Common use of Additional Provisions Regarding Foreclosure by Power of Sale Clause in Contracts

Additional Provisions Regarding Foreclosure by Power of Sale. Mortgagor acknowledges that, after the occurrence and during the continuance of an Event of Default, Lender is authorized and empowered to sell the Mortgaged Property or to cause the same to be sold, and to convey the same to the purchaser in any lawful manner, including that provided by Chapter 32 of the Revised Judicature Act of Michigan, entitled “Foreclosure of Mortgages by Advertisement,” (the “Michigan Statute”) which permits Lender to sell the Mortgaged Property without affording Mortgagor a hearing or giving Mortgagor actual personal notice. The only notice required under such Chapter 32 is to publish notice in a local newspaper and to post a copy of the notice at the Mortgaged Property. In the event of a public sale, the Mortgaged Property, at the option of the Lender, may be sold as one parcel. MORTGAGOR HEREBY WAIVES ALL RIGHTS UNDER THE CONSTITUTION AND LAWS OF THE UNITED STATES AND THE STATE OF MICHIGAN TO A HEARING PRIOR TO SALE IN CONNECTION WITH FORECLOSURE OF THIS MORTGAGE BY ADVERTISEMENT AND ALL NOTICE REQUIREMENTS EXCEPT AS SET FORTH IN THE MICHIGAN STATUTE.

Additional Provisions Regarding Foreclosure by Power of Sale. Mortgagor acknowledges that, after the occurrence and during the continuance of an Event of Default, Lender is authorized and empowered to sell the Mortgaged Property or to cause the same to be sold, and to convey the same to the purchaser in any lawful manner, including that provided by Chapter 32 of the Revised Judicature Act of Michigan, entitled “Foreclosure of Mortgages by Advertisement,” (the “Michigan Statute”) which permits Lender to sell the Mortgaged Property without affording Mortgagor a hearing or giving Mortgagor actual personal notice. The only notice required under such Chapter 32 is to publish notice in a local newspaper and to post a copy of the notice at the Mortgaged Property. In the event of a public sale, the Mortgaged Property, at the option of the Lender, may be sold as one parcel. MORTGAGOR HEREBY WAIVES ALL RIGHTS UNDER THE CONSTITUTION AND LAWS OF THE UNITED STATES AND THE STATE OF MICHIGAN TO A HEARING PRIOR TO SALE IN CONNECTION WITH FORECLOSURE OF THIS MORTGAGE SECURITY INSTRUMENT BY ADVERTISEMENT AND ALL NOTICE REQUIREMENTS EXCEPT AS SET FORTH IN THE MICHIGAN STATUTE.

Additional Provisions Regarding Foreclosure by Power of Sale. Mortgagor acknowledges that, after the occurrence and during the continuance of an Event of Default, Lender Mortgagee is authorized and empowered to sell the Mortgaged Property or to cause the same to be sold, and to convey the same to the purchaser in any lawful manner, including that provided by Chapter 32 of the Revised Judicature Act of Michigan, entitled “"Foreclosure of Mortgages by Advertisement,” (the “Michigan Statute”) " which permits Lender Mortgagee to sell the Mortgaged Property without affording Mortgagor a hearing or giving Mortgagor actual personal notice. The only notice required under such Chapter 32 is to publish notice in a local newspaper and to post a copy of the notice at the Mortgaged Property. In Mortgagor hereby acknowledges that this Mortgage contains a POWER OF SALE and that if Mortgagee elects to foreclose by advertisement pursuant to the event of a public salePOWER OF SALE, the Mortgaged Propertyin accordance with MCLA 600.3201 et seq., at the option of the Lender, may be sold as one parcel. MORTGAGOR HEREBY EXPRESSLY WAIVES ALL RIGHTS NOTICE THEREOF (EXCEPT ANY NOTICE REQUIRED UNDER THE CONSTITUTION AND LAWS OF THE UNITED STATES AND THE STATE OF MICHIGAN TO AFORESAID STATUTE), A HEARING PRIOR TO SALE IN CONNECTION WITH FORECLOSURE OF THIS MORTGAGE BY ADVERTISEMENT AND ALL NOTICE REQUIREMENTS EXCEPT AS SET FORTH IN THE MICHIGAN STATUTEANY RIGHT, CONSTITUTIONAL OR OTHERWISE, THAT MORTGAGOR MIGHT OTHERWISE HAVE TO REQUIRE A JUDICIAL FORECLOSURE.