Common use of Title Upon Sale; Receipt a Sufficient Discharge to Purchaser Clause in Contracts

Title Upon Sale; Receipt a Sufficient Discharge to Purchaser. After the occurrence of an Event of Default hereunder, and upon the sale of the Property or any part thereof or any interest therein by Trustee or Beneficiary, whether pursuant to foreclosure, power of sale or otherwise, the purchaser shall acquire good title thereto, free of the lien of this Indenture and free of all rights of redemption, whether statutory, equitable or otherwise, in Borrower to the extent permitted by applicable law. The receipt of the officer making the sale under judicial proceedings or of Trustee or Beneficiary shall be sufficient discharge to the purchaser for the purchase money, and such purchaser shall not be obligated to see to the application thereof. All occupants of the Property sold or any part thereof shall become tenants at sufferance of the purchaser, and as long as a tenant is not in default under its Lease, the purchaser will not disturb the occupancy of such tenant of the Property during the term of its Lease. It shall not be necessary for the purchaser at any such sale to bring any action for possession to the Property purchased other than statutory action of forcible detainer in any justice court having jurisdiction.

Title Upon Sale; Receipt a Sufficient Discharge to Purchaser. After the occurrence of an Event of Default hereunder, and upon the sale of the Property or any part thereof or any interest therein by Trustee or Beneficiary, whether pursuant to foreclosure, power of sale or otherwise, the purchaser shall acquire good title thereto, free of the lien of this Indenture and free of all rights of redemption, whether statutory, equitable or otherwise, in Borrower Trustor to the extent permitted by applicable law. The receipt of the officer making the sale under judicial proceedings or of Trustee or Beneficiary shall be sufficient discharge to the purchaser for the purchase money, and such purchaser shall not be obligated to see to the application thereof. All occupants of the Property sold or any part thereof shall become tenants at sufferance of the purchaser, and as long as a tenant is not in default under its Lease, the purchaser will not disturb the occupancy of such tenant of the Property during the term of its Lease. It shall not be necessary for the purchaser at any such sale to bring any action for possession to the Property purchased other than statutory action of forcible detainer in any justice court having jurisdiction.