Common use of Power of Sale Clause in Contracts

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: Sizzler International Inc, Sizzler International Inc, Sizzler International Inc

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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 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 If allowed by law; (ii) all other sums then secured hereby; and (iii) the remainder, Beneficiary, if anyit 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 person or persons legally entitled theretosale.

Appears in 5 contracts

Samples: Recording (Speedway Motorsports Inc), G&l Realty Corp, G&l Realty Corp

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, 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 5 contracts

Samples: Security Agreement and Fixture Filing (MPG Office Trust, Inc.), Waiver and Agreement (Maguire Properties Inc), Cash Management Agreement (Maguire Properties Inc)

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: Security Agreement and Fixture Filing Statement (Green Plains Inc.), Green Plains Inc., 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. After deducting all reasonable costs, fees, and expenses Borrower hereby covenants to warrant and defend the title of Trustee and 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 Trust, including cost Deed of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale (i) Trust 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 extent required 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 3 contracts

Samples: Trust and Security Agreement (Behringer Harvard Reit I Inc), Trust and Security Agreement (Behringer Harvard Reit I Inc), Trust and Security Agreement (Behringer Harvard Reit I 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: Security Agreement and Fixture Filing Statement (Green Plains Inc.), Security Agreement and Fixture Filing Statement (Green Plains Inc.), Security Agreement and Fixture Filing Statement (Green Plains 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, 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 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. (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 3 contracts

Samples: And Security Agreement (Roberts Realty Investors Inc), Roberts Realty Investors Inc, Roberts Realty Investors 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 9 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: Green Plains Inc., Green Plains Inc., Green Plains 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 (Shelbourne Properties Ii Inc), Deed of Trust, Security Agreement (Shelbourne Properties Ii Inc), Deed of Trust, Security Agreement (Shelbourne Properties Ii Inc)

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: Sterling Chemical Inc, Sterling Chemical 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: Leiner Health Products Inc, Leiner Health Products Inc

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: Security Agreement (Terra Tech Corp.), Security Agreement (Terra Tech Corp.)

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), Security Agreement and Fixture Filing (FSP Phoenix Tower Corp)

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, 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: And Security Agreement (First Potomac Realty Trust), And Security Agreement (First Potomac Realty Trust)

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 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: Choicepoint Inc, Choicepoint Inc

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: Fixture Filing (Pretoria Resources Two, Inc), Fixture Filing (Sten 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 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: Green Plains Inc., Green Plains Inc.

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: Trust and Security Agreement, Trust and Security Agreement (Blue Ridge Real Estate Co)

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, 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: Property Management Agreement (Republic Property Trust), Security Agreement and Fixture Filing (Republic Property Trust)

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: Fixture Filing and Security Agreement (GNLV Corp), Fixture Filing and Security Agreement (GNLV Corp)

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: And Security Agreement (Koger Equity Inc), And Security Agreement (Koger Equity 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 and Remedies Agreement (Regeneron Pharmaceuticals, Inc.), Lease and Remedies Agreement (Regeneron Pharmaceuticals, 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: Debt and Security Agreement (Inland Western Retail Real Estate Trust Inc), Debt and Security Agreement (Inland Western Retail Real Estate Trust 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: And Security Agreement (Medalist Diversified REIT, Inc.), And Security Agreement (Medalist Diversified REIT, 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 9 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: Green Plains Inc., Green Plains Inc.

Power of Sale. If an Event Lender may elect to use the non-judicial power of Default should occursale which is hereby granted and conferred. Such power of sale shall be exercised by giving Borrower notice of Lender’s intent to foreclose by power of sale and setting forth among other things, Beneficiary may ------------- enforce payment 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 the Oklahoma Power of Sale Mortgage Foreclosure Act, 46 Okla. Stat. Section 40 et seq. (the “Act”), as the same may be amended from time to time or other applicable statutory authority. If no cure is effected within the statutory time limits, Lender may accelerate the indebtedness secured hereby by this Mortgage without further notice (the Act’s cure period shall run concurrently with any contractual provisions for notice and/or cure period before acceleration of the indebtedness) and shallmay then proceed in the manner and subject to the conditions of the Act to send to Borrower and other necessary parties a notice of sale and to sell and convey the Property and other collateral in accordance with the above referenced statutes. The sale shall be made at one or more sales, as an entirety or in parcels, upon such notice, at its optionsuch time and places, execute subject to all conditions and with the proceeds thereof to be applied all as provided in the Act. No action of Lender based upon the provisions contained herein or cause contained in the Trustee to execute a written Act, including, without limitation, the giving of the notice of such default and intent to foreclose by power 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 sale or the notice of sale, Beneficiary shall deliver to Trustee this Deed constitute an election of Trust and the Note remedies which would preclude Lender 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 foreclosure procedure. Borrower fully understands the time then required by law having elapsed after recordation consequences of such notice of default, Trustee, without demand conferring on Trustor, shall sell said property at Lender 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 above-described power of sale, and from time if Lender elects to time thereafter may postpone enforce this Mortgage by exercising 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 power 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 anyBorrower hereby expressly waives, to the person or persons legally entitled theretofullest extent permitted by Law, any right to a judicial hearing prior to the sale of the Property. A POWER OF SALE HAS BEEN GRANTED IN THIS MORTGAGE. A POWER OF SALE MAY ALLOW THE MORTGAGEE (LENDER) TO TAKE THE MORTGAGED PROPERTY AND SELL IT WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON DEFAULT BY THE MORTGAGOR (BORROWER) UNDER THIS MORTGAGE.

Appears in 2 contracts

Samples: www.sec.gov, Behringer Harvard Opportunity REIT II, 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, 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: Trust and Security Agreement (Silicon Laboratories Inc), Trust and Security Agreement (Silicon Laboratories 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: Security Agreement and Fixture Filing (Claires Stores Inc), 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: Trust and Security Agreement (Silicon Laboratories Inc), Trust and Security Agreement (Silicon Laboratories Inc)

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: Subsidiary Stock Pledge Agreement (Quixote Corp), Subsidiary Stock Pledge Agreement (Quixote 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: Green Plains Inc., Green Plains 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 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 2 contracts

Samples: Credit and Guaranty Agreement (Tumi Holdings, Inc.), Pledge and Security Agreement (Tumi Holdings, 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 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: Pledge and Security 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 (LEM America, Inc), Deed of Trust, Security Agreement (LEM America, Inc)

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: www.sec.gov, Desert Hawk Gold 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 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: Pledge and Security Agreement (Marriott Vacations Worldwide Corp), Sale Agreement (Marriott Vacations Worldwide Corp)

Power of Sale. If an Event of Default should occurshall have occurred and is continuing, Beneficiary Mortgagee may ------------- enforce payment of ,under 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 power of sale having been given as then required by law and not less than herein granted to Mortgagee, 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 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 Mortgaged Property to the highest bidder for cash at public auction in lawful money front of the United Statescourthouse door in the county or counties, payable at time as may be required, where the Mortgaged Property is located, either in person or by auctioneer, after having first given notice of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time the time, place and place terms of sale, and from time together with a description of the Mortgaged Property to time thereafter be sold, by publication once a week for three (3) successive weeks prior to said sale in some newspaper published in said county or counties, as may postpone such be required, and, upon payment of the purchase money, Mortgagee or any person conducting the sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver for Mortgagee is authorized to execute to the purchaser its at said sale a deed conveying to the property Mortgaged Property so soldpurchased, but without any covenant or warrant, express or implied. The recitals and all statements of fact in such deed relating to the nonpayment of any matters or facts the indebtedness hereby secured, the existence of the indebtedness, notices of advertisement, sale, receipt of money and appointment of substituted Mortgagee shall be conclusive proof prima facie evidence of the truthfulness thereoftruth of such statements. Any person, including Trustor, TrusteeMortgagee may bid at said sale and purchase the Mortgaged Property, or Beneficiaryany part thereof, may purchase at such saleif the highest bidder therefor. 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 At the foreclosure sale, Trustee shall apply the proceeds 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 as Mortgagee may elect. The foregoing 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, way impair or limit any remedies otherwise available to the person or persons legally entitled theretoMortgagee.

Appears in 1 contract

Samples: Assignment and Assumption (LSB Industries 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: Security Agreement and Fixture Filing Statement (Green Plains Inc.)

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 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 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: Fixture Filing and Security Agreement (GNLV Corp)

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.

