver and of all proceedings in connection therewith (including, without limitation, attorneys’ fees and expenses), to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, fees and expenses of Trustee (including, without limitation, Trustee’s attorneys’ fees and expenses), to insurance premiums, liens, assessments, taxes and charges (including, without limitation, utility charges advanced by Lender), to payment of this Trustthe outstanding principal balance of the Debt, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at on all of the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured herebyforegoing; and (iii) the remainder, if any, shall be paid to Borrower, or to the person or persons legally entity lawfully entitled thereto.
Appears in 1 contract
Power of Sale. If In addition to the rights and remedies set forth in Article 8, if an Event of Default should occurexists, Beneficiary this Security Instrument shall be subject to foreclosure and may ------------- enforce payment be foreclosed as now provided by law in case of the obligations secured hereby past-due mortgages, and shallLender shall be authorized, at its option, execute whether or cause the Trustee to execute a written notice not possession of such default and of its election to cause to be sold the Property is taken, to satisfy sell the obligations hereof, and shall cause Property (or such notice part or parts thereof as Lender may from time to be recorded in time elect to sell) under the office power of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness sale which is secured hereby, together with a written request for the Trustee hereby given to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determineLender, at public auction outcry, to the highest bidder for cash in lawful money cash, at the front or main door of the United Statescourthouse of the county in which the Land to be sold, payable or a substantial and material part thereof, is located, after first giving notice by publication once a week for three successive weeks of the time, place and terms of such sale, together with a description of the Property to be sold, by publication in some newspaper published in the county or counties in which the Land to be sold is located. If there is Land to be sold in more than one county, publication shall be made in all counties where the Land to be sold is located, but if no newspaper is published in any such county, the notice shall be published in a newspaper published in an adjoining county for three successive weeks. The sale shall be held between the hours of 11:00 a.m. and 4:00 p.m. on the day designated for the exercise of the power of sale hereunder. Lender may bid at time any sale held under this Security Instrument and may purchase the Property, or any part thereof, if the highest bidder therefor. The purchaser at any such sale shall be under no obligation to see to the proper application of salethe purchase money. Trustee may postpone At any sale of all or any portion part of said property by public announcement at such time and place of salethe Property, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, and the proceeds of any such sale en masse shall be accounted for in one account without distinction between the items included therein and without assigning to them any proportion of such proceeds, Individual Borrower hereby waiving the application of any doctrine of marshalling or like proceeding. In case Lender, in the exercise of the power of sale herein given, elects to sell the Property in parts or parcels, sales thereof may be held from time to time thereafter may postpone such time, and the power of sale by public announcement at the time fixed by the preceding postponement. Trustee granted herein shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall not be conclusive proof fully exercised until all of the truthfulness thereof. Any person, including Trustor, Trustee, Property not previously sold shall have been sold or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, the Obligations shall have been paid in full and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee Security Instrument shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, have been terminated as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretoprovided herein.
Appears in 1 contract
Power of Sale. If an Event of Default should occur, Should Beneficiary may ------------- enforce payment elect to foreclose by exercise of the obligations secured hereby and shall, at its option, execute or cause the Trustee to execute a written notice power of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of salesale herein contained, Beneficiary shall deliver to notify Trustee and shall deposit with Trustee this Deed of Trust and the Note or other such receipts and evidence of indebtedness which is expenditures made and secured herebyhereby as Trustee may require.
8.3.1 Upon receipt of such notice from Beneficiary, together Trustee shall cause to be recorded, published and delivered to Trustor notices of default and sale to be given in accordance with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law Applicable Laws. Trustee shall, without demand on Trustor, after lapse of such time as may then be required by Applicable Laws and this Deed after recordation of Trust. Notice such notice of default and after notice of sale having been given as then required by law and not less than law, sell the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property Trust Estate at the time and place of sale fixed by it in said notice of sale, either as a whole whole, or in separate lots or parcels or items as Trustee shall deem expedient or as Beneficiary may request, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, States payable at the time of sale. Trustee may postpone sale After the expiration of all or any portion of said property by public announcement at such time and place of salethe required redemption periods, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the such purchaser or purchasers thereof its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any personPerson, including Trustorincluding, Trusteewithout limitation, Trustor or Beneficiary, may purchase at such salesale and Trustor hereby covenants to warrant and defend the title of such purchaser or purchasers against the claims of all Persons claiming by, through or under Trustor. After If allowed by law, Beneficiary, if it is the purchaser, may apply the amount of the Secured Obligations then due and payable toward payment of the purchase price. Trustor hereby waives its right, if any, to require that the Property be sold as separate tracts or units in the event of foreclosure.
8.3.2 Trustee, upon such sale and after expiration of the applicable redemption periods, to the extent permitted by Applicable Laws, shall make (without any covenant or warranty, express or implied), execute and, after due payment made, deliver to purchaser or purchasers, or his or their heirs or assigns, a deed or deeds, or other record or records of interest, as the case may be, in and to the Property so sold that shall convey to the purchaser all the title and interest of Trustor in the Property (or the portion thereof sold), and after deducting all reasonable costs, fees, fees and expenses of Trustee and of this Deed of Trust, including cost costs of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale to payment of (i) to the payment of all sums expended under the terms hereof, not then repaid repaid, with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; Rate and (ii) all other sums then secured hereby; hereby and (iii) the remainder, if any, to the person Person or persons Persons legally entitled thereto.
8.3.3 Trustee may postpone sale of all or any portion of the Trust Estate by public announcement at such time and place of sale, or as otherwise permitted by Applicable
Appears in 1 contract
Power of Sale. If an Event of Default should occurshall have occurred, Beneficiary the Mortgagee may ------------- enforce payment grant, bargain, sell, assign, transfer, convey and deliver the whole or, from time to time, any part of the obligations secured hereby and shallCollateral, or any interest in any part thereof, at its optionany private sale or at public auction, execute with or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereofwithout demand, advertisement or notice, for cash, on credit or for other property, for immediate or future delivery, and shall cause for such notice to price or prices and on such terms as the Mortgagee in its uncontrolled discretion may determine, or as may be recorded in required by law, and upon such sale the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall Mortgagee may execute and deliver to Trustee this Deed the purchaser(s) instruments of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, conveyance pursuant to the provisions terms hereof and to applicable laws. Without limiting the authority granted in this Section 2.3, the Mortgagee shall, without demand on the Mortgagor, after the lapse of law such time as may then be required by law, and this Deed notice of Trust. Notice default and notice of sale having been given as then required by law law, sell the Collateral on the date and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it designated in said the notice of sale, either as a whole or in separate parcels and in such order as it the Mortgagee may determine, but subject to any statutory right of the Mortgagor to direct the order in which such property, if consisting of several known lots, parcels or interests, shall be sold, at public auction to the highest bidder for cash bidder, the purchase price payable in lawful money of the United States, payable States at the time of sale. Trustee may The Person conducting the sale may, for any cause deemed expedient, postpone the sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone until it shall be completed and, in every such sale case, notice of postponement shall be given by public announcement declaration thereof by such Person at the time fixed by and place last appointed for the preceding postponementsale; provided that, if the sale is postponed for longer than one (1) day beyond the day designated in the notice of sale, notice of sale and notice of the time, date and place of sale shall be given in the same manner as the original notice of sale. Trustee The Mortgagee shall execute and deliver to the purchaser its at any such sale a mortgagee’s deed conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such mortgagee’s deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any personPerson, including Trustor, Trustee, or Beneficiarythe Mortgagee, may purchase bid at such the sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee The Mortgagee shall apply the proceeds of sale (i) the sale, to the extent consistent with this Mortgage, to the payment of (a) the costs and expenses of exercising the power of sale and of the sale, including the payment of attorneys’ fees and costs, (b) the cost of any evidence of title procured in connection with such sale, (c) all sums expended under the terms hereof in conjunction with any default provision hereof, not then repaid repaid, with accrued interest at the Default Rate, as defined rate provided for in the NoteIndenture from the date of incurrence, provided(d) outstanding principal and interest under the Indenture, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (iie) all Obligations (other sums then secured hereby; and than as provided in clause (iiid) above). The Mortgagee shall give the remainder, if any, of the proceeds of the sale to the person Person or persons Persons legally entitled thereto, or the Mortgagee, in the Mortgagee’s discretion, may deposit the balance of such proceeds with any court or public official authorized to receive such proceeds.
Appears in 1 contract
Power of Sale. If an Event of Default should occur, Beneficiary may ------------- enforce payment of the obligations secured hereby and shall, at its option, execute or elect to cause the Trustee to execute a written notice of such default and of its election to cause Property or any part thereof to be sold under the Property power of sale herein granted in any manner permitted by applicable law. Should Beneficiary elect to satisfy sell the obligations hereofProperty, or any part thereof, which is real property as provided above, Beneficiary 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 shall cause such notice to be recorded without the necessity of any demand on Grantor, Trustee, at the time and place specified in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole Property or in separate parcels and in such order as it may determine, any part thereof at public auction to the highest bidder for cash in lawful money of the United States, States payable at time of sale. Trustee may, and upon request of Beneficiary shall, from time to time, postpone any sale hereunder by public announcement thereof at the time and place noticed therefor or by giving notice of the time and place of the postponed sale in the manner required by law. If the Property consists of several lots, parcels or items of property, Beneficiary may postpone designate the order in which such lots, parcels or items shall be offered for sale or sold. Any person, including Grantor, Trustee or Beneficiary, may purchase at any sale hereunder, and Beneficiary shall have the right to purchase at any sale hereunder by crediting upon the bid price the amount of all or any portion part of said property by public announcement the indebtedness hereby secured plus interest, late charges, prepayment fees, and reasonable attorneys' fees and trustees' fees, as herein provided. Should Beneficiary desire that more than one sale or other disposition of the Property be conducted, Beneficiary may, at its option, cause the same to be conducted simultaneously, or successively, on the same day, or at such time different times and place of salein such order as Beneficiary may deem to be in its best interests, and from time to time thereafter may postpone no such sale by public announcement at shall terminate or otherwise affect the time fixed by lien of this Deed of Trust on any part of the preceding postponementProperty not sold until all indebtedness secured hereby has been fully paid. In the event of default of any purchaser, Trustee shall have the right to resell the Property as set forth above. Upon any sale hereunder, Trustee shall execute and deliver to the purchaser its or purchasers a deed or deeds conveying the property so sold, but without any covenant or warrantwarranty whatever, express or implied. The , whereupon such purchaser or purchasers shall be let into immediate possession; and the recitals of facts in any such deed or deeds such as default, the giving of any matters notice of default and notice of sale, and other facts affecting the regularity or facts validity of such sale or disposition, shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, truth of such facts and any such deed or Beneficiary, may purchase at deeds shall be conclusive against all persons as to such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretofacts recited therein.
Appears in 1 contract
Samples: Deed of Trust (Inland Western Retail Real Estate Trust Inc)
Power of Sale. If an Event of Default should occur, Beneficiary may require the Trustees, and the Trustees ------------- enforce are hereby authorized and empowered, to enter and take possession of the Mortgaged Property and to sell all or part of the Mortgaged Property, at public auction, to the highest bidder for cash, free from equity of redemption, and any statutory or common law right of redemption, homestead, dower, marital share, and all other exemptions, after giving notice of the time, place and terms of such sale and of the Mortgaged Property to be sold, by advertising the sale of the property for twenty-one (21) days by three (3) weekly notices in some newspaper published in the county and state where the Mortgaged Property is situated, which notice may be given before or after entry by the Trustees. The Trustee shall execute a conveyance to the purchaser in fee simple and deliver possession to the purchaser, which the Grantor warrants shall be given without obstruction, hindrance or delay. Trustee may sell all or any portion of the Mortgaged Property, together or in lots or parcels, and may execute and deliver to the purchaser or purchasers of such property a conveyance in fee simple. Trustee making such sale shall receive the proceeds thereof and shall apply the same as follows:
(a) first, the payment of the obligations secured hereby expenses of making, maintaining and shallexecuting this trust, at its optionprotection of the Mortgaged Property, execute or cause including the expense of any litigation and reasonable attorneys' fees, and reasonable compensation to the Trustee; (b) second, to any advancements made by the Trustee or the Beneficiary pursuant hereto, with interest thereon; (c) third, to execute a written notice the payment of the Obligations herein secured or intended so to be, in such order as Beneficiary shall elect, and any balance of said Obligations may be the subject of immediate suit; (d) and, fourth, should there be any surplus, Trustee will pay it to the Grantor, or to such person as may be legally entitled thereto. The sale or sales by Trustee of less than the whole of the Mortgaged Property shall not exhaust the power of sale herein granted, and Trustee is specifically empowered to make successive sale or sales under such power until the whole of the Mortgaged Property shall be sold; and if the proceeds of such default and sale or sales of its election to cause to be sold less than the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office whole of the recorder of each county wherein said Mortgaged Property is situated. Prior to publication shall be less than the aggregate of the notice of saleObligations and the expenses thereof, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured herebylien, together with a written request for security interest and assignment hereof shall remain in full force and effect as to the Trustee to proceed with a sale unsold portion of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, Mortgaged Property; provided, however, that such interest rate Grantor shall in no event exceed never have any right to require the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) sale or sales of less than the remainderwhole of the Mortgaged Property, if anybut Beneficiary shall have the right at its sole election, to request Trustee to sell less than the person whole of the Mortgaged Property. Beneficiary may bid and become the purchaser of all or persons legally entitled theretoany part of the Mortgaged Property at any such sale, and the amount of Beneficiary's successful bid may be credited on the Obligations.
Appears in 1 contract
Samples: Deed of Trust (Grand Prix Association of Long Beach Inc)
Power of Sale. If an Without in any way limiting the other provisions of this Indenture, but in addition thereto and in amplification thereof, upon the occurrence of any Event of Default should occurDefault, Beneficiary may ------------- enforce payment of the obligations secured hereby and shallGrantee, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause to be sold may sell the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office or any part of the recorder Property at one or more public sale or sales before the door of each the courthouse of the county wherein said in which the Property or any part of the Property is situated, to the highest bidder for cash, in order to pay the Indebtedness, any and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys' fees, after advertising the time, place and terms of sale once a week for four (4) consecutive weeks (but without regard to the number of days) in a newspaper in which Sheriff's sales are advertised in said county. Prior At any such public sale, Grantee may execute and deliver to publication the purchaser a conveyance of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note Property or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale any part of the property described hereinProperty in fee simple, with full general warranties of title and to this end, Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to make any such sale and conveyance and thereby to divest Grantor of all right, title and equity that Grantor may have in and to the Property and to vest the same in the purchaser or purchasers at such sale or sales, and all the acts or doings of said agent and attorney-in-fact are hereby ratified and confirmed and any recitals in said conveyance or conveyances as to facts essential to a valid sale shall be binding upon Grantor. Grantee, its agents, representatives, successors or assigns may bid and purchase at any such sale. The aforesaid power of sale and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the other remedies provided hereby or by law for collection of the Indebtedness and shall not be exhausted by one exercise thereof but may be exercised until full payment of all of the Indebtedness. In the event of any sale under this Indenture by virtue of the exercise of the powers herein granted, pursuant to any order in any judicial proceeding or otherwise, the provisions of law and this Deed of Trust. Notice of sale having been given Property may be sold as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole an entirety or in separate parcels and in such manner or order as it Grantee in its sole discretion may determineelect, and if Grantee so elects, Grantee may sell the personal property covered by this Indenture at public auction to one or more separate sales in any manner permitted by the highest bidder for cash in lawful money Uniform Commercial Code of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of saleState, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant one or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof more exercises of the truthfulness thereofpowers herein granted shall not extinguish nor exhaust such powers, until the entire Property is sold or the Indebtedness is paid in full. Any personIf the Indebtedness is now or hereafter further secured by any chattel mortgages, including Trustorpledges, Trusteecontracts of guaranty, assignments of lease or Beneficiaryother security instruments, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled thereto.Grantee may,
Appears in 1 contract
Samples: Deed to Secure Debt and Security Agreement (Koger Equity Inc)
Power of Sale. (1) If an Event of Default should occurhas occurred and is continuing, Beneficiary may ------------- enforce payment of the obligations secured hereby and shallGrantee, at its option, execute may sell the Mortgaged Property or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office any part of the recorder Mortgaged Property at public sale or sales before the door of each the courthouse of the county wherein said in which the Mortgaged Property or any part of the Mortgaged Property is situated. Prior , to publication the highest bidder for cash, in order to pay the Indebtedness and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest thereon, and all expenses of the notice sale and of all proceedings in connection therewith, including reasonable attorneys’ fees actually incurred, after advertising the time, place and terms of sale once a week for four (4) weeks immediately preceding such sale (but without regard to the number of days) in a newspaper in which Sheriff’s sales are advertised in said county. At any such public sale, Beneficiary shall Grantee may execute and deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with purchaser a written request for the Trustee to proceed with a sale conveyance of the property described hereinMortgaged Property or any part of the Mortgaged Property in fee simple, pursuant with full warranties of title (or without warranties if Grantee shall so elect) and to this end, Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to make such sale and conveyance, and thereby to divest Grantor of all right, title, interest, equity and equity of redemption that Grantor may have in and to the Mortgaged Property and to vest the same in the purchaser or purchasers at such sale or sales, and all the acts and doings of said agent and attorney-in-fact are hereby ratified and confirmed and any recitals in said conveyance or conveyances as to facts essential to a valid sale shall be binding upon Grantor. The aforesaid power of sale and agency hereby granted are coupled with an interest and are irrevocable by dissolution, insolvency or otherwise, are granted as cumulative of the other remedies provided hereby or by law for collection of the Indebtedness and shall not be exhausted by one exercise thereof but may be exercised until full payment of all Indebtedness. In the event of any such foreclosure sale by Grantee, 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 and applicable to tenants holding over.
