Rights Pertaining to Sales. The following provisions shall apply to any sale or sales of the Trust Property under or by virtue of this Paragraph A, whether made under the power of sale granted in this Deed of Trust or by virtue of judicial proceedings or of judgment or decree of foreclosure and sale: (a) The Beneficiary or the Trustee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 shall not be exhausted by any one or more such sales as to any part of the Trust Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the Beneficiary, until the Obligations shall have been paid in full. (b) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice. (c) Any and all statements of fact or other recitals made in any instruments given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, shall be taken as PRIMA FACIE evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale. (d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale. (e) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor and any and all persons claiming or who may claim the same, or any part thereof, by, through or under the Grantor to the fullest extent permitted by applicable law. (f) In the event that the Grantor, or any person claiming by, through or under the Grantor, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of the Trust Property, then the Grantor or such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable law. (g) Upon any such sale, the Trustee, the Beneficiary or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Property. (h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trust.
Appears in 1 contract
Rights Pertaining to Sales. The Subject to the requirements of law -------------------------- and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Mortgaged Property under or by virtue of this Paragraph ASection 18, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(a) The Beneficiary or the Trustee Mortgagee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 subsection 18(c) hereof shall not be exhausted by any one or more such sales as to any part of the Trust Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryMortgagee's opinion, until the Obligations shall have been paid in full. Any such sale may be as a whole or in part or parcels and Mortgagor hereby waives its right to direct the order in which the Mortgaged Property or any parcel that is part thereof is sold.
(b) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(c) After each sale, Mortgagee or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Mortgagor in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as herein provided. Mortgagee is hereby appointed the true and lawful attorney-in-fact of Mortgagor, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Mortgagor's name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, and for that purpose Mortgagee may execute all necessary instruments of conveyance, assignment, transfer and delivery, and may substitute one or more persons with like power, Mortgagor hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Mortgagor, if requested by Mortgagee, shall ratify and confirm any such sale or sales by executing and delivering to Mortgagee or such purchaser or purchasers all such instruments as may be advisable, in Mortgagee's judgment, for the purposes as may be designated in such request.
(d) Any and all statements of fact or other recitals made in any of the instruments referred to in subsection (c) of this Section given by the Trustee or the Beneficiary Mortgagee as to nonpayment of the Obligations, or as to the occurrence and continuance of any default or Event of Default, or as to the Beneficiary Mortgagee having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee Mortgagor or the BeneficiaryMortgagee, shall be taken as PRIMA FACIE conclusive and binding against all persons as to evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary Mortgagee may appoint or delegate any one or more persons as its agent or agents to perform any act or acts necessary or incident incidental to any sale so held, including the posting of notices and the conduct of sale, but in the name and behalf of Mortgagee.
(de) The receipt of the Trustee or the Beneficiary Mortgagee for the purchase money paid at any such sale, or the receipt of any other person authorized to give receive the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust Mortgage or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ef) Any such sale or sales shall operate to divest Mortgagor of all of the its estate, right, title, title and interest, claim and demand of all claims and demands whatsoever, whether at law or in equity, of the Grantor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Mortgagor and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Mortgagor to the fullest extent permitted by applicable lawApplicable Law.
(fg) Upon any such sale or sales, Mortgagee may bid for and acquire the Mortgaged Property and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the Obligations the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Mortgagee is authorized to deduct under the terms hereof, to the extent necessary to satisfy such bid.
(h) In the event that the GrantorMortgagor, or any person claiming by, through or under the GrantorMortgagor, shall transfer or refuse or fail to surrender possession of the Trust Mortgaged Property after any sale of the Trust Propertythereof, then the Grantor Mortgagor, or such person person, shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and unlawful detainer proceedings, or subject to any other right or remedy available under this Deed of Trust hereunder or under applicable lawApplicable Law.
(gi) Upon any such sale, the Trustee, the Beneficiary it shall not be necessary for Mortgagee or any public officer acting under execution or order of court shall not be required to have present actual or constructively in its constructive possession of any or all of the Trust Mortgaged Property.
(hj) In the event a foreclosure under this Deed of Trust hereunder shall be commenced by the TrusteeMortgagee, the Trustee or the Beneficiary may, Mortgagee may at any time before the sale of the Trust Property, abandon or direct the Trustee to Mortgaged Property abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of TrustMortgage, or in the event that the Trustee or the Beneficiary should Mortgagee shall institute a suit for collection of the Obligations, Obligations and for the foreclosure of this Deed of TrustMortgage, the Beneficiary Mortgagee may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Mortgaged Property in accordance with the provisions of this Deed of TrustMortgage.
Appears in 1 contract
Rights Pertaining to Sales. The Subject to the provisions or other requirements of law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Mortgaged Property under or by virtue of this Paragraph AArticle VI, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(ai) The Beneficiary or the Trustee Mortgagee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 6.02(c) hereof shall not be exhausted by any one or more such sales as to any part of the Trust Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryMortgagee's opinion, until the Secured Obligations shall have been paid in full.
(bii) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice. Without limiting the foregoing, in case Mortgagee shall have proceeded to enforce any right or remedy under this Mortgage by receiver, entry or otherwise, and such proceedings have been discontinued or abandoned for any such reason or shall have been determined adversely to Mortgagee, then in every such case Mortgagor and Mortgagee shall be restored to their former positions and rights hereunder, and all rights, powers and remedies of Mortgagee shall continue as if no such proceeding had been taken.
(ciii) After each sale, Mortgagee or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Mortgagor in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as herein provided. Mortgagee is hereby appointed the true and lawful attorney-in-fact of Mortgagor, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Mortgagor's name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, and for that purpose Mortgagee may execute all necessary instruments of conveyance, assignment, transfer and delivery, and may substitute one or more persons with like power, Mortgagor hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Mortgagor, if requested by Mortgagee, shall ratify and confirm any such sale or sales by executing and delivering to Mortgagee or such purchaser or purchasers all such instruments as may be advisable, in Mortgagee's judgment, for the purposes as may be designated in such request.
(iv) Any and all statements of fact or other recitals made in any of the instruments referred to in subsection (c) of this Section given by the Trustee or the Beneficiary Mortgagee as to nonpayment of the Secured Obligations, or as to the occurrence of any default or Event of Default, or as to the Beneficiary Mortgagee having declared all or any of the Secured Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee Mortgagor or the Beneficiary, Mortgagee shall be taken as PRIMA FACIE conclusive and binding against all persons as to evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary Mortgagee may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(dv) The receipt of the Trustee or the Beneficiary Mortgagee for the purchase money paid at any such sale, or the receipt of any other person authorized to give receive the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust Mortgage or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(evi) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Mortgagor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Mortgagor and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Mortgagor to the fullest extent permitted by applicable law.
(fvii) Upon any such sale or sales, Mortgagee may bid for and acquire the Mortgaged Property and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the Secured Obligations the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Mortgagee is authorized to deduct under the terms hereof, to the extent necessary to satisfy such bid.
(viii) In the event that the GrantorMortgagor, or any person claiming by, through or under the GrantorMortgagor, shall transfer or refuse or fail to surrender possession of the Trust Mortgaged Property after any sale of the Trust Propertythereof, then the Grantor Mortgagor, or such person person, shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and unlawful detainer proceedings, or subject to any other right or remedy available under this Deed of Trust hereunder or under applicable law.
(gix) Upon any such sale, the Trustee, the Beneficiary it shall not be necessary for Mortgagee or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Mortgaged Property.
(hx) In the event a foreclosure under this Deed of Trust hereunder shall be commenced by the TrusteeMortgagee, the Trustee or the Beneficiary may, Mortgagee may at any time before the sale of the Trust Property, abandon or direct the Trustee to Mortgaged Property abandon the sale, and may institute suit for the collection of the Secured Obligations and for the foreclosure of this Deed of TrustMortgage, or in the event that the Trustee or the Beneficiary Mortgagee should institute a suit for collection of the Secured Obligations, and for the foreclosure of this Deed of TrustMortgage, the Beneficiary Mortgagee may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee Mortgagee to sell the Trust Mortgaged Property in accordance with the provisions of this Deed of TrustMortgage.
Appears in 1 contract
Samples: Credit Agreement (Accuride Corp)
Rights Pertaining to Sales. The Subject to the provisions or other requirements of law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Mortgaged Property under or by virtue of this Paragraph AArticle VI, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(a) The Beneficiary or the Trustee Mortgagee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 6.02(b) hereof shall not be exhausted by any one or more such sales as to any part of the Trust Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the Beneficiarydefective, until the Note Obligations shall have been paid in full.
(b) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice. Without limiting the foregoing, in case Mortgagee shall have proceeded to enforce any right or remedy under this Mortgage by receiver, entry or otherwise, and such proceedings have been discontinued or abandoned for any such reason or shall have been determined adversely to Mortgagee, then in every such case Grantor and Mortgagee shall be restored to their former positions and rights hereunder, and all rights, powers and remedies of Mortgagee shall continue as if no such proceeding had been taken.
(c) After each sale, Mortgagee or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Grantor in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as herein provided. Mortgagee is hereby appointed the true and lawful attorney-in-fact of Grantor, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Grantor’s name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, and for that purpose Mortgagee may execute all necessary instruments of conveyance, assignment, transfer and delivery, and may substitute one or more Persons with like power, Grantor hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Grantor, if requested by Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class), shall ratify and confirm any such sale or sales by executing and delivering to Mortgagee or such purchaser or purchasers all such instruments as may be requested by Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class), for the purposes as may be designated in such request.
(d) Any and all statements of fact or other recitals made in any of the instruments referred to in subsection (c) of this Section given by the Trustee or the Beneficiary Mortgagee as to nonpayment of the Note Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary Mortgagee’s having declared all or any of the Note Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee Grantor or the BeneficiaryMortgagee, shall be taken as PRIMA FACIE conclusive and binding against all Persons as to evidence of the truth of the facts so stated and recitedrecited to the extent permitted by applicable law. The Trustee or the Beneficiary Mortgagee may appoint or delegate any one or more persons Persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(de) The receipt of the Trustee or the Beneficiary Mortgagee for the purchase money paid at any such sale, or the receipt of any other person Person authorized to give receive the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust Mortgage or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ef) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor and any and all persons Persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor to the fullest extent permitted by applicable law.
(fg) Upon any such sale or sales, Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may bid for and acquire the Mortgaged Property so sold and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against payment of the Note Obligations the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Mortgagee is authorized to deduct under the terms hereof, to the extent necessary to satisfy such bid.
(h) In the event that the Grantor, or any person Person claiming by, through or under the Grantor, shall transfer or refuse or fail to surrender possession of the Trust Mortgaged Property after any sale of the Trust Propertythereof, then the Grantor Grantor, or such person Person, shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and unlawful detainer proceedings, or subject to any other right or remedy available under this Deed of Trust hereunder or under applicable law.
(gi) Upon any such sale, the Trustee, the Beneficiary it shall not be necessary for Mortgagee or any public officer acting under execution or order of court shall not be required to have present or constructively in its constructive possession of any or all of the Trust Mortgaged Property.
(hj) In the event a foreclosure under this Deed of Trust hereunder shall be commenced by the TrusteeMortgagee, the Trustee or the Beneficiary may, Mortgagee may at any time before the sale of the Trust Property, abandon or direct the Trustee to Mortgaged Property abandon the salesale or foreclosure, and may institute suit for the collection of the Note Obligations and for the foreclosure enforcement of this Deed of TrustMortgage, or in the event that the Trustee or the Beneficiary Mortgagee should institute a suit for collection of the Note Obligations, and for the foreclosure enforcement of this Deed of TrustMortgage, the Beneficiary Mortgagee may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Mortgaged Property in accordance with the provisions of this Deed of TrustMortgage.
Appears in 1 contract
Rights Pertaining to Sales. The Subject to the requirements of applicable law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Mortgaged Property under or by virtue of this Paragraph Asubsection (d) above, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(ai) The Beneficiary or the Trustee Mortgagee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 above shall not be exhausted by any one or more such sales as to any part of the Trust Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryMortgagee's opinion, until the Obligations Debt shall have been paid in full.
(bii) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(ciii) After each sale, Mortgagee or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Mortgagor in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as specified in the Note. Mortgagee is hereby appointed the true and lawful attorney-in-fact of Mortgagor, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Mortgagor's name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, Mortgagor hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Mortgagor, if requested by Mortgagee, shall ratify and confirm any such sale or sales by executing and delivering to Mortgagee or such purchaser or purchasers all such instruments as may be advisable, in Mortgagee's judgment, for the purposes as may be designated in such request.
iv) Any and all statements of fact or other recitals made in any of the instruments referred to in subparagraph (iii) of this subsection (e) given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, Mortgagee shall be taken as PRIMA FACIE conclusive and binding against all persons as to evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ev) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Mortgagor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Mortgagor and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Mortgagor to the fullest extent permitted by applicable law.
(fvi) In Upon any such sale or sales, Mortgagee may bid for and acquire the event that Mortgaged Property and, in lieu of paying cash therefor, may make settlement for the Grantorpurchase price by crediting against the Debt the amount of the bid made therefor, or after deducting therefrom the expenses of the sale, the cost of any person claiming byenforcement proceeding hereunder, through or and any other sums which Mortgagee is authorized to deduct under the Grantorterms hereof, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of the Trust Property, then the Grantor or extent necessary to satisfy such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable lawbid.
(gvii) Upon any such sale, the Trustee, the Beneficiary it shall not be necessary for Mortgagee or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Mortgaged Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trust.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Janus American Group Inc)
Rights Pertaining to Sales. The Subject to the requirements of applicable law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Mortgaged Property under or by virtue of this Paragraph Asubsection (d) above, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(ai) The Beneficiary Trustee or the Trustee Mortgagee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 above shall not be exhausted by any one or more such sales as to any part of the Trust Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryMortgagee's opinion, until the Obligations Debt shall have been paid in full.
(bii) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(ciii) After each sale, Mortgagee, Trustee or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Mortgagor in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as specified in the Note. Each of Trustee and Mortgagee is hereby appointed the true and lawful attorney-in-fact of Xxxxxxxxx, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Xxxxxxxxx's name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, Xxxxxxxxx hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Mortgagor, if requested by Trustee or Mortgagee, shall ratify and confirm any such sale or sales by executing and delivering to Trustee, Mortgagee or such purchaser or purchasers all such instruments as may be advisable, in Trustee's or Mortgagee's judgment, for the purposes as may be designated in such request.
iv) Any and all statements of fact or other recitals made in any of the instruments referred to in subparagraph (iii) of this subsection (e) given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, Mortgagee shall be taken as PRIMA FACIE conclusive and binding against all persons as to evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ev) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Mortgagor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Mortgagor and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Mortgagor to the fullest extent permitted by applicable law.
(fvi) In Upon any such sale or sales, Mortgagee may bid for and acquire the event that Mortgaged Property and, in lieu of paying cash therefor, may make settlement for the Grantorpurchase price by crediting against the Debt the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Trustee or any person claiming by, through or Mortgagee is authorized to deduct under the Grantorterms hereof, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of the Trust Property, then the Grantor or extent necessary to satisfy such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable lawbid.
(gvii) Upon any such sale, the it shall not be necessary for Trustee, the Beneficiary Mortgagee or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Mortgaged Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trust.
Appears in 1 contract
Rights Pertaining to Sales. The Subject to the provisions or other requirements of law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Mortgaged Property under or by virtue of this Paragraph AArticle VI, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(a) The Beneficiary or the Trustee Mortgagee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 6.02(b) hereof shall not be exhausted by any one or more such sales as to any part of the Trust Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryMortgagee's opinion, until the Secured Obligations shall have been paid in full.