Appears in 1 contract

Samples: Ag-Chem Equipment Co Inc

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

Samples: Security Agreement and Fixture (Sterling Chemical Inc)

Power of Sale. If an Event To the extent permitted by applicable law, each Party hereby grants to the other Parties a power of Default should occursale ("Power of Sale") as to any property that is subject to the liens and security rights granted hereunder, 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 power to be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded exercised in the office of the recorder of each county wherein said Property is situatedmanner provided by applicable law or otherwise in a commercially reasonable manner and upon reasonable notice. 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 this Section 6.3.a(viii), if a Party should elect to foreclose the lien (the "Lien") granted to such Party (the "Foreclosing Party") pursuant to this Section 6.3.a(viii) against the interests in the leasehold estate of the Leases ("Real Property Interest") of a Party that has failed to perform any of its obligations hereunder (the "Defaulting Party"), the Parties hereby authorize a non‑judicial sale under the laws of the State of Texas, and is hereby appointed as Trustee for such purpose (whether the Trustee named herein or appointed as a substitute or successor Trustee pursuant to the terms of this Deed Agreement, the "Trustee"). The Operator may appoint a substitute or successor Trustee in the event the Trustee above named resigns or is unable for any reason to serve. Upon such default, and upon request by the Foreclosing Party to the Trustee to foreclose the Lien pursuant to this Power of TrustSale, the Trustee shall, at least twenty‑one (21) days preceding the date of non‑judicial sale, serve written notice of the proposed sale by certified mail on the Defaulting Party according to the records of the Operator. 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 Service of such notice shall be deemed completed upon the deposit in a post office or other official depository under the care and custody of defaultthe United States Postal Service of such notice enclosed in a postpaid wrapper properly addressed to the Defaulting Party, Trusteetogether with each other Party obligated to pay the obligations secured by the Lien, without demand on Trustor, shall sell said property at the time and place most recent address or addresses shown on the records of sale fixed by it the Operator. 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. After such notice, the Trustee shall proceed to sell all of the Real Property Interest of the Defaulting Party in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, the Contract Area at public auction to the highest bidder for cash in lawful money after having given notice 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 salesale and in the manner and after the advertisement of such sale as required by the statutes of the State of Texas in making sales of real estate under deeds of trust. Sale of a part of the Defaulting Party's Real Property Interest in the Contract Area shall not exhaust the Power of Sale, and subsequent sales may be made from time to time thereafter until all of such Real Property Interest is sold or the obligations of the Defaulting Party secured by the Lien are paid in full. The Trustee shall have the authority to appoint an attorney in fact to act as Trustee in conducting the foreclosure sale and executing a deed to the purchasers. It is further agreed that the Trustee may postpone sell the full Real Property Interest of the Defaulting Party in the Contract Area or may limit such sale by public announcement at to such portions of the time fixed by Real Property Interest of the preceding postponement. Defaulting Party in the Contract Area as the Trustee shall deem expedient. After the completion of any sale pursuant hereto, the Trustee shall make, execute, and deliver to the purchaser its deed conveying or purchasers of the property so soldReal Property Interest of the Defaulting Party in the Contract Area good and sufficient deeds, but without any covenant assignments, or warrant, express or implied. The recitals other lawful conveyances to vest in such deed of any matters purchaser or facts shall be conclusive proof purchasers title to such Real Property Interest in fee simple together with all personal property used or obtained in connection therewith and together with all of the truthfulness thereof. Any person, including Trustor, Trustee, proceeds of production attributable thereto on or Beneficiary, may purchase at subsequent to the effective date 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 From the proceeds of sale (i) to such sale, the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined Trustee shall make disbursements 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.following order:

Appears in 1 contract

Samples: ocsadvisoryboard.org

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

Samples: Ensign Group, Inc

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 postponementany 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 68 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. Section 24.3.

Appears in 1 contract

Samples: Trust and Security Agreement

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.

Appears in 1 contract

Samples: Financing Statement (Primeenergy Corp)

Power of Sale. If an Event of Default should occurshall have occurred and is continuing, Beneficiary may ------------- enforce payment Mortgagee may, under the power of sale herein granted to Mortgagee, take possession of the obligations secured hereby Mortgaged Property and shall, at its option, execute sell all 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 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 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 determineMortgaged Property, at public auction auction, to the highest bidder for cash 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 lawful money the county where any of the United StatesMortgaged Property is situated, payable according to the laws of the State of Arkansas. The owners of any part of the indebtedness hereby secured may become the purchaser at time any sale under this conveyance. The Mortgagee shall execute and deliver a deed of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of saleconveyance to the purchaser, 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 all statements of fact in such deed relating to the nonpayment of any matters or facts the indebtedness hereby secured, the existence of the indebtedness, notices of advertisement, sale, receipt of money and appointment of substituted Mortgagee shall be conclusive proof prima facie evidence of the truthfulness thereoftruth of such statements. Any person, including Trustor, Trustee, or Beneficiary, may purchase at Mortgagee making such sale. After deducting all reasonable costs, fees, sale shall receive the proceeds thereof 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 same as follows: (i) first, to the payment of all sums expended under the terms hereofexpenses of making, not then repaid with accrued interest at maintaining and executing this Mortgage, protection of the Default RateMortgaged Property, as defined in including the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by lawexpense of any litigation and reasonable attorneys’ fees; (ii) all other sums then secured herebysecond, to any advancements made by the Mortgagee pursuant hereto, with interest thereon; and (iii) the remainder, if anythird, to the payment of the Secured Obligations herein secured or intended so to be, in such order as Mortgagee shall elect, and any balance of said Secured Obligations may be the subject of immediate suit; (iv) and, fourth, should there be any surplus, Mortgagee will pay it to the Mortgagor, or to such person or persons as may be legally entitled thereto.

Appears in 1 contract

Samples: Assignment and Assumption (LSB Industries 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.

Appears in 1 contract

Samples: Amerivest Properties 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, 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: Sterling Chemical 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: Grand Prix Association of Long Beach Inc

Power of Sale. If This paragraph shall be deemed to be part of Section 21 (Additional Remedies) of this Deed, and shall be in addition to and supplementary to the remedies provided in that Section. Whenever an Event of Default should occurunder this Deed shall have occurred, Beneficiary may ------------- enforce payment of the obligations secured hereby and shallGrantee, at its option, execute may sell the Trust Property or cause any part of the Trustee Trust Property at one or more public sale or sales at the usual place for conducting sales 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 Indebtedness secured hereby, 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 sheriffs sales are advertised in said county, all other notice being hereby waived by Grantor. At any such public sale, Grantee may execute and deliver to the purchaser a conveyance of the Trust Property or any part of the Trust Property in fee Loan No. 6518403 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 Trust 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 sold the Property to satisfy the obligations hereofbinding upon Grantor. The aforesaid power of sale and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, and shall cause such notice to not be recorded in the office exhausted by one exercise thereof but may be exercised until full payment of all of the recorder debt secured hereby. In the event of each county wherein said Property is situated. Prior to publication any sale under this Deed by virtue 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 exercise of the property described hereinpowers 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 Trust 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 discretion may determineelect, and if Grantee so elects, Grantee may sell the personal property covered by this Deed 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 nor exhaust such powers, until the entire Trust Property are sold or the debt secured hereby is paid in full. Grantee may, at public auction its option, sell the Trust Property subject to the highest bidder for cash in lawful money rights of any tenants of the United StatesTrust Property, payable and the failure to make any such tenants 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 Grantee to collect the debt secured hereby. If the debt secured hereby is now or hereafter further secured by any chattel Deeds, pledges, contracts of guaranty, assignments of lease or other security deeds, Grantee may at time its option exhaust the remedies granted under any of said security either concurrently or independently, and in such order as Grantee may determine in its discretion. Upon any foreclosure sale. Trustee , Grantee may postpone sale of bid for and purchase the Trust Property and shall be entitled to apply all or any portion part of said property by public announcement at the debt 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 Grantee, 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. In case Grantee shall have proceeded to enforce any right, power or remedy under this Deed by foreclosure, entry or otherwise or in the property so soldevent Grantee commences advertising of the intended exercise of the sale under power provided hereunder, but without and such proceeding or advertisement shall have been withdrawn, discontinued or abandoned for any covenant reason, then in every such case (i) Grantor and Grantee shall be restored to their former positions and rights, (ii) all rights, powers and remedies of Grantee shall continue as if no such proceeding had been taken, (iii) each and every Event of Default declared or warrantoccurring prior or subsequent to such withdrawal, express discontinuance or implied. The recitals in abandonment shall be deemed to be a continuing Event of Default, and (iv) neither this Deed, nor the Note, nor the other debt secured hereby, nor any Loan Document shall be or shall be deemed to have been reinstated or otherwise affected by such deed withdrawal, discontinuance or abandonment; and Grantor hereby expressly waives the benefit of any matters statute or facts shall rule of law now provided, or which may hereafter be conclusive proof provided, which would produce a result contrary to or in conflict with this sentence. In the event of a sale of the truthfulness Trust Property or any part 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 (ishall be applied as set forth in Section 2l(b) 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 theretothis Deed.