(2) Grantee may adjourn from time to time any sale by it to be made under or by virtue of this Security Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property 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, Grantee, without further notice or publication, may make such sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place to which the same shall be so adjourned.
(3) Upon any sale made under or by virtue of this Section 9.02 (whether made under the power of sale herein granted or under or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale), Grantee may bid for and acquire the Mortgaged Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the indebtedness the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Grantee is authorized to deduct under this Security Deed.
(4) No recovery of any judgment by Grantee and no levy of an execution under any judgment upon the Mortgaged Property or upon any other property of Grantor shall affect in any manner or to any extent, the lien and title of this Security Deed upon the Mortgaged Property or any part thereof, or any liens, titles, rights, powers or remedies of Grantee hereunder, but such liens, titles, rights, powers and remedies of Grantee shall continue unimpaired as before.
(5) Grantee, at its option, is authorized to foreclose this Security subject to the rights of any tenants of the Mortgaged Property, and from time the failure to time thereafter may postpone make any such sale tenants parties to any such foreclosure proceedings and to foreclose their rights will not be, nor be asserted to be by public announcement at Grantor, a defense to any proceedings instituted by Grantee to collect the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled thereto.
Appears in 1 contract
Samples: Credit and Guaranty Agreement (Tumi Holdings, Inc.)
Power of Sale. If an Event (a) Should default be made by Borrower in payment or performance of Default should occur, Beneficiary may ------------- enforce payment of the obligations any indebtedness or other obligation or agreement secured hereby and shalland/or in performance of any agreement herein, at its optionor should Individual Borrower otherwise be in default hereunder, execute or cause the Agent may, subject to NRS 107.080, declare all sums secured hereby immediately due by delivery to Trustee to execute of a written notice of such default breach and of its election to sell (which notice Trustee shall cause to be sold the Property to satisfy the obligations hereof, recorded and mailed as required by law) and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver surrender to Trustee this Deed of Trust Security Instrument and the Note or other evidence Note.
(b) After three (3) months shall have elapsed following recordation of indebtedness which is secured herebyany such notice of breach, together with a written request for Trustee shall sell the Trustee Property subject hereto at such time and at such place in the State of Nevada as Trustee, in its sole discretion, shall deem best to proceed with a accomplish the objects of these trusts, having first given notice of such sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than law. In the time then conduct of any such sale Trustee may act itself or through any auctioneer, agent or attorney. The place of sale may be either in the county in which the Property to be sold, or any part thereof, is situated, or at an office of the Trustee located in the State of Nevada.
(i) Upon the request of Agent or if required by law having elapsed after recordation Trustee shall postpone sale of such notice all or any portion of default, Trustee, without demand on Trustor, shall sell said property the Property or interest therein by public announcement at the time and place of sale fixed by it in said notice of sale, and shall thereafter postpone said sale from time to time by public announcement at the time previously appointed.
(ii) At the time of sale so fixed, Trustee shall sell the Property so advertised or any part thereof or interest therein either as a whole or in separate parcels parcels, as Agent may determine in its sole and in such order as it may determineabsolute discretion, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale, and shall deliver to such purchaser a deed or deeds or other appropriate instruments conveying the Property so sold, but without covenant or warranty, express or implied. Agent, any Lender and Trustee may postpone bid and purchase at such sale. To the extent of the indebtedness secured hereby, Agent need not bid for cash at any sale of all or any portion of the Property pursuant hereto, but the amount of any successful bid by Agent shall be applied in reduction of said indebtedness. Individual Borrower hereby agrees, if it is then still in possession, to surrender, immediately and without demand, possession of said property by public announcement at such time and place to any purchaser.
(iii) Trustee shall apply the proceeds of sale, and from time to time thereafter may postpone any such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed payment of any matters or facts shall be conclusive proof expenses of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting sale and all reasonable costs, fees, charges and expenses of Trustee and of this Trustthese trusts, including cost of evidence of title and reasonable counsel fees Trustee’s fee in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of ; all sums expended under the terms hereof, not then repaid repaid, with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; , and (iii) the remainder, if any, to the person or persons legally entitled thereto.
Appears in 1 contract
Power of Sale. If Upon the occurrence of an Event of Default should occurthe --------------- Trustee, Beneficiary may ------------- enforce payment or his successor or substitute, is authorized and empowered and it shall be his special duty at the request of the obligations Holder to sell the Mortgaged Properties or any part thereof situated within the State of Texas at the courthouse door of any county in the State of Texas in which any part of the Mortgaged Properties is situated, at public venue to the highest bidder for cash between the hours of ten o clock AM, and four o'clock PM on the first Tuesday in any month after having given notice of such sale in accordance with the statutes of the State of Texas then in force governing sales of real estate under powers conferred by deed of trust. Any sale made by the Trustee hereunder may be as an entirety or in such parcels as the Holder may request, and any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. The sale by the Trustee of less than the whole of the Mortgaged Properties shall not exhaust the power of the sale herein granted, and the Trustee is specifically empowered to make successive sale or sales under such power until the whole of the Mortgaged Properties shall be sold; and if the proceeds of such sale of less than the whole of the Mortgaged Properties shall be less than the aggregate of the indebtedness secured hereby and shallthe expense of executing this trust as provided herein, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for lien hereof shall remain in full force and effect as to the Trustee to proceed with a sale unsold portion of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of Mortgaged Properties just as though no sale having had been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, made; provided, however, that such interest rate Grantor shall in no event exceed never have any right to require the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) sale of less than the remainderwhole of the Mortgaged Properties but the Holder shall have the right, if anyat its sole election, to request the person Trustee to sell less than the whole of the Mortgaged Properties. After each sale, the Trustee shall make to the purchaser or purchasers at such sale good and sufficient conveyances in the name of Grantor, conveying the property so sold to the purchaser or purchasers in fee simple with general warranty of title, and shall receive the proceeds of said sale or sales and apply the same as herein provided. The power of sale granted herein shall not be exhausted by any sale held hereunder by the Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as the Holder may deem necessary until all of the Mortgaged Properties have been duly sold and all Secured Indebtedness has been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of the Holder, such sale shall not exhaust the power of sale hereunder and the Holder shall have the right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact or other recitals made in any deed or deeds given by the Trustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness or having declared all of said indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to the refusal, failure or inability to act of the Trustee, substitute or successor, shall be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or his successor or substitute may appoint or delegate to the extent permitted by law any one or more persons legally entitled theretoas agent to perform any act or acts necessary or incident to any sale held by the Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of the Trustee, his successor or substitute. If the Trustee or his successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance of the property pursuant thereto as if such notice had been given by the successor or substitute Trustee conducting the sale.
Appears in 1 contract
Power of Sale. If an Event of Default should occurshall have occurred and be continuing, Beneficiary may ------------- enforce payment of the obligations secured hereby and shallGrantee, at its option, execute may sell the Collateral or cause any part of the Trustee Collateral at one or more public sale or sales before the door of the courthouse of the county in which the Land or any part of the Land is situated, to execute a written notice the highest bidder for cash, in order to pay the Obligations, and all expenses of such default sale and of its election all proceedings in connection therewith, including attorney's fees, after advertising the time, place and terms of sale once a week for four (4) weeks immediately preceding such sale (but without regard to cause the number of days) in a newspaper in which Sheriff's sales are advertised in said county. At any such public sale, Grantee may execute and deliver to the purchaser a conveyance of the Collateral or any part of the Collateral, and to this end, Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to make such sale and conveyance, and thereby to divest Grantor of all right, title and equity that Grantor may have in and to the Collateral and to vest the same in the purchaser or purchasers at such sale or sales, and all the acts and doings of said agent and attorney-in-fact are hereby ratified and confirmed and any recitals in said conveyance or conveyances as to facts essential to a valid sale shall be binding upon Grantor. The aforesaid power of sale and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the other remedies provided hereby or by law for collection of the Obligations and shall not be exhausted by one exercise thereof but may be exercised until full payment of all of the Obligations. In the event of any sale under this Deed by virtue of the exercise of the powers herein granted, or pursuant to any order in any judicial proceeding or otherwise, the Collateral may be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole an entirety or in separate parcels and in such manner or order as it Grantee in its sole discretion may elect. One or more exercises of the powers herein granted shall not extinguish nor exhaust such powers, until the entire Collateral is sold or the Obligations paid in full. If the Obligations are now or hereafter further secured by any chattel mortgages, pledges, contracts of guaranty, assignments of lease or other security instruments, Grantee may at its option exhaust the remedies granted under any of said security instruments either concurrently or independently, and in such order as Grantee may determine, at . Upon any public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone foreclosure sale or sales of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended Collateral under the terms hereofpower herein granted, not then repaid with accrued interest at Grantee may bid for and purchase the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled thereto.Collateral
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Power of Sale. If an Event of Default should occurThe Mortgagee may (and is hereby authorized and empowered to) foreclose this Mortgage by action or advertisement, Beneficiary may ------------- enforce payment pursuant to the statutes of the obligations secured hereby State of Minnesota in such case made and shallprovided, power being expressly granted to sell the Mortgaged Property at public auction and convey the same to the purchaser in fee simple and, out of the proceeds arising from such sale, to pay all indebtedness with interest, and all legal costs and charges of such foreclosure and the maximum attorneys' fees permitted by law, which costs, charges and fees the Mortgagor agrees to pay. Should Mortgagee elect to sell the Property, or any part thereof, which is real property as provided above, Mortgagee 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 Mortgagor, Mortgagee, at its option, execute or cause the Trustee to execute a written notice of such default time and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded place specified in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole Property or in separate parcels and in such order as it may determine, any part thereof at public auction to the highest bidder for cash in lawful money of the United States, States payable at the time of sale. Trustee may Mortgage may, from time to time, postpone any sale of all or any portion of said property hereunder by public announcement thereof at such the time and place noticed therefor or by giving notice of the time and place of salethe postponed sale in the manner required by law. If the Property consists of several lots, and from time to time thereafter parcels or items of property, Mortgagee may postpone designate the order in which such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so soldlots, but without any covenant parcels or warrant, express or implied. The recitals in such deed of any matters or facts items shall be conclusive proof of the truthfulness thereofoffered for sale or sold. Any person, including Trustor, Trustee, Mortgagor or BeneficiaryMortgagee, may purchase at such sale. After deducting any sale hereunder, and Mortgagee shall have the right to purchase at any sale hereunder by crediting upon the bid price the amount of all reasonable costsor any part of the indebtedness hereby secured plus interest, late charges, prepayment fees, and expenses of Trustee reasonable attorneys' fees and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Ratetrustees' fees, as defined in the Note, herein provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled thereto.
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Power of Sale. If an Event of Default should occur, Beneficiary may ------------- enforce payment of the obligations secured hereby and shall, at its option, execute or elect to cause the Trustee to execute a written notice of such default and of its election to cause Property or any part thereof to be sold under the Property power of sale herein granted in any manner permitted by applicable law. Should Beneficiary elect to satisfy sell the obligations hereofProperty, or any part thereof, which is real property as provided above, Beneficiary 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 shall cause such notice to be recorded without the necessity of any demand on Trustor, Trustee, at the time and place specified in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole Property or in separate parcels and in such order as it may determine, any part thereof at public auction to the highest bidder for cash in lawful money of the United States, States payable at time of sale. Trustee may, and upon request of Beneficiary shall, from time to time, postpone any sale hereunder by public announcement thereof at the time and place noticed therefor or by giving notice of the time and place of the postponed sale in the manner required by law. If the Property consists of several lots, parcels or items of property, Beneficiary may postpone designate the order in which such lots, parcels or items shall be offered for sale or sold. Any person, including Trustor, Trustee or Beneficiary, may purchase at any sale hereunder, and Beneficiary shall have the right to purchase at any sale hereunder by crediting upon the bid price the amount of all or any portion part of said property by public announcement the indebtedness hereby secured plus interest, late charges, prepayment fees, and reasonable attorneys’ fees and trustees’ fees, as herein provided. Should Beneficiary desire that more than one sale or other disposition of the Property be conducted, Beneficiary may, at its option, cause the same to be conducted simultaneously, or successively, on the same day, or at such time different times and place of salein such order as Beneficiary may deem to be in its best interests, and from time to time thereafter may postpone no such sale by public announcement at shall terminate or otherwise affect the time fixed by lien of this Deed of Trust on any part of the preceding postponementProperty not sold until all indebtedness secured hereby has been fully paid. In the event of default of any purchaser, Trustee shall have the right to resell the Property as set forth above. Upon any sale hereunder, Trustee shall execute and deliver to the purchaser its or purchasers a deed or deeds conveying the property so sold, but without any covenant or warrantwarranty whatever, express or implied. The , whereupon such purchaser or purchasers shall be let into immediate possession; and the recitals of facts in any such deed or deeds such as default, the giving of any matters notice of default and notice of sale, and other facts affecting the regularity or facts validity of such sale or disposition, shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, truth of such facts and any such deed or Beneficiary, may purchase at deeds shall be conclusive against all persons as to such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretofacts recited therein.
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Samples: Deed of Trust (KBS Strategic Opportunity REIT, Inc.)
Power of Sale. If an Event of Default should occur, Beneficiary may ------------- enforce payment of the obligations secured hereby and shall, at its option, execute or elect to cause the Trustee to execute a written notice of such default and of its election to cause Property or any part thereof to be sold under the Property power of sale herein granted in any manner permitted by applicable law. Should Beneficiary elect to satisfy sell the obligations hereofProperty, or any part thereof, which is real property as provided above, Beneficiary 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 shall cause such notice to be recorded without the necessity of any demand on Trustor, Trustee, at the time and place specified in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole Property or in separate parcels and in such order as it may determine, any part thereof at public auction to the highest bidder for cash in lawful money of the United States, States payable at time of sale, or as otherwise provided by applicable law. Trustee may, and upon request of Beneficiary shall, from time to time, postpone any sale hereunder in the manner required by law. If the Property consists of several lots, parcels or items of property, Beneficiary may postpone designate the order in which such lots, parcels or items shall be offered for sale or sold. Any person, including Trustor, Trustee or Beneficiary, may purchase at any sale hereunder, and Beneficiary shall have the right to purchase at any sale hereunder by crediting upon the bid price the amount of all or any portion part of said property by public announcement the indebtedness hereby secured plus interest, late charges, prepayment fees, and reasonable attorneys’ fees and trustees’ fees, as herein provided. Should Beneficiary desire that more than one sale or other disposition of the Property be conducted, Beneficiary may, at its option, cause the same to be conducted simultaneously, or successively, on the same day, or at such time different times and place of salein such order as Beneficiary may deem to be in its best interests, and from time to time thereafter may postpone no such sale by public announcement at shall terminate or otherwise affect the time fixed by lien of this Deed of Trust on any part of the preceding postponementProperty not sold until all indebtedness secured hereby has been fully paid. In the event of default of any purchaser, Trustee shall have the right to resell the Property as set forth above. Upon any sale hereunder, Trustee shall execute and deliver to the purchaser its or purchasers a deed or deeds conveying the property so sold, but without any covenant or warrantwarranty whatever, express or implied. The , whereupon such purchaser or purchasers shall be let into immediate possession; and the recitals of facts in any such deed or deeds such as default, the giving of any matters notice of default and notice of sale, and other facts affecting the regularity or facts validity of such sale or disposition, shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, truth of such facts and any such deed or Beneficiary, may purchase at deeds shall be conclusive against all persons as to such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretofacts recited therein.
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Power of Sale. If Except as otherwise provided in Section 45 of this Mortgage, the following provisions shall apply:
(a) Upon the occurrence and during the continuance of an Event of Default should occurDefault, Beneficiary Mortgagee may ------------- enforce payment sell or offer for sale the Mortgaged Property in such portions, order and parcels as Mortgagee may determine with or without having first taken possession of same, to the highest bidder for cash, free from the equity of redemption, statutory right of redemption, homestead, dower and all other rights and exemptions of every kind, each of which are hereby expressly waived, at one or more public auctions in accordance with the terms and provisions of the obligations law of the State in which the Mortgaged Property is located. Such sale shall be made at the area within the courthouse of the county in which the Mortgaged Property (or any portion thereof to be sold) is situated (whether the parts or parcels thereof, if any, in different counties are contiguous or not, and without the necessity of having any personal property hereby secured hereby and shallpresent at such sale) which is designated by the applicable court of such County as the area in which public sales are to take place, or, if no such area is designated, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause to be sold area at the Property to satisfy the obligations hereof, and shall cause such notice to be recorded courthouse designated in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of salesale as the area in which the sale will take place, Beneficiary shall deliver to Trustee this Deed on such day and at such times as permitted under applicable law of Trust the State where the Mortgaged Property is located, after advertising the time, place and terms of the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant Mortgaged Property for twenty-one (21) days by three (3) weekly notices in a newspaper published in the County wherein the Mortgaged Property is wholly or partially located. Mortgagor agrees that Mortgagee shall have the right to the provisions of law adjourn any such sale to another date and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property to be announced at the time and place of the sale fixed by it as set forth in said notice the published notice, and in such event, no further publication of the sale is required. The sale or sales of less than the whole of the Mortgaged Property shall not exhaust the power of sale granted herein, and Mortgagee is specifically empowered to make successive sales under such power until the whole of the Mortgaged Property shall be sold. At any such public sale, either as Mortgagee may execute and deliver in the name of Mortgagor to the purchaser a whole conveyance of the Mortgaged Property or any part of the Mortgaged Property in fee simple. In the event of any sale under this Mortgage by virtue of the exercise of the powers herein granted, or pursuant to any order in any judicial proceeding or otherwise, the Mortgaged Property may be sold in its entirety or in separate parcels and in such manner or order as it Mortgagee in its sole discretion may elect, and Mortgagee may sell the personal property covered by this Mortgage at one or more separate sales in any manner permitted by the Uniform Commercial Code of the State in which the Mortgaged Property is located, and one or more exercises of the powers herein granted shall not extinguish or exhaust such powers, until all the Mortgaged Property is sold or the Note and other secured indebtedness is paid in full. If the Note and other secured indebtedness is now or hereafter further secured by any chattel Mortgages, pledges, contracts or guaranty, assignments of lease, or other security instruments, Mortgagee at its option may exhaust the remedies granted under any of said security instruments either concurrently or independently, and in such order as Mortgagee may determine.