(b) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice. Without limiting the foregoing, in case Mortgagee shall have proceeded to enforce any right or remedy under this Mortgage by receiver, entry or otherwise, and such proceedings have been discontinued or abandoned for any such reason or shall have been determined adversely to Mortgagee, then in every such case Grantor and Mortgagee shall be restored to their former positions and rights hereunder, and all rights, powers and remedies of Mortgagee shall continue as if no such proceeding had been taken.
(c) After each sale, Mortgagee or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Grantor in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as herein provided. Mortgagee is hereby appointed the true and lawful attorney-in-fact of Grantor, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Grantor's name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, and for that purpose Mortgagee may execute all necessary instruments of conveyance, assignment, transfer and delivery, and may substitute one or more Persons with like power, Grantor hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Grantor, if requested by Mortgagee, shall ratify and confirm any such sale or sales by executing and delivering to Mortgagee or such purchaser or purchasers all such instruments as may be advisable, in Mortgagee's judgment, for the purposes as may be designated in such request.
(d) Any and all statements of fact or other recitals made in any of the instruments referred to in subsection (c) of this Section given by the Trustee or the Beneficiary Mortgagee as to nonpayment of the Secured Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary Mortgagee's having declared all or any of the Secured Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee Grantor or the BeneficiaryMortgagee, shall be taken as PRIMA FACIE conclusive and binding against all Persons as to evidence of the truth of the facts so stated and recitedrecited to the extent permitted by applicable law. The Trustee or the Beneficiary Mortgagee may appoint or delegate any one or more persons Persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(de) The receipt of the Trustee or the Beneficiary Mortgagee for the purchase money paid at any such sale, or the receipt of any other person Person authorized to give receive the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust Mortgage or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ef) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor and any and all persons Persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor to the fullest extent permitted by applicable law.
(fg) Upon any such sale or sales, Mortgagee may bid for and acquire the Mortgaged Property so sold and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against payment of the Secured Obligations the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Mortgagee is authorized to deduct under the terms hereof, to the extent necessary to satisfy such bid.
(h) In the event that the Grantor, or any person Person claiming by, through or under the Grantor, shall transfer or refuse or fail to surrender possession of the Trust Mortgaged Property after any sale of the Trust Propertythereof, then the Grantor Grantor, or such person Person, shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and unlawful detainer proceedings, or subject to any other right or remedy available under this Deed of Trust hereunder or under applicable law.
(gi) Upon any such sale, the Trustee, the Beneficiary it shall not be necessary for Mortgagee or any public officer acting under execution or order of court shall not be required to have present or constructively in its constructive possession of any or all of the Trust Mortgaged Property.
(hj) In the event a foreclosure under this Deed of Trust hereunder shall be commenced by the TrusteeMortgagee, the Trustee or the Beneficiary may, Mortgagee may at any time before the sale of the Trust Property, abandon or direct the Trustee to Mortgaged Property abandon the salesale or foreclosure, and may institute suit for the collection of the Secured Obligations and for the foreclosure enforcement of this Deed of TrustMortgage, or in the event that the Trustee or the Beneficiary Mortgagee should institute a suit for collection of the Secured Obligations, and for the foreclosure enforcement of this Deed of TrustMortgage, the Beneficiary Mortgagee may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Mortgaged Property in accordance with the provisions of this Deed of TrustMortgage.
Appears in 1 contract
Samples: Indenture (Verasun Energy Corp)
Rights Pertaining to Sales. The Subject to the requirements of applicable law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Mortgaged Property under or by virtue of this Paragraph Asubsection (d) above, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(ai) The Beneficiary Trustee or the Trustee Mortgagee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 hereunder shall not be exhausted by any one or more such sales as to any part of the Trust Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryMortgagee's opinion, until the Obligations Debt shall have been paid in full.
(bii) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(ciii) After each sale, Mortgagee, Trustee or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Mortgagor in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as specified in the Note. Each of Trustee and Mortgagee is hereby appointed the true and lawful attorney-in-fact of Mortgagor, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Mortgagor's name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, Mortgagor hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Mortgagor, if requested by Trustee or Mortgagee, shall ratify and confirm any such sale or sales by executing and delivering to Trustee, Mortgagee or such purchaser or purchasers all such instruments as may be advisable, in Trustee's or Mortgagee's judgment, for the purposes as may be designated in such request.
iv) Any and all statements of fact or other recitals made in any of the instruments referred to in subparagraph (iii) of this subsection (e) given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, Mortgagee shall be taken as PRIMA FACIE conclusive and binding against all persons as to evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ev) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Mortgagor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Mortgagor and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Mortgagor to the fullest extent permitted by applicable law.
(fvi) In Upon any such sale or sales, Mortgagee may bid for and acquire the event that Mortgaged Property and, in lieu of paying cash therefor, may make settlement for the Grantorpurchase price by crediting against the Debt the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Trustee or any person claiming by, through or Mortgagee is authorized to deduct under the Grantorterms hereof, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of the Trust Property, then the Grantor or extent necessary to satisfy such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable lawbid.
(gvii) Upon any such sale, the it shall not be necessary for Trustee, the Beneficiary Mortgagee or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Mortgaged Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trust.
Appears in 1 contract
Samples: Mortgage, Deed of Trust and Security Agreement (Concord Milestone Plus L P)
Rights Pertaining to Sales. The following provisions shall apply -------------------------- to any sale or sales of the Trust Mortgaged Property under or by virtue of this Paragraph AArticle VI, whether made under the power of sale granted in this Deed of Trust Mortgage or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(a) The Beneficiary or the Trustee may conduct any Any number of sales for cash or upon credit may be conducted from time to time. The power of sale set forth in Section 24 shall not be exhausted by any one or more such sales as to any part of the Trust Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the Beneficiary, until the Obligations shall have been paid in full.
(b) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(c) After each sale, an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of the Mortgagor in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as provided in this Mortgage. The Mortgagee is hereby appointed the true and lawful attorney,in-fact of the Mortgagor, which appointment is irrevocable and shall be deemed to be coupled with an interest, in the Mortgagor's name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, and for that purpose the Mortgagee may execute all necessary instruments of conveyance, assignment, transfer and delivery, and may substitute one or more persons with like power, the Mortgagor hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, the Mortgagor, a requested by the Mortgagee, shall ratify and confirm any such sale or sales by executing and delivering to such purchaser or purchasers all such instruments as may be advisable, in the judgment of the Mortgagee, for the purposes designated in such request
(d) Any and all statements of fact or other recitals made in any of the instruments referred to in subsection (c) of this section 6.04 given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary Mortgagee having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiarydone, shall be taken as PRIMA FACIE prima facie evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary ----- ----- Mortgagee may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(de) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, sale shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust Mortgage or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ef) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Mortgagor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Mortgagor and any and all persons claiming or who may claim the same, or any part thereof, by, through or under the Grantor Mortgagor to the fullest extent permitted by applicable law.
(fg) Upon any such sale or sales, the, Mortgagee may bid for and acquire the Mortgaged Property and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the Obligations the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding under this Mortgage and any other sums which the Mortgagee is authorized to deduct under the terms of this Mortgage, to the extent necessary to satisfy such bid.
(h) In the event that the GrantorMortgagor, or any person claiming by, through or under the GrantorMortgagor, shall transfer or refuse or fail to surrender possession of the Trust Mortgaged Property after any sale of the Trust Mortgaged Property, then the Grantor Mortgagor or such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust Mortgage or under applicable law.
(gi) Upon any such sale, the Trustee, the Beneficiary Mortgagee or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Mortgaged Property.
(hj) In the event a foreclosure under of any sale referred to in this Deed of Trust shall be commenced by the Trusteesection 6.04, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection all of the Obligations a not previously due and for payable, immediately thereupon shall become due and payable, notwithstanding anything to the foreclosure of contrary contained in this Deed of Trust, Mortgage or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trustother Transaction Document.
Appears in 1 contract
Samples: Facility Agreement (Vencor Inc)
Rights Pertaining to Sales. The Subject to the requirements of applicable law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Mortgaged Property under or by virtue of this Paragraph Asubsection (d) above, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
i) Should Mortgagee elect to foreclose by exercise of the power of sale herein contained, Mortgagee shall notify Trustee and shall deposit with Trustee this Deed of Trust and the Note and such receipts and evidence of expenditures made and secured hereby as Trustee may require. Upon receipt of such notice from Mortgagee, Trustee shall cause to be recorded, published and delivered to Mortgagor such Notice of Default (aherein so called) and Election to Sell (herein so called) as then required by law and by this Deed of Trust. Trustee shall, without demand on Mortgagor, after lapse of such time as may then be required by law and after recordation of such Notice of Default and after Notice of Sale having been given as required by law, sell the Mortgaged 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 payable at the time of sale. Trustee shall deliver to such purchaser or purchasers thereof its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warranty, express or implied. The Beneficiary recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including, without limitation, Mortgagor, Trustee or Mortgagee, may purchase at such sale and Mortgagor hereby covenants to warrant and defend the title of such purchaser or purchasers. After deducting all costs, fees and expenses of Trustee and of this Trust, including costs of evidence of title in connection with sale, Trustee shall apply the proceeds of sale in the following priority, to payment of: (A) first, all sums expended under the terms hereof, not then repaid, with accrued interest at the Default Rate; (B) second, all other sums then secured hereby; and (C) the remainder, if any, to the person or persons legally entitled thereto. Trustee or Mortgagee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 above shall not be exhausted by any one or more such sales as to any part of the Trust Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryMortgagee's opinion, until the Obligations Debt shall have been paid in full.
(bii) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(ciii) After each sale, Mortgagee, Trustee or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Mortgagor in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as specified in the Note. Each of Trustee and Mortgagee is hereby appointed the true and lawful attorney-in-fact of Xxxxxxxxx, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Xxxxxxxxx's name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, Xxxxxxxxx hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Mortgagor, if requested by Trustee or Mortgagee, shall ratify and confirm any such sale or sales by executing and delivering to Trustee, Mortgagee or such purchaser or purchasers all such instruments as may be advisable, in Trustee's or Mortgagee's judgment, for the purposes as may be designated in such request.
iv) Any and all statements of fact or other recitals made in any of the instruments referred to in subparagraph (iii) of this subsection (e) given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, Mortgagee shall be taken as PRIMA FACIE conclusive and binding against all persons as to evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ev) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Mortgagor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Mortgagor and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Mortgagor to the fullest extent permitted by applicable law.
(fvi) In Upon any such sale or sales, Mortgagee may bid for and acquire the event that Mortgaged Property and, in lieu of paying cash therefor, may make settlement for the Grantorpurchase price by crediting against the Debt the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Trustee or any person claiming by, through or Mortgagee is authorized to deduct under the Grantorterms hereof, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of the Trust Property, then the Grantor or extent necessary to satisfy such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable lawbid.
(gvii) Upon any such sale, the it shall not be necessary for Trustee, the Beneficiary Mortgagee or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Mortgaged Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trust.
Appears in 1 contract
Rights Pertaining to Sales. The Subject to the requirements of applicable law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Property under or by virtue of this Paragraph ASubsection 10.1(d) above, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(ai) The Beneficiary Trustee or the Trustee Lender may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 above shall not be exhausted by any one or more such sales as to any part of the Trust Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryLender’s opinion, until the Obligations Debt shall have been paid in full.
(bii) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(ciii) After each sale, Lender, Trustee or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Borrower in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as specified in the Note. Each of Trustee and Lender is hereby appointed the true and lawful attorney-in-fact of Borrower, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Borrower’s name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, Borrower hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Borrower, if requested by Trustee or Lender, shall ratify and confirm any such sale or sales by executing and delivering to Trustee, Lender or such purchaser or purchasers all such instruments as may be advisable, in Trustee’s or Lender’s judgment, for the purposes as may be designated in such request.
(iv) Any and all statements of fact or other recitals made in any of the instruments referred to in Subsection 10.1(e)(iii) given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, Lender shall be taken as PRIMA FACIE conclusive and binding against all persons as to evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ev) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Borrower in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Borrower and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Borrower to the fullest extent permitted by applicable law.
(fvi) In Upon any such sale or sales, Lender may bid for and acquire the event that Property and, in lieu of paying cash therefor, may make settlement for the Grantorpurchase price by crediting against the Debt the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Trustee or any person claiming by, through or Lender is authorized to deduct under the Grantorterms hereof, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of the Trust Property, then the Grantor or extent necessary to satisfy such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable lawbid.
(gvii) Upon any such sale, the it shall not be necessary for Trustee, the Beneficiary Lender or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trust.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (Republic Property Trust)
Rights Pertaining to Sales. The following provisions shall -------------------------- apply to any sale or sales of the Trust Mortgaged Property under or by virtue of this Paragraph A, whether made under the power of sale granted in this Deed of Trust or by virtue of judicial proceedings or of judgment or decree of foreclosure and saleARTICLE VI:
(a) The Beneficiary or the Trustee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 6.02(d) shall not be exhausted by any one or more such sales as to any part of the Trust Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the Beneficiary, until the Obligations shall have been paid in full.
(b) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(c) After each sale, the Trustee shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of the Grantor in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as provided in this Deed of Trust. The Trustee is hereby appointed the true and lawful attorney-fact of the Grantor, which appointment is irrevocable and shall be deemed to be coupled with an interest, in the Grantor's name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, and for that purpose the Trustee may execute all necessary instruments of conveyance, assignment transfer and delivery, and may substitute one or more persons with like power, the Grantor hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, the Grantor, if requested by the Trustee, shall ratify and confirm any such sale or sales by executing and delivering to the Trustee or such purchaser or purchasers all such instruments as may be advisable, in the judgment of the Trustee or the Beneficiary, for the purposes designated in such request.
(d) Any and all statements of fact or other recitals made in any of the instruments referred to in subsection (c) of this Section 6.04 given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, shall be taken as PRIMA FACIE prima facie evidence of the truth of the ----- ----- facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(de) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ef) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor and any and all persons claiming or who may claim the same, or any part thereof, by, through or under the Grantor to the fullest extent permitted by applicable law.
(fg) Upon any such sale or sales, the Beneficiary may bid for and acquire the Mortgaged Property and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the Obligations the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding under this Deed of Trust and any other sums which the Trustee or the Beneficiary is authorized to deduct under the terms of this Deed of Trust, to the extent necessary to satisfy such bid.
(h) In the event that the Grantor, or any person claiming by, through or under the Grantor, shall transfer or refuse or fail to surrender possession of the Trust Mortgaged Property after any sale of the Trust Mortgaged Property, then the Grantor or such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable law.
(gi) Upon any such sale, the Trustee, the Beneficiary or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Mortgaged Property.
(hj) In the event of any sale referred to in this SECTION 6.04, all of the Obligations, if not previously due and payable, immediately thereupon shall become due and payable, notwithstanding anything to the contrary contained in this Deed of Trust or any other Transaction Document
(k) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Mortgaged Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Mortgaged Property in accordance with the provisions of this Deed of Trust.
Appears in 1 contract
Samples: Facility Agreement (Vencor Inc)
Rights Pertaining to Sales. The Subject to the requirements of applicable law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Property under or by virtue of this Paragraph ASubsection 10.l(d) above, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(ai) The Beneficiary Trustee or the Trustee Lender may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 above shall not be exhausted by any one or more such sales as to any part of the Trust Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryLender’s opinion, until the Obligations Debt shall have been paid in full.