Appears in 1 contract

Samples: And Security Agreement (Inland Western Retail Real Estate Trust Inc)

Power of Sale. If an To the extent available under Applicable Law, without limiting any other remedies set forth herein, in the event that a court of competent jurisdiction rules that each of the Master Lease and this Lease Supplement constitutes a mortgage, deed of trust or other secured financing with respect to the Subject Property as is the intent of the parties pursuant to Article XXV of the Master Lease, then the Lessor and the Subject Lessee agree that (i) the Subject Lessee hereby grants to the Lessor and the Lenders a Lien against the Subject Property (including the fee simple 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 hereby Lessor shall have the power and shallauthority, at its optionto the extent provided by law, execute or cause the Trustee to execute a written after proper notice and lapse of such default and of its election to cause to time as 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 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 Subject Property (including the fee simple estate therein) at the time and place of sale fixed by it the 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 the 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 THE LESSOR TO TAKE THE SUBJECT PROPERTY AND SELL THE SUBJECT PROPERTY (INCLUDING THE FEE SIMPLE ESTATE THEREIN) WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON THE OCCURRENCE AND CONTINUANCE OF A LEASE EVENT OF DEFAULT UNDER THE MASTER LEASE, and (ii) upon the occurrence and during the continuance of a Lease Event of Default, the 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 Subject Property), or any portion against the Subject 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 Master 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 Master 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 Subject 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 thereto.Properties are located.3

Appears in 1 contract

Samples: Participation Agreement (Cardinal Health Inc)

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

Samples: Instrument Contains (Colony Energy, Inc.)

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

Appears in 1 contract

Samples: Assignment and Security Agreement (Sterling Chemical Inc)

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, 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 1 contract

Samples: And Security Agreement (Behringer Harvard Reit I 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 theretosale.

Appears in 1 contract

Samples: Ensign Group, Inc

Power of Sale. If an Event of Default should occurshall have occurred, Beneficiary Trustee shall, upon request of Lender, sell the Mortgaged Property (or, if the Mortgaged Property shall consist of more than one parcel, such parcel or parcels thereof as Lender may ------------- enforce payment select) for cash or upon such terms and conditions as they may deem expedient, and at such time as they may consider advisable, at public auction at the Mortgaged Property, in front of the obligations secured hereby Circuit Court building of the city or county in which the Mortgaged Property is located, or such other place within the city or county in which the Mortgaged Property is located, after giving notice thereof to Borrower by having first advertised the time, place and shallterms of sale for five (5) successive times, at its optionwhich may be five (5) successive days, execute or cause the Trustee to execute in 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 newspaper having a general circulation in the office of county or city in which the recorder of each county wherein said Mortgaged Property or some portion thereof is situatedlocated; provided, however, that such sale must not be held earlier than eight (8) days following the first advertisement nor more than thirty (30) days following the last advertisement. Prior to publication A copy of the notice of sale shall be sent by certified mail to Borrower no less than fourteen (14) days prior to the date of sale, Beneficiary . Trustees shall deliver have the right to make further public advertisement as they deem advisable. Trustee this Deed shall apply the proceeds 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 any such sale as provided in Section 55-59.4.3 of the property described hereinCode of Virginia, pursuant as amended. At any sale made under the terms hereof, Trustee may require from each bidder, before his bid is received, a deposit of not more than ten percent (10%) of the sale price. Prior 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 at the time and place of the sale, Trustee may, in its discretion, postpone the sale, in which event notice of such postponement shall be published in the same manner as the original advertisement of sale fixed or as otherwise required by it Virginia law. Trustee's commission in said notice the event of advertisement, but payment before sale, either as a whole shall be reasonable fees not in excess of two and one-half percent (2 1/2%) of the outstanding Secured Obligations. The exercise of the power of sale hereunder by Trustee on one or more occasions shall not be deemed to extinguish the power of sale which power of sale shall continue in separate parcels full force and in such order as it may determine, at public auction effect until all of the Mortgaged Property shall have been finally sold and property conveyed 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 purchasers at the time fixed by the preceding postponementsales. Trustee shall deliver to the purchaser at any such trustee's sale its deed conveying deed, without warranty, which shall convey to the property so soldpurchaser the interest in the Mortgaged Property which Borrower has or has the power to convey at the time of the execution of the Security Instrument, but without any covenant or warrant, express or impliedand such as it may have acquired hereafter. The recitals Trustee's deed shall recite the facts showing that the sale was conducted in such deed compliance with all the requirements 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 law and of this TrustSecurity Instrument, including cost of which recital shall be prima facie evidence of title such compliance and reasonable counsel fees conclusive evidence thereof in connection with sale, Trustee shall apply the proceeds favor 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; bona fide purchasers and (iii) the remainder, if any, to the person or persons legally entitled theretoencumbrancers for value.

Appears in 1 contract

Samples: Trust and Security Agreement (Wells Real Estate Investment Trust Inc)

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 of 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 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 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, 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 1 contract

Samples: Security Agreement (Behringer Harvard Reit I 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. 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.

Appears in 1 contract

Samples: Security Agreement and Fixture Filing (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 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: Inland Western Retail Real Estate Trust Inc

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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, Security Agreement and Financing Agreement (Fred Meyer Inc)

Power of Sale. If an Event Lender may instruct Trustee to exercise the power of Default should occursale granted hereunder and upon such instruction it shall be lawful for and the duty of Trustee, Beneficiary may ------------- enforce payment and Trustee is hereby authorized and empowered, to expose to sale and to sell the Secured Property or any part thereof at public sale for cash, in compliance with all applicable requirements of North Carolina law. The sale or sales by Trustee of less than the whole of the obligations secured hereby Secured Property shall not exhaust the power of sale herein granted, and shallTrustee is specifically empowered to make successive sale or sales under such power, at its optionand in such order as Trustee may determine, execute or cause until the Trustee to execute a written notice whole of the Secured 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 Secured Property is situated. Prior to publication shall be less than the aggregate of the notice of saleSecured Obligations 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 hereinSecured Property just as though no sale or sales had been made; ; provided, pursuant however, that Trustor shall never have any right to require the provisions sale or sales 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 whole of such notice the Secured Property, but Lender shall have the right, at its sole election, to request Trustee to sell less than the whole of default, Trustee, without the Secured Property. Neither Trustee nor Lender shall have any obligation to make demand on TrustorTrustor before any trustee’s sale. From time to time in accordance with then applicable law, shall sell said property Trustee may, and in any event at Lxxxxx’s request shall, postpone any trustee’s sale by public announcement at the time and place of noticed for that sale. Trustee may require minimum bids at any foreclosure sale fixed and may cancel and abandon the sale if no bid is received that is equal to or greater than such minimum bid. If foreclosure should be commenced by it in said notice of Trustee, Lender may at any time before the sale direct Trustee to abandon the sale for any reason, and may at any time or times thereafter direct Trustee to again commence foreclosure. At any trustee’s sale, either as a whole or in separate parcels and in such order as it may determine, at public auction Trustee shall sell to the highest bidder at public auction for cash in lawful money of the United States, payable at time or such other form of salepayment satisfactory to Trustee. Any Person, including Trustor, Trustee or Lender, 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 purchase at the time fixed trustee’s sale to the extent permitted by then applicable law. Lender shall have the preceding postponementbenefit of any law permitting credit bids. Trustee shall execute and deliver to the purchaser its purchaser(s) a deed or deeds conveying the property so sold, but being sold without any covenant or warrantwarranty whatsoever, express or implied. The recitals in any such deed of any matters or facts, including any facts bearing upon the regularity or validity of any trustee’s sale, shall be conclusive proof of the truthfulness thereoftheir truthfulness. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting deed shall be conclusive against 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) Persons as to the payment of all sums expended under the terms hereof, not then repaid with accrued interest at the Default Rate, as defined facts recited 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 theretoit.