(b) Upon any foreclosure sale or sales of all or any portion of the Mortgaged Property under the power herein granted, at public auction Mortgagee may bid for and purchase the Mortgaged Property and shall be entitled to apply all or any part of the Debt as a credit to the highest bidder for cash in lawful money purchase price.
(c) In the event of the United States, payable at time of sale. Trustee may postpone a foreclosure or a sale of all or any portion of said property by public announcement at such time and place of salethe Mortgaged Property under the power herein granted, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of said sale (i) shall be applied, in whatever order Mortgagee in its sole discretion may decide, to the reasonable expenses of such sale and of all proceedings in connection therewith (including, without limitation, reasonable attorneys' fees and expenses), to insurance premiums, liens, assessments, taxes and charges (including, without limitation, utility charges advanced by Mortgagee), to payment of all sums expended under the terms hereofoutstanding principal balance of the Debt, not then repaid with and to the accrued interest at on all of the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured herebyforegoing; and (iii) the remainder, if any, shall be paid to Mortgagor, or to the person or persons legally entity lawfully entitled thereto.
Appears in 1 contract
Samples: Substitute Mortgage, Assignment of Leases and Rents and Security Agreement (Lodgian Inc)
Power of Sale. If an Event Mortgagor hereby confers on Mortgagee the power to sell the Mortgaged Property and the interests of Default should occurPersons therein in the manner provided for in the “Oklahoma Power of Sale Mortgage Foreclosure Act” (46 Okla. Stat. §§40 et seq.), Beneficiary as the same may ------------- enforce payment be amended from time to time (the “Act”), or other applicable statutory authority. Such power of the obligations secured hereby and shall, at its option, execute or cause the Trustee to execute sale shall be exercised by giving Mortgagor a written notice by certified mail of intent to foreclose by power of sale and setting forth, among other things, the nature of the breach(es) or default(s) and the action required to effect a cure thereof and the time period within which such default cure may be effected all in compliance with and as may be required by the Act or other applicable statutory authority. If no cure is effected within the applicable statutory time limits, Mortgagee may accelerate the Obligation without further notice (the aforementioned statutory cure period shall run concurrently with any contractual provision for notice and cure period before acceleration of its election to cause to be sold the Property to satisfy Obligation, but in no event shall the obligations hereof, and shall cause such notice to be recorded statutory cure period run more than 60 days from the date of the occurrence or event resulting in the office default unless a longer period is provided by applicable statute) and may then proceed in the manner and subject to and as required by the conditions of the recorder Act or other applicable statutory authority to serve upon Mortgagor and other necessary parties and publish a notice of each county wherein sale and to then sell and convey all or any portion of the Mortgaged Property all in accordance with the Act or other applicable statutory authority. The sale shall be made as an entirety or in lots, parcels, or divisions, upon such notice, at such time and place, in such manner and under such conditions all as provided for in said Property is situatedAct or other applicable statutory authority. Prior The proceeds of the sale shall be applied in the manner provided for in the Act or other applicable statutory authority. No action of Mortgagee based upon the provisions contained herein or contained in the Act, including, without limitation, the giving of the notice of intent to publication foreclose by power of sale or service of the notice of sale, Beneficiary shall deliver to Trustee this Deed constitute an election of Trust and the Note remedies which would preclude from pursuing judicial foreclosure before or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale at any time after commencement of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice power of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretoforeclosure procedure.
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Samples: Mortgage of Oil and Gas Property (Primeenergy Corp)
Power of Sale. If an Event of Default should occur, Should Beneficiary may ------------- enforce payment elect to foreclose by exercise of the obligations secured hereby and shall, at its option, execute or cause the Trustee to execute a written notice power of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of salesale herein contained, Beneficiary shall deliver to notify Trustee and shall deposit with Trustee this Deed of Trust and the Note or other such receipts and evidence of indebtedness which is expenditures made and secured herebyhereby as Trustee may require.
8.3.1. Upon receipt of such notice from Beneficiary, together Trustee shall cause to be recorded, published and delivered to the Trustors notices of default and sale to be given in accordance with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law Applicable Laws, including NRS Chapter 107. Trustee shall, without demand on the Trustors, after lapse of such time as may then be required by Applicable Laws and this Deed after recordation of Trust. Notice such notice of default and after notice of sale having been given as then required by law and not less than law, sell the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property Trust Estate at the time and place of sale fixed by it in said notice of sale, either as a whole whole, or in separate lots or parcels or items as Trustee shall deem expedient, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, States payable at the time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the such purchaser or purchasers thereof its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any personPerson, including Trustorincluding, Trusteewithout limitation, the Trustors or Beneficiary, may purchase at such sale and the Trustors hereby, jointly and severally, covenant to warrant and defend the title of such purchaser or purchasers against the claims of all Persons claiming by, through or under any of the Trustors. If allowed by law, Beneficiary, if it is the purchaser, may apply the amount of the Secured Obligations then due and payable toward payment of the purchase price. Each Trustor hereby waives its right, if any, to require that the Property be sold as separate tracts or units in the event of foreclosure.
8.3.2. Trustee, upon such sale. After , shall make (without any covenant or warranty, express or implied), execute and, after due payment made, deliver to purchaser or purchasers, or his or their heirs or assigns, a deed or deeds, or other record or records of interest, as the case may be, in and to the Property so sold that shall convey to the purchaser all the title and interest of the Trustors in the Property (or the portion thereof sold), and after deducting all reasonable costs, fees, fees and expenses of Trustee and of this Deed of Trust, including cost costs of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale to payment of (i) to the payment of all sums expended under the terms hereof, not then repaid repaid, with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest Defaulted Interest rate shall in no event exceed the maximum interest rate allowed by law; and (ii) all other sums then secured hereby; hereby and (iii) the remainder, if any, to the person Person or persons Persons legally entitled thereto.
8.3.3. Trustee may postpone sale of all or any portion of the Trust Estate by public announcement at such time and place of sale, or as otherwise permitted by Applicable Laws, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement or subsequently noticed sale, and without further notice make such sale at the time fixed by the last postponement, or may, in its discretion, give a new notice of sale. Beneficiary may rescind any notice of default at any time before Trustee’s sale by executing a notice of rescission and recording the same. The recordation of such notice of rescission shall constitute a cancellation of any prior declaration of default and demand for sale. The exercise by Beneficiary of the right of rescission shall not constitute a waiver of any default then existing or subsequently occurring, or impair the right of Beneficiary to execute other declarations of default and demand for sale, or notices of default and of election to cause the Property to be sold nor otherwise affect the Indenture Documents or this Deed of Trust, or any of the rights, obligations or remedies of Beneficiary or Trustee hereunder.
Appears in 1 contract
Power of Sale. If an Event of Default should occur, Beneficiary may ------------- enforce payment (a) Should Lender elect to foreclose by exercise of the obligations secured hereby power of sale contained herein, Lender shall notify Trustee and shall, at its optionif required, execute deposit with Trustee the Note, the original or cause the a certified copy of this Security Instrument, and such other documents, receipts and evidences of expenditures made and secured hereby as Trustee to execute a written notice may require. Upon receipt of such default and of its election to notice from Lender, Trustee shall cause to be sold the Property recorded and delivered to satisfy the obligations hereof, and shall cause Borrower such notice to as may then be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the by this Security Instrument. Trustee shall, without demand on Borrower, after lapse of such time as may then be required by law having elapsed and after recordation of such notice Notice of defaultDefault and after Notice of Sale has been given as required by law, Trustee, without demand on Trustor, shall sell said property the Property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate lots or parcels or items as Trustee shall deem expedient, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, States payable at the time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser or purchasers at such sale its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustorincluding, Trusteewithout limitation, Borrower, Trustee or BeneficiaryLender, may purchase at such sale. , and Borrower hereby covenants to warrant and defend the title of such purchaser or purchasers.
(b) After deducting all reasonable costs, fees, fees and expenses of Trustee and of this TrustSecurity Instrument, including cost including, without limitation, costs of evidence of title and reasonable counsel actual and customary attorneys’ fees of Trustee or Lender in connection with salea sale as provided in subparagraph (a) above, Trustee shall apply the proceeds of such sale (i) first, to the payment of all sums expended by Lender under the terms of any of the Other Security Documents and not yet repaid, together with interest on such sums at the Default Rate as set forth in the Note, (ii) second, to the payment of all sums expended under the terms hereof, hereof not then repaid repaid, with accrued interest at the Default Rate, as defined rate of interest equal to the rate then in effect under the Note, providedor if the Note has been repaid, howeverthe rate that would have been in effect under the Note, that such interest rate shall in no event exceed (iii) third, to the maximum interest rate allowed by law; (ii) payment of all other sums then secured hereby; , and (iiiiv) fourth, the remainder, if any, to the person or persons legally entitled thereto.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (American Assets Trust, Inc.)
Power of Sale. If an Event of Default should occurshall have occurred (other than an Event of default that has been waived in writing by Lender or confirmed as having been cured in writing by Lender), Beneficiary the Trustee or Lender may ------------- enforce payment (as permitted by law), at Xxxxxx’s sole discretion, sell, assign, transfer and deliver the whole or, from time to time, any part of the obligations secured hereby Collateral, or any interest in any part thereof, at any private sale or at public auction, with or without demand, advertisement or notice, for cash, on credit or for other property, for immediate or future delivery, and for such price or prices and on such terms as Trustee may determine, or as may be required by law. Without limiting the authority granted in the immediately preceding sentence, Trustee shall, at its optionwithout demand on Borrower, execute or cause after the Trustee to execute a written lapse of such time as may then be required by law, and notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then (including, without limitation, such notices as may be required by law having elapsed after recordation Section 51.002 of such notice of defaultthe Texas Property Code), Trusteeas amended, without demand sell the Collateral on Trustor, shall sell said property the date and at the time and place of sale fixed by it designated in said the notice of sale, either as a whole or in separate parcels and in such order as it Trustee may determine, but subject to any statutory right of Borrower to direct the order in which such property, if consisting of several known lots, parcels or interests, shall be sold, at public auction to the highest bidder for cash bidder, the purchase price payable in lawful money of the United States, payable States at the time of sale. Trustee may Trustee, or the one conducting the sale may, for any cause deemed expedient, postpone the sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone until it shall be completed and, in every such sale case, notice of postponement shall be given by public announcement declaration thereof by such person at the time fixed by and place last appointed for the preceding postponementsale; provided that, if the sale is postponed for longer than 10 days beyond the day designated in the notice of sale, notice of sale and notice of the time, date and place of sale shall be given in the same manner as the original notice of sale. Trustee shall execute and deliver to the purchaser its at any such sale a deed conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or BeneficiaryLender, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest bid at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled thereto.sale
Appears in 1 contract
Power of Sale. If (a) Upon the occurrence and continuation of an Event of Default should occurDefault, Beneficiary may ------------- enforce payment Lender, or the agent or successor of the obligations secured hereby and shallLender, may, at its option, execute sell or cause offer for sale the Trustee Property in such portions, order and parcels as Lender may determine with or without having first taken possession of same, to execute a written notice the highest bidder for cash at one or more public sales in accordance with the terms and provisions of such default and the law of its election to cause the State of Georgia. Such sale shall be made before the door of the courthouse on the steps thereof or as otherwise prescribed in the county in which the Property (or any portion thereof to be sold sold) is situated (whether the parts or parcels thereof, if any, in different counties are contiguous or not, and without the necessity of having any personal Property hereby secured present at such sale) on such day and at such times as permitted under applicable law of the State of Georgia, after advertising the time, place and terms of sale and that portion of the Property in accordance herewith and such law. The time, place and terms of any such sale shall be advertised once a week for four (4) consecutive weeks, immediately prior to the date of sale (but without regard to the number of days elapsed intervening between the date of publication of the first advertisement and the date of sale) in a newspaper in which sheriff's sales are advertised in said county. In the event of any such public sale pursuant to the aforesaid power of sale and agency, Borrower shall be deemed a tenant holding over and shall forthwith deliver possession of the Property to satisfy the obligations hereof, and shall cause purchaser or purchasers at such notice sale or be summarily dispossessed according to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law applicable to tenants holding over. At any such public sale, Lender may execute and this Deed deliver in the name of TrustBorrower to the purchaser a conveyance of the Property or any part of the Property in fee simple. Notice Borrower hereby constitutes and appoints Lender the agent and attorney-in-fact of Borrower to make such sale and conveyance, and thereby to divest Borrower of all right, title and equity that Borrower may have in and to the Property and to vest the same in the purchaser or purchasers at such sale or sales, and all the acts and doings of said agent and attorney-in-fact are hereby ratified and confirmed and any recitals in said conveyance or conveyances as to facts essential to a valid sale shall be binding upon Borrower. The aforesaid power of sale having been given and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as then required cumulative of the other remedies provided hereby or by law for collection of the Obligations and shall not less than be exhausted by one exercise thereof but may be exercised until full payment of all of the time then required Obligations. In the event of any sale under this Security Instrument by law having elapsed after recordation virtue of such notice the exercise of defaultthe powers herein granted, Trusteeor pursuant to any order in any judicial proceeding or otherwise, without demand on Trustor, shall sell said property at the time and place of sale fixed by it Property may be sold in said notice of sale, either as a whole its entirety or in separate parcels and in such manner or order as it Lender in its sole discretion may elect, and if Lender so elects, Lender may sell the personal Property covered by this Security Instrument at one or more separate sales in any manner permitted by the Uniform Commercial Code, and one or more exercises of the powers herein granted shall not extinguish or exhaust such powers, until all of the Property is sold or the Note and other secured indebtedness is paid in full. If the Note and other secured indebtedness is now or hereafter further secured by any chattel mortgages, deeds to secure debt or deeds of trust, pledges, contracts or guaranties, assignments of lease, or other security instruments, Lender at its option may exhaust the remedies granted under any of said security instruments either concurrently or independently, and in such order as Lender may determine.
(b) In case Lender shall have proceeded to enforce any right, at public auction power or remedy under this Security Instrument by foreclosure, entry or otherwise or in the event Lender commences advertising of the intended exercise of the sale under power provided hereunder, and such proceeding or advertisement shall have been withdrawn, discontinued or abandoned for any reason, then in every such case (i) Borrower and Lender shall be restored to their former positions and rights, (ii) all rights, powers and remedies of Lender shall continue as if no such proceeding had been taken, (iii) each and every Event of Default declared or occurring prior or subsequent to such withdrawal, discontinuance or abandonment shall be deemed to be a continuing Event of Default, and (iv) neither this Security Instrument, nor the Note, nor the Obligations, nor any other Loan Document shall be or shall be deemed to have been reinstated or otherwise affected by such withdrawal, discontinuance or abandonment; and Borrower hereby expressly waives the benefit of any statute or rule of law now provided, or which may hereafter be provided, which would produce a result contrary to or in conflict with this sentence.
(c) Upon any foreclosure sale or sales of all or any portion of the Property under the power herein granted, Lender may bid for and purchase the Property and shall be entitled to apply all or any part of the Obligations as a credit to the highest bidder for cash in lawful money purchase price.
(d) In the event of the United States, payable at time of sale. Trustee may postpone a foreclosure or a sale of all or any portion of said property by public announcement at such time and place of salethe Property under the power herein granted, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of said sale (i) shall be applied, in whatever order Lender in its sole discretion may decide, to the reasonable out-of-pocket expenses of such sale and of all proceedings in connection therewith (including, without limitation, reasonable attorneys' fees actually incurred), to insurance premiums, liens, assessments, taxes and charges (including, without limitation, utility charges advanced by Lender), to payment of all sums expended under the terms hereofObligations, not then repaid with and to accrued interest at on all of the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured herebyforegoing; and (iii) the remainder, if any, shall be paid to Borrower, or to the person or persons legally entity lawfully entitled thereto.