(bii) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(ciii) After each sale, Lender, Trustee or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Borrower in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as specified in the Note. Each of Trustee and Lender is hereby appointed the true and lawful attorney-in-fact of Borrower, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Borrower’s name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, Borrower hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Borrower, if requested by Trustee or Lender, shall ratify and confirm any such sale or sales by executing and delivering to Trustee, Lender or such purchaser or purchasers all such instruments as may be advisable, in Trustee’s or Lender’s judgment, for the purposes as may be designated in such request.
(iv) Any and all statements of fact or other recitals made in any of the instruments referred to in Subsection 10.1(e)(iii) given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, Lender shall be taken as PRIMA FACIE conclusive and binding against all persons as to evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ev) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Borrower in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Borrower and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Borrower to the fullest extent permitted by applicable law.
(fvi) In Upon any such sale or sales, Lender may bid for and acquire the event that Property and, in lieu of paying cash therefor, may make settlement for the Grantorpurchase price by crediting against the Debt the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Trustee or any person claiming by, through or Lender is authorized to deduct under the Grantorterms hereof, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of the Trust Property, then the Grantor or extent necessary to satisfy such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable lawbid.
(gvii) Upon any such sale, the it shall not be necessary for Trustee, the Beneficiary Lender or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trust.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (Inland American Real Estate Trust, Inc.)
Rights Pertaining to Sales. The following provisions shall apply to any sale or sales of all or any portion of the Trust Property Premises under or by virtue of this Paragraph AArticle VIII, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(a) The Beneficiary or the Trustee Mortgagee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 8.2(d) hereof shall not be exhausted by any one or more such sales as to any part of the Trust Property Premises which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryMortgagee's opinion, until the Obligations shall have been paid in full.
(b) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice, as permitted by applicable law.
(c) After each sale, Mortgagee or any officer of any court empowered to do so, shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Mortgagor in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as herein provided. Mortgagee is hereby appointed the true and lawful attorney-in-fact of Mortgagor, which appointment is irrevocable and shall be deemed to be coupled with an interest in Mortgagor's name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, and for that purpose Mortgagee may execute all necessary instruments of conveyance, assignment, transfer and delivery, or may substitute one or more Persons with like power, Mortgagor hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Mortgagor, if requested by Mortgagee, shall ratify and confirm any such sale or sales by executing and delivering to such purchaser or purchasers all such instruments as may be advisable, in Mortgagee's judgment, for the purposes designated in such request.
(d) Any and all statements of fact or other recitals made in any of the instruments referred to in clause (c) immediately above given by the Trustee or the Beneficiary Mortgagee as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary Mortgagee having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the BeneficiaryMortgagee, shall be taken as PRIMA FACIE prima facie evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary Mortgagee may appoint or delegate any one or more persons Persons as agent to perform any act or acts necessary or incident to any sale so held, including including, without limitation, the posting of notices and the conduct of sale, but in the name and on behalf of Mortgagee.
(de) The receipt of the Trustee or the Beneficiary for Mortgagee of the purchase money paid at any such sale, or the receipt of any other person Person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, receipt shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust Mortgage or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ef) Any such sale or sales and the expiration of any applicable redemption period shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Mortgagor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Mortgagor and any and all persons Persons claiming or who may claim the same, or any part thereof, by, through or under the Grantor Mortgagor to the fullest extent permitted by applicable law.
(fg) Upon any such sale or sales, Mortgagee or any holder of the Obligations may bid for and acquire the Premises and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the Obligations the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder and any other sums which Mortgagee is authorized to deduct under the terms hereof and pursuant to applicable law, to the extent necessary to satisfy such bid.
(h) In the event that the GrantorMortgagor, or any person Person claiming by, through or under the GrantorMortgagor, shall transfer or refuse or fail to surrender possession of the Trust Property Premises after any sale of the Trust Propertythereof, then the Grantor Mortgagor or such person Person shall be deemed a tenant at sufferance of the purchaser at such sale, sale subject to eviction by means of forcible entry and unlawful detainer proceedings, or subject to any other right or remedy available under this Deed of Trust hereunder or under applicable law.
(gi) Upon any such sale, the Trustee, the Beneficiary it shall not be necessary for Mortgagee or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust PropertyPremises.
(hj) In the event of any sale referred to in this Section 8.4, all of the Obligations, if not previously due and payable, immediately thereupon shall, notwithstanding anything to the contrary in the Note or herein or in any other Loan Document, become due and payable.
(k) In the event a foreclosure under sale referred to in this Deed of Trust Section 8.4 shall be commenced by the TrusteeMortgagee, the Trustee or the Beneficiary Mortgagee may, at any time before the sale of the Trust PropertyPremises, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of TrustMortgage, or in the event that the Trustee or the Beneficiary Mortgagee should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of TrustMortgage, the Beneficiary Mortgagee may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property Premises in accordance with the provisions of this Deed of TrustMortgage.
Appears in 1 contract
Rights Pertaining to Sales. The Subject to the requirements of --------------------------- applicable law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Mortgaged Property under or by virtue of this Paragraph ASubsection (d) above, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(ai) The Beneficiary or the Trustee Mortgagee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 above shall not be exhausted by any one or more such sales as to any part of the Trust Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryMortgagee's opinion, until the Obligations Debt shall have been paid in full.
(bii) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(ciii) After each sale, Mortgagee or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Mortgagor in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as specified in the Loan Agreement. Mortgagee is hereby appointed the true and lawful attorney-in-fact of Mortgagor, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Mortgagor's name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, Mortgagor hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Mortgagor, if requested by Mortgagee, shall ratify and confirm any such sale or sales by executing and delivering to Mortgagee or such purchaser or purchasers all such instruments as may be advisable, in Mortgagee's judgment, for the purposes as may be designated in such request.
(iv) Any and all statements of fact or other recitals made in any of the instruments referred to in Subsection (e)(iii) above given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, Mortgagee shall be taken as PRIMA FACIE conclusive and binding against all persons as to evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ev) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Mortgagor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Mortgagor and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Mortgagor to the fullest extent permitted by applicable law.
(fvi) In Upon any such sale or sales, Mortgagee may bid for and acquire the event that Mortgaged Property and, in lieu of paying cash therefor, may make a settlement for the Grantorpurchase price by crediting against the Debt the amount of the bid made therefor, or after deducting therefrom the expenses of the sale, the cost of any person claiming byenforcement proceeding hereunder, through or and any other sums which Mortgagee is authorized to deduct under the Grantorterms hereof, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of the Trust Property, then the Grantor or extent necessary to satisfy such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable lawbid.
(gvii) Upon any such sale, the Trustee, the Beneficiary it shall not be necessary for Mortgagee or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Mortgaged Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trust.
Appears in 1 contract
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Ventas Inc)
Rights Pertaining to Sales. The Subject to the requirements of applicable law and except as otherwise provided herein the following provisions shall apply to any sale or sales of all or any portion of the Trust Property under or by virtue of this Paragraph ASubsection 10.1(d) above, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(ai) The Beneficiary Trustee or the Trustee Lender may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 above shall not be exhausted by any one or more such sales as to any part of the Trust die Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryLender's opinion, until the Obligations Debt shall have been paid in full.
(bii) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(iii) Trustee shall deliver to the purchaser Trustee's deed conveying the Property so sold with special warranty of title. The recitals in Trustee's deed shall be prima facie evidence of the truth of statements made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all costs and expenses of the sale, including, but not limited to. Trustee's fees of 2% of the gross sale price, attorney's fees and costs of title evidence: (b) to the discharge of all taxes. levies and assessments on the Property, if any. as provided by applicable law: (c) to all sums secured by this Instrument in such order as Lender, in Lender's sole discretion, directs: and (d) the excess, if any to the person or persons legally JPMORGAN CHASE BANK entitled thereto, including, if any, holders of liens inferior to this Instrument in order of their priority, provided that Trustee has actual notice of such liens. Trustee shall not be required to take possession of the Property prior to the sale thereof or to deliver possession of the Property to the purchaser at such sale.
(iv) Any and all statements of fact or other recitals made in any of the instruments referred to in Subsection 10.1(e)(iii) given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, Lender shall be taken as PRIMA FACIE conclusive and binding against all persons as to evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ev) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Borrower in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Borrower and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, . through or under the Grantor Borrower to the fullest extent permitted by applicable law.
(fvi) In Upon any such sale or sales. Lender may bid for and acquire the event that Property and, in lieu of paying cash therefor, may make settlement for the Grantorpurchase price by crediting against the Debt the amount of the bid made therefore, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder and any other sums which Trustee or any person claiming by, through or Lender is authorized to deduct under the Grantor, shall transfer or refuse or fail terms hereof to surrender possession of the Trust Property after any sale of the Trust Property, then the Grantor or extent necessary to satisfy such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable lawbid.
(gvii) Upon any such sale, the it shall not be necessary for Trustee, the Beneficiary . Lender or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trust.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (First Potomac Realty Trust)
Rights Pertaining to Sales. The Subject to the requirements of applicable law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Property under or by virtue of this Paragraph Asubsection 23(d) above, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(ai) The Beneficiary or the Trustee Lender may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 above shall not be exhausted by any one or more such sales as to any part of the Trust Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryLender's opinion, until the Obligations Debt shall have been paid in full.
(bii) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(ciii) After each sale, Lender or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Borrower in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as specified in the Note. Lender is hereby appointed the true and lawful attorney-in-fact of Borrower, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Borrower's name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, Borrower hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Borrower, if requested by Lender, shall ratify and confirm any such sale or sales by executing and delivering to Lender or such purchaser or purchasers all such instruments as may be advisable, in Lender's judgment, for the purposes as may be designated in such request.
(iv) Any and all statements of fact or other recitals made in any of the instruments referred to in subsection 23(e)(iii) above given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, Lender shall be taken as PRIMA FACIE conclusive and binding against all persons as evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ev) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Borrower in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Borrower and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Borrower to the fullest extent permitted by applicable law.
(fvi) In Upon any such sale or sales, Lender may bid for and acquire the event that Property and, in lieu of paying cash therefor, may make settlement for the Grantorpurchase price by crediting against the Debt the amount of the bid made therefor, or after deducting therefrom the expenses of the sale, the cost of any person claiming byenforcement proceeding hereunder, through or and any other sums which Lender is authorized to deduct under the Grantorterms hereof, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of the Trust Property, then the Grantor or extent necessary to satisfy such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable lawbid.
(gvii) Upon any such sale, the Trustee, the Beneficiary it shall not be necessary for Lender or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trust.
Appears in 1 contract
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Cytation Corp)
Rights Pertaining to Sales. The following provisions shall shall, to the extent permitted by law, apply to any sale or sales of all or any portion of the Trust Mortgaged Property under or by virtue of this Paragraph ADeed of Trust, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(aA) The Beneficiary or the Trustee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 shall not be exhausted by any one or more of such sales as to any part of the Trust Mortgaged Property which shall that have not have been sold, nor or by any sale which that is not completed or is defective in the opinion of the Trustee or the Beneficiary, until the Obligations Indebtedness shall have been paid in full.
(bB) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale, and sale may be completed at the time and place so announced without further notice.
(cC) After each sale, Trustee, his successors and assigns or an officer of any court empowered to do so, shall, as required by law, execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, and assigning the property and rights sold and shall receive the proceeds of such sale or sales and apply the same as herein provided. Beneficiary is hereby appointed the true and lawful attorney-in-fact of Grantor, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Grantor's name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, and for that purpose Beneficiary may execute all necessary instruments to accomplish the same, and may substitute one or more persons with like power, and Grantor hereby ratifies and confirms all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Grantor, if requested by Beneficiary, shall ratify and confirm any such sale or sales by executing and delivering to Beneficiary or such purchaser or purchasers, as applicable, all such instruments as may be advisable, in Beneficiary's judgment, for the purposes designated in such request.
(D) Any and all statements of fact or other recitals made in any of the instruments referred to in Subsection (C) of this Section given by the Trustee or the Beneficiary as to concerning nonpayment of the ObligationsIndebtedness, or as to the occurrence of any Event of Default, or as to the any declaration by Beneficiary having declared that all or any of the Obligations to be Indebtedness is due and payable, or as to the any request to sell, or as to any representation that notice of time, place and terms of sale and of the property or rights to be sold having been was duly given, or as to the refusal, failure or inability to act of the Trustee, or as to the appointment of any substitute or successor Trustee, or as to that any other act or thing having been was duly done by the Trustee or the Beneficiary, shall be taken as PRIMA FACIE prima facie evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(dE) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose purchase of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(eF) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor and any and all persons claiming or who may claim the same, or any part thereof, by, through or under the Grantor to the fullest extent permitted by applicable law.
(fG) Upon any such sale or sales, Beneficiary may bid for and acquire the Mortgaged Property and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the Indebtedness the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder and any other sum which Beneficiary is authorized to charge to Grantor under the terms of this Deed of Trust, to the extent necessary to satisfy such bid.
(H) In the event that the Grantor, or any person claiming by, through or under the Grantor, shall transfer or refuse or fail to surrender possession of the Trust Mortgaged Property after any sale of the Trust Propertythereof, then the Grantor or such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and unlawful detainer proceedings or other appropriate proceedings, or subject and to any other right or remedy available under this Deed of Trust hereunder or under applicable law.
(gI) Upon any such sale, the it shall not be necessary for Trustee, the Beneficiary or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Mortgaged Property.
(hJ) In the event a foreclosure under of any sale referred to in this Section, all of the Indebtedness, if not previously due and payable, immediately thereupon shall, notwithstanding anything to the contrary in the Reimbursement Agreement, this Deed of Trust or any other Security Documents, become due and payable.
(K) This instrument shall be effective as a mortgage. If a foreclosure hereunder shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Mortgaged Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations Indebtedness and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the . If Beneficiary should shall institute a suit for the collection of the ObligationsIndebtedness, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require direct the Trustee to sell the Trust Mortgaged Property in accordance with the provisions of this Deed of Trust. Beneficiary may pursue its rights and remedies against any guarantor or other party liable for any of the Indebtedness in such a suit for foreclosure or by separate suit, whether or not the Trustee is also pursuing a sale under the terms hereof.
Appears in 1 contract
Samples: Future Advance Deed of Trust (Kv Pharmaceutical Co /De/)
Rights Pertaining to Sales. The Subject to the provisions or other requirements of law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Mortgaged Property under or by virtue of this Paragraph A, whether made under the power of sale granted in this Deed of Trust or by virtue of judicial proceedings or of judgment or decree of foreclosure and saleSection 33:
(a) The Beneficiary or the Trustee Mortgagee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 33 above shall not be exhausted by any one or more such sales as to any part of the Trust Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryMortgagee’s opinion, until the Obligations shall have been paid Paid in fullFull.
(b) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice. Without limiting the foregoing, in case Mortgagee shall have proceeded to enforce any right or remedy under this Mortgage by receiver, entry or otherwise, and such proceedings have been discontinued or abandoned for any such reason or shall have been determined adversely to Mortgagee, then in every such case Mortgagor and Mortgagee shall be restored to their former positions and rights hereunder, and all rights, powers and remedies of Mortgagor and Mortgagee shall continue as if no such proceeding had been instituted.
(c) Any and all statements of fact or other recitals made in any instruments given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, shall be taken as PRIMA FACIE evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(d) The receipt by Mortgagee of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give receive the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust Mortgage or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ed) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Mortgagor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Mortgagor and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Mortgagor to the fullest extent permitted by applicable law.
(fe) In the event that the GrantorMortgagor, or any person claiming by, through or under the GrantorMortgagor, shall transfer or refuse or fail to surrender possession of the Trust Mortgaged Property after any sale of the Trust Propertythereof, then the Grantor Mortgagor, or such person person, shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and unlawful detainer proceedings, or subject to any other right or remedy available under this Deed of Trust hereunder or under applicable law.