Appears in 1 contract

Samples: Arrived Homes, LLC

Power of Sale. If an Event of Default should occurshall have occurred and be continuing, the Beneficiary may ------------- enforce payment of the obligations secured hereby and shall, at its option, execute or cause direct the Trustee to execute a written notice of such default and of its election to cause to be sold sell or offer for sale 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 Beneficiary, or by any person acting for them. In lieu of the foregoing, the sale may be accomplished by following the procedures permitted or required by Section 51.002 of the Texas Property Code, as same may be amended from time to 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 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 or private sale after entry of judgment by any court of competent jurisdiction ordering the same. At any such 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 Trustee any portion of the Trust Premises not actually or constructively possessed by the Trustee immediately upon demand by the Trustee), 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 time such sale, (ii) 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 Trustee shall conclusively establish the truth and accuracy of the matters recited therein, including, 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 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 claiming 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 and Beneficiary, in their 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 have been fully satisfied. The Trustee may postpone the sale of all or any portion of said property such Trust Premises by public announcement at such the time and place of such sale, and from time to time thereafter may further postpone such sale by public announcement made at the time of sale fixed by the preceding postponement. Trustee In case Beneficiary shall deliver 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 purchaser its deed conveying Secured Obligations, 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, feesTrust Premises and otherwise, and expenses the rights, remedies, recourses and powers of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee Beneficiary 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, continue 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 theretosame had never been invoked.

Appears in 1 contract

Samples: Security Agreement (Sterling Chemicals Inc)

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 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 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 Mortgagee 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 secured hereby or by the Other Mortgage 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.

Appears in 1 contract

Samples: Security Agreement and Fixture Filing (Inland American Real Estate Trust, Inc.)

Power of Sale. If an Event of Default should occurshall have occurred and is continuing, Beneficiary may ------------- enforce payment of the obligations secured hereby and shallTrustee, at its option, execute either 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 without entry or taking possession as provided 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 or otherwise, and the Note without regard to whether or other evidence of indebtedness which is secured herebynot Indebtedness shall have been accelerated, together with a written request for the Trustee to proceed with a sale of the property described herein, pursuant and without prejudice to the provisions right 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 thereafter to bring an action of foreclosure or any other action for any default existing at the time and place of such earlier action was commenced or arising thereafter, may sell or offer for sale fixed by it in said notice of salethe Property, either as a whole or in separate parcels and in such portions, order and parcels as it Trustee may determine, at public auction with or without having first taken possession of same, to the highest bidder for cash in lawful money of the United StatesStates at public auction in accordance with applicable law, payable at time or the UCC, and in the event of a sale, by foreclosure or otherwise, of less CHICAGO/#2321273.5 than all of the Property, this Deed of Trust shall continue as a lien and security interest on the remaining portion of the Property. 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 and place noticed for the sale. If the Property consists of several lots, parcels or items of property, Trustee may, in its sole discretion and to the extent permitted by applicable law: (i) designate the preceding postponementorder in which such lots, parcels or items shall be offered for sale or sales, 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 Trustee or Agent, as the case may be, deems in its best interest. Should Trustee desire that more than one sale or other disposition of the Property or any portion thereof be conducted simultaneously, or successively, on the same day, or at such different days or times and in such order as Trustee may deem to be in its best interests, no such sale shall terminate or otherwise affect the lien and security interest of this Deed of Trust on any part of the Property not sold until all the Indebtedness has been fully satisfied. Grantor shall pay the costs and expenses of any sale of the Property, whether one or more, and of any judicial proceedings wherein the same may be made, and shall pay all expenses, liabilities and advances made or incurred by Trustee in connection with such sale or sales, together with interest on all such advances made by Trustee at the Default Rate. 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 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 or deeds shall be conclusive against all persons as to the person or persons legally entitled theretosuch facts recited therein.

Appears in 1 contract

Samples: Security Agreement (Emeritus Corp\wa\)

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 granted 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 Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note Premises 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 Premises so sold to the purchaser in fee simple. In the event of a sale of the Premises 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 attorneys' fees incurred by lawTrustee for legal services actually performed; (ii) to the reimbursement of Beneficiary for all 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 Obligations (including, without limitation, reasonable attorneys' fees); (iii) to the payment of the Obligations 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 sale to another purchaser pursuant to an upset bid or if Trustee is unable to convey the portion of the Premises 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 25-9-501(4) 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 Premises which constitutes personal property. If personal property is sold hereunder, it need not be at the place of sale. The Premises may be sold in such parcels or lots without regard to principles of marshalling 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 Premises shall have been finally sold and properly conveyed to the purchasers at the sale. The Trustee shall be entitled to a reasonable commission for a completed or uncompleted foreclosure.

Appears in 1 contract

Samples: Winston Hotels Inc

Power of Sale. If an Event To the extent and in the manner permitted by the laws of Default should occurthe State of Missouri, Beneficiary may ------------- enforce require the Trustee, and the Trustee is hereby authorized and empowered to do any one or more of the following: (i) Enter upon and take possession of the Land without the appointment of a receiver, or an application therefor, employ a managing agent of the Land and operate or lease the same, either in its own name, or in the name of the Grantor, and receive the Rents and apply the same, after payment of all necessary charges and expenses, on account of the obligations indebtedness secured hereby; and (ii) to sell all or part of the Land at public auction, to the highest bidder for cash, free from the equity of redemption, whether statutory or common law, the rights of homestead, dower, marital share, and all other rights and exemptions of every kind, all of which are hereby expressly waived, after giving notice of the time and place of such sale and of the Land to be sold, by publication of such notice at least three (3) different times in some newspaper published in any county and state where some part of the Land is situated, the first of which publications shall be at least twenty-one (21) days previous to said sale, and on the day and at the front door of the County Court House in any county and state where some part of the Land is situated, being the place fixed in said notice, between the hours of 10:00 a.m. and 2:00 p.m., which notice may be given before or after entry by the Trustee or as otherwise required by applicable law. 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. The Trustee may sell all or any portion of the Land, together or in lots or parcels, and may execute and deliver to the purchaser or purchasers of such Land a conveyance in fee simple. The Trustee making such sale shall receive the proceeds thereof and shall apply the same as set forth in Section 5.2 of this Deed of Trust. The sale or sales by the Trustee of less than the whole of the Land shall be without regard to any right of Grantor or any other person to the marshalling of assets and shall not exhaust the power of sale herein granted, and the Trustee is specifically empowered to make successive sale or sales under such power until the whole of the Land shall be sold; and if the proceeds of such sale or sales of less than the whole of the Land shall be less than the aggregate of the Obligations secured hereby and shallthe expenses thereof, 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 lien, security interest and assignment hereof shall remain in full force and effect as to the unsold portion of the Land; provided, however, that Grantor shall never have any right to require the sale or other evidence sales of indebtedness which is secured herebyless than the whole of the Land, together with a written request for but the Beneficiary shall have the right at its sole election, to require the Trustee to proceed with a sale sell less than the whole of the property described hereinLand. The Beneficiary may bid and become the purchaser of all or any part of the Land at any such sale, pursuant to and the provisions amount of Beneficiary’s successful bid may be credited on the Obligations secured hereby. Any and all such sales and deeds shall be a perpetual bar, both in law and equity (including the statutory right of redemption), against Grantor and its heirs, successors and assigns, and all other persons claiming the Land or any part thereof, by, from, through or under Grantor. Immediately upon the filing of any foreclosure proceeding under this Deed of Trust, there shall be and become due and owing by Grantor all expenses incident to any foreclosure proceedings under this Deed of Trust. Notice of sale having been given as then required by law and not less than The Beneficiary or 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 proceed by a suit or suits in equity or at law, whether for the specific performance 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 agreement herein contained or implied. The recitals in such deed aid of the execution of any matters power herein granted, or facts shall be conclusive proof for any foreclosure hereunder or for the sale of the truthfulness thereof. Any person, including Trustor, Trustee, Land 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 any personal property 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 judgment or persons legally entitled theretodecree of any court or courts of competent jurisdiction.

Appears in 1 contract

Samples: Green Plains Renewable Energy, Inc.

