Foreclosure. Immediately commence an action to foreclose this Security Deed or to specifically enforce its provisions or any of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee. (1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby. (2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure. (3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.
Appears in 4 contracts
Sources: Deed to Secure Debt and Security Agreement (Merry Land Properties Inc), Deed to Secure Debt and Security Agreement (Merry Land Properties Inc), Deed to Secure Debt and Security Agreement (Merry Land Capital Trust)
Foreclosure. Immediately commence Upon the occurrence of an action to foreclose this Security Deed or to specifically enforce its provisions or any Event of Default, the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels entire unpaid Indebtedness shall, at the option of Grantee.
Mortgagee (1) Should Grantee to be exercised at any time that said Event of Default continues to exist), become immediately due and payable for all purposes without any notice or demand, except as required by law (ALL OTHER NOTICE OF THE EXERCISE OF SUCH OPTION, OR OF THE INTENT TO EXERCISE SUCH OPTION, BEING HEREBY EXPRESSLY WAIVED), and Mortgagee may, in addition to exercising any rights it may have elected with respect to accelerate the indebtedness secured herebyPersonal Property under the Uniform Commercial Code of the jurisdiction in which the Property is located, Grantee may initiate foreclosure institute proceedings in any court of competent jurisdiction to foreclose this instrument as a mortgage, or to enforce any of the covenants hereof, or Mortgagee may, either personally or by agent or attorney in fact, enter upon and take possession of the Property by effectuating a non-judicial foreclosure and may manage, rent or lease the Property or any portion thereof upon such terms as Mortgagee may deem expedient, and collect, receive and receipt for all rentals and other income therefrom and apply the sums so received as hereinafter provided in case of sale. Grantee shall then sellMortgagee is hereby further authorized and empowered, as agent or offer for saleattorney in fact, either after or without such entry, to sell and dispose of the Property at public sale en masse or in accordance with separate parcels (as Mortgagee may think best), and all the right, title and interest of Mortgagor therein, by advertisement or in any manner provided by the laws of the State jurisdiction in which the Property is located (MORTGAGOR HEREBY EXPRESSLY WAIVES ANY RIGHT TO A HEARING PRIOR TO SUCH SALE), and to issue, execute and deliver a deed of Georgia conveyance, all as then in force may be provided by law; and governing said sales Mortgagee shall, out of real property and improvements under powers conferred by security deeds. Each the proceeds or avails of such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is locatedsale, after first paying and retaining all fees, charges, costs of advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of making said sale, if anyand attorneys' fees as herein provided, which are payable apply such proceeds to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable the Indebtedness, including all sums advanced or expended by death Mortgagee or otherwise, are granted as cumulative the legal holder of the remedies provided herebyIndebtedness, and shall not be exhausted by the exercise thereof, but may be exercised until full payment with interest from date of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts advance or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest expenditure at the Default Interest Rate (as defined in the Note), rendering the excess, if any, as provided by law; such sale or sales and said deed or deeds so made shall be a perpetual bar, both in law and equity, against Mortgagor, the heirs, successors and assigns of Mortgagor, and all other persons claiming the Property aforesaid, or any prepayment chargepart thereof, fee by, from, through or premium required under Mortgagor. The legal holder of the Indebtedness may purchase the Property or any part thereof, and it shall not be obligatory upon any purchaser at any such sale to be paid under the Note in order to prepay principal (see to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under application of the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderpurchase money.
Appears in 4 contracts
Sources: Mortgage and Security Agreement (Brookdale Senior Living Inc.), Mortgage and Security Agreement (Brookdale Senior Living Inc.), Mortgage and Security Agreement (Brookdale Senior Living Inc.)
