Common use of Waiver of Deficiency Statute Clause in Contracts

Waiver of Deficiency Statute. (a) In the event an interest in any of the Mortgaged Property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, Grantor agrees as follows. Notwithstanding the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (as the same may be amended from time to time), and to the extent permitted by Law, Grantor agrees that Beneficiary and Secured Creditors shall be entitled to seek a deficiency judgment from Grantor and any other party obligated on the Notes and the other Indebtedness equal to the difference between the amount owing on the Notes and the other Indebtedness and the amount for which the Mortgaged Property was sold pursuant to judicial or nonjudicial foreclosure sale. Grantor expressly recognizes that this section constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Grantor and other Persons against whom recovery of deficiencies is sought or each Guarantor independently (even absent the initiation of DEED OF TRUST - Page 30 deficiency proceedings against them) to present competent evidence of the fair market value of the Mortgaged Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Grantor further recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Mortgaged Property for purposes of calculating deficiencies owed by Grantor, Guarantor, and others against whom recovery of a deficiency is sought.

Waiver of Deficiency Statute. (a) In the event of an interest in any of the Mortgaged Property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, Grantor Borrower agrees as follows. Notwithstanding the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (as the same may be amended from time to time), and to the extent permitted by Lawlaw, Grantor Borrower agrees that Beneficiary and Secured Creditors Lender shall be entitled to seek a deficiency judgment from Grantor Borrower and any other party obligated on the Notes and the other Indebtedness indebtedness secured hereby equal to the difference between the amount owing on the Notes and the other Indebtedness indebtedness secured hereby and the amount for which the Mortgaged Property was sold pursuant to judicial or nonjudicial foreclosure sale, but not for an amount in excess of the Carveout Obligations. Grantor Borrower expressly recognizes that this section constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Grantor Borrower and other Persons persons against whom recovery of deficiencies is sought or each Guarantor Obligor independently (even absent the initiation of DEED OF TRUST - Page 30 deficiency proceedings against them) to present competent evidence of the fair market value of the Mortgaged Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Grantor Borrower further recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Mortgaged Property for purposes of calculating deficiencies owed by GrantorBorrower, Guarantor, Obligor and others against whom recovery of a deficiency is sought. Alternatively, in the event the waiver provided for above is determined by a court of competent jurisdiction to be unenforceable, the following shall be the basis for the finder of fact’s determination of the fair market value of the Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time): (i) the Property shall be valued in an “as is” condition as of the date of the foreclosure sale, without any assumption or expectation that the Property will be repaired or improved in any manner before a resale of the Property after foreclosure; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Property for cash promptly (but no later than twelve (12) months following the foreclosure sale; (iii) all reasonable closing costs customarily borne by the seller in commercial real estate transactions should be deducted from the gross fair market value of the Property, including, without limitation, brokerage commissions, title insurance, a survey of the Property, tax prorations, attorneys’ fees, and marketing costs; (iv) the gross fair market value of the Property shall be further discounted to account for any estimated holding costs associated with maintaining the Property pending sale, including, without limitation, utilities expenses, property management fees, taxes and assessments (to the extent not accounted for in (iii) above), and other maintenance, operational and ownership expenses; and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Property must be given by persons having at least five (5) years experience in appraising property similar to the Property and who have conducted and prepared a complete written appraisal of the Property taking into consideration the factors set forth above.

Waiver of Deficiency Statute. (a) In the event an interest in any of the Mortgaged Property property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, Grantor Mortgagor agrees as follows. Notwithstanding the provisions of Sections Section 51.003, 51.004, 51.004 and 51.005 of the Texas Property Code (as the same may be amended from time to time), and except to the extent permitted limited by Lawlaw or limited by any written agreement executed by Beneficiary to the contrary, Grantor Mortgagor agrees that Beneficiary and Secured Creditors shall be entitled to seek a deficiency judgment from Grantor Mortgagor and any other party obligated on the Notes and the other Indebtedness indebtedness secured hereby equal to the difference between the amount owing on the Notes and the other Indebtedness indebtedness and the amount for which the Mortgaged Property property was sold pursuant to judicial or nonjudicial foreclosure sale. Grantor Mortgagor expressly recognizes that this section constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Grantor Mortgagor and other Persons persons against whom recovery of deficiencies is sought or each Guarantor any guarantor independently (even absent the initiation of DEED OF TRUST - Page 30 deficiency proceedings against them) to present competent evidence of the fair market value of the Mortgaged Property property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Grantor Mortgagor further recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Mortgaged Property property for purposes of calculating deficiencies owed by GrantorMortgagor, Guarantorany guarantor, and others against whom recovery of a deficiency is sought.

Waiver of Deficiency Statute. (a) In the event an interest in any of the Mortgaged Deed of Trust Property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, Grantor Xxxxxxxxx agrees as follows. Notwithstanding that, notwithstanding the provisions of Sections 51.003, 51.004, 51.004 and 51.005 of the Texas Property Code (as the same may be amended from time to time), and to the extent permitted by Lawlaw, Grantor agrees that Beneficiary and Secured Creditors Mortgagee shall be entitled to seek a deficiency judgment from Grantor Mortgagor and any other party obligated on the Notes and Note or any promissory note which constitutes indebtedness under the other Indebtedness terms hereof equal to the difference between the amount owing on the Notes and the other Indebtedness Note and the amount for which the Mortgaged Deed of Trust Property was sold pursuant to judicial or nonjudicial foreclosure sale. Grantor Mortgagor expressly recognizes that this section constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Grantor Mortgagor and other Persons persons against whom recovery of deficiencies is sought or each Guarantor any indemnitor or guarantor independently (even absent the initiation of DEED OF TRUST - Page 30 deficiency proceedings against them) to present competent evidence of the fair market value of the Mortgaged Deed of Trust Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Grantor Xxxxxxxxx further recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Mortgaged Deed of Trust Property for purposes of calculating deficiencies owed by GrantorXxxxxxxxx, Guarantorany indemnitor or guarantor, and others against whom recovery of a deficiency is sought.

