Statutory Power of Sale. At maturity, whether at the stated time or prior thereto by the acceleration of maturity pursuant hereto, Lender (in addition to any other remedies provided for herein or which it may have at law or equity) shall have the statutory power of sale, and on foreclosure may retain statutory costs and attorneys’ fees.
Statutory Power of Sale. This Mortgage is upon the STATUTORY CONDITION and upon the further condition that all covenants and agreements of Grantor in the Purchase Agreements, the Notes, the Security Agreement, the Loan Agreement and the other Loan Documents shall be kept and fully performed and upon any breach of same, Grantee shall have the STATUTORY POWER OF SALE and any other powers given by statute or set forth in Article 4 hereof, including the right to foreclose any and all rights of Grantor in and to the Property, whether by sale, entry, or in any manner provided for hereunder or under Massachusetts General Laws.”
(f) The following portion of Section 3.8(d) of the Existing Mortgage is hereby deleted in its entirety:
Statutory Power of Sale. This Mortgage is upon the STATUTORY CONDITION and upon the further condition that all covenants and agreements on the part of Mortgagor herein undertaken shall be kept and fully and seasonably performed and that no breach of any other of the conditions specified herein shall be permitted, for any breach of which covenants or conditions, Mortgagee shall have the STATUTORY POWER OF SALE.
Statutory Power of Sale. The statutory powers of sale and other powers conferred by the Law of Property Axx 0000 shall, as between a Secured Party and a purchaser from the Secured Parties, arise on and be exercisable at any time after the execution of this Agreement, but no Secured Party shall exercise such power of sale until the security constituted by this Agreement has become enforceable.
Statutory Power of Sale. This Mortgage is on the STATUTORY CONDITION and upon the further condition that all agreements of the Borrower contained in the Loan Documents be fully performed for any breach of which Lender shall have the STATUTORY POWER OF SALE. In the event of the exercise of the STATUTORY POWER OF SALE, Lender may foreclose on and sell all or any part of the Mortgaged Property, and thereafter Lender shall continue to have the STATUTORY POWER OF SALE so long as any portion of the Mortgaged Property remains subject to this Mortgage.
Statutory Power of Sale. If the Lender shall wish to exercise its power to sell the Premises, the Lender shall prior to exercising such right serve on the Chargor (with a copy to such persons as are prescribed by Section 96(3) of the Land Act) a written notice to sell the Premises and shall not proceed to complete any contract for the sale of the Premises until at least Forty (40) days have elapsed from the date of service of such notice. In exercising its statutory power of sale of the Premises, the Lender and/or the receiver shall comply with the following terms and conditions:- the Lender and/or the receiver shall appoint a valuer to carry out a forced sale valuation of the Premises; the sale by the Lender and/or the receiver of the Premises may be:- of the whole or part of the Premises; subject to or free of any charge or other encumbrance having priority to this Charge; by way of subdivision or otherwise; by private contract at market value; by public auction with a reserve price; for a purchase price payable in one sum or by instalments; or subject to any other conditions that the Lender shall think fit having due regard to the duty imposed on the Lender pursuant to section 97(1) of the Land Act. the purchase money received shall be applied in the order of priority set out in Section 101 of the Land Act, that is:- first, in payment of any rates, rents, taxes, charges or other sums owing and required to be paid on the Premises; second, in discharge of any prior charge or other encumbrance subject to which the sale was made; third, in payment of all costs and reasonable expenses, properly incurred and incidental to the sale or any attempted sale; fourth, in discharge of the Principal Amount, interest and other charges, including any money advanced to a receiver in respect of the Premises; and fifth, in payment of any subsequent charges in order of their priority, and the residue, if any, of the money so received shall be paid to the person who, immediately before the sale, was entitled to discharge the Charge; and the sale shall be carried out in accordance with the provisions of the Land Act and the Land Registration Act. At any time before the Lender exercises its power of sale:- The Chargor or any other person entitled to discharge the charge may discharge the charge by paying to the Lender the amount secured by this Charge at the time of payment; and The Chargor may apply for relief in accordance with Section 103 of the Land Act.
Statutory Power of Sale. This Security Instrument is upon the STATUTORY CONDITION and upon the further condition that all agreements of Borrower contained in this Security Instrument and the other Loan Documents be fully performed, for breach of which Lender shall have the STATUTORY POWER OF SALE. In the event of the exercise of the STATUTORY POWER OF SALE, Lender may foreclose on and sell all or any part of the Property, and thereafter Lender shall continue to have the STATUTORY POWER OF SALE so long as any portion of the Property remains subject to this Security Instrument.
Statutory Power of Sale. Section 103 of the Law of Property Act 1925 shall not apply to this Charge, but the statutory power of sale shall (as between the Security Agent and a purchaser from the Security Agent) arise on, and be exercisable at any time after, the execution of this Charge. However, the Security Agent shall not exercise such power of sale until a demand has been made by the Facility Agent or the relevant Beneficiaries under clause 12.2 of the Facility Agreement or a Receiver has been appointed, but this provision shall not affect a purchaser or require him to ask whether a demand or appointment has been made.
Statutory Power of Sale. If any Event of Default shall occur, the Mortgagee shall have the right to foreclose this Mortgage under any legal method of foreclosure in existence at the time or now existing, or under any other applicable law, including, without limitation, the STATUTORY POWER OF SALE, which is expressly incorporated herein by reference, to the extent authorized or allowed by any present or future law of the State of Maine. In connection therewith, Mortgagor acknowledges that this Mortgage secures a loan or loans for business and commercial purposes and that this Mortgage is given primarily for a business, commercial or agricultural purpose.
Statutory Power of Sale. The Bondowner, with or without an entry under the foregoing subsection, at any time may sell the Mortgaged Property or any part or parts of the same, either as a whole or in parts or parcels, together with any improvements thereon, by public auction on or near the premises described in the attached Exhibit A in accordance with the statutes of the Commonwealth relating to the foreclosure of a mortgage by the exercise of a power of sale, and may convey the same by proper deed or deeds or xxxx or bills of sale to the purchaser or purchasers absolutely and in fee simple; and such sale shall forever bar the Borrower and all Persons claiming under it from all right and interest in the Mortgaged Property, whether at law or in equity. The Borrower covenants that it will, upon request, execute, acknowledge and deliver to the purchaser or purchasers a deed or deeds of release confirming such sale, and the Bondowner is hereby irrevocably appointed the Borrower’s attorney to execute and deliver a full transfer of all policies of insurance on the Mortgaged Property at the time of such sale, with credit to the Borrower for any unearned premiums paid by the Borrower. The Borrower, the Agency, the Disbursing Agent or the Bondowner may become the purchaser at any such sale.