Appears in 1 contract
Power of Sale. This Mortgage explicitly gives the Mortgagee a POWER TO SELL the Mortgaged Property to the full extent permitted under applicable law, including, without limitation, under §35-10-11 through §35-10-16 of the Code of Alabama. If an Event of Default should occurshall have occurred, Beneficiary this Mortgage shall be subject to foreclosure and may ------------- enforce payment be foreclosed as now provided by law in case of past-due mortgages, and the obligations secured hereby and shallMortgagee shall be authorized, at its option, execute whether or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office not possession of the recorder of each county wherein said Mortgaged Property is situated. Prior taken, to publication sell the Mortgaged Property (or such part or parts thereof as the Mortgagee may from time to time elect to sell) under the power of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness sale which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant hereby given to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determineMortgagee, at public auction outcry, to the highest bidder for cash in lawful money cash, at the front or main door of the United Statescourthouse of the county in which the Land to be sold, payable or a substantial and material part thereof, is located, after first giving notice by publication once a week for three successive weeks of the time, place and terms of such sale, together with a description of the Mortgaged Property to be sold, by publication in some newspaper published in the county or counties in which the Land to be sold is located. If there is Land to be sold in more than one county, publication shall be made in all counties where the Land to be sold is located, but if no newspaper is published in any such county, the notice shall be published in a newspaper published in an adjoining county for three successive weeks. The sale shall be held between the hours of 11:00 a.m. and 4:00 p.m. on the day designated for the exercise of the power of sale hereunder. The Mortgagee may bid at time any sale held under this Mortgage and may purchase the Mortgaged Property, or any part thereof, if the highest bidder therefor. The purchaser at any such sale shall be under no obligation to see to the proper application of salethe purchase money. Trustee may postpone At any sale of all or any portion part of said property by public announcement at such time and place of salethe Mortgaged Property, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, and the proceeds of any such sale en masse shall be accounted for in one account without distinction between the items included therein and without assigning to them any proportion of such proceeds, the Mortgagor hereby waiving the application of any doctrine of marshalling or like proceeding. In case the Mortgagee, in the exercise of the power of sale herein given, elects to sell the Mortgaged Property in parts or parcels, sales thereof may be held from time to time thereafter may postpone such time, and the power of sale by public announcement at the time fixed by the preceding postponement. Trustee granted herein shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall not be conclusive proof fully exercised until all of the truthfulness thereof. Any person, including Trustor, Trustee, Mortgaged Property not previously sold shall have been sold or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, the Secured Obligations shall have been paid in full and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee Mortgage shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, have been terminated as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretoprovided herein.
Appears in 1 contract
Samples: Mortgage, Assignment of Rents and Leases, Security Agreement and Fixture Filing (Dixie Group Inc)
Power of Sale. If an Event The sale or sales of Default should occurless than the whole of the Property shall not exhaust the power of sale herein granted, and Trustee is specifically empowered to make successive sales under such power until the whole of the Property shall be sold. Should Beneficiary elect to sell the Property, or any part thereof, which is real property as provided above, Beneficiary or Trustee shall give such notice of default and election to sell as may ------------- enforce payment then be required by law. Thereafter, upon the expiration of such time and the obligations secured hereby giving of such notice of sale as may then be required by law, and shallwithout the necessity of any demand on Trustor, Trustee, at its option, execute or cause the Trustee to execute a written notice of such default time and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded place specified in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole Property or in separate parcels and in such order as it may determine, any part thereof at public auction to the highest bidder for cash in lawful money of the United States, or cash equivalent acceptable to Trustee and Beneficiary, payable at time of sale. Trustee may may, and upon request of Beneficiary shall, from time to time, postpone any sale of all or any portion of said property hereunder by public announcement thereof at such the time and place noticed therefor or by giving notice of the time and place of salethe postponed sale in the manner required by law. If the Property consists of several lots, parcels or items of property, Beneficiary may designate the order in which such lots, parcels or items shall be offered for sale or sold. Should Beneficiary desire that more than one sale or other disposition of the Property be conducted, Beneficiary may, at its option, cause the same to be conducted simultaneously, or successively, on the same day, or at such different times and in such order as Beneficiary may deem to be in its best interests, and no such sale shall terminate or otherwise affect the lien of this Security Instrument on any part of the Property not sold until all indebtedness secured hereby has been fully paid. In the event of default of any purchaser, Trustee shall have the right to resell the Property as set forth above. Beneficiary may from time to time thereafter may postpone rescind any notice of default or notice of sale before any Trustee's sale in accordance with the laws of the State of California. The exercise by Beneficiary of such sale by public announcement at right of rescission shall not constitute a waiver of any breach or default then existing or subsequently occurring, or impair the time fixed by the preceding postponement. Trustee shall right of Beneficiary to execute and deliver to Trustee, as above provided, other declarations or notices of default to satisfy the purchaser its deed conveying the property so soldobligations of this Security Instrument or secured hereby, but without nor otherwise affect any provision, covenant or warrant, express or implied. The recitals in such deed condition of any matters Loan Document or facts shall be conclusive proof any of the truthfulness thereof. Any personrights, including Trustor, Trustee, obligations or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses remedies of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with saleor Beneficiary hereunder or thereunder. Notwithstanding anything to the contrary contained herein, Trustee shall (to the extent permitted by applicable law) allocate or apply the proceeds of sale (iincluding the amount of any credit bid) in such manner and in such priority as Beneficiary may elect in its sole and absolute discretion. Notwithstanding anything to the payment contrary contained herein, Beneficiary’s rights and remedies under California Code of all sums expended under the terms hereofCivil Procedure Section 736 shall not be waived, not then repaid with accrued interest limited or otherwise adversely affected by virtue of a full or partial credit bid upon foreclosure of this Security Instrument. Trustor hereby requests that a copy of any notice of default and a copy of any notice of sale thereunder shall be mailed to Trustor at the Default Rate, as defined address specified in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretofirst paragraph.
Appears in 1 contract
Power of Sale. (a) If an Event of Default should occurshall have occurred and be continuing, Beneficiary may ------------- enforce payment institute proceedings for the foreclosure of this Trust Deed, either by judicial action or by power of sale, in which case the Mortgaged Property may be sold for cash or credit in one or more parcels as Beneficiary may determine. With respect to any notices required or permitted under the UCC, Grantor agrees that ten (10) days' prior written notice shall be deemed commercially reasonable. At any such sale by virtue of any judicial proceedings, power of sale, or any other legal right, remedy or recourse, the title to and right of possession of any such property shall pass to the purchaser thereof, and to the fullest extent permitted by law, Grantor shall be completely and irrevocably divested of all of its right, title, interest, claim, equity, equity of redemption, and demand whatsoever, either at law or in equity, in and to the property sold and such sale shall be a perpetual bar both at law and in equity against Grantor, and against all other Persons claiming or to claim the property sold or any part thereof, by, through or under Grantor. Beneficiary or any holder of the Secured Obligations may be a purchaser at such sale and if Beneficiary is the highest bidder, Beneficiary may credit the portion of the purchase price that would be distributed to Beneficiary against the Secured Obligations in lieu of paying cash. Following the completion of a judicial foreclosure or a trustee's sale of all or a portion of the security for the obligations secured hereby hereby, to the fullest extent permitted by law, Beneficiary may seek and shallobtain a deficiency judgment.
(b) If any Event of Default shall have occurred and be continuing, Beneficiary may exercise in respect of the Mortgaged Property, in addition to all other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party on default under the UCC, and also may (i) enter onto the property where any Mortgaged Property is located and take possession thereof with or without judicial process, (ii) prior to the disposition of the Mortgaged Property, store, process, repair or recondition the Mortgaged Property or otherwise prepare the Mortgaged Property for disposition in any manner to the extent Beneficiary reasonably deems appropriate to the extent any of the aforementioned are applicable to Timber properties, (iii) take possession of any Beneficiary's premises or place custodians in exclusive control thereof, remain on such premises and use the same and any of Grantor's equipment for the purpose of completing any work in process, taking any actions described in the preceding clause (iv) and collecting any Secured Obligation, (v) without notice except as specified below, sell the Mortgaged Property or any part thereof in one or more parcels at public or private sale, at its optionany of Beneficiary's offices or elsewhere, execute for cash, on credit or cause for future delivery, at such time or times and at such price or prices and upon such other terms as Beneficiary may deem commercially reasonable. Each purchaser at any such sale shall hold the Trustee to execute a written notice property sold absolutely free from any claim or right on the part of such default and of its election to cause to be sold the Property to satisfy the obligations hereofGrantor, and shall cause such notice Grantor hereby waives (to be recorded the extent permitted by applicable law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the office future have under any rule of the recorder of each county wherein said Property is situatedlaw or statute now existing or hereafter enacted. Prior to publication of the notice of sale, Beneficiary shall deliver not be obligated to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a make any sale of the property described herein, pursuant to the provisions Mortgaged Property regardless of law and this Deed of Trust. Notice notice of sale having been given as then required given. Beneficiary may adjourn any public or private sale from time to time by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property announcement at the time and place of fixed therefor, and such sale fixed by it in said notice of salemay, either as a whole or in separate parcels and in such order as it may determinewithout further notice, be made at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place to which it was so adjourned. Grantor hereby waives any claims against Beneficiary arising by reason of the fact that the price at which any Mortgaged Property may have been sold at such a private sale was less than the price which might have been obtained at a public sale, even if Beneficiary accepts the first offer received and from time does not offer such Mortgaged Property to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponementmore than one offeree. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply If the proceeds of any sale or other disposition of the Mortgaged Property, together with all other Collateral (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the NoteCredit Agreement) are insufficient to pay all the Secured Obligations, provided, howeverGrantor shall be liable for the deficiency and the reasonable fees of any attorneys employed by Beneficiary to collect such deficiency. Grantor further agrees that a breach of any of the covenants contained in this Section will cause irreparable injury to Beneficiary, that Beneficiary has no adequate remedy at law in respect of such interest rate breach and, as a consequence, that each and every covenant contained in this Section shall in be specifically enforceable against Grantor, and Grantor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, default has occurred giving rise to the person or persons legally entitled theretoSecured Obligations becoming due and payable prior to their stated maturities.
Appears in 1 contract
Samples: Credit Agreement (Longview Fibre Co)
Power of Sale. If an Event Lessor may sell the Subject Property, or any part or parcel thereof or any interest of Default should occurLessee therein separately, Beneficiary may ------------- enforce payment at Lessor's discretion, with or without taking possession thereof, at a public sale or public sales before the courthouse door of the obligations secured hereby and shallcounty in which the Subject Property or any part thereof is located, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money cash, after first giving notice of the United Statestime, payable place and terms of such sale or sales by advertisement published once a week for four consecutive weeks immediately preceding the date of sale (without any regard for the number of days between the date the first such notice is published and the date on which any such sale commences) in the newspaper in which advertisements of sheriff's sales are published in such county. Such advertisement so published shall be notice to Lessee, and Lessee hereby expressly waives all other notices. Lessor may bid and purchase at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter Lessor, as Lessor and attorney-in-fact for Lessee and in Lessee's name, may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall execute and deliver to the purchaser its deed conveying or purchasers at any such sale a sufficient conveyance of the property so Subject Property, or the part or parcel thereof or the interest therein which is sold. Lessor's conveyance may contain recitals as to the occurrence of any event of default under this Security Deed, but without and such recitals shall be presumptive evidence that all preliminary acts prerequisite to any covenant or warrant, express or impliedsuch sale and conveyance were in all respects duly complied with. The recitals in such deed of any matters or facts made by Lessor shall be binding and conclusive proof upon Lessee, and the sale and conveyance made by Lessor shall divest Lessee of all right, title, interest and equity that Lessee may have or have had in, to and under the Subject Property, or the part or parcel thereof or the interest therein which is sold, and shall vest the same in the purchaser or purchasers at such sale or sales. Such conveyance shall be effectual to bar all equity of redemption, including all statutory, redemption, homestead, dower, courtesy, and all other exemptions of the truthfulness thereofLessee or its successors or assigns. Any personLessor may hold one or more sales hereunder until the Liabilities have been satisfied in full. Lessee hereby constitutes and appoints Lessor as Lessee's agent and attorney-in-fact to make such sale or sales, including Trustorto execute and deliver such conveyance or conveyances, Trusteeand to make such recitals, and Lessee hereby ratifies and confirms all of the acts and doings of Lessor as Lessee's agent and attorney-in-fact hereunder. Lessor's agency and power as attorney-in-fact hereunder are coupled with an interest, cannot be revoked by bankruptcy, insolvency, incompetency, death, dissolution or Beneficiaryotherwise, may purchase at such saleand shall not be exhausted until the Liabilities have been satisfied in full. After deducting all reasonable costs, fees, The proceeds of each sale by Lessor hereunder shall be applied first to the costs and expenses of Trustee the sale and of this Trust, including cost of evidence of title and reasonable counsel fees all proceedings in connection with saletherewith (including without limitation the reasonable fees and expenses of Lessor's attorneys actually incurred in connection therewith without regard for any statutory presumption), Trustee shall apply the proceeds of sale (i) then to the payment of all sums expended under the terms hereofbalance of the Liabilities, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, shall be paid to Lessee or to the person parties entitled thereto by law. If the proceeds of any sale are not sufficient to pay the Liabilities in full, Lessor shall determine, at Lessor's option and in Lessor's discretion, the portions of the Liabilities to which the proceeds (after deducting therefrom the costs and expenses of the sale and all proceedings in connection therewith) shall be applied and in what order the proceeds shall be so applied. Lessee covenants and agrees that, in the event of any sale pursuant to the agency and power herein granted, Lessee shall be and become a tenant holding over and shall deliver possession of the Subject Property, or persons legally entitled theretothe part thereof or interest therein sold, to the purchaser or purchasers at the sale or be summarily dispossessed in accordance with the provisions of law applicable to tenants holding over.
Appears in 1 contract
Samples: Lease Supplement (Choicepoint Inc)
Power of Sale. If an Event Without limiting any other remedies set forth herein or in the Lease, in the event that a court of Default should occur, Beneficiary may ------------- enforce payment competent jurisdiction rules that each of the obligations Lease and this Lease Supplement constitutes a mortgage, deed of trust or other secured hereby and shall, at its option, execute or cause financing with respect to the Trustee to execute a written notice of such default and of its election to cause to be sold Leased Property as is the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office intent of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, parties pursuant to the provisions Lease, then Lessor and Lessee agree that (i) Lessee hereby grants to Lessor for the benefit of law Lessor and this Deed the Lenders a Lien against the Leased Property (including the fee simple estate therein) and conveys the Leased Property to Trustee, WITH POWER OF SALE to the extent permitted by law, and that, upon the occurrence and during the continuance of Trust. Notice any Lease Event of sale having been given Default, Lessor shall have the power and authority, to the extent provided by law, after proper notice and lapse of such time as then may be required by law and not less than law, to sell the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property Leased Property (including the fee simple estate therein) at the time and place of sale fixed by it Lessor in said such notice of sale, either as a whole whole, or in separate lots or parcels or items and in such order as it Lessor may determineelect, at public auction to the highest bidder for cash in lawful money of the United States, States payable at the time of sale. Trustee ; accordingly, it is acknowledged that A POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT; A POWER OF SALE MAY ALLOW LESSOR TO TAKE THE LEASED PROPERTY AND SELL THE LEASED PROPERTY (INCLUDING THE FEE SIMPLE ESTATE THEREIN) WITHOUT GOING TO COURT IN A FORE CLOSURE ACTION UPON THE OCCURRENCE AND CONTINUANCE OF A LEASE EVENT OF DEFAULT UNDER THE LEASE, and (ii) upon the occurrence and during the continuance of a Lease Event of Default, Lessor, in lieu of or in addition to exercising any power of sale hereinabove given, may postpone proceed by a suit or suits in equity or at law, whether for a foreclosure hereunder, or for the sale of all the Properties (including without limitation the Leased Property), or any portion against Lessee on a recourse basis for the Lease Balance, or for the specific performance of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express agreement contained herein or implied. The recitals in such deed the Lease or any other lease or in aid of the execution of any matters power granted herein or facts shall be conclusive proof in the Lease or in any other lease, or for the appointment of a receiver pending any foreclosure hereunder or the sale of the truthfulness thereof. Any personProperties (including without limitation, including Trustor, Trusteethe Leased Property), or Beneficiary, may purchase at such salefor the enforcement of any other appropriate legal or equitable remedy. After deducting Lessee shall have all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) rights available to the payment of all sums expended a mortgagor under the terms hereof, not then repaid with accrued interest at laws of the Default Rate, as defined jurisdiction in which the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretorespective Properties are located.
Appears in 1 contract
Samples: Lease Agreement (Fred Meyer Inc)
Power of Sale. If 7.01 The Mortgagor agrees that the Lender shall have the right to (and the Mortgagor hereby irrevocably authorizes the Lender and grants the Lender the absolute right to) sell, buy, pledge, transfer, assign, hypothecate, lend and/or encumber the Collateral Shares and the Additional Collateral (if applicable), as needed to procure a loan or hedge against adverse market movements as determined by Pledgee in its sole discretion, in each case without the consent of or notice to the Mortgagor and without making any accounting therefor to the Mortgagor.
7.02 The Mortgagor acknowledges and agrees that the mortgage shall be binding upon him and that the mortgage shall be irrevocable and unconditional, irrespective of the validity, legality or enforceability of this Deed or the Loan Agreement, or any other loan document pertaining to the subject matter hereto.
7.03 Subject to Clause 8, the Lender or its nominee shall be entitled to exercise all rights attached or accruing to the Collateral and Additional Collateral (if applicable). INNOVATIVE • GLOBAL • INVESTMENTS Room 2002 / 20th Floor / Fairmont House / 0 Xxxxxx Xxxx Xxxxx / Xxxxxxx / Xxxx Xxxx
7.04 Upon the occurrence of an Event of Default should occurDefault, Beneficiary may ------------- enforce payment of the obligations secured hereby and shallMortgagor’s rights or power to deal with the Collateral Shares, at its option, execute the Additional Collateral (if applicable) (whether statutory or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust otherwise) and the Note Additional Cash Collateral shall cease and the Lender or other evidence of indebtedness which is secured hereby, together with a written request for its nominee or the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, TrusteeCustodian shall be entitled to, without demand on Trustorfurther notice or authority, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale dispose of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof part of the truthfulness thereof. Any personCollateral Shares, including Trustor, Trustee, or Beneficiary, the Additional Collateral (if applicable) and the Additional Cash Collateral and may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of any such sale or disposition in or towards the discharge of the costs thereby incurred and of the Indebtedness in such manner as it in its absolute discretion thinks fit.
