Common use of Foreclosure-Power of Sale Clause in Contracts

Foreclosure-Power of Sale. Upon the occurrence and during the continuation of an Event of Default, Grantee shall have the right to foreclose the lien hereof, either by judicial action or by power of sale, for the Secured Obligations or any part thereof and/or exercise any right, power or remedy provided in this Deed to Secure Debt or any of the other Loan Documents. At any such foreclosure, Grantee, at its option, may sell the Secured Property at public sale or sales before the door of the courthouse in the county in which the Secured Property or any part of the Secured Property is situated, to the highest bidder for cash, in order to pay the Secured Obligations, after advertising the time, place and terms of sale once a week for four (4) weeks immediately preceding such sale (but without regard to the number of days) in a legal organ in which Sheriff’s sales are advertised in said county. Grantee may bid for and acquire the Secured Property or any part thereof at any sale made under or by virtue of this Deed to Secure Debt and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the purchase price the unpaid amounts due and owing in respect of the Secured Obligations or any other liabilities after deducting from the sales price the expenses of the sale and the costs of the action or proceedings and any other sums that Grantee is authorized to deduct under this Deed to Secure Debt or applicable law. At any such public sale, Grantee may execute and deliver to the purchaser a conveyance of the Secured Property, and to this end, Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to make such sale and conveyance, and thereby to divest Grantor of all right, title, interest, equity and equity of redemption that Grantor may have in and to the Secured Property and to vest the same in the purchaser or purchasers at such sale, and all the acts and doings of said agent and attorney-in-fact are hereby ratified and confirmed and any recitals in said conveyance or conveyances as to facts essential to a valid sale shall be binding upon Grantor. The aforesaid power of sale and agency hereby granted are coupled with an interest and are irrevocable by dissolution, insolvency or otherwise, and are granted as cumulative of the other remedies provided hereby or by law for collection of the indebtedness secured hereby. In the event of any such foreclosure sale by Grantee, Grantor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. The purchaser or purchasers at such sale (a) must be financially responsible, as determined by Grantee, taking into Deed to Secure Debt

Foreclosure-Power of Sale. Upon the occurrence and during the continuation of an Event of Default, Grantee shall have the right to foreclose the lien hereof, either by judicial action or by power of sale, for the Secured Obligations or any part thereof and/or exercise any right, power or remedy provided in this Deed to Secure Debt or any of the other Loan Deed to Secure Debt Documents. At any such foreclosure, Grantee, at its option, may sell the Secured Property at public sale or sales before the door of the courthouse in the county in which the Secured Property or any part of the Secured Property is situated, to the highest bidder for cash, in order to pay the Secured Obligations, after advertising the time, place and terms of sale once a week for four (4) weeks immediately preceding such sale (but without regard to the number of days) in a legal organ in which Sheriff’s sales are advertised in said county. Grantee may bid for and acquire the Secured Property or any part thereof at any sale made under or by virtue of this Deed to Secure Debt and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the purchase price the unpaid amounts due and owing in respect of the Secured Obligations or any other liabilities after deducting from the sales price the expenses of the sale and the costs of the action or proceedings and any other sums that Grantee is authorized to deduct under this Deed to Secure Debt or applicable law. At any such public sale, Grantee may execute and deliver to the purchaser a conveyance of the Secured Property, and to this end, Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to make such sale and conveyance, and thereby to divest Grantor of all right, title, interest, equity and equity of redemption that Grantor may have in and to the Secured Property and to vest the same in the purchaser or purchasers at such sale, and all the acts and doings of said agent and attorney-in-fact are hereby ratified and confirmed and any recitals in said conveyance or conveyances as to facts essential to a valid sale shall be binding upon Grantor. The aforesaid power of sale and agency hereby granted are coupled with an interest and are irrevocable by dissolution, insolvency or otherwise, and are granted as cumulative of the other remedies provided hereby or by law for collection of the indebtedness secured hereby. In the event of any such foreclosure sale by Grantee, Grantor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. The purchaser or purchasers at such sale (a) must be financially responsible, as determined by Grantee, taking into account the remaining obligations at the time of such sale under the Ownership Agreement, the Operating Agreement and the Nuclear Managing Board Agreement, and (b) must become a party or parties to each such agreement, and assume (i) the rights and obligations of Grantor under the Ownership Agreement as a “Participating Party” solely with respect to the portion of Grantor’s “Ownership Interest” in the “Additional Units” (as those terms are defined in the Ownership Agreement) acquired by such purchaser, (ii) the rights