Power of Sale. If the unpaid principal amount of and interest ------------- on the Secured Obligations shall have become due and payable (whether at maturity or as an Event installment of Default should occurcombined principal and interest or by reason of any prepayment requirement or by declaration or acceleration or otherwise) and shall not have been paid, the Beneficiary may ------------- enforce payment 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 the Beneficiary in its uncontrolled discretion may determine, or as may be required by law. Without limiting the authority granted in the immediately preceding sentence, the Beneficiary shall, at its optionwithout demand on the Trustor, execute or cause after the Trustee to execute a written notice lapse of such default and of its election to cause to time as may then be sold required by law following 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 recordation of the 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 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 Beneficiary 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; provided that, if the sale is postponed for longer than one day -------- ---- beyond the day designated in the notice of sale, notice of sale, notice of the time, date and place of sale shall be given in the same manner as the original notice of sale. Trustee The Beneficiary shall execute and deliver to the purchaser its at any such sale a Beneficiary's deed conveying the property so sold, but without any covenant or warrantwarranty, express or implied. The recitals in such Beneficiary's deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any personPerson, including Trustor, Trustee, or the 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 The Beneficiary shall apply the proceeds of sale (i) the sale, to the extent consistent with this Deed of Trust, 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 RateRate from the date of incurrence, as defined in the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed by law; (iid) all other sums amounts then secured hereby; by this Deed of Trust, including the outstanding principal amount of the Secured Obligations, together with interest accrued and unpaid thereon, and (iiie) the remainder, if any, to the person Person or persons Persons legally entitled thereto, or the Beneficiary, in the Beneficiary's discretion, may deposit the balance of such proceeds with any court or public official authorized to receive such proceeds.

Appears in 1 contract

Samples: Credit Agreement (Aristotle Corp)

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: Escrow Agreement (Geopetro Resources Co)

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

Samples: Xeta Technologies Inc

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: Leiner Health Products Inc

Power of Sale. If Upon or after the occurrence of an Event of Default should occurDefault, Beneficiary may ------------- enforce payment of the obligations secured hereby and shallLender, at its option, execute may sell all 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 Premises at public sale or sales before the door of each the courthouse of the county wherein said Property in which the Premises or any part of the Premises 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 all expenses of the United Statessale and all proceedings in connection therewith, payable at time including, without limitation, attorneys’ fees after advertising the time, place and terms of salesale once a week for four (4) weeks in a newspaper in which sheriff’s sales are advertised in said county. Trustee Lender may postpone sale of all or any portion of said property by public announcement at such time bid 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 costsAt any such public sale, fees, Lender may execute and expenses deliver to the purchaser a conveyance of Trustee and the Premises or any part of this Trust, including cost of evidence the Premises in fee simple with full warranties of title and reasonable counsel fees to this end, Grantor hereby constitutes and appoints Lender the agent and attorney-in-fact of Grantor to make such sale and conveyance, and thereby to divest Grantor of all right, title, equity or other interest that Grantor may have in connection with saleand to the Premises and to vest the same in the purchaser or purchasers at such sale or sales, Trustee 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 apply the proceeds be binding on Grantor. The aforesaid power of sale (i) to 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 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 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, . Upon any such public sale pursuant to the person aforementioned power of sale and agency, the proceeds of said sale shall be applied first to the costs and expenses of such sale and of all proceedings in connection therewith, including, without limitation, reasonable attorneys’ fees, and the balance shall be applied to the remainder of the Indebtedness. Any excess shall be paid to Grantor or persons legally entitled theretoto such other Person as may be required by Applicable Law.

Appears in 1 contract

Samples: Home Federal Holdings CORP

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: Trust and Security Agreement (Alumax 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

Samples: Jorgensen Earle M Co /De/

Power of Sale. If Upon the occurrence of an Event of Default should occurDefault, Beneficiary may ------------- enforce payment of the obligations secured hereby and shallMortgagee, 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 hereinauthorized, pursuant to the provisions Arkansas Statutory Foreclosure Act and, to the extent not inconsistent therewith, and empowered to sell the Mortgaged Property or any part thereof situated in the State 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 Arkansas at the time and place courthouse of sale fixed by it any county in said notice the State of sale, either as a whole or Arkansas in separate parcels and in such order as it may determinewhich any part of the Mortgaged Property is situated, at public auction vendue to the highest bidder for cash between the hours of 9:00 a.m. and 4:00 p.m. on any day which is not a Saturday, Sunday or legal holiday after having given notice of such sale in lawful money accordance with the statutes of the United States, payable at time State of Arkansas then in force governing sales of real estate under powers of sale. Trustee Any sale may postpone sale of all or any portion of said property be adjourned by public announcement at such the time and place of appointed for such sale without further notice except as may be required by law. After each sale, the Mortgagee 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. Payment of the purchase price to the Mortgagee 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 the Mortgagee, and such power of sale may be exercised from time to time thereafter and as many times as the Mortgagee may postpone deem necessary until all of the Mortgaged Property has 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 Mortgagee, such sale by public announcement at shall not exhaust the time fixed by power of sale hereunder and the preceding postponement. Trustee Mortgagee shall deliver have the right to the purchaser its deed conveying the property so sold, but without any covenant cause a subsequent sale or warrant, express or implied. The recitals in such deed of any matters or facts shall sales to be conclusive proof of the truthfulness thereofmade hereunder. Any person, including Trustor, Trustee, and all statements of fact 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 other recitals made 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 any deed or persons legally entitled thereto.deeds

Appears in 1 contract

Samples: Mortgage and Security Agreement (Advocat 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 spe cific 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, Security Agreement and Financing Agreement (Quality Food Centers Inc)

Power of Sale. If an Event of Default should occur, Beneficiary may ------------- enforce require the Trustee, and the Trustee is hereby authorized and empowered to do any one or more of the following: (a) Enter upon and take possession of the Property without the appointment of a receiver, or an application therefor, employ a managing agent of the Property and operate or lease the same, either in its own name, or in the name of the Grantor, and receive the Rents and Profits and apply the same, after payment of all necessary charges and expenses, on account of the obligations indebtedness secured hereby; and (b) To sell all or part of the Property at public auction, to the highest bidder for cash, free from the equity of redemption, whether statutory or common law, the right of redemption granted by Tennessee Code Annotated Section 66-8-101, homestead, dower, marital share, and all other rights and exemptions of every kind, all of which are hereby expressly waived, after giving notice of the time and place of such sale and of the Property to be sold, by publication of such notice at least three (3) different times in some newspaper published in any county and state where some part of the Property is situated, the first of which publications shall be at least twenty-one (21) days previous to said sale, and on the day and at the front door of the County Court House in any county and state where some part of the Property is situated, being the place fixed in said notice, between the hours of 10:00 a.m. and 2:00 p.m., which notice may be given before or after entry by the Trustee or as otherwise required by applicable law. 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. The Trustee may sell all or any portion of the 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. The Trustee making such sale shall receive the proceeds thereof and shall apply the same as set forth in Section 2.03 of this Deed of Trust. The sale or sales by the Trustee of less than the whole of the Property shall be without regard to any right of Grantor or any other person to the marshalling of assets and shall not exhaust the power of sale herein granted, and the Trustee is specifically empowered to make successive sale or sales under such power until the whole of the Property shall be sold; and if the proceeds of such sale or sales of less than the whole of the Property shall be less than the aggregate of the Secured Indebtedness secured hereby and shallthe expenses thereof, 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 lien, security interest and assignment hereof shall remain in full force and effect as to the unsold portion of the Property; provided, however, that Grantor shall never have any right to require the sale or other evidence sales of indebtedness which is secured herebyless than the whole of the Property, together with a written request for but the Beneficiary shall have the right at its sole election, to require the Trustee to proceed with a sale sell less than the whole of the property described hereinProperty. The Beneficiary may bid and become the purchaser of all or any part of the Property at any such sale, pursuant to and the provisions amount of Beneficiary's successful bid may be credited on the Secured Indebtedness secured hereby. Any and all such sales and deeds shall be a perpetual bar, both in law and equity (including the statutory right of redemption), against Grantor and its heirs, successors and assigns, and all other persons claiming the Property or any part thereof, by, from, through or under Grantor. Immediately upon the filing of any foreclosure proceeding under this Deed of Trust, there shall be and become due and owing by Grantor all expenses incident to any foreclosure proceedings under this Deed of Trust. Notice of sale having been given as then required by law and not less than The Beneficiary or 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 proceed by a suit or suits in equity or at law, whether for the specific performance 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 agreement herein contained or implied. The recitals in such deed aid of the execution of any matters power herein granted, or facts shall be conclusive proof for any foreclosure hereunder or for the sale of the truthfulness thereof. Any person, including Trustor, Trustee, Property 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 any personal property 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 judgment or persons legally entitled theretodecree of any court or courts of competent jurisdiction.