7.05 The Lender or its nominee or the Custodian shall be entitled to exercise such power of sale in such manner and at such time or times and for such consideration (whether payable immediately or by installments) as it shall in its absolute discretion think fit (whether by private sale or otherwise) and so that the Collateral Shares and the Additional Collateral (if applicable) (or any relevant part thereof) may be sold (i) subject to any conditions which the payment of all sums expended under the terms hereofLender may think fit to impose, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; to any person (including any person connected with the Borrower, the Mortgagor or the Lender) and (iii) at any price which the remainderLender, if anyin its absolute discretion, considers to be the best obtainable in the circumstances taking into account the nature of the Borrower as a private company as applicable. The Lender or its nominee or the Custodian may to the extent that it has not already done so, take possession of and hold all or any part of the Collateral Shares and the Additional Collateral (if applicable) and accordingly register, or cause to be registered all or any of the Collateral Shares and the Additional Collateral (if applicable) in the name of the Lender or its nominee or the Custodian or assignee or in the name of any purchaser thereof.
7.06 Subject to Clause 8.02, at any time after the power of sale has arisen, any Dividends which have been or may be received or receivable by the Lender or any nominee of the Lender may be applied by the Lender as though they were proceeds of sale hereunder.
7.07 The Lender is authorized to give a good discharge for any moneys received by it pursuant to the exercise of its power of sale and a purchaser shall not be bound to enquire whether the power of sale has arisen as herein provided nor be concerned with the manner of application of the proceeds of sale.
7.08 The Mortgagor shall not have any claim against the Lender or its nominee in respect of any loss arising out of any such sale or any postponement thereof howsoever caused and whether or not a better price could or might have been obtained upon the sale of the Collateral Shares and the Additional Collateral (if applicable) or any of them by deferring or advancing the date of such sale or otherwise howsoever.
7.09 The Mortgagor waives any right it may have to purchase the Collateral Shares and the Additional Collateral (if applicable) or any of them in the event that they are sold or otherwise disposed of pursuant to the power of sale contained in this Clause 7.
7.10 The Lender or its nominee or the Custodian shall be entitled to exercise all powers in respect of the Collateral Shares and the Additional Collateral (if applicable) provided in section 51 of the Conveyancing and Property Ordinance but without the necessity to comply with any restrictions imposed by the said provisions. INNOVATIVE • GLOBAL • INVESTMENTS Room 2002 / 20th Floor / Fairmont House / 0 Xxxxxx Xxxx Xxxxx / Xxxxxxx / Xxxx Xxxx
7.11 The provisions of paragraph 11 of The Fourth Schedule to the Conveyancing and Property Ordinance shall not restrict the exercise of the Lender or its nominee or the Custodian or any receiver of its power hereunder and this Deed shall become immediately enforceable and the statutory power of sale and other powers of sale and appointing a receiver shall become immediately exercisable without any juridical or other formality or any presentment, demand, protest or other notice of any kind on or at any time after this Deed becomes enforceable.
7.12 Without prejudice to the foregoing, the provisions of the Conveyancing and Property Ordinance are expressly extended such that the Lender or its nominee or the Custodian may in addition to any powers granted it by applicable law, upon and from this Deed becoming enforceable and upon and subject to the terms and conditions of the Loan Agreement do all such other acts and things it may consider necessary or expedient for the realization or preservation of this Deed or incidental to the exercise of any of the rights conferred on it under or in connection with this Deed or the Conveyancing and Property Ordinance and to concur in the doing of anything which it has the right to do and to do any such thing jointly with any other person.
7.13 Notwithstanding any provision in the Finance Documents to the contrary, the Lender may not, during the Loan Term, engage, directly or indirectly, in short selling any security of the Issuer by borrowing securities from any entity or person or persons legally entitled theretoand later buying shares in the same security, then returning the borrowed securities in an effort to make a profit.
Appears in 1 contract
Samples: Share Mortgage (Shortall Alan)
Power of Sale. If an Event Should default be made by Grantor in payment or performance of Default any Indebtedness or other Obligation or agreement secured hereby and/or in performance of any agreement herein, or should occurGrantor otherwise be in default hereunder, Beneficiary may ------------- enforce payment of the obligations may, subject to NRS 107.080, declare all sums secured hereby and shall, at its option, execute or cause the immediately due by delivery to Trustee to execute of a written notice of such default breach and of its election to sell (which notice Trustee shall cause to be sold the Property to satisfy the obligations hereof, recorded and mailed as required by law) and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver surrender to Trustee this Deed of Trust and the Note or other evidence Trust. After three (3) months shall have elapsed following recordation of indebtedness which is secured herebyany such notice of breach, together with a written request for the Trustee to proceed with a sale of shall sell the property described hereinsubject hereto at such time and at such place in the State of Nevada as Trustee, pursuant in its sole discretion, shall deem best to accomplish the provisions objects of law and this Deed these trusts, having first given notice of Trust. Notice of such sale having been given as then required by law and not less than law. In the time then conduct of any such sale Trustee may act itself or through any auctioneer, agent or attorney. The place of sale may be either in the county in which the property to be sold, or any part thereof, is situated, or at an office of the Trustee located in the State of Nevada. Upon the request of Beneficiary or if required by law having elapsed after recordation Trustee shall postpone sale of such notice all or any portion of default, Trustee, without demand on Trustor, shall sell said property or interest therein by public announcement at the time and place of sale fixed by it in said notice of sale, and shall thereafter postpone said sale from time to time by public announcement at the time previously appointed. At the time of sale so fixed, Trustee shall sell the property so advertised or any part thereof or interest therein either as a whole or in separate parcels parcels, as Beneficiary may determine in its sole and in such order as it may determineabsolute discretion, at public auction to the highest bidder for cash in lawful money of the United States, payable at the time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the such purchaser its a deed or deeds or other appropriate instruments conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, Beneficiary and Trustee may bid and purchase at such sale. After deducting To the extent of the Indebtedness secured hereby, Beneficiary need not bid for cash at any sale of all reasonable costsor any portion of the Property pursuant hereto, feesbut the amount of any successful bid by Beneficiary shall be applied in reduction of said Indebtedness. Trustor hereby agrees, if it is then still in possession, to surrender, immediately and without demand, possession of said property to any purchaser. Trustee shall apply the proceeds of any such sale to payment of expenses of sale and all charges and expenses of Trustee and of this Trustthese trusts, including cost of evidence of title and reasonable counsel fees Trustee’s fee in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of ; all sums expended under the terms hereof, not then repaid repaid, with accrued interest at the Default Rate, as defined in default rate determined by the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by lawLoan Agreement; (ii) all other sums then secured hereby; , and (iii) the remainder, if any, to the person or persons legally entitled thereto. Beneficiary, from time to time before Trustee’s sale, may rescind any notice of breach and election to sell by executing, delivering and causing Trustee to record a written notice of such rescission. The exercise by Beneficiary of such right of rescission shall not constitute a waiver of any breach or default then existing or subsequently occurring, or impair the right of Beneficiary to execute and deliver to Trustee, as above provided, other notices of breach and election to sell, nor otherwise affect any term, covenant or condition hereof or under any obligation secured hereby, or any of the rights, obligations or remedies of the parties thereunder.
Appears in 1 contract
Samples: Deed of Trust, Assignment of Rents and Leases, Fixture Filing and Security Agreement (GNLV Corp)
Power of Sale. If an Event The Mortgagor hereby confers on the Mortgagee the power to sell the Premises described in this Mortgage and the interests of Default should occurpersons therein in the manner provided in the Oklahoma Power of Sale Mortgage Foreclosure Act [Title 46, Beneficiary Okla. Stat. (1991), § 40, et seq.] as the same may ------------- enforce payment be amended from time to time (the “Act”) or other applicable statutory authority. Such power of sale shall be exercised by giving the Mortgagor Notice of Intent to Foreclose by Power of Sale and setting forth, among other things, the nature of the obligations breach(es) or default(s) and the action required to effect a cure thereof and the time period within which such cure may be effected, all in compliance with and as may be required by the Act or other applicable statutory authority. If no cure is effected within the statutory time limits, the Mortgagee may accelerate the indebtedness secured hereby without further notice (the aforementioned statutory cure period shall run concurrently with any contractual provisions for notice and shall, at its option, execute or cause the Trustee opportunity to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereofcure), and shall cause such notice to be recorded the Mortgagee may then proceed in the office manner and subject to and as required by the conditions of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note Act or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee applicable statutory authority to proceed with a sale of the property described herein, pursuant send to the provisions of law Mortgagor and this Deed of Trust. other necessary parties a Notice of Sale and to sell and convey the Premises in accordance with the Act or other applicable statutory authority. The sale having been given shall be made at one or more sales, as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole an entirety or in separate parcels and in parcels, upon such order as it may determinenotice, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of saleplaces, subject to all conditions and from time with the proceeds thereof to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponementbe applied all as provided in said Act or other applicable statutory authority. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof No action of the truthfulness thereof. Any personMortgagee based upon the provisions contained herein or contained in the Act, including Trustorincluding, Trusteewithout limitation, the giving of the Notice of Intent to Foreclose by Power of Sale or Beneficiarythe Notice of Sale, may purchase shall constitute an election of remedies which would preclude the Mortgagee from pursuing judicial foreclosure before or at such sale. After deducting all reasonable costs, fees, and expenses any time after commencement of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds power of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretoforeclosure procedure.
Appears in 1 contract
Power of Sale. If an Event of Default should occurshall have occurred, Beneficiary the Trustee may ------------- enforce payment grant, bargain, sell, assign, transfer, convey and deliver the whole or, from time to time, any part of the obligations secured hereby and shallTrust Premises, or any interest in any part thereof, at its optionany private sale or at public auction, execute with or cause without demand, advertisement or notice, for cash, on credit or for other property, for immediate or future delivery, and for such price or prices and on such terms as the Trustee to execute a written notice of such default and of in its election to cause to uncontrolled discretion may determine, or as may be sold the Property to satisfy the obligations hereofrequired by law, and shall cause upon such notice to be recorded in sale the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall Trustee may execute and deliver to Trustee this Deed the purchaser(s) instruments of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, conveyance pursuant to the provisions terms hereof and to applicable laws. Without limiting the authority granted in this SECTION 3.3, the Trustee shall, without demand on the Trustor, after the lapse of law such time as may then be required by law, and this Deed notice of Trust. Notice default and notice of sale having been given as then required by law law, sell the Trust Premises on the date and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it designated in said the notice of sale, either as a whole or in separate parcels and in such order as it the Trustee may determine, but subject to any statutory right of the Trustor to direct the order in which such property, if consisting of several known lots, parcels or interests, shall be sold, at public auction to the highest bidder for cash bidder, the purchase price payable in lawful money of the United States, payable States at the time of sale. Trustee may The Person conducting the sale may, for any cause deemed expedient, postpone the sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone until it shall be completed and, in every such sale case, notice of postponement shall be given by public announcement declaration thereof by such Person at the time fixed by and place last appointed for the preceding postponementsale. The Trustee shall execute and deliver to the purchaser its at any such sale a trustee's deed conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such trustee's deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any personPerson, including Trustor, Trustee, the Trustee or Beneficiary, may purchase bid at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled thereto.the
Appears in 1 contract
Samples: Leasehold Deed of Trust, Assignment of Leases and Rents (Leiner Health Products Inc)
Power of Sale. If an Event of Default should occurshall have occurred, Beneficiary ------------- the Mortgagee may ------------- enforce payment grant, bargain, sell, assign, transfer, convey and deliver the whole or, from time to time, any part of the obligations secured hereby and shallCollateral, or any interest in any part thereof, at its optionany private sale or at public auction, execute with or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereofwithout demand, advertisement or notice, for cash, on credit or for other property, for immediate or future delivery, and shall cause for such notice to price or prices and on such terms as the Mortgagee in its uncontrolled discretion may determine, or as may be recorded in required by law, and upon such sale the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall Mortgagee may execute and deliver to Trustee this Deed the purchaser(s) instruments of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, conveyance pursuant to the provisions terms hereof and to applicable laws. Without limiting the authority granted in this Section 3.3, ----------- the Mortgagee shall, without demand on the Mortgagor, after the lapse of law such time as may then be required by law, and this Deed notice of Trust. Notice default and notice of sale having been given as then required by law law, sell the Collateral on the date and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it designated in said the notice of sale, either as a whole or in separate parcels and in such order as it the Mortgagee may determine, but subject to any statutory right of the Mortgagor to direct the order in which such property, if consisting of several known lots, parcels or interests, shall be sold, at public auction to the highest bidder for cash bidder, the purchase price payable in lawful money of the United States, payable States at the time of sale. Trustee may The Person conducting the sale may, for any cause deemed expedient, postpone the sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone until it shall be completed and, in every such sale case, notice of postponement shall be given by public announcement declaration thereof by such Person at the time fixed by and place last appointed for the preceding postponementsale; provided that, if the sale is postponed for -------- ---- longer than one (1) day beyond the day designated in the notice of sale, notice of sale and notice of the time, date and place of sale shall be given in the same manner as the original notice of sale. Trustee The Mortgagee shall execute and deliver to the purchaser its at any such sale a mortgagee's deed conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such mortgagee's deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any personPerson, including Trustor, Trustee, or Beneficiarythe Mortgagee, may purchase bid at such the sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee The Mortgagee shall apply the proceeds of sale (i) the sale, to the extent consistent with this Mortgage, to the payment of (a) the costs and expenses of exercising the power of sale and of the sale, including the payment of attorneys' fees and costs, (b) the cost of any evidence of title procured in connection with such sale, (c) all sums expended under the terms hereof in conjunction with any default provision hereof, not then repaid repaid, with accrued interest at the Default Rate, as defined rate provided for in the NoteCredit Agreement from the date of incurrence, provided(d) outstanding principal and interest under the Credit Agreement, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (iie) all Secured Obligations (other sums then secured hereby; and than as provided in clause (iiid) above). The ---------- Mortgagee shall give the remainder, if any, of the proceeds of the sale to the person Person or persons Persons legally entitled thereto, or the Mortgagee, in the Mortgagee's discretion, may deposit the balance of such proceeds with any court or public official authorized to receive such proceeds.
Appears in 1 contract
Power of Sale. If an Event of Default should occurshall have occurred, Beneficiary the Mortgagee may ------------- enforce payment grant, bargain, sell, assign, transfer, convey and deliver the whole or, from time to time, any part of the obligations secured hereby and shallCollateral, or any interest in any part thereof, at its optionany private sale or at public auction, execute with or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereofwithout demand, advertisement or notice, for cash, on credit or for other property, for immediate or future delivery, and shall cause for such notice to price or prices and on such terms as the Mortgagee in its uncontrolled discretion may determine, or as may be recorded in required by law, and upon such sale the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall Mortgagee may execute and deliver to Trustee this Deed the purchaser(s) instruments of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, conveyance pursuant to the provisions terms hereof and to applicable laws. Without limiting the authority granted in this SECTION 3.3, the Mortgagee shall, without demand on the Mortgagor, after the lapse of law such time as may then be required by law, and this Deed notice of Trust. Notice default and notice of sale having been given as then required by law law, sell the Collateral on the date and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it designated in said the notice of sale, either as a whole or in separate parcels and in such order as it the Mortgagee may determine, but subject to any statutory right of the Mortgagor to direct the order in which such property, if consisting of several known lots, parcels or interests, shall be sold, at public auction to the highest bidder for cash bidder, the purchase price payable in lawful money of the United States, payable States at the time of sale. Trustee may The Person conducting the sale may, for any cause deemed expedient, postpone the sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone until it shall be completed and, in every such sale case, notice of postponement shall be given by public announcement declaration thereof by such Person at the time fixed by and place last appointed for the preceding postponementsale; PROVIDED THAT, if the sale is postponed for longer than one (1) day beyond the day designated in the notice of sale, notice of sale and notice of the time, date and place of sale shall be given in the same manner as the original notice of sale. Trustee The Mortgagee shall execute and deliver to the purchaser its at any such sale a mortgagee's deed conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such mortgagee's deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any personPerson, including Trustor, Trustee, or Beneficiarythe Mortgagee, may purchase bid at such the sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee The Mortgagee shall apply the proceeds of sale (i) the sale, to the extent consistent with this Mortgage, to the payment of (a) the costs and expenses of exercising the power of sale and of the sale, including the payment of attorneys' fees and costs, (b) the cost of any evidence of title procured in connection with such sale, (c) all sums expended under the terms hereof in conjunction with any default provision hereof, not then repaid repaid, with accrued interest at the Default Rate, as defined rate provided for in the NoteCredit Agreement from the date of incurrence, provided(d) outstanding principal and interest under the Credit Agreement, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (iie) all Secured Obligations (other sums then secured hereby; and than as provided in CLAUSE (iiiD) above). The Mortgagee shall give the remainder, if any, of the proceeds of the sale to the person Person or persons Persons legally entitled thereto, or the Mortgagee, in the Mortgagee's discretion, may deposit the balance of such proceeds with any court or public official authorized to receive such proceeds. The Mortgagor acknowledges that the power is hereby granted to Mortgagee to sell the Collateral or any part thereof at public auction, and to convey same to the purchaser after notice as required by the statutes of the State for foreclosure of mortgages by advertisement being Sections 600.3201 ET SEQ., Michigan Compiled Laws, as amended. CAUTION: THIS PARAGRAPH CONTAINS A WAIVER OF IMPORTANT LEGAL RIGHTS. This Mortgage contains a power of sale which permits the Mortgagee to cause the Collateral to be sold upon the occurrence of an Event of Default. The Mortgagee may elect to cause the Collateral to be sold by advertisement rather than pursuant to court action, and Mortgagor hereby voluntarily and knowingly waives any right Mortgagor may have by virtue of any applicable constitutional provision or statute to any notice or court hearing prior to the exercise of the power of sale, except as may be expressly required by the Michigan statute governing foreclosures by advertisement. By execution of this Mortgage, the Mortgagor represents and acknowledges that the meaning and consequences of this paragraph have been discussed as fully as desired by the Mortgagor with the Mortgagor's legal counsel.