and obligations of Grantor under the Operating Agreement solely with respect to the portion of Grantor’s “Ownership Interest” in the “Additional Units” (as those terms are defined in the Operating Agreement) acquired by such purchaser, (iii) the rights and obligations of Grantor under the Declaration of Covenants as an “Additional Units Owner” solely with respect to the portion of Grantor’s ownership interest in the “Additional Units Property” (as those terms are defined in the Declaration of Covenants) acquired by such purchaser, (iv) the rights and obligations of Grantor under the Nuclear Managing Board Agreement solely as a “Participant” with respect to the portion of Grantor’s “Undivided Ownership Interest” in the “Additional Units” and related facilities, equipment, inventory and common facilities (as those terms are defined in the Nuclear Managing Board Agreement) acquired by such purchaser, and (v) the rights and obligations of Grantor under the Development Agreement as a “Participating Party” solely with respect to the portion of Grantor’s ownership interest in the Additional Units (as those terms are defined in the Development Agreement), in each of the foregoing cases (i) through (v) arising from and after the date of such assumption. For the avoidance of doubt, nothing in this Section 4.2 requires Deed to Secure Debt

Foreclosure-Power of Sale. Upon This Mortgage is upon the occurrence STATUTORY CONDITIONS and during upon the continuation further condition that all covenants and agreements of an Event the Mortgagor contained herein, and in the Note, shall be kept and fully performed, for any breach of Default, Grantee which the Mortgagee shall have the right to foreclose STATUTORY POWER OF SALE. Mortgagee shall have all of the lien hereofrights and may exercise all of the powers set forth in applicable Law of the State. Mortgagee may sell the Property in its entirety or in parcels, either and by judicial action one or by power of several sales, as deemed appropriate by Mortgagee in its sole and absolute discretion. If Mortgagee chooses to have more than one foreclosure sale, Mortgagee may cause the foreclosure sales to be held simultaneously or successively, on the same day, or on such different days and at such different times as Mortgagee may elect. Mortgagee and Lenders shall have no obligation to make demand on Mortgagor before any foreclosure sale. From time to time in accordance with then-applicable Law, Mortgagee may postpone any foreclosure sale by public announcement at the time and place noticed for the Secured Obligations or any part thereof and/or exercise any right, power or remedy provided in this Deed to Secure Debt or any of the other Loan Documentsthat sale. At any foreclosure sale, Mortgagee shall sell to the highest bidder at public auction for cash in lawful money of the United States (or cash equivalents acceptable to Mortgagee to the extent permitted by applicable Law), Mortgagee shall execute and deliver to the purchaser(s) a deed or deeds conveying the property being sold without any covenant or warranty whatsoever, expressed or implied. The recitals in any such foreclosuredeed of any matters of fact, Granteeincluding any facts bearing upon the regularity or validity of any foreclosure sale, at its optionshall be conclusive proof of their truthfulness. Any such deed shall be conclusive against all Persons as to the facts recited therein. Any Person, including Mortgagee or any Lender, may sell the Secured Property purchase at public sale such sale, and any bid by Mortgagee or sales before the door of the courthouse any Lender may be, in whole or in part, in the county in which the Secured Property form of cancellation of all or any part of the Secured Property is situated, to the highest bidder for cash, in order to pay the Secured Obligations, after advertising the time, place and terms of sale once a week for four (4) weeks immediately preceding such sale (but without regard to the number of days) in a legal organ in which Sheriff’s sales are advertised in said county. Grantee may bid for and acquire the Secured Property or any part thereof at any sale made under or by virtue of this Deed to Secure Debt and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the purchase price the unpaid amounts due and owing in respect of the Secured Obligations or any other liabilities after deducting from the sales price the expenses of the sale and the costs of the action or proceedings and any other sums that Grantee is authorized to deduct under this Deed to Secure Debt or applicable law. At any such public sale, Grantee may execute and deliver to the purchaser a conveyance of the Secured Property, and to this end, Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to make such sale and conveyance, and thereby to divest Grantor of all right, title, interest, equity and equity of redemption that Grantor may have in and to the Secured Property and to vest the same in the purchaser or purchasers at such sale, and all the acts and doings of said agent and attorney-in-fact are hereby ratified and confirmed and any recitals in said conveyance or conveyances as to facts essential to a valid sale shall be binding upon Grantor. The aforesaid power of sale and agency hereby granted are coupled with an interest and are irrevocable by dissolution, insolvency or otherwise, and are granted as cumulative of the other remedies provided hereby or by law for collection of the indebtedness secured hereby. In the event of any such foreclosure sale by Grantee, Grantor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. The purchaser or purchasers at such sale (a) must be financially responsible, as determined by Grantee, taking into Deed to Secure Debt.