(gf) Upon any such sale, the Trustee, the Beneficiary or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed Mortgage, any Leases then existing shall not be destroyed or terminated as a result of Trustsuch foreclosure unless Mortgagee or any purchaser at a foreclosure sale shall so elect by notice to the lessee in question, or subject, in each case, to the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, terms and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trustany subordination, non-disturbance and attornment agreement or similar instrument.
Appears in 1 contract
Samples: Credit Agreement (Internap Corp)
Rights Pertaining to Sales. The Subject to the requirements of applicable law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Property under or by virtue of this Paragraph ASubsection 10.1(d) above, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(ai) The Beneficiary Trustee or the Trustee Lender may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 above shall not be exhausted by any one or more such sales as to any part of the Trust Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryLender's opinion, until the Obligations Debt shall have been paid in full.
(bii) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(ciii) After each sale, Lender, Trustee or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Borrower in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as specified in the Note. Each of Trustee and Lender is hereby appointed the true and lawful attorney-in-fact of Borrower, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Borrower's name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, Borrower hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Borrower, if requested by Trustee or Lender, shall ratify and confirm any such sale or sales by executing and delivering to Trustee, Lender or such purchaser or purchasers all such instruments as may be advisable, in Trustee's or Lender's judgment, for the purposes as may be designated in such request.
(iv) Any and all statements of fact or other recitals made in any of the instruments referred to in Subsection 10. 1(e)(iii) given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, Lender shall be taken as PRIMA FACIE conclusive and binding against all persons as to evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ev) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Borrower in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Borrower and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Borrower to the fullest extent permitted by applicable law.
(fvi) In Upon any such sale or sales, Lender may bid for and acquire the event that Property and, in lieu of paying cash therefor, may make settlement for the Grantorpurchase price by crediting against the Debt the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Trustee or any person claiming by, through or Lender is authorized to deduct under the Grantorterms hereof, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of the Trust Property, then the Grantor or extent necessary to satisfy such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable lawbid.
(gvii) Upon any such sale, the it shall not be necessary for Trustee, the Beneficiary Lender or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trust.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (First Potomac Realty Trust)
Rights Pertaining to Sales. The Subject to the provisions or other requirements of law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Mortgaged Property under or by virtue of this Paragraph AArticle V, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(a) The Beneficiary or the Trustee Mortgagee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 5.02(c) hereof shall not be exhausted by any one or more such sales as to any part of the Trust Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryMortgagee's opinion, until the Obligations shall have been paid in full.
(b) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice. Without limiting the foregoing, in case Mortgagee shall have proceeded to enforce any right or remedy under this Mortgage by receiver, entry or otherwise, and such proceedings have been discontinued or abandoned for any such reason or shall have been determined adversely to Mortgagee, then in every such case Mortgagor and Mortgagee shall be restored to their former positions and rights hereunder, and all rights, powers and remedies of Mortgagee shall continue as if no such proceeding had been taken.
(c) After each sale, Mortgagee or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Mortgagor in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as herein provided. Mortgagee is hereby appointed the true and lawful attorney-in-fact of Mortgagor, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Mortgagor's name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, and for that purpose Mortgagee may execute all necessary instruments of conveyance, assignment, transfer and delivery, and may substitute one or more persons with like power, Mortgagor hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Mortgagor, if requested by Mortgagee, shall ratify and confirm any such sale or sales by executing and delivering to Mortgagee or such purchaser or purchasers all such instruments as may be advisable, in Mortgagee's judgment, for the purposes as may be designated in such request.
(d) Any and all statements of fact or other recitals made in any of the instruments referred to in subsection (c) of this Section 5.03 given by the Trustee or the Beneficiary Mortgagee as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary Mortgagee having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 Mortgagor or by Mortgagee in connection with the Trustee or exercise of the Beneficiary, remedies described in this Section 5.03(d) shall be taken as PRIMA FACIE conclusive and binding against all persons as to evidence of the truth of the facts so stated and recitedrecited absent manifest error. The Trustee or the Beneficiary Mortgagee may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(de) The receipt of the Trustee or the Beneficiary Mortgagee for the purchase money paid at any such sale, or the receipt of any other person authorized to give receive the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust Mortgage or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ef) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Mortgagor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Mortgagor and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Mortgagor to the fullest extent permitted by applicable law.
(fg) Upon any such sale or sales, Mortgagee may bid for and acquire the Mortgaged Property and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the Obligations the amount of the bid made therefor, after deducting therefrom the reasonable expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Mortgagee is authorized to deduct under the terms hereof, to the extent necessary to satisfy such bid.
(h) In the event that the GrantorMortgagor, or any person claiming by, through or under the GrantorMortgagor, shall transfer or refuse or fail to surrender possession of the Trust Mortgaged Property after any sale of the Trust Propertythereof, then the Grantor Mortgagor, or such person person, shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and unlawful detainer proceedings, or subject to any other right or remedy available under this Deed of Trust hereunder or under applicable law.
(gi) Upon any such sale, the Trustee, the Beneficiary it shall not be necessary for Mortgagee or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Mortgaged Property.
(hj) In the event a foreclosure under this Deed of Trust hereunder shall be commenced by the TrusteeMortgagee, the Trustee or the Beneficiary may, Mortgagee may at any time before the sale of the Trust Property, abandon or direct the Trustee to Mortgaged Property abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of TrustMortgage, or in the event that the Trustee or the Beneficiary Mortgagee should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of TrustMortgage, the Beneficiary Mortgagee may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee Mortgagee to sell the Trust Mortgaged Property in accordance with the provisions of this Deed Mortgage.
(k) This mortgage is based upon the STATUTORY CONDITION and upon the further condition that all covenants and agreements of TrustMortgagor in this Mortgage, all other instruments executed in connection therewith and in all other mortgages, debts and obligations of or from Mortgagor to Mortgagee shall be kept and fully performed, and, upon any breach of the same, Mortgagee shall have the STATUTORY POWER OF SALE and any other powers given by statute.
Appears in 1 contract
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement (North Atlantic Energy Corp /Nh)
Rights Pertaining to Sales. The Subject to the provisions or other requirements of law, the following provisions shall apply to any sale or sales of the Trust Mortgaged Property under or by virtue of this Paragraph AArticle 6, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(a) The Beneficiary or 6.4.1 Trustee, at the Trustee request of Beneficiary, may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 6.2.4 hereof shall not be exhausted by any one or more such sales as to any part of the Trust Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee Trustee’s or the Beneficiary’s opinion, until the Obligations shall have been paid in full.
(b) 6.4.2 Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(c) 6.4.3 After each sale, Trustee, or an officer of any court empowered to do so, shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Trustor in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as herein provided. Trustee is hereby appointed the true and lawful attorney-in-fact of Trustor, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Trustor’s name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, and for that purpose Trustee may execute all necessary instruments of conveyance, assignment, transfer and delivery, and may substitute one or more persons with like power, Trustor hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Trustor, if requested by Trustee or Beneficiary, shall ratify and confirm any such sale or sales by executing and delivering to Trustee or such purchaser or purchasers all such instruments as may be advisable, in Trustee’s or Beneficiary’s judgment, for the purposes as may be designated in such request.
6.4.4 Any and all statements of fact or other recitals made in any of the instruments referred to in Section 6.4.3 given by the Trustee or the and/or Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee Trustor, Beneficiary, or the Beneficiaryby such Trustee, shall be taken as PRIMA FACIE conclusive and binding against all persons as to evidence of the truth of the facts so stated and recited. The Trustee or the and/or Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale, but in the name and behalf of Trustee or Beneficiary, as applicable.
(d) 6.4.5 The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give receive the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or of any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication non-application of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(e) 6.4.6 Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Trustor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Trustor and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Trustor to the fullest extent permitted by applicable law.
(f) 6.4.7 Upon any such sale or sales, Beneficiary may bid for and acquire the Mortgaged Property and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the Obligations the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder and any other sums which Trustee or Beneficiary is authorized to deduct under the terms hereof, to the extent necessary to satisfy such bid.
6.4.8 In the event that the GrantorTrustor, or any person claiming by, through or under the GrantorTrustor, shall transfer or refuse or fail to surrender possession of the Trust Mortgaged Property after any sale of the Trust Propertythereof, then the Grantor Trustor, or such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust hereunder or under applicable law.
(g) 6.4.9 Upon any such sale, the it shall not be necessary for Trustee, the Beneficiary or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Mortgaged Property.
(h) 6.4.10 In the event of any sale referred to in this Section, the entire Obligations, if not previously due and payable, immediately thereupon shall, notwithstanding anything to the contrary herein or in the other Loan Documents, become due and payable.
6.4.11 In the event a foreclosure under this Deed of Trust hereunder shall be commenced by Trustee at the Trusteerequest of Beneficiary, the Trustee or the Beneficiary may, may at any time before the sale of the Trust Property, abandon or direct the Trustee to Mortgaged Property abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and sell or require the Trustee to sell the Trust Mortgaged Property in accordance with the provisions of this Deed of Trust.
Appears in 1 contract
Rights Pertaining to Sales. The following provisions shall apply to any sale or sales of the Trust Property under or by virtue of this Paragraph A, whether made under the power of sale granted in this Deed of Trust or by virtue of judicial proceedings or of judgment or decree of foreclosure and sale:
(a) The Beneficiary or Should Lender have elected to accelerate the indebtedness secured hereby, Lender may initiate foreclosure of the Property by requesting the Trustee may conduct any number of sales for cash or upon credit from time to timeeffectuate a non-judicial foreclosure sale. The power Trustee of this Instrument shall then sell, or offer for sale, the Property at public sale set forth to the highest bidder in Section 24 accordance with the laws of the State of Arizona then in force and governing said sales of real property and improvements under powers conferred by deeds of trust. Lender shall not be exhausted have the right to become the purchaser at any sale held by any one Trustee or more substitute or successor Trustee. Any Lender purchasing at any such sales sale shall have the right to credit the secured indebtedness owing to such Lender upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Said Trustee may appoint an agent or attorney instead as Trustee to any part conduct such sale as hereinbefore provided. Borrower authorizes and empowers the Trustee to sell the Property, in lots or parcels or as a whole, and to execute and deliver to the purchaser or purchasers thereof good and sufficient deeds of conveyance thereto of the Trust Property estate of title then existing on the Property. Borrower binds himself/itself to warrant and forever defend the title of such purchaser or purchasers when so made by the Trustee, and agrees to accept proceeds of said sale, if any, which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the Beneficiary, until the Obligations shall have been paid in fullare payable to Borrower.
(b) Any In the event of a judicial sale pursuant to a foreclosure decree, it is understood and agreed that Lender or its assigns may be postponed become the purchaser of the Property or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further noticeany part thereof.
(c) Any Lender may, by following the procedures and all statements of fact or other recitals made in any instruments given satisfying the requirements prescribed by the Trustee or the Beneficiary as to nonpayment applicable law, foreclose on only a portion of the ObligationsProperty and, or as to in such event, said foreclosure shall not affect the occurrence lien of any Event of Default, or as to this Instrument on the Beneficiary having declared all or any remaining portion of the Obligations Property subject to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, shall be taken as PRIMA FACIE evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of salesuch lien.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.”
(e) Any Section 6.06 is hereby amended to add the following sentence at the end of such sale section: “Lender’s taking action to protect or sales shall operate to divest all of preserve the estate, right, title, interest, claim and demand whatsoever, whether at law Property or in equity, of the Grantor in and to lien or security interest created hereby on the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor and any and all persons claiming or who may claim the sameProperty, or receiving insurance proceeds, condemnation awards or damages, or rents, profits or other income from the Property, shall not waive or cure any part thereof, by, through default or under the Grantor impair any right or remedy available to the fullest extent permitted by applicable lawLender.”
(f) In the event Section 8.02 is hereby amended to provide that the GrantorBorrower’s indemnification obligations shall include any and all liabilities, or any person claiming byobligations, through or under the Grantorlosses, shall transfer or refuse or fail to surrender possession damages, penalties, claims, actions, suits, costs and expenses incurred as a result of the Trust Property after any sale of the Trust Property, then the Grantor or such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable lawLender’s ordinary (but not gross) negligence.
(g) Upon any such sale, the Trustee, the Beneficiary or any public officer acting under execution or order of court shall not be required to have present or constructively The following is hereby inserted in its possession any or all of the Trust Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit substitution for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trust.existing Section 9.09:
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (CNL Income Properties Inc)
Rights Pertaining to Sales. The Subject to the requirements of applicable law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Mortgaged Property under or by virtue of this Paragraph Asubsection (d) above, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(ai) The Beneficiary or the Trustee Mortgagee may conduct any number of sales for cash of all or upon credit any portion of the Mortgaged Property from time to time. The power of sale set forth in Section 24 above shall not be exhausted by any one or more such sales as to any part of the Trust Mortgaged Property which shall not have been soldsold (and such power of sale may be exercised from time to time and as many times as Mortgagee may deem necessary until all of the Mortgaged Property has been duly sold and all obligations secured hereby have been fully paid), nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryMortgagee's opinion, until the Obligations Debt shall have been paid in full.
(bii) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(ciii) After each sale, upon receipt of the proceeds of said sale or sales, Mortgagee or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Xxxxxxxxx in and to the property and rights sold, Mortgagee shall apply the proceeds of said sale or sales as specified in the Note. Mortgagee is hereby appointed the true and lawful attorney-in-fact of Xxxxxxxxx, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Xxxxxxxxx's name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, Xxxxxxxxx hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Mortgagor, if requested by Mortgagee, shall ratify and confirm any such sale or sales by executing and delivering to Mortgagee or such purchaser or purchasers all such instruments as may be advisable, in Mortgagee's judgment, for the purposes as may be designated in such request.
(iv) Any and all statements of fact or other recitals made in any of the instruments referred to in subparagraph (iii) of this subsection (e) given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, Mortgagee shall be taken as PRIMA FACIE conclusive and binding against all persons as to evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ev) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Mortgagor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Mortgagor and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Mortgagor to the fullest extent permitted by applicable law.
(fvi) In Upon any such sale or sales, Mortgagee may bid for and acquire the event that Mortgaged Property and, in lieu of paying cash therefor, may make settlement for the Grantorpurchase price by crediting against the Debt the amount of the bid made therefor, or after deducting therefrom the expenses of the sale, the cost of any person claiming byenforcement proceedings hereunder, through or and any other sums which Mortgagee is authorized to deduct under the Grantor, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of the Trust Property, then the Grantor or such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry terms hereof and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable law, to the extent necessary to satisfy such bid.
(gvii) Upon any such sale, the Trustee, the Beneficiary it shall not be necessary for Mortgagee or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Mortgaged Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trust.
Appears in 1 contract
Samples: Loan Agreement (Emeritus Corp\wa\)
Rights Pertaining to Sales. The Subject to the applicable provisions or other requirements of law and the Subject Lease, and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Mortgaged Property under or by virtue of this Paragraph A, whether made under the power of sale granted in this Deed of Trust or by virtue of judicial proceedings or of judgment or decree of foreclosure and saleSection 33:
(a) The Beneficiary or the Trustee Mortgagee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 33 above shall not be exhausted by any one or more such sales as to any part of the Trust Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryMortgagee’s opinion, until the Obligations shall have been paid Paid in fullFull.
(b) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice. Without limiting the foregoing, in case Mortgagee shall have proceeded to enforce any right or remedy under this Mortgage by receiver, entry or otherwise, and such proceedings have been discontinued or abandoned for any such reason or shall have been determined adversely to Mortgagee, then in every such case Mortgagor and Mortgagee shall be restored to their former positions and rights hereunder, and all rights, powers and remedies of Mortgagor and Mortgagee shall continue as if no such proceeding had been instituted.
