DEFAULT IN FORECLOSURE Sample Clauses

DEFAULT IN FORECLOSURE. Upon default by the Trustors in the payment of any indebtedness secured by this Deed of Trust or in the performance of any obligation under this Deed of Trust, the Beneficiary may declare all sums secured by this Deed of Trust immediately due and payable by delivering to the Trustee a written declaration of default and demand for sale and a written notice of default and election to sell the Real Property. After the required time period has lapsed following the recordation of the notice of default, and after notice of sale has been given as required by law, the Trustee, without demand on the Trustors, shall sell the Real Property at the time and place specified in the notice of sale, either as a whole or in separate parcels, and in any order determined by the Trustee at public auction to the highest bidder for cash in lawful money of the United States, payable at the time of sale. The Trustee may postpone sale of all or any portion of the Real Property by public announcement at the time and place of sale, and from time to time thereafter may postpone the sale by public announcement at the time fixed by the preceding postponement. The Trustee shall deliver to the purchaser at the auction its deed conveying the Real Property sold, but without any covenant or warranty, express or implied. Any person, including the Trustors, the Trustee or the Beneficiary, may purchase at the sale. After deducting all costs, fees and expenses of the Trustee and the Beneficiary under this paragraph, including costs of procuring evidence of title incurred in connection with sale, the Trustee shall apply the proceeds of sale to payment of all sums expended under the terms of this Deed of Trust, not then repaid, with accrued interest at the amount allowed by law in effect at the date of this Deed of Trust, all other sums then secured by this Deed of Trust, and the remainder, if any, to the person or persons legally entitled to the remaining proceeds.
View SourceView Similar (2)

Related to DEFAULT IN FORECLOSURE

  • Default and Foreclosure 5 3.1 Remedies....................................................... 5 3.2

  • Default in Payment Any payment not made within ten (10) business days after it is due in accordance with this Agreement shall thereafter bear interest, compounded annually, at the prime rate in effect from time to time at Citibank, N.A., or any successor thereto. Such interest shall be payable at the same time as the corresponding payment is payable.

  • Post-Default Interest The Borrower shall pay interest on all Obligations (other than any Administrative Expenses) that are not paid when due for the period from the due date thereof until the date the same is paid in full at the Post-Default Rate. Interest payable at the Post-Default Rate shall be payable on each Payment Date in accordance with the Priority of Payments.

  • Default in Favor of Third Parties Should Borrower or any Grantor default under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower's property or Borrower's or any Grantor's ability to repay the Loans or perform their respective obligations under this Agreement or any of the Related Documents.

  • Default in Payment of Principal of Loans and Reimbursement Obligations The Borrower shall default in any payment of principal of any Loan or Reimbursement Obligation when and as due (whether at maturity, by reason of acceleration or otherwise).