Foreclosure. Immediately commence an action If a Default shall have occurred and be continuing, Collateral Agent shall be entitled to proceed to foreclose this Security Deed or Mortgage in the manner provided by law for the foreclosure of mortgages, and to specifically enforce its provisions cause the sale of all or any of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure portion of the Property for cash or upon such terms and conditions as Collateral Agent may deem expedient, under the judgment or decree of a court or courts of competent jurisdiction in order to pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys’ fees. In the event of any such foreclosure sale, Mortgagor 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. If a Default shall have occurred and be continuing, to the extent permitted under applicable law, Collateral Agent shall be entitled, and is hereby granted the power, to foreclose this Mortgage by effectuating a non-judicial foreclosure salemeans. Grantee If Collateral Agent elects to foreclose this Mortgage by such means, Collateral Agent shall then sellbe authorized, at its option, whether or offer for sale, not possession of the Property at public sale in accordance with the laws is taken, after giving notice by publication once a week for three (3) consecutive weeks of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and terms of each such sale, together with a description of the Property, by publication in a newspaper published in the manner prescribed county or counties wherein the Property or any part thereof is located, to sell the Property (or such part or parts thereof as Collateral Agent may from time to time elect to sell) in front of such county’s main or front courthouse door, at public outcry, to the highest bidder for holding sheriff's sales cash. At any foreclosure sale, any part or all of property the Property, real, personal or mixed, may be offered for sale in parcels or en masse for one total price, the proceeds of any such sale en masse to be accounted for in one account without distinction between the items included therein or without assigning to them any proportion of such proceeds, Mortgagor hereby waiving the application of any doctrine of marshalling or like kindproceeding. In case Collateral Agent, in the County where the Property, or a part thereof, is located, after advertising said sale once in each exercise of the four consecutive weeks (without regard power of sale herein given, elects to sell all or any portion of the number Property in parts or parcels, sales thereof may be held from time to time, and the power of days) immediately preceding sale granted herein shall not be fully exercised until all of the sale Property not previously sold shall have been sold or all the Indebtedness and Obligations shall have been paid in full. In the newspaper in which are advertised sales by the sheriff event of said Countyany such foreclosure sale, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor Mortgagor shall be deemed a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor tenant holding over and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey forthwith deliver possession to the purchaser or purchasers good at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Mortgage by announcement at the time and sufficient titles place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned. Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Property sold; or any part thereof and Grantee in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured herebydeduct under this Mortgage.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.
Appears in 4 contracts
Sources: Subleasehold Mortgage (Golfsmith International Holdings Inc), Leasehold Mortgage (Golfsmith International Holdings Inc), Leasehold Mortgage (Golfsmith International Holdings Inc)
Foreclosure. Immediately commence an action Beneficiary may request Trustee to foreclose this Security Deed or proceed with foreclosure, and in such event Trustee is hereby authorized and empowered, and it shall be his duty, upon such request of Beneficiary, and to specifically enforce its provisions the extent permitted by applicable Law, to sell all or any part of the indebtedness secured hereby pursuant Mortgaged Property at one or more sales, as an entirety or in parcels, at such place or places and otherwise in such manner and upon such notice as may be required by applicable Law, or in the absence of any such requirement, as Trustee and/or Beneficiary may deem appropriate, and to make conveyance to the statutes in purchaser or purchasers thereof. Any sale of any part of the Mortgaged Property shall be made to the highest bidder or bidders for cash, at the courthouse door of, or at such case made and provided and sell other place as may be required or permitted by applicable Law in, the Property county (or cause judicial district) wherein the Land included within the Mortgaged Property to be sold is situated; provided that if the Land is situated in accordance more than one county (or judicial district), such sale of the Mortgaged Property, or any part thereof, may be made in any county (or judicial district) wherein any part of the Land included within the Mortgaged Property to be sold is situated. Any such sale shall be made at public outcry, on the day of any month, during the hours of such day and after written notices thereof have been publicly posted in such places and for such time periods and after all Persons entitled to notice thereof have been sent such notice, all as required by applicable Law in effect at the time of such sale; and nothing herein shall be deemed to require Beneficiary or Trustee to do, and Beneficiary and Trustee shall not be required to do, any act other than as required by applicable Law in effect at the time of such sale. Any such sale may be as a whole or in such parcels as Trustee may select. After such sale, Trustee shall make to the purchaser or purchasers thereunder good and sufficient deeds and assignments, in