(c) Any and all statements of fact or other recitals made in any instruments given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, shall be taken as PRIMA FACIE evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(d) The receipt by Mortgagee of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give receive the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust Mortgage or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ed) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Mortgagor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Mortgagor and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Mortgagor to the fullest extent permitted by applicable law.
(fe) In the event that the GrantorMortgagor, or any person claiming by, through or under the GrantorMortgagor, shall transfer or refuse or fail to surrender possession of the Trust Mortgaged Property after any sale of the Trust Propertythereof, then the Grantor Mortgagor, or such person person, shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and unlawful detainer proceedings, or subject to any other right or remedy available under this Deed of Trust hereunder or under applicable law.
(gf) Upon any such sale, the Trustee, the Beneficiary or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed Mortgage, any Leases then existing shall not be destroyed or terminated as a result of Trustsuch foreclosure unless Mortgagee or any purchaser at a foreclosure sale shall so elect by notice to the lessee in question, or subject, in each case, to the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, terms and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trustany subordination, non-disturbance and attornment agreement or similar instrument.
Appears in 1 contract
Samples: Credit Agreement (Internap Corp)
Rights Pertaining to Sales. The following provisions shall apply (i) Lender may adjourn from time to time any sale or sales of the Trust Property to be made under or by virtue of this Paragraph A, whether made under the power of sale granted in this Deed of Trust or by virtue of judicial proceedings or of judgment or decree of foreclosure and sale:
(a) The Beneficiary or the Trustee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 shall not be exhausted by any one or more such sales as to any part of the Trust Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the Beneficiary, until the Obligations shall have been paid in full.
(b) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale sale. Except as otherwise provided by any applicable Legal Requirements, Lender, without further noticenotice or publication, may make such sale at the time and place to which the same shall be so adjourned.
(cii) Any Upon the completion of any sale made by Trustee under or by virtue of this Section, Trustee, or any officer of any court empowered to do so, shall execute and deliver to any accepted purchaser good and sufficient instruments granting, conveying, assigning and transferring all statements of fact estate, right, title and interest in and to the Property sold without any covenant or other recitals made in any instruments given by the Trustee warranty whatsoever express or the Beneficiary as to nonpayment of the Obligationsimplied, or as otherwise determined by Lender. Trustee is hereby irrevocably appointed the true and lawful attorney-in-fact of Borrower (coupled with an interest), in its name and stead, to the occurrence of any Event of Defaultmake all necessary conveyances, or as to the Beneficiary having declared all or any assignments, transfers and deliveries of the Obligations to be due Property so sold. For that purpose Trustee may execute all necessary instruments of conveyance, assignment, transfer and payabledelivery, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, shall be taken as PRIMA FACIE evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons Persons with like power. Borrower hereby ratifies and confirms all that such attorney-in-fact or substitutes shall lawfully do by virtue hereof. Borrower, if so requested by Lender or Trustee, shall ratify and confirm any such sale by executing and delivering to Lender or any purchaser all such instruments as agent to perform any act or acts Lender deems necessary or incident desirable. Any sale made pursuant to any sale so heldthis Section, including the posting whether by power of notices and the conduct of sale.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(e) Any such sale or sales otherwise, shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, equity of the Grantor Borrower in and to the properties and rights Property so sold, and shall shall, to the fullest extent permitted by Legal Requirements, be a perpetual bar both at law and in equity against the Grantor Borrower and against any and all persons Persons claiming or who may claim the same, or any part thereof, byfrom, through or under the Grantor to the fullest extent permitted by applicable lawBorrower.
(fiii) In the event that the Grantor, or any person claiming by, through or under the Grantor, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of made pursuant to this Section 11.2, the Trust Propertyentire Debt immediately thereupon shall become due and payable, then anything in the Grantor or such person shall be deemed a tenant at sufferance of Loan Documents to the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable lawcontrary notwithstanding.
(giv) Upon any such salesale made pursuant to this Section 11.2, the Trustee, the Beneficiary Lender may bid for and acquire all or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all portion of the Trust Property.
(h) . In lieu of paying cash therefor, Lender or Trustee may make settlement for the event a foreclosure under this Deed purchase price by crediting against the Debt the net sales price after deducting therefrom the expenses of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale and the costs of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trustaction.
Appears in 1 contract
Rights Pertaining to Sales. The Subject to the provisions or other requirements of law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Mortgaged Property under or by virtue of this Paragraph A, whether made under the power of sale granted in this Deed of Trust or by virtue of judicial proceedings or of judgment or decree of foreclosure and saleArticle VI:
(a) The Beneficiary or the Trustee Mortgagee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 shall not be exhausted by any one or more such sales as to any part of the Trust Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the Beneficiary, until the Obligations shall have been paid in full.
(b) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice. Without limiting the foregoing, in case Mortgagee shall have proceeded to enforce any right or remedy under this Mortgage by receiver, entry or otherwise, and such proceedings have been discontinued or abandoned for any such reason or shall have been determined adversely to Mortgagee, then in every such case Grantor and Mortgagee shall be restored to their former positions and rights hereunder, and all rights, powers and remedies of Mortgagee shall continue as if no such proceeding had been taken.
(c) After each sale, Mortgagee or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Grantor in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as herein provided. Mortgagee is hereby appointed the true and lawful attorney-in-fact of Grantor, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Grantor’s name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, and for that purpose Mortgagee may execute all necessary instruments of conveyance, assignment, transfer and delivery, and may substitute one or more Persons with like power, Grantor hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Grantor, if requested by Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class), shall ratify and confirm any such sale or sales by executing and delivering to Mortgagee or such purchaser or purchasers all such instruments as may be requested by Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) for the purposes as may be designated in such request.
(d) Any and all statements of fact or other recitals made in any of the instruments referred to in subsection (c) of this Section given by the Trustee or the Beneficiary Mortgagee as to nonpayment of the Note Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary Mortgagee’s having declared all or any of the Note Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee Grantor or the BeneficiaryMortgagee, shall be taken as PRIMA FACIE conclusive and binding against all Persons as to evidence of the truth of the facts so stated and recitedrecited to the extent permitted by applicable law. The Trustee or the Beneficiary Mortgagee may appoint or delegate any one or more persons Persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(de) The receipt of the Trustee or the Beneficiary Mortgagee for the purchase money paid at any such sale, or the receipt of any other person Person authorized to give receive the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust Mortgage or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ef) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor and any and all persons Persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor to the fullest extent permitted by applicable law.
(fg) Upon any such sale or sales, Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may bid for and acquire the Mortgaged Property so sold and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against payment of the Note Obligations the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Mortgagee is authorized to deduct under the terms hereof, to the extent necessary to satisfy such bid.
(h) In the event that the Grantor, or any person Person claiming by, through or under the Grantor, shall transfer or refuse or fail to surrender possession of the Trust Mortgaged Property after any sale of the Trust Propertythereof, then the Grantor Grantor, or such person Person, shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and unlawful detainer proceedings, or subject to any other right or remedy available under this Deed of Trust hereunder or under applicable law.
(gi) Upon any such sale, the Trustee, the Beneficiary it shall not be necessary for Mortgagee or any public officer acting under execution or order of court shall not be required to have present or constructively in its constructive possession of any or all of the Trust Mortgaged Property.
(hj) In the event a foreclosure under this Deed of Trust hereunder shall be commenced by the TrusteeMortgagee, the Trustee or the Beneficiary may, Mortgagee may at any time before the sale of the Trust Property, abandon or direct the Trustee to Mortgaged Property abandon the salesale or foreclosure, and may institute suit for the collection of the Note Obligations and for the foreclosure enforcement of this Deed of TrustMortgage, or in the event that the Trustee or the Beneficiary Mortgagee should institute a suit for collection of the Note Obligations, and for the foreclosure enforcement of this Deed of TrustMortgage, the Beneficiary Mortgagee may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Mortgaged Property in accordance with the provisions of this Deed of TrustMortgage.
Appears in 1 contract
Samples: Leasehold Mortgage (Aventine Renewable Energy Holdings Inc)
Rights Pertaining to Sales. The Subject to the provisions or other requirements of law, the following provisions shall apply to any sale or sales of the Trust Property Collateral under or by virtue of this Paragraph AArticle 5, whether made under the power of sale granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(a) The Beneficiary or the Trustee A. Mortgagee may conduct any number of sales for cash or upon credit from time to time. The power time of sale set forth in Section 24 shall not be exhausted by all or portions of the Collateral and Mortgagor hereby waives any one right which it may have to require the Collateral (or more such sales as to any part of the Trust Property which shall not have been sold, nor by any sale which is not completed thereof) to be sold as separate tracts or is defective units in the opinion event of the Trustee foreclosure or the Beneficiary, until the Obligations shall have been paid in fullsale.
(b) B. Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(c) Any and all statements of fact or other recitals made in any instruments given by the Trustee or the Beneficiary as to nonpayment of the ObligationsC. After each sale, Mortgagee, or as an officer of any court empowered to do so, shall execute and deliver to the occurrence purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of any Event of Default, or as Mortgagor in and to the Beneficiary having declared all property and rights sold (but without any covenant or any warranty, express or implied) and shall receive the proceeds of said sale or sales and apply the Obligations same as herein provided. Mortgagee is hereby appointed the true and lawful attorney-in-fact of Mortgagor, which appointment is irrevocable and shall be deemed to be due coupled with an interest, in Mortgagor's name and payablestead, or as to the request to sellmake all necessary conveyances, or as to notice of timeassignments, place transfers and terms of sale and deliveries of the property and rights so sold, and for that purpose Mortgagee may execute all necessary instruments of conveyance, assignment, transfer and delivery, and may substitute one or rights to be sold having been duly givenmore persons with like power, Mortgagor hereby ratifying and confirming all that said attorney or as to the refusal, failure or inability to act of the Trustee, or as to the appointment of any such substitute or successor Trusteesubstitutes shall lawfully do by virtue thereof. Nevertheless, or as to any other act or thing having been duly done Mortgagor, if requested by the Trustee or the BeneficiaryMortgagee, shall ratify and confirm any such sale or sales by executing and delivering to Mortgagee or such purchaser or purchasers all such instruments as may be taken advisable, in Mortgagee's judgment, for the purposes as PRIMA FACIE evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may be designated in such request.
D. Mortgagee may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale, but in the name and on behalf of Mortgagee.
(d) E. The receipt of the Trustee or the Beneficiary Mortgagee for the purchase money paid at any such sale, or the receipt of any other person authorized to give receive the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust Mortgage or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(e) F. Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Mortgagor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Mortgagor and any and all persons claiming or who may claim the same, or any part thereofthereof of any interest therein, by, through or under the Grantor Mortgagor to the fullest extent permitted by applicable law.
G. Upon any such sale or sales, Mortgagee may bid for and acquire the Collateral and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the Obligations the amount of the bid made therefor, after deducting therefrom the expenses of the sale (f) including reasonable attorneys' fees including expenses incurred or advanced after judgment of foreclosure through sale), the cost of any enforcement proceeding hereunder and any other sums which Mortgagee is authorized to deduct under the terms hereof, to the extent necessary to satisfy such bid.
H. In the event that the GrantorMortgagor, or any person claiming by, through or under the GrantorMortgagor, shall transfer or refuse or fail to surrender possession of the Trust Property Collateral after any sale of the Trust Propertythereof, then the Grantor Mortgagor, or such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust hereunder or under applicable law.
(g) I. Upon any such sale, the Trustee, the Beneficiary it shall not be necessary for Mortgagee or any public officer acting under execution or order of court shall not be required to have present at the sale or constructively in its possession any or all of the Trust PropertyCollateral.
(h) J. In the event a foreclosure under this Deed of Trust hereunder shall be commenced by the TrusteeMortgagee, the Trustee or the Beneficiary may, Mortgagee may at any time before the sale of the Trust Property, abandon or direct the Trustee to Collateral abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of TrustMortgage, or in the event that the Trustee or the Beneficiary Mortgagee should institute a suit for collection of the Obligations, Obligations and for the foreclosure of this Deed of TrustMortgage, the Beneficiary Mortgagee may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property Collateral in accordance with the provisions of this Deed of TrustMortgage.
Appears in 1 contract
Rights Pertaining to Sales. The following provisions shall apply (a) Should Lender elect to any sale or sales foreclose by exercise of the Trust Property under or by virtue of this Paragraph A, whether made under the power of sale granted in herein contained, Lender shall notify Trustee and shall deposit with Trustee this Deed Instrument and the Note and such receipts and evidence of Trust or by virtue of judicial proceedings or of judgment or decree of foreclosure expenditures made and sale:
(a) The Beneficiary or the secured hereby as Trustee may conduct any number require. Upon receipt of sales such notice from Lender, Trustee shall cause to be recorded, published and delivered to Borrower such notice of default and notice of sale as then required by law and by this Instrument. Trustee shall, without demand on Borrower, after lapse of such time as may then be required by law and after recordation of such notice of default and after notice of sale having been given as required by law, sell 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 Lender shall determine, 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 the time of sale. Trustee shall deliver to such purchaser or upon credit from time to timepurchasers thereof its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warranty, express or implied. The power recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any Person, including Borrower, Trustee or Lender, may purchase at such sale and Borrower hereby covenants to warrant and defend the title of such purchaser or purchasers. After deducting all costs, fees and expenses of Trustee and of the trust created by this Instrument, including costs of evidence of title in connection with sale, Trustee shall apply the proceeds of sale set forth in Section 24 the following priority, to payment of: (i) first, all sums expended under the terms hereof, not then repaid, with accrued interest at the Default Rate; (ii) second, all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled thereto. Lender may, in its sole discretion, designate the order in which the Property shall not be exhausted by any one offered for sale or sold through a single sale or through two or more successive sales, or in any other manner Lender deems to be in its best interest. If Lender elects more than one sale or other disposition of the Property, Lender may at its option cause the same to be conducted simultaneously or successively, on the same day or at such sales different days or times and in such order as Lender may deem to be in its best interests, and no such sale shall terminate or otherwise affect the lien of this Instrument on any part of the Trust Property which shall not then sold until all Obligations secured hereby have been soldfully paid. If Lender elects to dispose of the Property through more than one sale, nor by any Borrower shall pay the costs and expenses of each such sale which is not completed or is defective of its interest in the opinion Property and of any proceedings where the same may be made. Trustee may postpone the sale of all or any part of the Trustee or the BeneficiaryProperty by public announcement at such time and place of sale, until the Obligations shall have been paid in full.
(b) Any and from time to time thereafter may postpone such sale may be postponed or adjourned by public announcement at the time fixed by the preceding postponement, and place appointed for without further notice make such sale or for such postponed or adjourned sale without further notice.
(c) Any and all statements of fact or other recitals made in any instruments given at the time fixed by the last postponement; or Trustee may, in its discretion, give a new notice of sale. Lender may rescind any such notice of default at any time before Trustee’s sale by executing a notice of rescission and recording the same. The recordation of such notice shall constitute a cancellation of any prior declaration of default and demand for sale and of any acceleration of maturity of Obligations affected by any prior declaration or the Beneficiary as to nonpayment notice of default. The exercise by Lender of the Obligationsright of rescission shall not constitute a waiver of any default then existing or subsequently occurring, or as impair the right of Lender to the occurrence execute other declarations of any Event of Defaultdefault and demand for sale, or as notices of default and of election to cause the Beneficiary having declared all Property to be sold, or otherwise affect the Note or this Instrument, or any of the Obligations to be due and payablerights, obligations or as to the request to sell, remedies of Lender or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, shall be taken as PRIMA FACIE evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of salehereunder.