Appears in 1 contract

Samples: Loan Agreement (United Foods 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 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

Samples: Ensign Group, Inc

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: www.lhc.la.gov

Power of Sale. Grantor hereby confers on Beneficiary the power to sell the Mortgaged Property described in this Mortgage and the interests of persons therein in the manner provided in the Oklahoma Power of Sale Mortgage Foreclosure Act [Title 46, Okla. Stat. (2001), §40, et seq.], as the same may be amended from time to time (the “Act”) or other applicable statutory authority. Such power of sale shall be exercised by giving Grantor a Notice 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 cure may be effected, all in compliance with and as may be required by the Act or other applicable statutory authority. If an Event of Default should occurno cure is effected within the statutory time limits, Beneficiary may ------------- enforce payment accelerate the Indebtedness without further notice (the aforementioned statutory cure period shall run concurrently with any contractual provisions for notice and opportunity to cure), and Beneficiary may then proceed in the manner and subject to and as required by the conditions 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 Act or other evidence of indebtedness which is secured hereby, together with applicable statutory authority to send to Grantor and other necessary parties 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 and to sell and convey the Mortgaged Property 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 places, subject to all conditions and with the proceeds thereof to be applied all as provided in said Act or other applicable statutory authority. No action of saleBeneficiary based upon the provisions contained herein or contained in the Act, and from time to time thereafter may postpone such sale by public announcement at including, without limitation, 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 giving of the truthfulness thereof. Any personNotice of Intent to Foreclose by Power of Sale or the Notice of Sale, including Trustor, Trustee, shall constitute an election of remedies which would preclude Beneficiary from pursuing judicial foreclosure before or Beneficiary, may purchase 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

Samples: Mortgage and Security Agreement (Grubb & Ellis Healthcare REIT II, Inc.)

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: Proceeds and Security Agreement (Mego Financial Corp)

Power of Sale. If an Event The Mortgagee may (i) on default of Default should occur, Beneficiary may ------------- enforce payment of the obligations secured hereby and shall, at its option, execute any Principal Amount or cause the Trustee to execute a written interest after 30 days of provision of notice requiring payment of such same; or (ii) on 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 due performance and observance of the recorder covenants and conditions and provisos after 30 days of each county wherein said Property is situated. Prior provision of notice requiring compliance with same and failure to publication remedy such breach (a "Default"); enter on or lease the Mortgaged Premises and should the default continue, the Mortgagee may exercise its power to enter or lease without notice and the Mortgagee may lease as aforesaid without entering into possession of the notice of saleMortgage Premises. Upon Default, Beneficiary shall deliver to Trustee this Deed of Trust the Mortgagee may sell the Mortgaged Premises in accordance and the Note or other evidence of indebtedness which is secured hereby, together complying with a written request for the Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law the Conveyancing Act R.S.N. 1990, Chapter C-34 as amended (the "Act") pertaining to the sale by a mortgagee of mortgaged premises with or without entering into possession of the Mortgaged Premises. Service or giving of notice required hereunder shall be good and this Deed of Trust. effectual, either by leaving same with a grown-up person on the Mortgaged Premises, if occupied, or by being attached on some portion thereof, if unoccupied, and a Notice of Sale under the Act may be published in a newspaper in general circulation in the area where the Mortgaged Premises is located; and such notices shall be sufficient although only addressed to the Mortgagor or other registered encumbrancer or guarantor by that designation, without his or her name, or generally to the persons interested, without a name and notwithstanding that a person to be affected by the notice is absent, under disability, unborn or unascertained; and the title of a purchaser or lessee upon a sale having or lease made in professed exercise of the above power shall not be liable to be impeached on that ground that no case had arisen to authorize the exercise of the above power, or that such power had been given as then required by law and not less than the time then required by law having elapsed after recordation of improperly or irregularly exercised, or that such notice had not been given, but any person damnified by any unauthorized, improper or irregular exercise of default, Trustee, without demand on Trustor, the power shall have his remedy against the person exercising the power in damages only; and the Mortgagee may 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 any part or parts of the Mortgaged Premises by public auction or private contract, or partly one and partly the other, on such terms as to credit and otherwise as to the highest bidder Mortgagee shall appear most advantageous and for cash in lawful money of the United States, payable at time of sale. Trustee such price as can reasonably be obtained therefor; and sales may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and be made from time to time thereafter may postpone such sale by public announcement of portions to satisfy interest or parts of the principal overdue, leaving the Principal Amount or balance thereof to run at interest, payable at the time fixed Mortgage Interest Rate; and the Mortgagee may make any stipulations as to title, or evidence of commencement of title, or otherwise, as the Mortgagee may deem proper; and the Mortgagee may buy in or rescind or vary any contract for sale of any of the Mortgaged Premises and re-sell, without being answerable for loss occasioned thereby, and in the case of a sale on credit the Mortgagee shall only be bound to pay to the Mortgagor such monies as have been actually received from purchasers after the satisfaction of the Mortgagee's claim; and for any such purpose the Mortgagee may make and execute all agreements and assurances the Mortgagee deems fit; and the purchaser at any sale hereunder shall not be bound to see to the propriety or regularity thereof; and no want of notice or of publication when required hereby shall invalidate any sale hereunder; and the above powers may be exercised 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 successors and assigns of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary, may purchase at such sale. After deducting all reasonable costs, feesMortgagee, and expenses against the heirs, executors, administrators, successors and assigns 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 theretoMortgagor.

Appears in 1 contract

Samples: www.rbcroyalbank.com

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

Samples: Fixture Filing and Security Agreement (Maguire Properties 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 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

Samples: Registration Rights Agreement (New World Restaurant Group Inc)

Power of Sale. (i) If an Event of Default should occurshall have occurred, 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 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 secured hereby 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, Lender 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 Lender so soldelect) and to this end, but without Borrower hereby constitutes and appoints Lender the agent and attorney-in-fact of 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, interest, equity and equity of redemption that Borrower 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 Borrower. 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 secured hereby 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 fully 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 indebtedness secured hereby; . In the event of any such foreclosure sale by Lender, Borrower shall 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 dispossess according to provisions of law applicable to tenants holding over.

Appears in 1 contract

Samples: And Attornment Agreement (Homestead Village Inc)

Power of Sale. If an Event of Default should occurshall have occurred and be continuing, the Beneficiary may ------------- enforce payment of the obligations secured hereby and shall, at its option, execute or cause direct the Trustee to execute a written notice of such default and of its election to cause to be sold sell or offer for sale 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 Beneficiary, or by any person acting for them. In lieu of the foregoing, the sale may be accomplished by following the procedures permitted or required by Section 51.002 of the Texas Property Code, as same may be amended from time to 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 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 or private sale after entry of judgment by any court of competent jurisdiction ordering the same. At any such 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 Trustee any portion of the Trust Premises not actually or constructively possessed by the Trustee immediately upon demand by the Trustee), 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 time such sale, (ii) 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 Trustee shall conclusively establish the truth and accuracy of the matters recited therein, including, 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 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 claiming 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 and Beneficiary, in their 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 have been fully satisfied. The Trustee may postpone the sale of all or any portion of said property such Trust Premises by public announcement at such the time and place of such sale, and from time to time thereafter may further postpone such sale by public announcement made at the time of sale fixed by the preceding postponement. Trustee In case Beneficiary shall deliver 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 purchaser its deed conveying Secured Obligations, 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, feesTrust Premises and otherwise, and expenses the rights, remedies, recourses and powers of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee Beneficiary 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, continue 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 theretosame had never been invoked.