Waiver of Deficiency Statute. (a) In the event If an interest in any of the Mortgaged Property is foreclosed upon pursuant to a judicial or nonjudicial non-judicial foreclosure sale, Grantor agrees as follows. Notwithstanding : notwithstanding the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (as the same may be amended from time to time), and to the extent permitted by Lawlaw, Grantor agrees that Beneficiary and Secured Creditors shall be entitled to may seek a deficiency judgment from Grantor and any other party obligated on the Notes and the other Indebtedness Obligations equal to the difference between the amount owing on the Notes and the other Indebtedness and the amount for which the Mortgaged Property was sold pursuant to judicial or nonjudicial non-judicial foreclosure sale. Grantor expressly recognizes that this section constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Grantor and other Persons persons against whom recovery of deficiencies is sought or each Guarantor any guarantor independently (even absent the initiation of DEED OF TRUST - Page 30 deficiency proceedings against them) to present competent evidence of the fair market value of the Mortgaged Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Grantor further recognizes and agrees that this waiver creates an irrebuttable irrefutable presumption that the foreclosure sale price is equal to the fair market value of the Mortgaged Property for purposes of calculating deficiencies owed by Grantor, Guarantorany guarantor, and others against whom recovery of a deficiency is sought. Alternatively, in the event the waiver provided for in the preceding subsection is determined by a court of competent jurisdiction to be unenforceable, the following shall be the basis for the finder of fact’s determination of the fair market value of the Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time): (i) the Property shall be valued in an “as-is” condition as of the date of the foreclosure sale, without any assumption or expectation that the Property will be repaired or improved in any manner before a resale of the Property after foreclosure; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Property for cash promptly (but no later than twelve (12) months) following the foreclosure sale; (iii) all reasonable closing costs customarily borne by the seller in commercial real estate transactions should be deducted from the gross fair market value of the Property, including, without limitation, brokerage commissions, title insurance, a survey of the Property, tax prorations, attorneys’ fees, and marketing costs; (iv) the gross fair market value of the Property shall be further discounted to account for any estimated holding costs associated with maintaining the Property pending sale, including, without limitation, utilities expenses, property management fees, taxes and assessments (to the extent not accounted for in (iii) above), and other maintenance, operational and ownership expenses; and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Property must be given by persons having at least five years’ experience in appraising property similar to the Property and who have conducted and prepared a complete written appraisal of the Property taking into consideration the factors set forth above.

Waiver of Deficiency Statute. (a) In the event an interest in any of the Mortgaged Property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, Grantor but only if and to the extent that Borrower has any personal liability under the Loan Documents according to the terms of Article X hereof for payment of any resulting deficiency remaining outstanding under the Loan, Borrower agrees as follows. Notwithstanding that notwithstanding the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (as the same may be amended from time to time), and to the extent permitted by Lawlaw, Grantor agrees that Beneficiary and Secured Creditors Lender shall be entitled to seek a deficiency judgment from Grantor Borrower and any other party obligated on the Notes and the other Indebtedness Debt equal to the difference between the amount owing on the Notes and the other Indebtedness Debt and the amount for which the Mortgaged Property was sold pursuant to judicial or nonjudicial foreclosure sale. Grantor Borrower expressly recognizes that this section subsection (a) constitutes a waiver of the above-above cited provisions of the Texas Property Code which would otherwise permit Grantor Borrower and other Persons persons against whom recovery of deficiencies is sought or each Guarantor independently (even absent the initiation of DEED OF TRUST - Page 30 deficiency proceedings against them) to present competent evidence of the fair market value of the Mortgaged Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Grantor Borrower further recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Mortgaged Property for purposes of calculating deficiencies owed by Grantor, GuarantorBorrower, and others against whom recovery of a deficiency is sought. Alternatively, in the event the waiver provided for above is determined by a court of competent jurisdiction to be unenforceable, the following shall be the basis for the finder of fact’s determination of the fair market value of the Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time): (i) the Property shall be valued in an “as is” condition as of the date of the foreclosure sale, without any assumption or expectation that the Property will be repaired or improved in any manner before a resale of the Property after foreclosure; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Property for cash promptly (but no later than twelve months) following the foreclosure sale; (iii) all reasonable closing costs customarily borne by the seller in a commercial real estate transaction should be deducted from the gross fair market value of the Property, including brokerage commissions, title insurance, a survey of the Property, tax prorations, reasonable attorneys’ fees and marketing costs; (iv) the gross fair market value of the Property shall be further discounted to account for any estimated holding costs associated with maintaining the Property pending sale, including utilities expenses, Property management fees, taxes and assessments (to the extent not accounted for in subparagraph (b)(iii) above) and other maintenance expenses; and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Property must be given by persons having at least five (5) years’ experience in appraising Property similar to the Property and who have conducted and prepared a complete written appraisal of the Property taking into consideration the factors set forth above.