(db) The receipt In the event of a sale of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(e) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor and any and all persons claiming or who may claim the sameProperty, or any part thereof, by, through or under and the Grantor to the fullest extent permitted by applicable law.
(f) In the event that the Grantor, or any person claiming by, through or under the Grantor, shall transfer or refuse or fail to surrender possession execution of the Trust Property after any sale of the Trust Property, then the Grantor or such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable law.
(g) Upon any such saledeed therefor, the Trusteerecital therein of default, and of recording the Beneficiary or any public officer acting under execution or order notice of court shall not be required to have present or constructively in its possession any or all default and notice of the Trust Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit of the elapse of the required time (if any) between the recording and the notice, and of the giving of notice of sale, and of a demand by Lender, or its successors or assigns, that such sale should be made, shall be conclusive proof of such default, recording, election, elapse of time, and giving of such notice, and that the sale was regularly and validly made on due and proper demand by Lender, its successors or assigns. Any such deed or deeds with such recitals therein shall be effective and conclusive against Borrower, its successors and assigns, and all other Persons. The receipt for the collection purchase money recited or contained in any deed executed to the purchaser as aforesaid shall be sufficient discharge to such purchaser from all obligations to see to the proper application of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trustpurchase money.
Appears in 1 contract
Samples: Deed of Trust, Security Agreement and Fixture Filing (CNL Hotels & Resorts, Inc.)
Rights Pertaining to Sales. The Subject to the requirements of applicable law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Mortgaged Property under or by virtue of this Paragraph Asubsection (d) above, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(ai) The Beneficiary or the Trustee Mortgagee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 above shall not be exhausted by any one or more such sales as to any part of the Trust Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryMortgagee's opinion, until the Obligations Debt shall have been paid in full.
(bii) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(ciii) After each sale, Mortgagee or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Mortgagor in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as specified in the Other Notes. Mortgagee is hereby appointed the true and lawful attorney-in-fact of Mortgagor, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Mortgagor's name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, Mortgagor hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Mortgagor, if requested by Mortgagee, shall ratify and confirm any such sale or sales by executing and delivering to Mortgagee or such purchaser or purchasers all such instruments as may be advisable, in Mortgagee's judgment, for the purposes as may be designated in such request.
iv) Any and all statements of fact or other recitals made in any of the instruments referred to in subparagraph (iii) of this subsection (e) given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, Mortgagee shall be taken as PRIMA FACIE conclusive and binding against all persons as to evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ev) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Mortgagor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Mortgagor and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Mortgagor to the fullest extent permitted by applicable law.
(fvi) In Upon any such sale or sales, Mortgagee may bid for and acquire the event that Mortgaged Property and, in lieu of paying cash therefor, may make settlement for the Grantorpurchase price by crediting against the Debt the amount of the bid made therefor, or after deducting therefrom the expenses of the sale, the cost of any person claiming byenforcement proceeding hereunder, through or and any other sums which Mortgagee is authorized to deduct under the Grantorterms hereof, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of the Trust Property, then the Grantor or extent necessary to satisfy such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable lawbid.
(gvii) Upon any such sale, the Trustee, the Beneficiary it shall not be necessary for Mortgagee or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Mortgaged Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trust.
Appears in 1 contract
Samples: Second Mortgage and Security Agreement (Janus American Group Inc)
Rights Pertaining to Sales. The Subject to the requirements of applicable law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Property under or by virtue of this Paragraph ASubsection 10.1(d) above, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(ai) The Beneficiary Trustee or the Trustee Lender may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 above shall not be exhausted by any one or more such sales as to any part of the Trust Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryLender's opinion, until the Obligations Debt shall have been paid in full.
(bii) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(ciii) After each sale, Lender, Trustee or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Borrower in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as specified in the Note. Each of Trustee and Lender is hereby appointed the true and lawful attorney-in-fact of Borrower, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Borrower's name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, Borrower hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Borrower, if requested by Trustee or Lender, shall ratify and confirm any such sale or sales by executing and delivering to Trustee, Lender or such purchaser or purchasers all such instruments as may be advisable, in Trustee's or Lender's judgment, for the purposes as may be designated in such request.
(iv) Any and all statements of fact or other recitals made in any of the instruments referred to in Subsection 10.1(e)(iii) given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, Lender shall be taken as PRIMA FACIE conclusive and binding against all persons as to evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ev) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Borrower in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Borrower and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Borrower to the fullest extent permitted by applicable law.
(fvi) In Upon any such sale or sales, Lender may bid for and acquire the event that Property and, in lieu of paying cash therefor, may make settlement for the Grantorpurchase price by crediting against the Debt the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Trustee or any person claiming by, through or Lender is authorized to deduct under the Grantorterms hereof, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of the Trust Property, then the Grantor or extent necessary to satisfy such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable lawbid.
(gvii) Upon any such sale, the it shall not be necessary for Trustee, the Beneficiary Lender or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trust.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (Westcoast Hospitality Corp)
Rights Pertaining to Sales. The Subject to the provisions or other requirements of law and except as otherwise provided herein and in the other Loan Documents, the following provisions shall apply to any sale or sales of all or any portion of the Trust Mortgaged Property under or by virtue of this Paragraph A, whether made under the power of sale granted in this Deed of Trust or by virtue of judicial proceedings or of judgment or decree of foreclosure and saleSection 16:
(a) The Beneficiary or the Trustee Mortgagee may conduct any number of sales for cash or upon credit of the Mortgaged Property from time to time. The power of sale set forth in Section 24 16 above shall not be exhausted by any one or more such sales as to any part of the Trust Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryMortgagee’s opinion, until the Obligations shall have been paid in full, or as provided in Section 37 hereof.
(b) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice. Without limiting the foregoing, in case Mortgagee shall have proceeded to enforce any right or remedy under this Mortgage by receiver, entry or otherwise, and such proceedings have been discontinued or abandoned for any such reason or shall have been determined adversely to Mortgagee, then in every such case Mortgagor and Mortgagee shall be restored to their former positions and rights hereunder, and all rights, powers and remedies of Mortgagee shall continue as if no such proceeding had been instituted.
(c) Any After each sale, Mortgagee or an officer of any court empowered to do so shall execute and all statements of fact or other recitals made in any instruments given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as deliver to the occurrence purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of any Event of Default, or as Mortgagor in and to the Beneficiary having declared all property and rights sold and shall receive the proceeds of said sale or any sales and apply the same as provided in Section 16(c). Mortgagee is hereby appointed the true and lawful attorney-in-fact of the Obligations Mortgagor, which appointment is irrevocable and shall be deemed to be due coupled with an interest, in Mortgagor’s name and payablestead, or as to the request to sellmake all necessary conveyances, or as to notice of timeassignments, place transfers and terms of sale and deliveries of the property or and rights to be sold having been duly givenso sold, or as to the refusaland for that purpose Mortgagee may execute all necessary instruments of conveyance, failure or inability to act of the Trusteeassignment, or as to the appointment of any transfer and delivery, and may substitute or successor Trustee, or as to any other act or thing having been duly done by the Trustee or the Beneficiary, shall be taken as PRIMA FACIE evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons with like power, Mortgagor hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Mortgagor, if requested by Mortgagee, shall ratify and confirm any such sale or sales by executing and delivering to Mortgagee or such purchaser or purchasers all such instruments as agent to perform any act or acts necessary or incident to any sale so heldmay be advisable, including in Mortgagee’s reasonable judgment, for the posting of notices and the conduct of salepurposes as may be designated in such request.
(d) The receipt by Mortgagee of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give receive the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust Mortgage or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(e) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Mortgagor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Mortgagor and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Mortgagor to the fullest extent permitted by applicable law.
(f) Upon any such sale or sales, Mortgagee may bid for and acquire, provided it is the highest responsive bidder, the Mortgaged Property and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the Obligations the amount of the bid made therefor, after deducting therefrom the reasonable and documented out-of-pocket expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Mortgagee is authorized to deduct under the terms hereof, to the extent necessary to satisfy such bid.
(g) In the event that the GrantorMortgagor, or any person claiming by, through or under the GrantorMortgagor, shall transfer or refuse or fail to surrender possession of the Trust Mortgaged Property after any sale of the Trust Propertythereof, then the Grantor Mortgagor, or such person person, shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction eviction· by means of forcible entry and unlawful detainer proceedings, or subject to any other right or remedy available under this Deed of Trust hereunder or under applicable law.
(gh) Upon any such sale, the Trustee, the Beneficiary or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed Mortgage, any Leases then existing shall not be destroyed or terminated as a result of Trust, such foreclosure unless Mortgagee or any purchaser at a foreclosure sale shall so elect by notice to the lessee in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trustquestion.
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Rights Pertaining to Sales. The following provisions shall shall, to the extent permitted by law, apply to any sale or sales of all or any portion of the Trust Property under or by virtue of this Paragraph ASecurity Instrument, whether made under the any power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(a) The Beneficiary public officer or other person conducting such sale (herein called the Trustee "Sale Officer") may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 shall not be exhausted by any one or more of such sales as to any part of the Trust Property which shall that has not have been sold, nor sold or by any sale which that is not completed or is defective in the opinion of the Trustee or the Beneficiary, until the Obligations shall have Debt has been paid in full.
(b) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale, and such sale may be completed at the time and place so announced without further notice.
(c) Lender is hereby appointed the true and lawful attorney-in-fact of Borrower, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Borrower's name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the Property and rights so sold, and for that purpose Lender may execute all necessary instruments to accomplish the same, and may substitute one or more persons with like power, and Borrower hereby ratifies and confirms all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Borrower, if requested by Lender, shall ratify and confirm any such sale or sales by executing and delivering to Lender or such purchaser or purchasers, as applicable, all such instruments as may be advisable, in Lender's judgment, for the purposes designated in such request.
(d) Any and all statements of fact or other recitals made in any of the instruments referred to in Subsection 11.11(c) given by the Trustee or the Beneficiary as to Lender concerning nonpayment of the ObligationsDebt, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared any declaration by Lender that all or any of the Obligations to be Debt is due and payable, or as to the any request to sell, or as to any representation that notice of time, place and terms of sale and of the property or rights to be sold having been was duly given, or as to the refusal, failure or inability to act of the Trustee, or as to the appointment of any substitute or successor Trustee, or as to that any other act or thing having been was duly done by the Trustee or the BeneficiaryLender, shall be taken as PRIMA FACIE prima facie evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(de) The receipt by Sale Officer of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust Security Instrument or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication non-application of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ef) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Borrower in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Borrower and any and all persons claiming or who may claim the same, or any part thereof, by, through or under the Grantor Borrower to the fullest extent permitted by applicable law.
(fg) In Upon any such sale or sales, Lender may bid for and acquire the event Property and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the Debt the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder and any other sums that Lender is authorized to charge to Borrower under the Grantorterms of the Note, this Security Instrument, or any other Loan Document to the extent necessary to satisfy such bid.
(h) If Borrower, or any person claiming by, through or under the GrantorBorrower, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of the Trust Propertythereof, then the Grantor Borrower or such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and unlawful detainer proceedings or other appropriate proceedings, or subject and to any other right or remedy available under this Deed of Trust hereunder or under applicable law.
(gi) Upon any such sale, the Trusteeit shall not be necessary for Sale Officer, the Beneficiary Lender or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Property.
(hj) In the event of any sale referred to in this Subsection 11.11, the entire Debt, if not previously due and payable, immediately thereupon shall, notwithstanding anything to the contrary in the Note, this Security Instrument or any other Loan Document, become due and payable.
(k) This instrument shall be effective as a foreclosure under this Deed of Trust mortgage. If a sale hereunder shall be commenced by the TrusteeSale Officer, the Trustee or the Beneficiary Lender may, at any time before the sale of the Trust Property, abandon or direct the Trustee Sale Officer to abandon the sale, and may institute suit for the collection of the Obligations Debt or part thereof and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should Security Instrument. If Lender shall institute a suit for the collection of the ObligationsDebt or part thereof, and for the foreclosure of this Deed of TrustSecurity Instrument, the Beneficiary Lender may at any time before the entry of final judgment in said suit dismiss the same (or part thereof) and require direct the Trustee Sale Officer to sell the Trust Property in accordance with the provisions of this Deed Security Instrument. Lender may pursue its rights and remedies against any guarantor or other party liable for any of Trustthe obligations in such a suit for foreclosure or by separate suit, whether or not the Sale Officer is also pursuing a sale under the terms hereof.
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Rights Pertaining to Sales. The following provisions shall apply (i) Lender may adjourn from time to time any sale or sales of the Trust Property to be made under or by virtue of this Paragraph A, whether made under the power of sale granted in this Deed of Trust or Mortgage by virtue of judicial proceedings or of judgment or decree of foreclosure and sale:
(a) The Beneficiary or the Trustee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 shall not be exhausted by any one or more such sales as to any part of the Trust Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the Beneficiary, until the Obligations shall have been paid in full.
(b) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale sale. Except as otherwise provided by any applicable Legal Requirements, Lender, without further noticenotice or publication, may make such sale at the time and place to which the same shall be so adjourned.
(cii) Any Upon the completion of any sale made by Lender under or by virtue of this Section, Lender, or any officer of any court empowered to do so, shall execute and deliver to any accepted purchaser good and sufficient instruments granting, conveying, assigning and transferring all statements of fact estate, right, title and interest in and to the Property sold without any covenant or other recitals made in any instruments given by the Trustee warranty whatsoever express or the Beneficiary as to nonpayment of the Obligationsimplied, or as otherwise determined by Lender. Lender is hereby irrevocably appointed the true and lawful attorney-in-fact of Borrower (coupled with an interest), in its name and stead, to the occurrence of any Event of Defaultmake all necessary conveyances, or as to the Beneficiary having declared all or any assignments, transfers and deliveries of the Obligations to be due Property so sold. For that purpose Lender may execute all necessary instruments of conveyance, assignment, transfer and payabledelivery, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, shall be taken as PRIMA FACIE evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons Persons with like power. Borrower hereby ratifies and confirms all that such attorney-in-fact or substitutes shall lawfully do by virtue hereof. Borrower, if so requested by Lender, shall ratify and confirm any such sale by executing and delivering to Lender or any purchaser all such instruments as agent to perform any act or acts Lender deems necessary or incident desirable. Any sale made pursuant to any sale so heldthis Section, including the posting of notices and the conduct whether by power of sale.
(d) The receipt of the Trustee , judicial foreclosure or the Beneficiary for the purchase money paid at any such saleotherwise, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(e) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, equity of the Grantor Borrower in and to the properties and rights Property so sold, and shall shall, to the fullest extent permitted by Legal Requirements, be a perpetual bar both at law and in equity against the Grantor Borrower and against any and all persons Persons claiming or who may claim the same, or any part thereof, byfrom, through or under the Grantor to the fullest extent permitted by applicable lawBorrower.
(fiii) In the event that the Grantor, or any person claiming by, through or under the Grantor, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of made pursuant to this Section 11.2, the Trust Propertyentire Debt immediately thereupon shall become due and payable, then anything in the Grantor or such person shall be deemed a tenant at sufferance of Loan Documents to the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable lawcontrary notwithstanding.
(giv) Upon any such salesale made pursuant to this Section 11.2, the Trustee, the Beneficiary Lender may bid for and acquire all or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all portion of the Trust Property.
(h) . In lieu of paying cash therefor, Lender may make settlement for the event a foreclosure under this Deed purchase price by crediting against the Debt the net sales price after deducting therefrom the expenses of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale and the costs of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trustaction.