Appears in 1 contract

Samples: Sterling Chemical Inc

Power of Sale. If Notwithstanding anything to the contrary contained herein, upon the occurrence and during the continuance of an Event of Default should occurDefault, Beneficiary may ------------- enforce payment of the obligations secured hereby Mortgagee is 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 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 thereof, pursuant to the provisions of law and this Deed of Trust. Notice of sale having been given MCLA §600.3201, et seq., as then required amended, pertaining to foreclosure by law and advertisement, which statute does not less than require that the time then required by law having elapsed after recordation Mortgagor be personally notified of such notice of default, Trustee, without demand on Trustor, shall sell said property at sale or that a judicial hearing be held before the time sale is conducted. Mortgagor hereby acknowledges that this Mortgage contains a POWER OF SALE and place of sale fixed that in the event Mortgagee elects to foreclose 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 advertisement pursuant to the highest bidder for cash POWER OF SALE, in lawful money of the United Statesaccordance with MCLA §600.3201 et seq., payable at time of saleMORTGAGOR EXPRESSLY WAIVES NOTICE THEREOF (EXCEPT ANY NOTICE REQUIRED UNDER THE AFORESAID STATUTE), A HEARING PRIOR TO SALE AND ANY RIGHT, CONSTITUTIONAL OR OTHERWISE, THAT MORTGAGOR MIGHT OTHERWISE HAVE TO REQUIRE A JUDICIAL FORECLOSURE. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of saleWARNING: THIS MORTGAGE CONTAINS A POWER OF SALE AND, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponementUPON THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT HEREUNDER, MAY BE FORECLOSED BY ADVERTISEMENT (UNDER AND PURSUANT TO THE PROVISIONS OF MCLA §600.3201 ET SEQ.) OR BY JUDICIAL ACTION (UNDER AND PURSUANT TO THE PROVISIONS OF MCLA §600.3101). Trustee shall deliver to the purchaser its deed conveying the property so soldIN A FORECLOSURE BY ADVERTISEMENT, but without any covenant or warrantNO HEARING IS INVOLVED AND THE ONLY NOTICE REQUIRED IS PUBLICATION OF A FORECLOSURE NOTICE IN A LOCAL NEWSPAPER AND POSTING OF A COPY OF THE NOTICE UPON THE PROPERTY. IF THIS MORTGAGE IS FORECLOSED BY ADVERTISEMENT UNDER THE PROVISIONS OF MICHIGAN COMPILED LAWS §600.3201 (OR ANY SUCCESSOR PROVISION OF THE LAWS OF THE STATE OF MICHIGAN), express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any personMORTGAGOR HEREBY VOLUNTARILY, including TrustorINTELLIGENTLY AND KNOWINGLY WAIVES ALL RIGHTS UNDER THE CONSTITUTION AND THE LAWS OF THE STATE OF MICHIGAN AND THE CONSTITUTION AND LAWS OF THE UNITED STATES OF AMERICA TO ANY NOTICE OF HEARING IN CONNECTION WITH SAID FORECLOSURE BY ADVERTISEMENT, 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 theretoEXCEPT AS SET FORTH IN SAID MICHIGAN STATUTE PROVIDING FOR FORECLOSURE BY ADVERTISEMENT.

Appears in 1 contract

Samples: Mortgage (Bluerock Residential Growth REIT, Inc.)

Power of Sale. If the unpaid principal amount of and interest ------------- on the Secured Obligations shall have become due and payable (whether at maturity or as an Event installment of Default should occurcombined principal and interest or by reason of any prepayment requirement or by declaration or acceleration or otherwise) and shall not have been paid, Beneficiary the Mortgagee may ------------- enforce payment 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 the Mortgagee in its uncontrolled discretion may determine, or as may be required by law. Without limiting the authority granted in the immediately preceding sentence, the Mortgagee shall, at its optionwithout demand on the Mortgagor, execute or cause after the Trustee to execute a written notice lapse of such default and of its election to cause to time as may then be sold required by law following 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 recordation of the 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 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 day -------- ---- beyond the day designated in the notice of sale, notice of sale, 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 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.truthfulness

Appears in 1 contract

Samples: Credit Agreement (Aristotle Corp)

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, 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 1 contract

Samples: Security Agreement (Behringer Harvard Reit I Inc)

Power of Sale. If an Event the Lender may sell, lease or otherwise dispose of Default should occur, Beneficiary may ------------- enforce payment all or any part of the obligations secured hereby and shallCollateral, 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 parcels, by public auction, private tender or by private contract, with or without notice, except as otherwise required by applicable law, with or without advertising and in without any other formality, all of which are hereby waived by the Debtor. Such sale, lease or disposition shall be on such order terms and conditions as it may determine, at public auction to credit and otherwise and as to upset or reserve bid or price as to the highest bidder for Lender, in its sole discretion, may seem advantageous. If such sale, transfer or disposition is made on credit or part cash in lawful money and part credit, the Lender need only credit against the Obligations the actual cash received at the time of the United States, payable sale. Any payments made pursuant to any credit granted at the time of salethe sale shall be credited against the Obligations as they are received. Trustee The Lender may postpone buy in or rescind or vary any contract for sale of all or any of the Collateral and may resell without being answerable for any loss occasioned thereby. Any such sale, lease or disposition may take place whether or not the Lender has taken possession of the Collateral. The Lender may, before any such sale, lease or disposition, perform any repair, processing or preparation for disposition and the amount so paid or expended shall be deemed advanced to the Debtor by the Lender, shall become part of the Obligations, shall bear interest at the highest rate per annum charged by the Lender on the Obligations or any part thereof and shall be secured by this Security Agreement. At any sale of the Collateral, the Lender may bid (which bid may be, in whole or in part, in the form of cancellation of indebtedness) for the purchase, lease, license or other disposition of the Collateral or any portion thereof for the account of said property by public announcement the Lender. The Lender shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Lender may disclaim any warranties that might arise in connection with the sale, lease, license or other disposition of the Collateral and have no obligation to provide any warranties at such time and place of sale, and time. The Lender may adjourn any public or private sale from time to time thereafter may postpone such sale by public announcement at the time and place 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, feestherefore, and expenses of Trustee and of this Trustsuch sale may, including cost of evidence of title and reasonable counsel fees in connection with salewithout further notice, 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 be made at the Default Rate, as defined in time and place to which it was so adjourned. To the Note, provided, however, that such interest rate shall in no event exceed the maximum interest rate allowed extent permitted by law; (ii) , Debtor hereby specifically waives all other sums then secured hereby; and (iii) the remainderrights of redemption, if anystay or appraisal, to the person which it has or persons legally entitled theretomay have under any law now existing or hereafter enacted.

Appears in 1 contract

Samples: General Security Agreement (Tarpon Industries, 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. 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

Samples: Leiner Health Products 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 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 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

Samples: Ensign Group, 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 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: Georgia Lease (Choicepoint Inc)

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: Fixture Filing and Security Agreement (GNLV Corp)

Power of Sale. If an Event Beneficiary elects to invoke the power of Default should occursale hereby granted, Beneficiary may ------------- enforce payment of the obligations secured hereby and shall, at its option, shall 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 shall cause such notice to be recorded in the office of the recorder Recorder of each county County wherein said the Property or some part thereof is situatedsituated as required by law and this Performance Deed of Trust. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Performance 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 hereinProperty, pursuant to the provisions of law and this Performance Deed of Trust. Notice of sale having been given as then required by law 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 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 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 may, and at Beneficiary’s request shall, postpone sale of all or any portion of said property the 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 and place fixed by the preceding postponement. Trustee shall deliver to the purchaser its 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 Beneficiary, may purchase at such sale. After deducting all reasonable costs, fees, and expenses of Trustee and of this Trustthe trust hereby created, including cost of evidence of title and reasonable counsel attorneys’ fees in connection with sale, Trustee shall apply the proceeds of sale (i) to the payment of all sums advanced or expended by Beneficiary or Trustee 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) hereof and all other outstanding sums then secured hereby; , and (iii) the remainder, if any, to the person or persons legally entitled thereto.. At any foreclosure sale, any person, including Trustor, Trustee or Beneficiary, may bid for and acquire the Property or any part of it to the extent permitted by then applicable law. Instead of paying cash for such property, Beneficiary may settle for the purchase price by crediting the sales price of the property against the following obligations:

