Common use of Proceeds of Foreclosure Clause in Contracts

Proceeds of Foreclosure. The proceeds of any sale held in foreclosure of the liens or security interests evidenced hereby shall be applied as follows, except as otherwise required by applicable law: FIRST, to the payment of all necessary costs and expenses incident to such foreclosure sale, including but not limited to reasonable attorney’s fees, all court costs and charges of every character in the event foreclosed by suit or any judicial proceeding, if any; SECOND, to be applied to the secured obligations as described in Section 1.4(a); and THIRD, the remainder, if any there shall be, shall be paid to Mortgagor, or to Mortgagor’s successors or assigns, or such other persons as may be entitled thereto by law.

Proceeds of Foreclosure. The proceeds of any sale held in foreclosure of the liens or security interests mortgage lien evidenced hereby shall be applied as follows, except as otherwise required by applicable law: FIRST, to the payment of all necessary costs and expenses incident to such foreclosure sale, including but not limited to reasonable attorney’s fees, all court costs and charges of every character in the event foreclosed by suit or any judicial proceeding, if any; SECOND, to be applied to the payment of the secured obligations as described in Section 1.4(a)obligations; and THIRD, the remainder, if any there shall be, shall be paid to Mortgagor, or to Mortgagor’s successors or assigns, or such other persons Persons as may be entitled thereto by law.

Proceeds of Foreclosure. The proceeds of any sale held in foreclosure of the liens or security interests evidenced hereby shall be applied as follows, except as otherwise required by applicable law: FIRST, to the payment of all necessary costs and expenses incident to such foreclosure sale, including but not limited to reasonable attorney’s fees, all court costs and charges of every character in the event foreclosed by suit or any judicial proceeding, if any; SECOND, to be applied to the secured obligations as described provided in Section 1.4(a)the Development Agreement; and THIRD, the remainder, if any there shall be, shall be paid to Mortgagor, or to Mortgagor’s successors or assigns, or such other persons as may be entitled thereto by law.

Proceeds of Foreclosure. The Unless otherwise provided by applicable law, the proceeds of any sale held in foreclosure of the liens or security interests created or evidenced hereby shall be applied as follows, except as otherwise required by applicable law: FIRST, such proceeds shall be applied to the payment of all necessary costs and expenses incurred incident to such foreclosure salesale or other collection, including but not limited to reasonable attorney’s fees, all court costs and charges of every character in the event foreclosed by suit or any judicial proceeding, if any; SECOND, to such proceeds shall be applied to the payment of the Note and secured obligations as described in Section 1.4(a)obligations; and THIRD, the remainder, if any there shall beany, of such proceeds shall be paid to Mortgagor, or to Mortgagor’s successors or assigns, or to such other persons Persons as may be entitled thereto by law.