Foreclosure-Power of Sale. Upon Subject to the occurrence and during the continuation provisions of an Event of Defaultany Intercreditor Agreement, Grantee shall have the right to foreclose the lien hereof, either by judicial action or by power of sale, for the Secured Obligations or any part thereof and/or exercise any right, power or remedy provided in this Deed to Secure Debt or any may sell and dispose of the other Loan Documents. At any such foreclosure, Grantee, at its option, may sell the Secured Property at public sale or auction, at the usual place for conducting sales before the door of at the courthouse in the county in which where the Secured Property or any part of the Secured Property is situatedthereof may be, to the highest bidder for cash, in order to pay the Secured Obligations, after first advertising the time, terms and place and terms of such sale by publishing a notice thereof once a week for four consecutive weeks (4) weeks immediately preceding such sale (but without regard to the actual number of days) in a legal organ newspaper in which Sheriff’s sales sheriff's advertisements are advertised published in said county. , all other notice being hereby waived by Grantor, or in such other manner as is then permitted for such sales; and Grantee may bid for and acquire the Secured Property or any part thereof at any sale made under or by virtue of this Deed to Secure Debt and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the purchase price the unpaid amounts due and owing in respect of the Secured Obligations or any other liabilities after deducting from the sales price the expenses of the sale and the costs of the action or proceedings and any other sums that Grantee is authorized to deduct under this Deed to Secure Debt or applicable law. At any such public sale, Grantee may thereupon execute and deliver to the purchaser at said sale a sufficient conveyance of the Secured PropertyProperty in fee simple, which conveyance may contain recitals as to the happening of the default upon which the execution of the power of sale, herein granted, depends, the said recitals shall be presumptive evidence that all preliminary acts prerequisite to said sale and to this end, deed were in all things duly complied with; and Grantor hereby constitutes and appoints Grantee the or its assigns agent and attorney-in-fact of Grantor to make such recitals, sale and conveyance, and thereby to divest Grantor all of all right, title, interest, equity and equity of redemption that Grantor may have in and to the Secured Property and to vest the same in the purchaser or purchasers at such sale, and all the acts and doings of said agent and such attorney-in-fact are hereby ratified ratified, and confirmed and any Grantor agrees that such recitals in said conveyance or conveyances as to facts essential to a valid sale shall be binding and conclusive (absent manifest error) upon Grantor and that the conveyance to be made by Grantee, or its assigns, (and in the event of a deed in lieu of foreclosure, then as to such conveyance) shall be effectual to bar all right, title and interest, equity of redemption, including all statutory redemption, homestead, dower, curtesy and all other exemptions of Grantor. The aforesaid , or its successors in interest, in and to the Property; at the election of Grantee, the Property, or any part thereof, may be sold in one parcel and as an entirety, or in such parcels, manner or order as Grantee in its sole discretion may elect, and one or more exercises of the powers herein granted shall not extinguish or exhaust the power unless the entire Property is sold or the Obligations satisfied in full, and Grantee, or its assigns, shall collect the proceeds of sale such sale, applying such proceeds as provided in Section 7.8 (in the event of deficiency, Grantor shall immediately on demand from Grantee pay over to Grantee, or its nominee, such deficiency); and Grantor agrees that in case of a sale, as herein provided, Grantor or any person in possession under Grantor shall then become and be tenants holding over, and shall forthwith deliver possession to the purchaser at such sale, or be summarily dispossessed in accordance with the provisions of law applicable to tenants holding over; the power and agency hereby granted are coupled with an interest and are irrevocable by dissolution, insolvency death or otherwise, and are granted as cumulative of the in addition to any and all other remedies provided hereby which Grantee may have at law or by law for collection of the indebtedness secured hereby. In the event of any such foreclosure sale by Grantee, Grantor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. The purchaser or purchasers at such sale (a) must be financially responsible, as determined by Grantee, taking into Deed to Secure Debtin equity.