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Rights Pertaining to Sales. The following provisions shall apply (i) Lender may adjourn from time to time any sale or sales of the Trust Property to be made under or by virtue of this Paragraph A, whether made under the power of sale granted in this Deed of Trust or by virtue of judicial proceedings or of judgment or decree of foreclosure and sale:
(a) The Beneficiary or the Trustee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 shall not be exhausted by any one or more such sales as to any part of the Trust Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the Beneficiary, until the Obligations shall have been paid in full.
(b) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale sale. Except as otherwise provided by any applicable Legal Requirements, Lender, without further noticenotice or publication, may make such sale at the time and place to which the same shall be so adjourned.
(cii) Any Upon the completion of any sale made by Trustee under or by virtue of this Section, Trustee, or any officer of any court empowered to do so, shall execute and deliver to any accepted purchaser good and sufficient instruments granting, conveying, assigning and transferring all statements of fact estate, right, title and interest in and to the Property sold without any covenant or other recitals made in any instruments given by the Trustee warranty whatsoever express or the Beneficiary as to nonpayment of the Obligationsimplied, or as otherwise determined by Xxxxxx. Trustee is hereby irrevocably appointed the true and lawful attorney-in-fact of Xxxxxxxx (coupled with an interest), in its name and stead, to the occurrence of any Event of Defaultmake all necessary conveyances, or as to the Beneficiary having declared all or any assignments, transfers and deliveries of the Obligations to be due Property so sold. For that purpose Trustee may execute all necessary instruments of conveyance, assignment, transfer and payabledelivery, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, shall be taken as PRIMA FACIE evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons Persons with like power. Borrower hereby ratifies and confirms all that such attorney-in-fact or substitutes shall lawfully do by virtue hereof. Borrower, if so requested by Lender or Trustee, shall ratify and confirm any such sale by executing and delivering to Lender or any purchaser all such instruments as agent to perform any act or acts Lender deems necessary or incident desirable. Any sale made pursuant to any sale so heldthis Section, including the posting whether by power of notices and the conduct of sale.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(e) Any such sale or sales otherwise, shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, equity of the Grantor Borrower in and to the properties and rights Property so sold, and shall shall, to the fullest extent permitted by Legal Requirements, be a perpetual bar both at law and in equity against the Grantor Borrower and against any and all persons Persons claiming or who may claim the same, or any part thereof, byfrom, through or under the Grantor to the fullest extent permitted by applicable lawBorrower.
(fiii) In the event that the Grantor, or any person claiming by, through or under the Grantor, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of made pursuant to this Section 11.2, the Trust Propertyentire Debt immediately thereupon shall become due and payable, then anything in the Grantor or such person shall be deemed a tenant at sufferance of Loan Documents to the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable lawcontrary notwithstanding.
(giv) Upon any such salesale made pursuant to this Section 11.2, the Trustee, the Beneficiary Lender may bid for and acquire all or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all portion of the Trust Property.
(h) . In lieu of paying cash therefor, Lender or Trustee may make settlement for the event a foreclosure under this Deed purchase price by crediting against the Debt the net sales price after deducting therefrom the expenses of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale and the costs of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trustaction.
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Rights Pertaining to Sales. The Subject to the provisions or other requirements of law and except as otherwise provided herein and in the other loan documents, the following provisions shall apply to any sale or sales of all or any portion of the Trust Property mortgaged property under or by virtue of this Paragraph A, whether made under the power of sale granted in this Deed of Trust or by virtue of judicial proceedings or of judgment or decree of foreclosure and salesection 16:
(a) The Beneficiary or the Trustee Mortgagee may conduct any number of sales for cash or upon credit of the Mortgaged Property from time to time. The power of sale set forth in Section 24 16 above shall not be exhausted by any one or more such sales as to any part of the Trust Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryMortgagee’s opinion, until the Obligations shall have been paid in full, or as provided in Section 37 hereof.
(b) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice. Without limiting the foregoing, in case Mortgagee shall have proceeded to enforce any right or remedy under this Mortgage by receiver, entry or otherwise, and such proceedings have been discontinued or abandoned for any such reason or shall have been determined adversely to Mortgagee, then in every such case Mortgagor and Mortgagee shall be restored to their former positions and rights hereunder, and all rights, powers and remedies of Mortgagee shall continue as if no such proceeding had been instituted.
(c) Any After each sale, Mortgagee or an officer of any court empowered to do so shall execute and all statements of fact or other recitals made in any instruments given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as deliver to the occurrence purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of any Event of Default, or as Mortgagor in and to the Beneficiary having declared all property and rights sold and shall receive the proceeds of said sale or any sales and apply the same as provided in Section 16(c). Mortgagee is hereby appointed the true and lawful attorney-in-fact of the Obligations Mortgagor, which appointment is irrevocable and shall be deemed to be due coupled with an interest, in Mortgagor’s name and payablestead, or as to the request to sellmake all necessary conveyances, or as to notice of timeassignments, place transfers and terms of sale and deliveries of the property or and rights to be sold having been duly givenso sold, or as to the refusaland for that purpose Mortgagee may execute all necessary instruments of conveyance, failure or inability to act of the Trusteeassignment, or as to the appointment of any transfer and delivery, and may substitute or successor Trustee, or as to any other act or thing having been duly done by the Trustee or the Beneficiary, shall be taken as PRIMA FACIE evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons with like power, Mortgagor hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Mortgagor, if requested by Mortgagee, shall ratify and confirm any such sale or sales by executing and delivering to Mortgagee or such purchaser or purchasers all such instruments as agent to perform any act or acts necessary or incident to any sale so heldmay be advisable, including in Mortgagee’s reasonable judgment, for the posting of notices and the conduct of salepurposes as may be designated in such request.
(d) The receipt by Mortgagee of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give receive the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust Mortgage or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(e) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Mortgagor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Mortgagor and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Mortgagor to the fullest extent permitted by applicable law.
(f) Upon any such sale or sales, Mortgagee may bid for and acquire, provided it is the highest responsive bidder, the Mortgaged Property and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the Obligations the amount of the bid made therefor, after deducting therefrom the reasonable and documented out-of-pocket expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Mortgagee is authorized to deduct under the terms hereof, to the extent necessary to satisfy such bid.
(g) In the event that the GrantorMortgagor, or any person claiming by, through or under the GrantorMortgagor, shall transfer or refuse or fail to surrender possession of the Trust Mortgaged Property after any sale of the Trust Propertythereof, then the Grantor Mortgagor, or such person person, shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction eviction· by means of forcible entry and unlawful detainer proceedings, or subject to any other right or remedy available under this Deed of Trust hereunder or under applicable law.
(gh) Upon any such sale, the Trustee, the Beneficiary or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed Mortgage, any Leases then existing shall not be destroyed or terminated as a result of Trust, such foreclosure unless Mortgagee or any purchaser at a foreclosure sale shall so elect by notice to the lessee in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trustquestion.
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Samples: Credit Agreement (Fuller H B Co)
Rights Pertaining to Sales. The following provisions shall apply (i) Lender may adjourn from time to time any sale or sales of the Trust Property to be made under or by virtue of this Paragraph A, whether made under the power of sale granted in this Deed of Trust or by virtue of judicial proceedings or of judgment or decree of foreclosure and sale:
(a) The Beneficiary or the Trustee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 shall not be exhausted by any one or more such sales as to any part of the Trust Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the Beneficiary, until the Obligations shall have been paid in full.
(b) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale sale. Except as otherwise provided by any applicable Legal Requirements, Lender, without further noticenotice or publication, may make such sale at the time and place to which the same shall be so adjourned.
(cii) Any Upon the completion of any sale made by Trustee under or by virtue of this Section, Trustee, or any officer of any court empowered to do so, shall execute and deliver to any accepted purchaser good and sufficient instruments granting, conveying, assigning and transferring all statements of fact estate, right, title and interest in and to the Property sold without any covenant or other recitals made in any instruments given by the Trustee warranty whatsoever express or the Beneficiary as to nonpayment of the Obligationsimplied, or as to otherwise determined by Lender. Trustee is hereby irrevocably appointed the occurrence trxx xxx lawful attorney-in-fact of any Event of DefaultBorrower (coupled with an interest), or as to the Beneficiary having declared in its name and sxxxx, xx make all or any necessary conveyances, assignments, transfers and deliveries of the Obligations to be due Property so sold. For that purpose Trustee may execute all necessary instruments of conveyance, assignment, transfer and payabledelivery, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, shall be taken as PRIMA FACIE evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons Persons with like power. Borrower hereby ratifies and confirms all that such attorney-in-fact or substitutes shall lawfully do by virtue hereof. Borrower, if so requested by Lender or Trustee, shall ratify and confirm any such sale by executing and delivering to Lender or any purchaser all such instruments as agent to perform any act or acts Lender deems necessary or incident desirable. Any sale made pursuant to any sale so heldthis Section, including the posting whether by power of notices and the conduct of sale.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(e) Any such sale or sales otherwise, shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, equity of the Grantor Borrower in and to the properties and rights Property so sold, and shall shall, to the fullest extent permitted by Legal Requirements, be a perpetual bar both at law and in equity against the Grantor Borrower and against any and all persons Persons claiming or who may claim the same, or any part thereof, byfrom, through or under the Grantor to the fullest extent permitted by applicable lawBorrower.
(fiii) In the event that the Grantor, or any person claiming by, through or under the Grantor, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of made pursuant to this Section 11.2, the Trust Propertyentire Debt immediately thereupon shall become due and payable, then anything in the Grantor or such person shall be deemed a tenant at sufferance of Loan Documents to the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable lawcontrary notwithstanding.
(giv) Upon any such salesale made pursuant to this Section 11.2, the Trustee, the Beneficiary Lender may bid for and acquire all or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all portion of the Trust Property.
(h) . In lieu of paying cash therefor, Lender or Trustee may make settlement for the event a foreclosure under this Deed purchase price by crediting against the Debt the net sales price after deducting therefrom the expenses of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale and the costs of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trustaction.
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Rights Pertaining to Sales. The following provisions shall apply (i) Lender may adjourn from time to time any sale or sales of the Trust Property to be made under or by virtue of this Paragraph A, whether made under the power of sale granted in this Deed of Trust or by virtue of judicial proceedings or of judgment or decree of foreclosure and sale:
(a) The Beneficiary or the Trustee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 shall not be exhausted by any one or more such sales as to any part of the Trust Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the Beneficiary, until the Obligations shall have been paid in full.
(b) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale sale. Except as otherwise provided by any applicable Legal Requirements, Lender, without further noticenotice or publication, may make such sale at the time and place to which the same shall be so adjourned.
(cii) Any Upon the completion of any sale made by Trustee under or by virtue of this Section 11.2, Trustee, or any officer of any court empowered to do so, shall execute and deliver to any accepted purchaser good and sufficient instruments granting, conveying, assigning and transferring all statements of fact estate, right, title and interest in and to the Property sold without any covenant or other recitals made in any instruments given by the Trustee warranty whatsoever express or the Beneficiary as to nonpayment of the Obligationsimplied, or as otherwise determined by Lender. Trustee is hereby irrevocably appointed the true and lawful attorney-in-fact of Borrower (coupled with an interest), in its name and stead, to the occurrence of any Event of Defaultmake all necessary conveyances, or as to the Beneficiary having declared all or any assignments, transfers and deliveries of the Obligations Property so sold pursuant to be due this Section 11.2. For that purpose Trustee may execute all necessary instruments of conveyance, assignment, transfer and payabledelivery, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, shall be taken as PRIMA FACIE evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons Persons with like power. Borrower hereby ratifies and confirms all that such attorney-in-fact or substitutes shall lawfully do by virtue hereof in accordance with this Section 11.2. Borrower, if so requested by Lender or Trustee, shall ratify and confirm any such sale by executing and delivering to Lender or any purchaser all such instruments as agent to perform any act or acts Lender deems necessary or incident desirable. Any sale made pursuant to any sale so heldthis Section 11.2, including the posting whether by power of notices and the conduct of sale.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(e) Any such sale or sales otherwise, shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, equity of the Grantor Borrower in and to the properties and rights Property so sold, and shall shall, to the fullest extent permitted by Legal Requirements, be a perpetual bar both at law and in equity against the Grantor Borrower and against any and all persons Persons claiming or who may claim the same, or any part thereof, byfrom, through or under the Grantor to the fullest extent permitted by applicable lawBorrower.
(fiii) In the event that the Grantor, or any person claiming by, through or under the Grantor, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of made pursuant to this Section 11.2, the Trust Propertyentire Debt immediately thereupon shall become due and payable, then anything in the Grantor or such person shall be deemed a tenant at sufferance of Loan Documents to the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable lawcontrary notwithstanding.
(giv) Upon any such salesale made pursuant to this Section 11.2, the Trustee, the Beneficiary Lender may bid for and acquire all or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all portion of the Trust Property.
(h) . In lieu of paying cash therefor, Lender or Trustee may make settlement for the event a foreclosure under this Deed purchase price by crediting against the Debt the net sales price after deducting therefrom the reasonable expenses of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale and the costs of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trustaction.
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Rights Pertaining to Sales. The Subject to the requirements of applicable law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Mortgaged Property under Under or by virtue of this Paragraph Asubsection 24(d) above, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(ai) The Beneficiary Trustee or the Trustee Mortgagee may conduct any number of sales for cash or upon credit from form time to time. The power of sale set forth in Section 24 above shall not be exhausted by any one or more such sales as to any part of the Trust Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryMortgagee's opinion, until the Obligations Debt shall have been paid in full.
(bii) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(ciii) After each sale, Mortgagee, Trustee or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Xxxxxxxxx in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as specified in the Note. Each of Trustee and Mortgagee is hereby appointed the true and lawful attorney-in-fact of Xxxxxxxxx, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Xxxxxxxxx's name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, Xxxxxxxxx hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Mortgagor, if requested by Trustee of Mortgagee, shall ratify and confirm any such sale or sales by executing and delivering to Trustee, Mortgagee or such purchaser or purchasers all such instruments as may be advisable, in Trustee's or Mortgagee's judgment, for the purposes as may be designated in such request.
(iv) Any and all statements of fact or other recitals made in any of the instruments referred to in subsection 24(e)(iii) above given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, Mortgagee shall be taken as PRIMA FACIE conclusive and binding against all persons as to evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ev) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Mortgagor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Mortgagor and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Mortgagor to the fullest extent permitted by applicable law.
(f) In the event that the Grantor, or any person claiming by, through or under the Grantor, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of the Trust Property, then the Grantor or such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable law.
(gvi) Upon any such sale or sales, Mortgagee may bid for and acquire the Mortgaged Property and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the Debt the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Trustee or Mortgagee is authorized to deduct under the terms hereof, to the extent necessary to satisfy such bid.
(vii) Upon any such sale it shall not be necessary for Trustee, the Beneficiary Mortgagee or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Mortgaged Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trust.
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Rights Pertaining to Sales. The following provisions shall apply to any sale or sales of the Trust Property under or by virtue of this Paragraph A, whether made under the power of sale granted in this Deed of Trust or by virtue of judicial proceedings or of judgment or decree of foreclosure and sale:
(a) 1. The Beneficiary or the Trustee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 shall not be exhausted by any one or more such sales as to any part of the Trust Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the Beneficiary, until the Obligations shall have been paid in full.
(b) 2. Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(c) 3. Any and all statements of fact or other recitals made in any instruments given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, shall be taken as PRIMA FACIE evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(d) 4. The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(e) 5. Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor and any and all persons claiming or who may claim the same, or any part thereof, by, through or under the Grantor to the fullest extent permitted by applicable law.
