Common use of Procedure on Default Clause in Contracts

Procedure on Default. In the event of default, at Creditor's option, without demand or notice, all or any part of the principal of and interest on the Note shall immediately become due and payable, and Creditor or any officer of the law may take immediate possession of the property without demand, including any improvements or accessions thereto. Creditor may resell the property at public or private sale, with or without the property being at the place of sale, and upon such terms and in such manner as Creditor may determine, and Creditor may become the purchaser thereof at any public sale, all provided that the foregoing is completed in a commercially reasonable manner. From the proceeds of any such sale Creditor shall deduct all expenses of retaking, repairing, and selling such property, including a reasonable attorneys' fee. The balance shall be applied to the amount due, any surplus shall be paid to Debtor.

Procedure on Default. In the event of default, at Creditor's option, without demand or notice, all or any part of the principal of and interest on the Note shall immediately become due and payable, and Creditor or any officer of the law may take immediate possession of the property Collateral without demand, including any improvements or accessions thereto. Creditor may resell the property Collateral at public or private sale, with or without the property Collateral being at the place of sale, and upon such terms and in such manner as Creditor may determine, and Creditor may become the purchaser thereof at any public sale, all provided that the foregoing is completed in a commercially reasonable manner. From the proceeds of any such sale Creditor shall deduct all expenses of retaking, repairing, retaking and selling such propertyCollateral, including a reasonable attorneys' fee. The balance shall be applied to the amount due, ; any surplus shall be paid to Debtor.