Appears in 1 contract
Power of Sale. If an Event of Default should occurhas occurred and is continuing, Beneficiary may ------------- enforce payment of the obligations secured hereby and shallGrantee, at its option, execute may sell the Mortgaged Property or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office any part of the recorder Mortgaged Property at public sale or sales before the door of each the courthouse of the county wherein said in which the Mortgaged Property or any part of the Mortgaged Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash cash, in lawful money order to pay the Indebtedness and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest thereon, and all expenses of the United States, payable at time of sale. Trustee may postpone sale and of all or proceedings in connection therewith, including reasonable attorneys’ fees actually incurred, after advertising the time, place and terms of sale once a week for four (4) weeks immediately preceding such sale (but without regard to the number of days) in a newspaper in which Sheriff’s sales are advertised in said county. At any portion of said property by such public announcement at such time and place of sale, Grantee may execute and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying a conveyance of the property Mortgaged Property or any part of the Mortgaged Property in fee simple, with full warranties of title (or without warranties if Grantee shall so soldelect) and to this end, but without Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to make such sale and conveyance, and thereby to divest Grantor of all right, title, interest, equity and equity of redemption that Grantor may have in and to the Mortgaged Property and to vest the same in the purchaser or purchasers at such sale or sales, and all the acts and doings of said agent and attorney-in-fact are hereby ratified and confirmed and any covenant recitals in said conveyance or warrant, express or impliedconveyances as to facts essential to a valid sale shall be binding upon Grantor. The recitals in such deed aforesaid power of any matters sale and agency hereby granted are coupled with an interest and are irrevocable by dissolution, insolvency or facts shall be conclusive proof otherwise, are granted as cumulative of the truthfulness thereof. Any person, including Trustor, Trustee, other remedies provided hereby or Beneficiary, by law for collection of the Indebtedness and shall not be exhausted by one exercise thereof but may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the be exercised until full payment of all sums expended under Indebtedness. In the terms hereofevent of any such foreclosure sale by Grantee, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate Grantor shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; be deemed a tenant holding over and (iii) the remainder, if any, shall forthwith deliver possession to the person purchaser or persons legally entitled theretopurchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over.
Appears in 1 contract
Samples: Credit and Guaranty Agreement (Tumi Holdings, Inc.)
Power of Sale. (i) If an Event of Default should occurshall exist, Beneficiary may ------------- enforce payment of the obligations secured hereby and shallLender, at its option, execute may sell the Mortgaged Property or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office any part of the recorder Mortgaged Property at public sale or sales before the door of each the courthouse of the county wherein said Property in which the Land and Improvements or any part of the Land and Improvements is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash cash, in lawful money order to pay the Indebtedness and all expenses of the United Statessale and of all proceedings in connection therewith, payable including reasonable attorneys’ fees actually incurred, after advertising the time, place, and terms of sale once a week for four (4) weeks immediately preceding such sale (but without regard to the number of days) in a newspaper in which Sheriff’s sales are advertised in said county. Lender may bid and purchase at time of such sale. Trustee With respect to any personal property or fixtures included in the Mortgaged Property or located on the Land and Improvements, Lender may, at its option, sell or otherwise dispose of the same by public or private proceedings, separate from the sale of the real property, in accordance with the provisions of the UCC, and Lender may postpone with respect to such personal property and fixtures exercise any other rights or remedies of a secured party under the UCC. Lender’s conveyance may contain such recitals as to the occurrence of an Event of Default under this Security Instrument, which recitals shall be presumptive evidence that all preliminary acts prerequisite to such sale and conveyance were duly complied with in all respects. Such recitals shall be binding upon Borrower.
(ii) At any sale conducted pursuant to this Section, Lender may execute and deliver to the purchaser a conveyance of the Mortgaged Property, or any part of the Mortgaged Property, or any personal property or fixtures included in the Mortgaged Property or located on the Land and Improvements, in fee simple, which conveyance may contain recitals as to the occurrence of an Event of Default hereunder, and to this end Borrower hereby constitutes and appoints Lender its agent and attorney-in-fact, with full power of substitution, to make such sale and conveyance and thereby to divest Borrower of all right, title, or equity in and to the Mortgaged Property sold and to vest the same in the purchaser or purchasers at such sale or sales, and all the reasonable acts and doings of said agent and attorney-in-fact are hereby ratified and confirmed. Lender’s conveyance may contain such recitals as to the occurrence of an Event of Default under this Security Instrument, which recitals shall be presumptive evidence that all preliminary acts prerequisite to such sale and conveyance were duly complied with in all respects. Such recitals shall be binding upon Borrower. The aforesaid power of sale and agency hereby granted are coupled with an interest and are irrevocable by dissolution or otherwise, are granted as cumulative of the other remedies provided by law for collection of the Indebtedness, and shall not be exhausted by one exercise thereof but may be exercised until full payment of the Indebtedness.
(iii) Upon any foreclosure sale or sale of all or any portion of said property by public announcement at such time the Mortgaged Property under the power herein granted, Lender may bid for and place purchase the Mortgaged Property and shall be entitled to apply all or any part of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver Indebtedness as a credit to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretoprice.
Appears in 1 contract
Samples: Deed to Secure Debt and Security Agreement (CNL Healthcare Trust, Inc.)
Power of Sale. If (a) Upon the occurrence and during the continuation of an Event of Default should occurDefault, Beneficiary may ------------- enforce payment Lender, or the agent or successor of the obligations secured hereby and shallLender, may, at its option, execute sell or cause offer for sale the Trustee Property in such portions, order and parcels as Lender may determine with or without having first taken possession of same, to execute a written notice the highest bidder for cash, in order to pay the Debt, and all expenses of such default sale and of its election to cause all proceedings in connection therewith, including reasonable attorney's fees, at one or more public sales in accordance with the terms and provisions of the law of the State of Georgia. Such sale shall be made before the door of the courthouse of the county in which the Land(or any portion thereof to be sold sold) is situated (whether the parts or parcels thereof, if any, in different counties are contiguous or not, and without the necessity of having any Personal Property hereby secured present at such sale) on such day and at such times as permitted under applicable law of the State of Georgia, after advertising the time, place and terms of sale and that portion of the Property in accordance herewith and such law. The time, place and terms of any such sale shall be advertised once a week for four (4) consecutive weeks, immediately prior to the date of sale (but without regard to the number of days elapsed intervening between the date of publication of the first advertisement and the date of sale) in a newspaper in which sheriff's sales are advertised in said county. In the event of any such public sale pursuant to the aforesaid power of sale and agency, Borrower shall be deemed a tenant holding over and shall forthwith deliver possession of the Property to satisfy the obligations hereof, and shall cause purchaser or purchasers at such notice sale or be summarily dispossessed according to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law applicable to tenants holding over. At any such public sale, Lender may execute and this Deed deliver in the name of TrustBorrower to the purchaser a conveyance of the Property or any part of the Property in fee simple, with full warranties of title. Notice Borrower hereby constitutes and appoints Lender the agent and attorney-in-fact of Borrower to make such sale and conveyance, and thereby to divest Borrower of all right, title and equity that Borrower may have in and to the Property and to vest the same in the purchaser or purchasers at such sale or sales, and all the acts and doings of said agent and attorney-in-fact are hereby ratified and confirmed and any recitals in said conveyance or conveyances as to facts essential to a valid sale shall be binding upon Borrower. The aforesaid power of sale having been given and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as then required cumulative of the other remedies provided hereby or by law for collection of the Debt and shall not less than be exhausted by one exercise thereof but may be exercised until full payment of all of the time then required Debt. In the event of any sale under this Security Instrument by law having elapsed after recordation virtue of such notice the exercise of defaultthe powers herein granted, Trusteeor pursuant to any order in any judicial proceeding or otherwise, without demand on Trustor, shall sell said property at the time and place of sale fixed by it Property may be sold in said notice of sale, either as a whole its entirety or in separate parcels and in such manner or order as it Lender in its sole discretion may elect, and if Lender so elects, Lender may sell the Personal Property covered by this Security Instrument at one or more separate sales in any manner permitted by the Uniform Commercial Code, and one or more exercises of the powers herein granted shall not extinguish or exhaust such powers, until all of the Property is sold or the Debt is paid in full. If the Debt is now or hereafter further secured by any chattel mortgages, deeds to secure debt or deeds of trust, pledges, contracts or guaranties, assignments of lease, or other security instruments, Lender at its option may exhaust the remedies granted under any of said security instruments either concurrently or independently, and in such order as Lender may determine.
(b) Upon any foreclosure sale or sales of all or any portion of the Property under the power herein granted, at public auction Lender may bid for and purchase the Property and shall be entitled to apply all or any part of the Debt as a credit to the highest bidder for cash in lawful money purchase price.
(c) In the event of the United States, payable at time of sale. Trustee may postpone a foreclosure or a sale of all or any portion of said property by public announcement at such time and place of salethe Property under the power herein granted, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of said sale (i) shall be applied, in whatever order Lender in its sole discretion may decide, to the reasonable out-of-pocket expenses of such sale and of all proceedings in connection therewith (including, without limitation, reasonable attorneys' fees), to insurance premiums, liens, assessments, taxes and charges (including, without limitation, utility charges advanced by Lender), to payment of all sums expended under the terms hereofDebt, not then repaid with and to accrued interest at on all of the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured herebyforegoing; and (iii) the remainder, if any, shall be paid to Borrower, or to the person or persons legally entity lawfully entitled thereto.
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Power of Sale. If an Event of Default should occurshall have occurred and be continuing, Beneficiary may ------------- enforce payment the Mortgagee may, without further order of or application to the Bankruptcy Court, grant, bargain, sell, assign, transfer, convey and deliver the whole or, from time to time, any part of the obligations secured hereby and shallCollateral, or any interest in any part thereof, at its optionany private sale or at public auction, execute with or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereofwithout demand, advertisement or notice, for cash, on credit or for other property, for immediate or future delivery, and shall cause for such notice to price or prices and on such terms as the Mortgagee in its sole discretion may determine, or as may be recorded in required by law, and upon such sale the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall Mortgagee may execute and deliver to Trustee this Deed the purchaser(s) instruments of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, conveyance pursuant to the provisions terms hereof and to applicable laws. Without limiting the authority granted in this Section 3.3, but subject to any applicable requirements of law the Financing Order, the Credit Agreement and this Deed the Revolver Intercreditor Agreement, the Mortgagee shall, without further order of Trust. Notice or application to the Bankruptcy Court and without demand on the Mortgagor, after the lapse of such time as may then be required by law, and notice of default and notice of sale having been given as then required by law law, sell the Collateral on the date and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it designated in said the notice of sale, either as a whole or in separate parcels and in such order as it the Mortgagee may determine, but subject to any statutory right of the Mortgagor to direct the order in which I-1-B-17 78 such property, if consisting of several known lots, parcels or interests, shall be sold, at public auction to the highest bidder for cash bidder, the purchase price payable in lawful money of the United States, payable States at the time of sale. Trustee may The Person conducting the sale may, for any cause deemed expedient, postpone the sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone until it shall be completed and, in every such sale case, notice of postponement shall be given by public announcement declaration thereof by such Person at the time fixed by and place last appointed for the preceding postponementsale; provided that, if the sale is postponed for longer than one (1) day beyond the day designated in the notice of sale, notice of sale and notice of the time, date and place of sale shall be given in the same manner as the original notice of sale. Trustee The Mortgagee shall execute and deliver to the purchaser its at any such sale a mortgagee's deed conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such mortgagee's deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any personPerson, including Trustor, Trustee, or Beneficiarythe Mortgagee, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest bid at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretosale.
Appears in 1 contract
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement (Sterling Chemical Inc)
Power of Sale. If an Event of Default should occur, Beneficiary may ------------- enforce payment direct Trustee to exercise Trustee’s power of sale with respect to the Mortgaged Property, or any part thereof, in a non-judicial procedure as permitted by applicable law. If Beneficiary elects to exercise its power of sale with respect to the Real Property and other portions of the obligations secured hereby and shallMortgaged Property, at its optionor any part thereof, execute or cause the Trustee to execute shall record a written notice of default in each city or county in which any part of such default Real Property and of its election to cause to be sold other Mortgaged Property is located in the Property to satisfy the obligations hereof, form prescribed by applicable law and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation mail copies of such notice in the manner prescribed by applicable law. After the time required by applicable law, Trustee shall give public notice of default, the sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on TrustorGrantor, shall sell said property at the time such Real Property and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, other Mortgaged Property at public auction to the highest bidder for cash at the time and place and under the terms designated in lawful money the notice of the United States, payable at time of salesale in one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any portion parcel of said property the Mortgaged Property in accordance with the provisions of applicable law. Trustee, Beneficiary, or their designee, may purchase at any such sale. Upon receipt of the price bid, Trustee shall deliver to the purchaser a Trustee’s deed conveying the Real Property and other Mortgaged Property that are sold. The recitals in the deed of compliance with applicable law shall be prima facie evidence of such compliance and conclusive evidence thereof in favor of bona fide purchasers and encumbrancers for value and without notice. Grantor acknowledges that the power of sale granted in this Deed of Trust may be exercised by public announcement at such time Trustee without prior judicial hearing. Grantor has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Grantor to acceleration and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its at the sale, within a reasonable time after the sale, a Trustee’s deed conveying the property Mortgaged Property so sold, but sold without any covenant or warrantwarranty, express or implied. The recitals in such Trustee’s deed of any matters or facts shall be conclusive proof prima facie evidence of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses truth of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretostatements made therein.
Appears in 1 contract
Samples: First Lien Indemnity Deed of Trust (Green Plains Inc.)
Power of Sale. If an Event of Default should occur, Should Beneficiary may ------------- enforce payment elect to foreclose by exercise of the obligations secured hereby and shall, at its option, execute or cause the Trustee to execute a written notice power of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of salesale herein contained, Beneficiary shall deliver to notify Trustee and shall deposit with Trustee this Deed of Trust and the Note or other such receipts and evidence of indebtedness which is expenditures made and secured herebyhereby as Trustee may require.
8.3.1 Upon receipt of such notice from Beneficiary, together Trustee shall cause to be recorded, published and delivered to Trustor notices of default and sale to be given in accordance with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law Applicable Laws, including NRS Chapter 107. Trustee shall, without demand on Trustor, after lapse of such time as may then be required by Applicable Laws and this Deed after recordation of Trust. Notice such notice of default and after notice of sale having been given as then required by law and not less than law, sell the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property Trust Estate at the time and place of sale fixed by it in said notice of sale, either as a whole whole, or in separate lots or parcels or items as Trustee shall deem expedient and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, States payable at the time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the such purchaser or purchasers thereof its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any personthereof of any Person, including Trustorincluding, Trusteewithout limitation, Trustor or Beneficiary, may purchase at such sale and Trustor hereby covenants to warrant and defend the title of such purchaser or purchasers against the claims of all Persons claiming by, through or under Trustor. To the maximum extent allowed by Applicable Laws, Beneficiary, if it is the purchaser, may apply the amount of the Secured Obligations then due and payable toward payment of the purchase price. To the maximum extent permitted by Applicable Laws, Trustor hereby waives its right, if any, to require that the Property be sold as separate tracts or units in the event of foreclosure.
8.3.2 Trustee, upon such sale. After , shall make (without any covenant or warranty, express or implied), execute and, after due payment made, deliver to purchaser or purchasers, or his or their heirs or assigns, a deed or deeds, or other record or records of interest, as the case may be, in and to the Property so sold that shall convey to the purchaser all the title and interest of Trustor in the Property (or the portion thereof sold), and after deducting all reasonable costs, fees, fees and expenses of Trustee and of this Deed of Trust, including cost costs of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale to payment of (i) to the payment of all sums expended under the terms hereof, not then repaid repaid, with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; Rate and (ii) all other sums then secured hereby; hereby and (iii) the remainder, if any, to the person Person or persons Persons legally entitled thereto.
8.3.3 Trustee may postpone sale of all or any portion of the Trust Estate by public announcement at such time and place of sale, or as otherwise permitted by Applicable Laws, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement or subsequently noticed sale, and without further notice make such sale at the time fixed by the last postponement, or may, in its discretion, give a new notice of sale. Beneficiary may rescind any notice of default at any time before Trustee's sale by executing a notice of rescission and recording the same. The recordation of such notice of rescission shall constitute a cancellation of any prior declaration of default and demand for sale. The exercise by Beneficiary of the right of rescission shall not constitute a waiver of any default then existing or subsequently occurring, or impair the right of Beneficiary to execute other declarations of default and demand for sale, or notices of default and of election to cause the Property to be sold nor otherwise affect the Loan Documents or this Deed of Trust, or any of the rights, obligations or remedies of Beneficiary or Trustee hereunder.
