Common use of Proceeds of Foreclosure Clause in Contracts

Proceeds of Foreclosure. The proceeds of any sale held in foreclosure of the 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 described herein up to the amount of the Maximum Liability; and THIRD, the remainder, if any there shall be, shall be paid to Mortgagor, or to Xxxxxxxxx’s successors or assigns, or such other Persons as may be entitled thereto by law.