(f) 6. In the event that the Grantor, or any person claiming by, through or under the Grantor, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of the Trust Property, then the Grantor or such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable law.
(g) 7. Upon any such sale, the Trustee, the Beneficiary or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Property.
(h) 8. In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trust.
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Samples: Deed of Trust, Assignment of Leases and Rents, Security Agreement (Discovery Zone Inc)
Rights Pertaining to Sales. The Subject to the requirements of applicable law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Property under or by virtue of this Paragraph ASubsection 10.1(d) above, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(ai) The Trustee or Beneficiary or the Trustee may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 above shall not be exhausted by any one or more such sales as to any part of the Trust Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the Beneficiary’s opinion, until the Obligations Debt shall have been paid in full.
(bii) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(ciii) After each sale, Beneficiary, Trustee or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Grantor in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as specified in the Note. Each of Trustee and Beneficiary is hereby appointed the true and lawful attorney-in-fact of Grantor, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Grantor’s name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, Borrower and Grantor hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Grantor, if requested by Trustee or Beneficiary, shall ratify and confirm any such sale or sales by executing and delivering to Trustee, Beneficiary or such purchaser or purchasers all such instruments as may be advisable, in Trustee’s or Beneficiary’s judgment, for the purposes as may be designated in such request.
(iv) Any and all statements of fact or other recitals made in any of the instruments referred to in Subsection 10.1(e)(iii) given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, shall be taken as PRIMA FACIE conclusive and binding against all persons as to evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ev) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor to the fullest extent permitted by applicable law.
(fvi) In Upon any such sale or sales, Beneficiary may bid for and acquire the event that Property and, in lieu of paying cash therefor, may make settlement for the Grantorpurchase price by crediting against the Debt the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Trustee or any person claiming by, through or Beneficiary is authorized to deduct under the Grantorterms hereof, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of the Trust Property, then the Grantor or extent necessary to satisfy such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable lawbid.
(gvii) Upon any such sale, the it shall not be necessary for Trustee, the Beneficiary or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trust.
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Samples: Leasehold Indemnity Deed of Trust and Security Agreement (Columbia Equity Trust, Inc.)
Rights Pertaining to Sales. The Subject to the requirements of applicable law and except as otherwise provided herein, the following provisions shall apply to any sale or sales of all or any portion of the Trust Property under or by virtue of this Paragraph ASubsection 10.1(d) above, whether made under the power of sale herein granted in this Deed of Trust or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale:
(ai) The Beneficiary Trustee or the Trustee Lender may conduct any number of sales for cash or upon credit from time to time. The power of sale set forth in Section 24 above shall not be exhausted by any one or more such sales as to any part of the Trust Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryLender’s opinion, until the Obligations Debt shall have been paid in full.
(bii) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice.
(ciii) After each sale, Lender, Trustee or an officer of any court empowered to do so shall execute and deliver to the purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of Borrower in and to the property and rights sold and shall receive the proceeds of said sale or sales and apply the same as specified in the Note. Each of Trustee and Lender is hereby appointed the true and lawful attorney-in-fact of Borrower, which appointment is irrevocable and shall be deemed to be coupled with an interest, in Borrower’s name and stead, to make an necessary conveyances, assignments, transfers and deliveries of the property and rights so sold, Borrower hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Borrower, if requested by Trustee or Lender, shall ratify and confirm any such sale or sales by executing and delivering to Trustee, Lender or such purchaser or purchasers all such instruments as may be advisable, in Trustee’s or Lender’s judgment, for the purposes as may be designated in such request.
(iv) Any and all statements of fact or other recitals made in any of the instruments referred to in Subsection 10.1(e)(iii) given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to the Beneficiary having declared all or any of the Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, Lender shall be taken as PRIMA FACIE conclusive and binding against all persons as to evidence of the truth of the facts so stated slated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of sale.
(d) The receipt of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(ev) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Borrower in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity equity, against the Grantor Borrower and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Borrower to the fullest extent permitted by applicable law.
(fvi) In Upon any such sale or sales, Lender may bid for and acquire the event that Property and, in lieu of paying cash therefor, may make settlement for the Grantorpurchase price by crediting against the Debt the amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Trustee or any person claiming by, through or Lender is authorized to deduct under the Grantorterms hereof, shall transfer or refuse or fail to surrender possession of the Trust Property after any sale of the Trust Property, then the Grantor or extent necessary to satisfy such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable lawbid.
(gvii) Upon any such sale, the it shall not be necessary for Trustee, the Beneficiary Lender or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trust.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (Inland American Real Estate Trust, Inc.)
Rights Pertaining to Sales. The Subject to the provisions or other requirements of law and except as otherwise provided herein and in the other Loan Documents, the following provisions shall apply to any sale or sales of all or any portion of the Trust Mortgaged Property under or by virtue of this Paragraph A, whether made under the power of sale granted in this Deed of Trust or by virtue of judicial proceedings or of judgment or decree of foreclosure and saleSection 16:
(a) The Beneficiary or the Trustee Mortgagee may conduct any number of sales for cash or upon credit of the Mortgaged Property from time to time. The power of sale set forth in Section 24 16 above shall not be exhausted by any one or more such sales as to any part of the Trust Mortgaged Property which shall not have been sold, nor by any sale which is not completed or is defective in the opinion of the Trustee or the BeneficiaryMortgagee’s opinion, until the Obligations shall have been paid in full, or as provided in Section 37 hereof.
(b) Any sale may be postponed or adjourned by public announcement at the time and place appointed for such sale or for such postponed or adjourned sale without further notice. Without limiting the foregoing, in case Mortgagee shall have proceeded to enforce any right or remedy under this Mortgage by receiver, entry or otherwise, and such proceedings have been discontinued or abandoned for any such reason or shall have been determined adversely to Mortgagee, then in every such case Mortgagor and Mortgagee shall be restored to their former positions and rights hereunder, and all rights, powers and remedies of Mortgagee shall continue as if no such proceeding had been instituted.
(c) Any After each sale, Mortgagee or an officer of any court empowered to do so shall execute and all statements of fact or other recitals made in any instruments given by the Trustee or the Beneficiary as to nonpayment of the Obligations, or as deliver to the occurrence purchaser or purchasers at such sale a good and sufficient instrument or instruments granting, conveying, assigning and transferring all right, title and interest of any Event of Default, or as Mortgagor in and to the Beneficiary having declared all property and rights sold and shall receive the proceeds of said sale or any sales and apply the same as provided in Section 16(c). Mortgagee is hereby appointed the true and lawful attorney-in-fact of the Obligations Mortgagor, which appointment is irrevocable and shall be deemed to be due coupled with an interest, in Mortgagor’s name and payablestead, or as to the request to sellmake all necessary conveyances, or as to notice of timeassignments, place transfers and terms of sale and deliveries of the property or and rights to be sold having been duly givenso sold, or as to the refusaland for that purpose Mortgagee may execute all necessary instruments of conveyance, failure or inability to act of the Trusteeassignment, or as to the appointment of any transfer and delivery, and may substitute or successor Trustee, or as to any other act or thing having been duly done by the Trustee or the Beneficiary, shall be taken as PRIMA FACIE evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons with like power, Mortgagor hereby ratifying and confirming all that said attorney or such substitute or substitutes shall lawfully do by virtue thereof. Nevertheless, Mortgagor, if requested by Mortgagee, shall ratify and confirm any such sale or sales by executing and delivering to Mortgagee or such purchaser or purchasers all such instruments as agent to perform any act or acts necessary or incident to any sale so heldmay be advisable, including in Mortgagee’s reasonable judgment, for the posting of notices and the conduct of salepurposes as may be designated in such request.
(d) The receipt by Mortgagee of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give receive the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust Mortgage or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(e) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor Mortgagor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor Mortgagor and any and all persons claiming or who may claim the same, or any part thereofthereof or any interest therein, by, through or under the Grantor Mortgagor to the fullest extent permitted by applicable law.
(f) Upon any such sale or sales, Mortgagee may bid for and acquire, provided it is the highest responsive bidder, the Mortgaged Property and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the Obligations the amount of the bid made therefor, after deducting therefrom the reasonable and documented out-of-pocket expenses of the sale, the cost of any enforcement proceeding hereunder, and any other sums which Mortgagee is authorized to deduct under the terms hereof, to the extent necessary to satisfy such bid.
(g) In the event that the GrantorMortgagor, or any person claiming by, through or under the GrantorMortgagor, shall transfer or refuse or fail to surrender possession of the Trust Mortgaged Property after any sale of the Trust Propertythereof, then the Grantor Mortgagor, or such person person, shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction eviction· by means of forcible entry and unlawful detainer proceedings, or subject to any other right or remedy available under this Deed of Trust hereunder or under applicable law.
(gh) Upon any such sale, the Trustee, the Beneficiary or any public officer acting under execution or order of court shall not be required to have present or constructively in its possession any or all of the Trust Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit for the collection of the Obligations and for the foreclosure of this Deed Mortgage, any Leases then existing shall not be destroyed or terminated as a result of Trust, such foreclosure unless Mortgagee or any purchaser at a foreclosure sale shall so elect by notice to the lessee in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trustquestion.
Appears in 1 contract
Samples: Revolving Credit Agreement (CF Industries Holdings, Inc.)
Rights Pertaining to Sales. The following provisions shall apply (a) Should Lender elect to any sale or sales foreclose by exercise of the Trust Property under or by virtue of this Paragraph A, whether made under the power of sale granted in herein contained, Lender shall notify Trustee and shall deposit with Trustee this Deed Instrument and the Note and such receipts and evidence of Trust or by virtue of judicial proceedings or of judgment or decree of foreclosure expenditures made and sale:
(a) The Beneficiary or the secured hereby as Trustee may conduct any number require. Upon receipt of sales such notice from Lender, Trustee shall cause to be recorded, published and delivered to Borrower such notice of default and notice of sale as then required by law and by this Instrument. Trustee shall, without demand on Borrower, after lapse of such time as may then be required by law and after recordation of such notice of default and after notice of sale having been given as required by law, sell 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 Lender shall determine, 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 the time of sale. Trustee shall deliver to such purchaser or upon credit from time to timepurchasers thereof its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warranty, express or implied. The power recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any Person, including Borrower, Trustee or Lender, may purchase at such sale and Borrower hereby covenants to warrant and defend the title of such purchaser or purchasers. After deducting all costs, fees and expenses of Trustee and of the trust created by this Instrument, including costs of evidence of title in connection with sale, Trustee shall apply the proceeds of sale set forth in Section 24 the following priority, to payment of: (i) first, all sums expended under the terms hereof, not then repaid, with accrued interest at the Default Rate; (ii) second, all other sums then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled thereto. Lender may, in its sole discretion, designate the order in which the Property shall not be exhausted by any one offered for sale or sold through a single sale or through two or more successive sales, or in any other manner Lender deems to be in its best interest. If Lender elects more than one sale or other disposition of the Property, Lender may at its option cause the same to be conducted simultaneously or successively, on the same day or at such sales different days or times and in such order as Lender may deem to be in its best interests, and no such sale shall terminate or otherwise affect the lien of this Instrument on any part of the Trust Property which shall not then sold until all Obligations secured hereby have been soldfully paid. If Lender elects to dispose of the Property through more than one sale, nor by any Borrower shall pay the costs and expenses of each such sale which is not completed or is defective of its interest in the opinion Property and of any proceedings where the same may be made. Trustee may postpone the sale of all or any part of the Trustee or the BeneficiaryProperty by public announcement at such time and place of sale, until the Obligations shall have been paid in full.
(b) Any and from time to time thereafter may postpone such sale may be postponed or adjourned by public announcement at the time fixed by the preceding postponement, and place appointed for without further notice make such sale or for such postponed or adjourned sale without further notice.
(c) Any and all statements of fact or other recitals made in any instruments given at the time fixed by the last postponement; or Trustee may, in its discretion, give a new notice of sale. Lender may rescind any such notice of default at any time before Trustee’s sale by executing a notice of rescission and recording the same. The recordation of such notice shall constitute a cancellation of any prior declaration of default and demand for sale and of any acceleration of maturity of Obligations affected by any prior declaration or the Beneficiary as to nonpayment notice of default. The exercise by Lender of the Obligationsright of rescission shall not constitute a waiver of any default then existing or subsequently occurring, or as impair the right of Lender to the occurrence execute other declarations of any Event of Defaultdefault and demand for sale, or as notices of default and of election to cause the Beneficiary having declared all Property to be sold, or otherwise affect the Note or this Instrument, or any of the Obligations to be due and payablerights, obligations or as to the request to sell, remedies of Lender or as to notice of time, place and terms of sale and of the property or rights to be sold having been duly given, or as to the refusal, failure or inability to act of the 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 the Trustee or the Beneficiary, shall be taken as PRIMA FACIE evidence of the truth of the facts so stated and recited. The Trustee or the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale so held, including the posting of notices and the conduct of salehereunder.
(db) The receipt In the event of a sale of the Trustee or the Beneficiary for the purchase money paid at any such sale, or the receipt of any other person authorized to give the same, shall be sufficient discharge therefor to any purchaser of any property or rights sold as aforesaid, and no such purchaser, or its representatives, grantees or assigns, after paying such purchase price and receiving such receipt, shall be bound to see to the application of such purchase price or any part thereof upon or for any trust or purpose of this Deed of Trust or, in any manner whatsoever, be answerable for any loss, misapplication or nonapplication of any such purchase money, or part thereof, or be bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.
(e) Any such sale or sales shall operate to divest all of the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Grantor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Grantor and any and all persons claiming or who may claim the sameProperty, or any part thereof, by, through or under and the Grantor to the fullest extent permitted by applicable law.
(f) In the event that the Grantor, or any person claiming by, through or under the Grantor, shall transfer or refuse or fail to surrender possession execution of the Trust Property after any sale of the Trust Property, then the Grantor or such person shall be deemed a tenant at sufferance of the purchaser at such sale, subject to eviction by means of forcible entry and detainer proceedings, or subject to any other right or remedy available under this Deed of Trust or under applicable law.
(g) Upon any such saledeed therefor, the Trusteerecital therein of default, and of recording the Beneficiary or any public officer acting under execution or order notice of court shall not be required to have present or constructively in its possession any or all default and notice of the Trust Property.
(h) In the event a foreclosure under this Deed of Trust shall be commenced by the Trustee, the Trustee or the Beneficiary may, at any time before the sale of the Trust Property, abandon or direct the Trustee to abandon the sale, and may institute suit of the elapse of the required time (if any) between the recording and the notice, and of the giving of notice of sale, and of a demand by Lxxxxx, or its successors or assigns, that such sale should be made, shall be conclusive proof of such default, recording, election, elapse of time, and giving of such notice, and that the sale was regularly and validly made on due and proper demand by Lxxxxx, its successors or assigns. Any such deed or deeds with such recitals therein shall be effective and conclusive against Borrower, its successors and assigns, and all other Persons. The receipt for the collection purchase money recited or contained in any deed executed to the purchaser as aforesaid shall be sufficient discharge to such purchaser from all obligations to see to the proper application of the Obligations and for the foreclosure of this Deed of Trust, or in the event that the Trustee or the Beneficiary should institute a suit for collection of the Obligations, and for the foreclosure of this Deed of Trust, the Beneficiary may at any time before the entry of final judgment in said suit dismiss the same and require the Trustee to sell the Trust Property in accordance with the provisions of this Deed of Trustpurchase money.
Appears in 1 contract
Samples: Deed of Trust, Security Agreement and Fixture Filing (CNL Hotels & Resorts, Inc.)