the name of Grantor, conveying the Mortgaged Property, or part thereof, so sold to the purchaser or purchasers with general warranty of title (subject to Permitted Liens) by Grantor. Sale of a part of the Mortgaged Property shall not exhaust the power of sale, but sales may be made from time to time until the Obligation is paid and performed in full. It shall not be necessary to have present or to exhibit at any such sale any of the Collateral. In addition to the Rights and powers of sale granted under the preceding provisions of this Subsection 3.2(c), if default is made in the payment of any installment of the Obligation, Beneficiary, at its option, at once or at any time thereafter while any matured installment remains unpaid, without declaring the entire Obligation to be due and payable may orally or in writing direct Trustee to enforce this trust and to sell the Mortgaged Property subject to such unmatured Obligation and the Liens securing its payment, in the same manner, on the same terms, at the same place and time, and after having given notice in the same manner, all as provided in the preceding provisions of this Subsection 3.2(c). After such sale, Trustee shall make due conveyance to the purchaser or purchasers. Sales made without maturing the Obligation may be made hereunder whenever there is a default in the payment of any installment of the Obligation without exhausting the power of sale granted hereby, and without affecting in any way the power of sale granted under this Subsection 3.2(c) on the unmatured balance of the Obligation (except as to any proceeds of any sale which Beneficiary may apply as a prepayment on the Obligation) or the Liens securing payment of the Obligation. It is intended by each of the foregoing provisions of this Subsection 3.2(c) that Trustee may, after any request or direction by Beneficiary, sell, not only the Subject Interests included within, but also, all other items constituting a part of, the Mortgaged Property, or any part thereof, along with the requirements Land, or any part thereof, included within the Mortgaged Property all as a unit and procedures provided by said statutes in as a part of a single parcel sale, or may sell any part of the Mortgaged Property separately from the remainder of the Mortgaged Property. It is agreed that, in several parcels any deed or assignment given by Trustee, any and all statements of fact or other recitals therein made as to the identity of Beneficiary, or as to the occurrence or existence of any Default, or as to the acceleration of the maturity of the Obligation, or as to the request to sell, notice of sale, time, place, terms and manner of sale, and the receipt, distribution and application of the money realized therefrom, or as to the due and proper appointment of a substitute trustee, and, without being limited by the foregoing, as to any other act or thing having been duly done by Beneficiary or by Trustee, shall be taken by all courts of law and equity as prima facie evidence that the said statements or recitals state facts and are without further question to be so accepted, and Grantor does hereby ratify and confirm any and all acts that Trustee may lawfully do in the premises by virtue hereof. In the event of the resignation (such resignation being hereby authorized for any reason) or death of Trustee, or his removal from his county of residence stated on the first page hereof, or his failure, refusal or inability, for any reason, to make any such sale or to perform any of the trusts herein declared, or, at the option of Grantee.
(1) Should Grantee have elected Beneficiary, without cause, Beneficiary may appoint, in writing, a substitute trustee, who shall thereupon succeed to accelerate all the indebtedness secured herebyestates, Grantee titles, rights, powers and trusts herein granted to and vested in Trustee. Such appointment may initiate foreclosure be made on behalf of Beneficiary by any person who is then the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sellpresident, or offer for saleany vice president, or the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the timecashier or secretary, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Propertyor branch manager, or a part thereofsenior representative, is located, after advertising said sale once in each or any other authorized officer or agent of Beneficiary. In the event of the four consecutive weeks resignation (such resignation being hereby authorized for any reason) or death of any such substitute trustee, or his failure, refusal or inability to make such sale or perform such trusts, or, at the option of Beneficiary, without regard cause, successive substitute trustees may thereafter, from time to the number of days) immediately preceding the sale time, be appointed by Beneficiary in the newspaper same manner. Trustee may appoint, in which are advertised sales by the sheriff of said Countywriting, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the any one or more Persons as Trustee’s agent and attorney-in-fact of Grantor to conduct such act as Trustee under him and in his name, place and stead, ▇▇ perform any one or more acts necessary or incident to any sale and to execute in under the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative under the preceding provisions of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security DeedSubsection 3.2(c), including, without limitation, interest the posting and filing of any notices, the conduct of such sale and the execution and delivery of any instruments conveying the Mortgaged Property so sold, but in the name and on behalf of Trustee. All acts done or performed by any such agent and attorney-in-fact shall be valid, lawful and binding as if done or performed by Trustee. Wherever herein the word “Trustee” is used, the same shall mean the person who is the duly appointed trustee or substitute trustee hereunder at the Default Interest Rate (as defined time in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderquestion.