Appears in 1 contract
Power of Sale. If an Without limiting any other remedies set forth herein, in the event that a court of competent jurisdiction rules that this Master Lease constitutes a mortgage, deed of trust or other secured financing with respect to the Property as is the intent of the parties pursuant to Article XXV hereof, then the Agent Lessor and the Lessee agree that (i) the Lessee hereby grants to the Trustee and its successor and assigns in trust for the use and benefit of the Agent Lessor (for the benefit of the Lessors and the Lenders) a Lien against the Property (including the leasehold estate therein) WITH POWER OF SALE to the extent permitted by law, and that, upon the occurrence and during the continuance of any Lease Event of Default should occurDefault, Beneficiary may ------------- enforce payment of the obligations secured Trustee may, and is hereby irrevocably empowered to, with or without entry, and shallto the extent permitted by applicable law, at its option, execute sell or cause the sale of the Property or any part or parts thereof at one or more public auctions as an entirety or in parcels as the Trustee may elect free from any equity of redemption for cash, on credit, or for other property, for immediate or future delivery, and on such terms as the Trustee shall deem advantageous and proper, such sale or sales to be made in such manner and upon such notice and advertisement as may be required by applicable law, or in the absence of any such requirements, as the Trustee may deem appropriate, and to make conveyance to the purchase or purchasers. WAIVER: THE LESSEE ACKNOWLEDGES AND AGREES THAT IF IT DEFAULTS, A NON-JUDICIAL FORECLOSURE SALE OF THE PROPERTY, IF PERMITTED BY APPLICABLE LAW, MAY BE CONDUCTED WITHOUT A HEARING OF ANY KIND AND WITHOUT NOTICE BEYOND THE PUBLICATION AND POSTING OF THE NOTICE OF SALE AS REQUIRED BY LAW. THE LESSEE HEREBY WAIVES TO THE EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHTS IT MAY HAVE TO ANY SUCH HEARING AND NOTICE. Without limiting the generality of the foregoing, the Agent Lessor (or, to the extent required by law, the Trustee) may, if at the time such action may be lawful and always subject to compliance with any mandatory legal requirements, direct the Trustee to execute enforce its trust and to sell the Property, as an entirety or in parcels, by one sale or by several sales, held at one time or at different times, all as the Trustee acting may elect, each sale to be held at the location within the county courthouse designated for the holding of non-judicial foreclosure sales by the Commissioners Court of any county in which a written notice part of such default and of its election to cause the Property constituting real property to be sold is situated (or if no area has been so designated, then in an area within said courthouse described in the Property notice referred to satisfy the obligations hereof, below in this section and shall cause such notice to be recorded in made on the office first Tuesday of some month between the recorder hours of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust 10:00 A.M. and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction 4:00 P.M. to the highest bidder for cash at public venue, after the Trustee (or a person or persons selected by the Trustee) and Agent Lessor shall have given notices of the proposed sale in lawful money the manner hereinafter set forth, and to make due conveyance to the purchaser or purchasers, with special warranty of title or no warranty of title to such purchaser or purchasers binding upon the Lessee and its heirs, executors, administrators, and successors. Such sale must begin at the time stated in the notice referred to below in this section or not later than three hours after that time. The Lessee, for itself, its heirs and assigns, and for anyone who may claim by, through or under the Lessee, hereby expressly and specifically waives all rights to a marshaling of the assets of the Lessee, including the Property, or to a sale in inverse order of alienation. The Trustee (or a person or persons selected by the Trustee) shall give notice of each such proposed sale by posting written notice of the time, place, and terms of sale at the courthouse door, and by filing a copy of such written notice in the office of the county clerk, of the county in which the sale is to be made at least twenty-one (21) days preceding the date of the sale. In addition to the foregoing notice or notices to be posted and filed by the Trustee (or a person or persons selected by the Trustee), the Agent Lessor shall, at least twenty-one (21) days preceding the date of sale, serve or cause to be served written notice of the proposed sale by certified mail on each debtor obligated to pay such indebtedness according to the records of the Agent Lessor. The service of such notice shall be completed five (5) days after the deposit of the notice, enclosed in a postpaid wrapper, properly addressed to each such debtor at the most recent address (which shall be within the United States of America) as shown by the records of the Agent Lessor, in a post office or official depository under the care and custody of the United StatesStates Postal Service. The affidavit of any person having knowledge of the facts to the effect that such service was completed shall be prima facie evidence of the fact of service. In this respect and to the full extent it may legally do so, payable the Lessee also expressly covenants, stipulates, and agrees that: (i) the address of the Lessee set out in Section 26.4 hereof shall be deemed and considered conclusively to be and remain at time of sale. Trustee may postpone sale all times the most recent address of all or any portion debtors obligated to pay such indebtedness as shown by the records of said property by public announcement at the Agent Lessor, provided that such time and place address may be changed to some other address within the United States of sale, and America from time to time only by express written notice of change thereof signed by the Lessee and actually delivered to and received by the Agent Lessor and setting forth a new address which shall be within the United States of America and which shall be deemed and considered conclusively to be and remain at all times thereafter may postpone the recent address of the Lessee as shown by the records of the Agent Lessor until changed in the manner herein provided, (ii) the records of the Agent Lessor shall not be deemed to reflect any change in the name or identity of the Lessee (to whom notice of a proposed sale shall be required to be mailed as provided for above) unless and until express written notice of such change signed by the Lessee shall have been actually delivered to and received by the Agent Lessor, and (iii) no notice of such sale or sales other than the notices hereinabove provided shall be required to be given to the Lessee (or anyone who may claim by, through or under the Lessee) or any other persons and any other notice (including, without limitation, any notice of acceleration of, or intent to accelerate, the unpaid balance of the Notes and Certificates) is expressly waived. The provisions of this section with respect to posting, serving, filing, and giving notices of sale are intended to comply with the provisions of section 51.002 of the Property Code of the State of Texas (such section 51.002 being referred to as the "Subject Statute"). In the event the requirement for any notice, or the posting, serving, filing, or giving thereof, under the Subject Statute shall be eliminated or the prescribed manner of posting, serving, filing, or giving same is modified by public announcement at future amendment to the time fixed Subject Statute, the requirement for such particular notice shall be stricken from, or the manner of posting, serving, filing, or giving any notice hereunder modified in, this Master Lease in conformity with such amendment. The manner herein prescribed for posting, serving, filing, or giving any notice, other than that to be posted and filed or caused to be posted or filed by the preceding postponementTrustee, shall not be deemed exclusive but such notice or notices may be posted, served, filed, or given in any other manner which may be permitted by applicable law. Trustee shall deliver Further, in relation to this Master Lease and the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed exercise of any matters or facts power of sale by the Trustee hereunder, if the Subject Statute shall be conclusive proof of amended or modified to require any other notice or the truthfulness thereof. Any personposting, including Trustorfiling, Trusteeserving, or Beneficiarygiving thereof or any statute hereafter enacted shall require any other notice or the posting, may purchase at filing, serving, or giving thereof, the Trustee or the person selected by him is hereby authorized and empowered by the Lessee to give such sale. After deducting all reasonable costsnotice or make such posting, feesfiling, and expenses of Trustee and of this Trustserving, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, or giving thereof; provided, however, that the Lessee waives such interest rate shall in no event exceed other notice or the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainderposting, if anyfiling, serving, or giving thereof to the person full extent the Lessee may lawfully so do. Any provisions of this paragraph, or persons legally entitled theretoany amendments to or modifications of the Subject Statute to the contrary notwithstanding, the time periods provided for in the immediately preceding paragraph in respect of which the notices provided for in said paragraph are to be given shall not be shortened or eliminated as a result of any such amendment or modification. In addition to any other remedies granted in this Master Lease to the Agent Lessor or the Trustee (including specifically, but not limited to, the right to proceed against all the Property in accordance with the rights and remedies in respect to those portions of the Property which are real property pursuant to section 9.501(d) of the Uniform Commercial Code), the Agent Lessor may proceed under the Uniform Commercial Code as to all or any part of the personal property (tangible or intangible) and fixtures included with the Property (such portion of the Property being referred to herein as the "Personalty") and shall have and may exercise with respect to the Personalty all the rights, remedies, and powers of a secured party under the Uniform Commercial Code, including, without limitation, the right and power to sell, at one or more public or private sales, or otherwise dispose of, lease, or utilize the Personalty and any part or parts thereof in any manner authorized or permitted under the Uniform Commercial Code after default by a debtor, and to apply the proceeds thereof toward payment of any costs and expenses and attorney's fees and legal expenses thereby incurred by the Agent Lessor, and toward payment of the Indebtedness Hereby Secured in such order or manner as provided herein. Any requirement of said Code for reasonable notification shall be met by mailing written notice to the Lessee at its address set forth in Section 26.4 at least ten (10) days prior to the sale or other event for which such notice is required.
Appears in 1 contract
Samples: Master Lease, Deed of Trust and Security Agreement (Alumax Inc)
Power of Sale. If Upon the occurrence and during the continuance of an Event of Default should occurDefault, Beneficiary Lender, its successors and assigns, in addition to all other rights and remedies under this Security Instrument and the other Loan Documents, may ------------- enforce payment elect to cause the Property or any part thereof to be sold as follows:
(a) Lender may proceed as if all of the obligations secured hereby Property were real property, in accordance with subparagraph (c) below, or Lender may elect to treat any of the Property which consists of a right in action or which is property that can be severed from the Land without causing structural damage thereto as if the same were personal property, and shalldispose of the same in accordance with 12(a), separate and apart from the sale of real property, the remainder of the Property being treated as real property.
(b) Lender may cause any such sale or other disposition to be conducted immediately following the expiration of any grace period, if any, herein provided (or immediately upon the expiration of any redemption period required by law) or Lender may delay any such sale or other disposition for such period of time as Lender deems to be in its best interest. Should Lender desire that more than one such sale or other disposition be conducted, Lender may at its option, execute or 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 Lender may deem to be in its best interest.
(c) Lender may elect to sell the Property which is real property or which Xxxxxx has elected to treat as real property, upon such election Lender or Trustee shall give such Notice of Default and Election to execute a written notice Sell as may then be required by law. Thereafter, upon the expiration of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust time and the Note or other evidence giving of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. such Notice of sale having been given Sale as may then be required by law and not less than the time then required by law having elapsed after recordation of such notice of defaultlaw, Trustee, without demand on Trustor, shall sell said property at the time and place specified in the Notice of sale fixed Sale, shall sell such Property, or any portion thereof specified by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determineXxxxxx, at public auction to the highest bidder for cash in lawful money of the United States, payable at time subject, however, to the provisions of salesubparagraph (h) hereof. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of salefor good cause may, and upon request of Lender shall, from time to time thereafter may time, postpone such the sale by public announcement thereof at the time fixed by and place noticed therefor. If the preceding postponementProperty consists of several lots or parcels, Lender may designate the order in which such lots or parcels shall be offered for sale or sold. Any person, including Borrower, Trustee or Lender, may purchase at the sale. Upon any sale Trustee shall execute and deliver to the purchaser its or purchasers a deed or deeds conveying the property so sold, but without any covenant or warrantwarranty whatsoever, express or implied. The recitals in , whereupon such deed purchaser or purchasers shall be let into immediate possession.
(d) In the event of a sale or other disposition of any matters such property, or facts any part thereof, and the execution of a deed or other conveyance, pursuant thereto, the recitals therein of facts, such as a default, the giving of notice of default and notice of sale, demand that such sale should be made, postponement of sale, terms of sale, sale, purchaser, payment of purchase money, and any other fact affecting the regularity or validity of such sale or disposition, shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at truth of such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured herebyfacts; and (iii) the remainder, if any, any such deed of conveyance shall be conclusive against all persons as to the person or persons legally entitled theretosuch facts recited therein.
Appears in 1 contract
Power of Sale. If an Event of Default should occur, (i) Beneficiary may ------------- enforce require the Trustee, and the Trustee is hereby authorized and empowered, to enter and take possession of the Security and to sell all or part of the Security, at public auction, to the highest bidder for cash, free from equity of redemption, any statutory or common law right of redemption, homestead, dower, and all other rights and exemptions of every kind, all of which are hereby expressly waived, at the front door of any courthouse or other building in the county where any of the Security is situated, after first giving notice of the time, place and terms of sale, at least three (3) different times by publication in some newspaper published in the county in which the Security is located, the first of which publications shall be at least twenty (20) days previous to said sale and the Trustee shall execute a conveyance to the purchaser, and deliver possession to the purchaser, which Grantor binds itself shall be given without obstruction, hindrance, or delay. Said sale may be postponed or adjourned from time to time without re-advertising, and may be dismissed or not made. The acting Trustee is authorized to appoint an agent and auctioneer to make such sale in his absence, which sale shall be as valid as if made by said Trustee; and a cash deposit may be required as a condition for the acceptance of the bid.
(ii) The owners of any part of the indebtedness hereby secured may become the purchaser at any sale under this conveyance, and may apply all or any part of the Indebtedness as a set-off against its bid.
(iii) The Trustee shall execute and deliver a deed of conveyance to the purchaser, and all statements of fact in such deed relating to the non-payment of the obligations secured indebtedness hereby secured, the existence of the indebtedness, notices of advertisement, sale, receipt of money and shallappointment of substituted Trustee shall be prima facie evidence of the truth of such statements.
(iv) Trustee making such sale shall receive the proceeds thereof and shall apply the same as follows:
(1) first, at its optionto the payment of the expenses of making, execute or cause maintaining and executing this trust, protection of the Security, including the expense of any litigation and reasonable attorneys’ fees, and reasonable compensation to the Trustee; (2) second, to any advancements made by the Trustee or Beneficiary pursuant hereto, with interest thereon; (3) third, to execute the payment of the Indebtedness herein secured or intended so to be, in such order as Beneficiary shall elect, including any Default Prepayment Fee (as defined in the Note) to the extent permitted by applicable law, and any balance of said Indebtedness may be the subject of immediate suit; (4) and, fourth, should there by any surplus, Trustee will pay it to the Grantor, or to such person as may be legally entitled thereto; provided, however, that if it is uncertain which person or persons are so entitled, such remainder may be interpleaded in any court of competent jurisdiction, and the amount of any attorneys’ fees, court costs and expenses incurred in such action shall be a written notice part of the Indebtedness and shall be reimbursable from such remainder.
(v) The sale or sales by Trustee of less than the whole of the Security shall not exhaust the power of sale herein granted, and Trustee is specifically empowered to make successive sale or sales under such power until the whole of the Security shall be sold; and if the proceeds of such default and sale or sales of its election to cause to be sold less than the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office whole of the recorder of each county wherein said Property is situated. Prior to publication Security shall be less than the aggregate of the notice of saleIndebtedness and the expenses thereof, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence lien, security interest and assignment hereof shall remain in full force and effect as to the unsold portion of indebtedness which is secured hereby, together with a written request for the Trustee Security.
(vi) Beneficiary shall have the right to proceed with a sale foreclosure (judicial or nonjudicial) of the property described hereinliens and security interests hereunder without declaring the entire Indebtedness due, pursuant and in such event any such foreclosure sale may be made subject to the provisions unmatured part of law the Indebtedness; and any such sale shall not in any manner affect the unmatured part of the Indebtedness, but as to such unmatured part this Deed of TrustTrust shall remain in full force and effect just as though no sale had been made. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation The proceeds of such notice sale shall be applied as provided above, except that any surplus proceeds of default, Trustee, without demand on Trustor, such sale shall sell said property at be applied to the time and place prepayment of sale fixed by it in said notice of sale, either as a whole or in separate parcels and any other Indebtedness in such manner and order and to such extent as it may determineBeneficiary deems advisable, at public auction to the highest bidder for cash instead of being applied as set forth in lawful money subparagraph (4) of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of salesubsection (iv) above, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) only the remainder, if any, shall be applied as provided in subparagraph (4) of subsection (iv) above respecting application of surplus. Several sales may be made hereunder without exhausting the right of sale for any unmatured part of the Indebtedness.
(vii) Alternatively, this Deed of Trust may be foreclosed by appropriate judicial proceedings, at the option of Beneficiary.
(viii) If the Security conveyed herein should be situated in two or more counties or in two judicial districts of the same county, then the Trustee or any successor in said trust shall have full power, in case he is directed to foreclose under this instrument to select in which county or judicial district the person sale of the above Security shall be made; and such selection shall be binding upon the Grantor and Beneficiary and all persons claiming through or persons legally entitled theretounder them, whether by contract or by law.