Appears in 1 contract

Samples: Operating Covenant and Agreement

Power of Sale. If an Event Beneficiary may elect to cause the Premises or any part thereof to be sold under the power of Default should occursale herein and hereby granted in any manner permitted by applicable law. In connection with any sale or sales hereunder, Beneficiary may ------------- enforce payment elect to treat any of the obligations secured Premises 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 in accordance with applicable law, separate and shallapart from the sale of real property. Any sale of any personal property hereunder shall be conducted in any manner permitted by the laws of the state in which the Premises is located. Should Beneficiary desire that more than one sale or other disposition of the Premises be conducted, Beneficiary 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 same day, or at such different times and in such order as Beneficiary may deem to satisfy the obligations hereofbe in its best interests, and no such sale shall cause such notice to be recorded in terminate or otherwise affect the office 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 on any part of the Premises not sold until all indebtedness secured hereby has been fully paid. Upon the occurrence and during the continuance of any Event of Default, or if Grantor fails to pay all amounts due under the Loan Documents at the maturity of the Note whether by passage of time, acceleration, or otherwise, Beneficiary is authorized and empowered without further notice, to file with Trustee, a written Notice of Election and Demand for Sale, as provided by law, whereupon it shall and may be lawful for the said Trustee to foreclose, and the Note or other evidence of indebtedness which is secured hereby, together with a written request for the said Trustee to proceed with a sale of the property described herein, pursuant to the provisions of law and shall foreclose this Deed of Trust. Notice , and sell and dispose of sale the Premises en masse or in separate parcels (as Beneficiary may elect) and all of the right, title and interest of Grantor therein, at public auction at any place then authorized by law as may be specified in the notice of such sale, for the highest and best price the same will bring, four weeks’ public notice having previously 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 advertisement, weekly in some newspaper of general circulation at the time fixed published in the County where the Premises is located, or upon such other notice as may then be required by law, and shall issue, execute, and deliver a Certificate of Purchase, Trustee’s Deed (which may be in the preceding postponementordinary form of conveyance), or Certificate of Redemption in the manner provided by law to the party entitled thereto. Trustee shall deliver to the purchaser its deed conveying the property so soldshall, but without any covenant or warrant, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof out of the truthfulness thereof. Any person, including Trustor, Trustee, proceeds or Beneficiary, may purchase at avails of such sale. After deducting , after first paying and retaining all reasonable costs, fees, and expenses of Trustee and of this Trustcharges, including the cost of evidence making said sale and advertising the Premises, and attorneys’ fees as herein provided, pay to Beneficiary the then existing amount 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 amounts due under the terms hereof, not then repaid Note with accrued interest thereon at the Default Rate, as defined in rate applicable under the Note, provided, however, that such interest rate shall in no event exceed rendering the maximum interest rate allowed by law; (ii) all other sums then secured hereby; and (iii) the remainderoverplus, if any, unto Grantor or the successors or assigns of Grantor, according to their respective interests as permitted by law. Beneficiary may purchase the Premises or any part thereof, and it shall not be obligatory upon any purchaser at any such sale to see to the person or persons legally entitled theretoapplication of the purchase money. During any redemption period subsequent to Trustee’s sale, the amount of the bid entered at such sale by Beneficiary shall bear interest at a rate equal to twelve percent (12%) per annum or, if less, the highest legal rate permitted under applicable law, until paid.

Appears in 1 contract

Samples: Trust, Security Agreement, and Fixture Filing (HC Government Realty Trust, Inc.)

Power of Sale. If Borrower hereby vests Lender with full power and authority, upon the happening of an Event of Default should occurDefault, Beneficiary may ------------- enforce payment at Lender's option, to declare all sums secured hereby to be immediately due and payable, and at Lender's option, to take possession of the obligations secured hereby Property if and shallto the extent allowed by law, at its option, execute or cause the Trustee and 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 highest bidder at public auction in front of the courthouse door in the office county or counties, as may be required, where the Property is located, either in person or by auctioneer, after having first given notice of the recorder of each county wherein said Property is situated. Prior to publication of the notice time, place and terms 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 description of the property described hereinto be sold, pursuant by publication once a week for three (3) successive weeks prior to said sale in some newspaper published in said county or counties, as may be required, and, upon payment of the purchase money, Lender or any person conducting the sale for Lender is authorized to execute to the provisions of law purchaser at said sale a deed to the Property so purchased. Lender may bid at said sale and this Deed of Trustpurchase the Property, or any part thereof, if the highest bidder therefor. Notice of At the foreclosure sale having been given as then required by law the Property may be offered for sale 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 sold as a whole without first offering it in any other manner or may be offered for sale and sold in separate parcels and in such order any other manner as it Lender may determineelect. The proceeds of any foreclosure sale pursuant to this paragraph shall be applied first, at public auction to the highest bidder for cash in lawful money payment of the United States, payable at time of sale. Trustee may postpone sale of all or any portion costs of said property by public announcement at such time sale, including reasonable attorney's and place auctioneer's fees; second, to the payment of the indebtedness hereby secured, whether due or not, with the unpaid interest thereon to the date of sale, and from time to time thereafter any amount that may postpone such sale be due Lender 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 virtue of any matters or facts shall be conclusive proof of the truthfulness thereof. Any personspecial liens or agreements herein contained; and, including Trustorthird, 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 remainderbalance, if any, to be paid over to Borrower, or as may otherwise be provided by law. Assignment of Leases. The first sentence of Section 1.2 of this Security Instrument is deemed revised to replace the person words "Borrower hereby absolutely and unconditionally assigns to Lender" with the following: "Borrower hereby grants, bargains, sells, conveys and unconditionally assigns to Lender, and grants to Lender as additional security for the payment of the Liabilities, a continuing security interest in the following rights, interests and estates now owned or persons legally entitled thereto.hereafter acquired by Borrower:"

Appears in 1 contract

Samples: Credit Agreement (Moore Handley Inc /De/)

Power of Sale. If an Event This Mortgage is upon the STATUTORY CONDITION and upon the further condition that all covenants and agreements of Default should occurMortgagor contained herein and in the Note and every other document executed in connection therewith shall be kept and fully performed, Beneficiary for any breach of which Mortgagee shall have the STATUTORY POWER OF SALE and all rights under Massachusetts law. In exercising its power of sale under this Mortgage, Mortgagee may ------------- enforce payment sell the Personal Property, or any part thereof, either separately from or together with the Real Estate or any part thereof, either as one unit or in separate units, all as Mortgagee may in its discretion elect; and may also sell the Mortgaged Premises as one unit or parcel or in such separate units or parcels as Mortgagee may in its discretion elect; and may so sell the Mortgaged Premises or any part thereof either separately from or together with the whole or any part of other collateral which may constitute security for any Obligation, also as Mortgagee may in its discretion elect. Without limiting the generality of the obligations secured hereby and shallforegoing, at its option, execute or cause the Trustee to execute a written notice Mortgagee's statutory power of such default and of its election to cause to sale shall not be sold the Property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office exhausted until all of the recorder of each county wherein said Property is situated. Prior Real Estate shall have been struck down at a foreclosure auction and the successful bidders have all accepted and recorded the resulting foreclosure deeds, it being expressly agreed that Mortgagee shall have the power to publication foreclose upon and sell portions of the notice Real Estate at different times or days if Mortgagee so elects and Mortgagee also may continue to auction the Real Estate at any foreclosure sale even if the amounts previously struck down at prior foreclosure auction sales for other portions 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 Real Estate exceed the Obligations (provided Mortgagee duly accounts for the Trustee to proceed excess proceeds in accordance with a applicable law). In the event of any separate sale of the property described hereinPersonal Property, pursuant Mortgagee will give 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 Mortgagor reasonable notice of default, Trustee, without demand on Trustor, shall sell said property at the time and place of any public 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 Statestime after which any private sale or other intended disposition thereof is to be made, payable and such requirement of reasonable notice shall be met if such notice is given at least ten (10) days before the time of sale. Trustee may 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 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 theretodisposition.

Appears in 1 contract

Samples: Mortgage and Security Agreement (Ambient Corp /Ny)

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 granted 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 Property is situated. Prior to publication of the notice of sale, Beneficiary shall deliver to Trustee this Deed of Trust and the Note Mortgaged Premises 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 Mortgaged Premises so sold to the purchaser in fee simple. In the event of a sale of the Mortgaged Premises 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 attorneys' fees incurred by lawTrustee for legal services actually performed; (ii) to the reimbursement of Beneficiary for all 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 Notes (including, without limitation, reasonable attorneys' fees); (iii) to the payment of the Notes 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 Mortgaged Premises 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- 501(4) 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 Mortgaged Premises which constitutes personal property. If personal property is sold hereunder, it need not be at the place of sale. The Mortgaged Premises 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 Mortgaged Premises shall have been finally sold and properly conveyed to the purchasers at the sale. Trustee's commission shall be reasonable but shall not exceed five percent (5%) of the gross proceeds of the sale for a completed foreclosure. In the event foreclosure is commenced but not completed, Grantor shall pay all expenses incurred by Trustee, including reasonable attorneys' fees, and a reasonable partial commission not exceeding five percent (5%) of the outstanding indebtedness in accordance with the following schedule: one-fourth (1/4th) thereof before Trustee issues a notice of hearing on the right to foreclose; one-half (1/2) thereof after issuance of said notice; three-fourths (3/4ths) thereof after such hearing; and the full commission after the initial sale.

Appears in 1 contract

Samples: Winston Hotels Inc

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