Appears in 3 contracts
Sources: Subordinate Deed of Trust, Mortgage, Security Agreement, Assignment of Production and Financing Statement (Baron Energy Inc.), Deed of Trust, Mortgage, Security Agreement, Assignment of Production and Financing Statement (Baron Energy Inc.), Deed of Trust, Mortgage, Security Agreement, Assignment of Production and Financing Statement (Baron Energy Inc.)
Foreclosure. Immediately commence an action Grantor hereby authorizes and empowers the Trustee, or his successor or substitute, and it shall be his special duty at the request of ▇▇▇▇▇▇ to foreclose this Security Deed or take possession of and/or to specifically enforce its provisions or any of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property any part thereof. Prior to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure any sale of the Property by effectuating a non-judicial foreclosure sale. Grantee Trustee, Trustee shall then sell, or offer for sale, the Property at public sale notify Grantor in accordance with all applicable laws. In the laws event of a postponement of any sale of the State Property, which may be done in the sole discretion of Georgia then Trustee, no new or additional notice need be given by Trustee to Grantor for the next scheduled sale of the Property. Any sale made by Trustee hereunder may be as an entirety or in force such parcels as Holder may request at such time and governing said sales place, and after such previous public advertisement as Trustee shall deem advantageous and proper and at such times and containing such information as required by applicable laws and rules, without regard to any right of real property and improvements under powers conferred by security deedsthe Grantor or any other person to the marshalling of assets. Each such Public advertisement prior to foreclosure sale shall be at of the time, place and terms of sale by publication once a week for two (2) weeks or once a day for three (3) days, which may be consecutive, in a newspaper published or having a general circulation in the manner prescribed for holding sheriff's sales of property of like kind, city or county in which the County where the PropertyProperty to be sold, or a part thereof, any portion thereof is located, after advertising said sale once in each located shall be sufficient. Except as may be required by Section 58.1-3340 of the four consecutive weeks (without regard Virginia Code, no purchaser of the Property shall be required to see to the number proper application of days) immediately preceding the purchase money. To the extent permitted by applicable law, any sale in may be adjourned by announcement at the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes time and appoints Grantee the agent and attorney-in-fact of Grantor to conduct place appointed for such sale without further notice except as may be required by law. The sale by Trustee of less than the whole of the Property shall not exhaust the power of sale herein granted, and Trustee is specifically empowered to execute in make successive sale or sales under such power until the name whole of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which Property shall be conclusive evidence thereofsold; and, and shall convey to if the purchaser or purchasers good and sufficient titles to proceeds of such sale of less than the whole of the Property sold; shall be less than the aggregate of the Secured Indebtedness and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount expense of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor executing this trust as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Amended and Restated Deed of Trust and the lien hereof shall remain in full force and effect as to the unsold portion of the Property just as though no sale had been made; provided, however, that Grantor shall never have any right to require the sale of less than the whole of the Property but Holder shall have the right, at its sole election, to request Trustee to sell less than the whole of the Property. Several sales may be made without exhausting Trustee may, after any request or direction by ▇▇▇▇▇▇, sell not only the right of sale with respect to any unmatured real property but also the Collateral and other interests which are a part of the secured indebtednessProperty, it being the purpose or any part thereof, as a unit and intent hereof to provide for as a foreclosure and the sale part of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Granteea single sale, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or may sell any part of the Property separately from the remainder of the Property. It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Collateral. After each sale, Trustee shall make to the purchaser or purchasers at such sale good and sufficient conveyances, conveying the property so sold to the purchaser or purchasers in fee simple, subject to the Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder), and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as Holder may deem necessary until all of the Property has been duly sold and all Secured Indebtedness has been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of ▇▇▇▇▇▇, such sale shall not exhaust the power of sale hereunder and ▇▇▇▇▇▇ shall have the right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact or other recitals made in any deed or deeds or other conveyances given by Trustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness or as to the occurrence of any default, or as to ▇▇▇▇▇▇'s having declared all of said indebtedness evidenced to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to the refusal, failure or inability to act of Trustee or any substitute or successor trustee, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by ▇▇▇▇▇▇ or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or his successor or substitute may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of Trustee, his successor or substitute. If Trustee or his successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance of the property pursuant thereto as if such notice had been given by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at successor or substitute Trustee conducting the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereundersale.
