Common use of Provisions with Respect to the Power of Sale Clause in Contracts

Provisions with Respect to the Power of Sale. Notwithstanding any other provisions in this Mortgage, if Mortgagee sells the Collateral under the power of sale granted by this Mortgage, the following provisions shall apply: (i) The notices described in Title 46 Okla. Stat. Sec. 40 and following, as amended (the “Act”), shall be given as and when required therein; (ii) All notices which are required to be given Mortgagor under the Act may be given to Mortgagor at the address which is set forth in the first paragraph of this Mortgage, or if such address has been changed pursuant to this Mortgage, to that changed address; (iii) Mortgagee may purchase part or all of the Collateral at any such sale; (iv) Mortgagor stipulates the total amounts owing under this Mortgage will have benefited Mortgagor substantially and are not unconscionable in amount, and therefore the total amount of the Obligations, less the fair market value of the Collateral sold under such Act, and any prior indebtedness, shall be available as a deficiency judgment against Mortgagor; (v) The purchaser under such sale may seek and obtain a writ of assistance by application to the District Court in the county in Oklahoma in which any part of the Realty Collateral is located, or the United States District Court having venue for actions arising in such county; (vi) Mortgagee may, at its option, proceed with foreclosure under judicial proceedings instead of exercising the rights of this Power of Sale; (vii) All other procedures and requirements of such Act shall be followed; (viii) After the completion of the sale as contemplated by such Act, the purchaser shall have all of Mortgagor’s right, title and interest in and to the Collateral, free and clear of all rights of Mortgagor, and free and clear of all rights of any person with a priority which is subordinate to the lien of this Mortgage, except any right which may be reserved under such Act; (ix) Any recitation in any notice, publication thereof, recordation thereof, or deed, of the existence of an event of default, giving, publication, service and recordation of notice, occurrence of the sale at the time and place set forth in such notice or any postponement authorized and effective under such Act, circumstances of sale and bidding, and compliance with the terms of such Act, shall be presumed to be statements of fact and no person shall be required to investigate the truthfulness or accuracy of any such recitation; and (x) The proceeds of any such sale shall be applied first to the costs, attorney fees, and expenses of sale, next to the Obligations; except that if such application of proceeds conflicts with the requirements of such Act, the proceeds shall be applied as provided under such Act only to the extent of any such conflict.