(ix) The Trustee or any successors in trust shall have full power to fix the day, time, terms and place of sale and shall have full power to conduct any sale hereunder through an agent duly appointed by him for that purpose, but said appointment of an agent need not be recorded
Appears in 1 contract
Samples: Leasehold Deed of Trust and Security Agreement (Highland Hospitality Corp)
Power of Sale. If an Event of Default should occurshall have occurred and be continuing, the Beneficiary may ------------- enforce payment of sell or offer for sale the obligations secured hereby and shall, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and Premises in such portions, order and parcels as it the Beneficiary may determine, at public auction with or without having first taken possession of the same, to the highest bidder for cash at public auction. Such sale shall be made at the courthouse of the county wherein the Land (or any of that portion thereof to be sold) is situated (whether the parts or parcels thereof, if any, in lawful money different counties are contiguous or not, and without the necessity of having any personal property hereby mortgaged present at such sale) on the first Tuesday of any month between the hours of 10:00 a.m. and 4:00 p.m. after posting a written or printed notice or notices of the place, the earliest time at which the sale will begin and terms of the sale of the Trust Premises for twenty-one (21) days prior to the date of the sale at the courthouse door of the county in which the sale is to be made and at the courthouse door of any other county in which a portion of the Trust Premises may be situated and filing a copy of such notice(s) in the office of the county clerk in each of such counties, and by serving written notice of the proposed sale at least twenty-one (21) days preceding the date of sale by certified mail on each debtor obligated to pay the Secured Obligations according to the records of the Beneficiary. Service of such notice shall be completed upon deposit of the notice, enclosed in a postpaid wrapper, properly stamped and addressed to such debtor at the most recent address as shown by the records of the Beneficiary, in a post office or official depository under the care and custody of the United States. It is agreed that the posting and transmittal of notices may be performed by the Trustee, payable at time Beneficiary, or by any person acting for them. In lieu of sale. Trustee the foregoing, the sale may postpone sale be accomplished by following the procedures permitted or required by Section 51.002 of all or any portion of said property by public announcement at such time and place of salethe Texas Property Code, and as same may be amended from time to time thereafter time, relating to the sale of real estate and/or by the Texas Uniform Commercial Code-Secured Transactions (same being Chapter 9 of the Texas Business and Commerce Code) relating to the sale of personal property collateral after default by a debtor (as said Section and Chapter may postpone now exist or may hereafter be amended or succeeded), or by any other present or subsequent articles or enactments relating to the same. Nothing contained in this Section shall be construed to limit in any way the Trustee's rights to sell the Trust Premises by private sale if, and to the extent, that such private sale is permitted under the laws of the State or by public announcement at or private sale after entry of judgment by any court of competent jurisdiction ordering the time fixed by the preceding postponementsame. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without At any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) whether made under power herein contained, Section 51.002 of the Texas Property Code, the Texas Uniform Commercial Code-Secured Transactions, any other legal requirement or by virtue of any judicial procedure or any other legal right, remedy or recourse, it shall not be necessary for the Trustee to have physically present, or to have constructive possession of, the Trust Premises (Trustor hereby covenanting and agreeing to deliver to the payment Trustee any portion of all sums expended under the terms hereofTrust Premises not actually or constructively possessed by the Trustee immediately upon demand by the Trustee), not then repaid with accrued interest and the title to and right of possession of any such property shall pass to the purchaser thereof as completely as if the same had been actually present and delivered to purchaser at the Default Ratesuch sale, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and each instrument of conveyance executed by the Trustee shall contain a special warranty of title, binding upon Trustor, (iii) each and every recital contained in any instrument of conveyance made by the remainderTrustee shall conclusively establish the truth and accuracy of the matters recited therein, if anyincluding, without limitation, nonpayment of the Secured Obligations, advertisement and conduct of such sale in the manner provided herein and otherwise by law and appointment of any successor to the person Trustee hereunder, (iv) any and all prerequisites to the validity thereof shall be conclusively presumed to have been performed, (v) the receipt of the Trustee or of such other party or officer making the sale shall be a sufficient discharge to the purchaser or purchasers for his or their purchase money and no such purchaser or purchasers, or his or their assigns or personal representatives, shall thereafter be obligated to see to the application of such purchase money or be in any way answerable for any loss, misapplication or nonapplication thereof, (vi) to the fullest extent permitted by law, Trustor shall be completely and irrevocably divested of all of its right, title, interest, claim and demand whatsoever, either at law or in equity, in and to the property sold and such sale shall be a perpetual bar, both at law and in equity, against Trustor, and against any and all other persons legally entitled theretoclaiming or to claim the property sold or any part thereof, by, through or under Trustor, and (vii) to the extent and under such circumstances as are permitted by law, Beneficiary may be a purchaser at any such sale. The Trust Premises may be sold in one or more parcels and in such manner and order as Trustee, in its sole discretion, may elect, it being expressly understood and agreed that the right of sale arising out of any Event of Default shall not be exhausted by any one or more sales but other and successive sales may be made until all of the Trust Premises have been sold or until the Secured Obligations has been fully satisfied. In case Beneficiary shall have proceeded to invoke any right, remedy or recourse permitted under this Deed of Trust and shall thereafter elect to discontinue or abandon the same for any reason, Beneficiary shall have the unqualified right so to do and, in such event, Trustor and Beneficiary shall be restored to their former positions with respect to the Secured Obligations, the Trust Premises and otherwise, and the rights, remedies, recourses and powers of Beneficiary shall continue as if same had never been invoked.
Appears in 1 contract
Power of Sale. If an Event of Default should occurshall have occurred (other than an Event of default that has been waived in writing by Xxxxxx or confirmed as having been cured in writing by Xxxxxx), Beneficiary the Trustee or Lender may ------------- enforce payment (as permitted by law), at Xxxxxx’s sole discretion, sell, assign, transfer and deliver the whole or, from time to time, any part of the obligations secured hereby Collateral, or any interest in any part thereof, at any private sale or at public auction, with or without demand, advertisement or notice, for cash, on credit or for other property, for immediate or future delivery, and for such price or prices and on such terms as Trustee may determine, or as may be required by law. Without limiting the authority granted in the immediately preceding sentence, Trustee shall, at its optionwithout demand on Borrower, execute or cause after the Trustee to execute a written lapse of such time as may then be required by law, and notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then (including, without limitation, such notices as may be required by law having elapsed after recordation Section 51.002 of such notice of defaultthe Texas Property Code, Trusteeas amended), without demand sell the Collateral on Trustor, shall sell said property the date and at the time and place of sale fixed by it designated in said the notice of sale, either as a whole or in separate parcels and in such order as it Trustee may determine, but subject to any statutory right of Borrower to direct the order in which such property, if consisting of several known lots, parcels or interests, shall be sold, at public auction to the highest bidder for cash bidder, the purchase price payable in lawful money of the United States, payable States at the time of sale. Trustee may Trustee, or the one conducting the sale may, for any cause deemed expedient, postpone the sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone until it shall be completed and, in every such sale case, notice of postponement shall be given by public announcement declaration thereof by such person at the time fixed by and place last appointed for the preceding postponementsale; provided that, if the sale is postponed for longer than 10 days beyond the day designated in the notice of sale, notice of sale and notice of the time, date and place of sale shall be given in the same manner as the original notice of sale. Trustee shall execute and deliver to the purchaser its at any such sale a deed conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or BeneficiaryLender, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest bid at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretosale.
Appears in 1 contract
Power of Sale. If Upon the occurrence and during the continuance of an Event of Default should occurDefault, Beneficiary may ------------- enforce payment of and to the obligations secured hereby and shallextent authorized by applicable law, Lender, at its option, execute or cause the Trustee may sell, and is hereby authorized and empowered to execute a written notice of such default and of its election to cause to be sold sell the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office or any part of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note at one or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a more public sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property or sales conducted at the time and place and in the usual manner of the sheriff’s sales in the county in which the Land or any part of the Land is situated, to the highest bidder for cash, in order to pay the indebtedness secured hereby, and all expenses of sale fixed and of all proceedings in connection therewith, including reasonable attorney’s fees, in bar of the right and equity of redemption, homestead and all other rights and exemptions of every kind, if any (including, without limitation, all rights under any appraisement, valuation, stay or extension laws and all rights to have the Property marshaled upon foreclosure hereof), which may now or hereafter exist, all of which are hereby expressly waived by it Xxxxxxxxx, after first advertising the time, place and terms of sale once a week for four (4) weeks immediately preceding such sale (but without regard to the number of days) in a newspaper in which sheriff’s sales are advertised in said county, all other notice of being hereby waived by Xxxxxxxxx. At any such public sale, either Lender may execute and deliver to the purchaser a conveyance of the Property or any part of the Property in fee simple, with full warranties of title, and to this end Mortgagor hereby constitutes and appoints Lender the agent and attorney-in-fact of Mortgagor to make such sale and conveyance, and thereby to divest Mortgagor of all right, title and equity that Mortgagor may have in and to the Property and to vest the same in the purchaser or purchasers at such sale or sales, and all the acts and doings of said agent and attorney-in-fact are hereby ratified and confirmed, and any recitals in said conveyance or conveyances as to facts essential to a whole valid sale shall be binding upon Mortgagor. The aforesaid power of sale and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the other remedies provided hereby or by law for the collection of the indebtedness secured hereby, and shall not be exhausted by one exercise thereof but may be exercised until full payment of all of the indebtedness secured hereby. In the event of any sale under this Instrument by virtue of the exercise of the powers herein granted, or pursuant to any order in any judicial proceeding or otherwise, the Property may be sold as an entirety or in separate parcels and in such manner or order as it Lender in its discretion may determineelect, and if Lender so elects, Lender may sell the personal (movable) property covered by this Instrument concurrently with the real property covered hereby or at one or more separate sales in any manner permitted by any applicable Uniform Commercial Code, and one or more exercises of the powers herein granted shall not extinguish nor exhaust such powers, until the entire Property are sold or the indebtedness secured hereby is paid in full. Lender may, at public auction its option, sell the Property subject to the highest bidder for cash in lawful money rights of any tenants, licenses, or lessees of the United StatesProperty, payable and the failure to make any such tenants or licensees parties to any foreclosure proceedings and to foreclose their rights will not be asserted by Xxxxxxxxx to be a defense to any proceedings instituted by Xxxxxx to collect the indebtedness secured hereby. If the indebtedness secured hereby is now or hereafter further secured by any chattel mortgages, pledges, contracts of guaranty, assignments of lease or other security instruments, Lender may at time its option exhaust the remedies granted under any of said security either concurrently or independently, and in such order as Lender may determine in its discretion. Upon any foreclosure sale. Trustee , Lender may postpone sale of bid for and purchase the Property and shall be entitled to apply all or any portion part of said property by public announcement at the indebtedness secured hereby as a credit to the purchase price. In the event of any such time and place of sale, and from time to time thereafter may postpone such foreclosure sale by public announcement at the time fixed by the preceding postponement. Trustee Lender, Mortgagor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser its deed conveying or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Lender may proceed to enforce any right, power or remedy of foreclosure under this Instrument upon the property so sold, but occurrence and continuation of an Event of Default and without any covenant requirement or warrantcondition that a judgment against Xxxxxxxxx or any Borrower be obtained. In case Lender shall have proceeded to enforce any right, express power or implied. The recitals remedy under this Instrument by foreclosure, entry or otherwise or in such deed of any matters or facts shall be conclusive proof the event Lender commences advertising of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, feesintended exercise of the sale under power provided hereunder, and expenses of Trustee and of this Trustsuch proceeding or advertisement shall have been withdrawn, including cost of evidence of title and reasonable counsel fees discontinued or abandoned for any reason, then in connection with sale, Trustee shall apply the proceeds of sale every such case (i) Mortgagor and Lender shall be restored to the payment of all sums expended under the terms hereoftheir former positions and rights, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; rights, powers and remedies of Lender shall continue as if no such proceeding had been taken, (iii) each and every Event of Default declared or occurring prior or subsequent to such withdrawal, discontinuance or abandonment shall be deemed to be a continuing Event of Default, and (iv) neither this Instrument, nor the remainderNotes, if anynor the indebtedness secured hereby, nor any other Loan Document shall be or shall be deemed to have been reinstated or otherwise affected by such withdrawal, discontinuance or abandonment; and Mortgagor hereby expressly waives the person benefit of any statute or persons legally entitled theretorule of law now provided, or which may hereafter be provided, which would produce a result contrary to or in conflict with this sentence.
Appears in 1 contract
Samples: Act of Mortgage
Power of Sale. If Upon and during the continuance of an Event of Default should occurDefault, Beneficiary may ------------- enforce payment power is granted to Mortgagee to sell the Premises or any part thereof at public auction, and to convey same to the purchaser after notice as required by the statutes of the obligations State of Michigan for foreclosure of mortgages by advertisement being Sections 600.3201 et seq., Michigan Compiled Laws, as amended. Upon and during the continuance of an Event of Default, Mortgagee shall have the remedies of a secured hereby party under the Michigan Uniform Commercial Code, including without limitation, the right to notify account debtors and shall, at its option, execute to collect or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note compromise or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale sue xxx collection of all or any portion Accounts or and Specific Intangibles by any lawful means. For the purpose of said property taking possession of the Fixtures, Mortgagee may enter upon any premises on which the Fixtures or any part thereof may be situated and hold the Fixtures upon the Premises (without charge to Mortgagee), or dispose of the Fixtures or Goods on the Premises, or remove the same to such other place as Mortgagee shall determine. Upon demand by public announcement Mortgagee, Mortgagor shall assemble the Fixtures and make them available to Mortgagee at the Premises. Any requirement of notice under the Uniform Commercial Code shall be met if such time notice is mailed to Mortgagor, postage prepaid, at least ten (10) days before the event with respect to which notice is required. Mortgagee shall be entitled to recover all expenses incurred by Mortgagee in retaking, holding, preparing for sale, selling and place collecting the Fixtures, Accounts and Specific Intangibles, together with reasonable attorney's fees and other expenses incurred by Mortgagee in protecting and enforcing its rights and remedies with respect to the Indebtness, the Fixtures, Accounts and Specific Intangibles. WARNING - THIS PARAGRAPH 12. CONTAINS A WAIVER OF IMPORTANT LEGAL RIGHTS. This Mortgage contains a power of sale which permits the Mortgagee to cause the Premises to be sold upon an Event of Default. The Mortgagee may elect to cause the Premises to be sold by advertisement rather than pursuant to court action, and Mortgagor hereby voluntarily and knowingly waives any right Mortgagor may have by virtue of any applicable constitutional provision or statute to any notice or court hearing prior to the exercise of the power of sale, and from time to time thereafter except as may postpone such sale by public announcement at the time fixed be expressly required by the preceding postponementMichigan statute governing foreclosures by advertisement. Trustee shall deliver to the purchaser its deed conveying the property so soldIn addition, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if anyMortgagor, to the person extent permitted by law, hereby knowingly and voluntarily waives any right Mortgagor may have to remain in possession of the Premises or persons legally entitled theretoto collect any rents or income therefrom during the pendency of any foreclosure proceedings and during any applicable redemption period. Also, paragraph 17 entitles the Mortgagee to require immediate payment of the balance of the Indebtedness in full if the Premises are sold or otherwise transferred without the prior written consent of Mortgagee. By execution of this Mortgage, the Mortgagor represents and acknowledges that the meaning and consequences of this paragraph have been discussed as fully as desired by the Mortgagor with the Mortgagor's legal counsel.
Appears in 1 contract
Samples: Mortgage, Security Agreement, Assignment of Rents and Leases (General Host Corp)
Power of Sale. If an Event of Default should occur, Beneficiary may ------------- enforce payment foreclose the lien of the obligations secured hereby and shall, at its option, execute or cause the Trustee to execute a written notice of such default and of its election to cause to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and this Deed of Trust, insofar as it encumbers the Trust Property, either by judicial action or by non-judicial foreclosure through the Trustee. Notice Foreclosure through Trustee will be initiated by Beneficiary's filing of its notice of election and demand for sale having been given as then required by law and not less than with Trustee. Upon the time then required by law having elapsed after recordation filing of such notice of defaultelection and demand for sale, TrusteeTrustee shall promptly comply with all notice and other requirements of the laws of Colorado then in force with respect to such sales, without demand on Trustor, and shall sell said property at give four (4) weeks' public notice of the time and place of such sale fixed by it advertisement weekly in said some newspaper of general circulation then published in the county or city and county in which the Trust 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 Trust 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, either as a whole or in separate parcels and in such order as it may determine, at public auction . The proceeds of any sale under this section shall be applied first to the highest bidder for cash in lawful money fees and expenses of the United Statesofficer conducting the sale, payable and then to the reduction or discharge of the Obligations; any surplus remaining shall be paid over to Trustor 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 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 Trustor, the officer who conducted such sale shall 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 Trustor and all persons claiming under Trustor 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 Beneficiary 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 of saleforeclosure. Trustee may postpone sale of all or any portion of said property the Trust Property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warrant, express or implied. The recitals in such any deed executed pursuant to this power of sale of any matters or facts shall be conclusive proof of the truthfulness thereof. Any personAt any time before Trustee's sale pursuant to this paragraph, including TrustorBeneficiary may rescind any notice of breach or default and of election to cause the Trust Property to be sold by executing and delivering to Trustee a written notice of such rescission, which notice, when recorded, shall also constitute a cancellation of any prior declaration of default and demand for sale. The exercise by Beneficiary of such right of rescission shall not constitute a waiver of any breach or default then existing or subsequently occurring; impair the right of Beneficiary to execute and deliver to Trustee, or Beneficiaryas above provided, may purchase at such other declarations of default and demands for sale. After deducting all reasonable costs, fees, and expenses notices of Trustee breach or default, and of election to cause the Trust Property to be sold to satisfy the Obligations; or otherwise affect any provision, covenant or condition of the Note and/or of this TrustDeed of Trust and/or of any of the other Loan Documents or any of the rights, including cost obligations or remedies of evidence the parties thereunder or hereunder. Beneficiary may, by following the procedures and satisfying the requirements prescribed by applicable law, foreclose only a portion of title and reasonable counsel fees the Trust Property and, in connection with salesuch event, Trustee said foreclosure shall apply not affect the proceeds lien of sale (i) to this Deed of Trust on the payment remaining portion of all sums expended under the terms hereof, Trust Property not then repaid with accrued interest at the Default Rate, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled theretoforeclosed.
Appears in 1 contract
Samples: Note (Mego Financial Corp)