Appears in 3 contracts
Sources: Loan Agreement, Deed of Trust, Assignment of Rents and Leases and Security Agreement, Community Development Block Grant Subrecipient and Affordable Housing Investment Fund Loan Agreement
Foreclosure. Immediately commence an action to foreclose this Security Deed or to specifically enforce its provisions or any of the indebtedness secured hereby pursuant In addition to the statutes rights and remedies set forth in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels Article 7, at the option of Grantee.
(1) Should Grantee have elected Lender, this Mortgage may be foreclosed in any manner now or hereafter provided by Alabama law, and Lender, or its agent, may sell, pursuant to accelerate power of sale or otherwise, the indebtedness secured hereby, Grantee may initiate foreclosure Property or any part of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then (including, without limitation, any leasehold, subleasehold or other interest therein encumbered hereby as Lender may from time to time elect to sell, or offer ) at public outcry to the highest bidder for sale, cash in front of the main entrance of the county courthouse of the county where the Property at public sale is located, either in accordance with the laws person or by auctioneer, after having first given notice of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and terms of sale, together with a description of the property to be sold, at least once a week for three (3) successive weeks preceding the date of such sale in some newspaper published in said county; provided, however, that (i) if the manner prescribed for holding sheriff's sales of property of like kindProperty is located in more than one county, publication is to be made in the County where the Property, or a part thereof, all counties in which such Property is located, after advertising said sale once and (ii) if no newspaper is published in each a county where the Property is located, notice shall be in a newspaper in an adjoining county. At any such sale, Lender may execute and deliver to the purchaser a conveyance of the four consecutive weeks (without regard to Property or any part of the number of days) immediately preceding the Property. Lender may bid at said sale in the newspaper in which are advertised sales by the sheriff form of said Countycash, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact cash equivalents and/or cancellation of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by Obligations, or any combination thereof, and purchase the NoteProperty or any part or parcel thereof, if the highest bidder therefor. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in In the event of any sale under this Mortgage by virtue of the exercise of the powers herein granted, or pursuant to any order in any judicial proceedings or otherwise, the Property may be sold as an entirety or in separate parcels and in such manner or order as Lender in its sole discretion may elect. Any sale may be adjourned by Lender, or its agent, and reset at a foreclosure later date without additional publication; provided that an announcement to that effect be made at the scheduled place of sale hereunderat the time and on the date the sale is originally set.
Appears in 3 contracts
Sources: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Inland Real Estate Income Trust, Inc.), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Inland Real Estate Income Trust, Inc.), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Inland Real Estate Income Trust, Inc.)
Foreclosure. Immediately commence an action to foreclose this Security Deed Agent may, and upon request of a Lender, shall exercise any or to specifically enforce its provisions all of Agent’s remedies under the Mortgage or other Loan Documents including, without limitation, acceleration of the maturity of all payments and Obligations. Agent may, and upon request of a Lender, shall take immediate possession of each, any and all Property or any of part thereof (which Borrower agrees to surrender to Agent) and manage, control or lease the indebtedness secured hereby pursuant same to such Persons and at such rental as it may deem proper and collect and apply Rents (as defined in the applicable Mortgage) to the statutes payment of: (i) the Obligations, together with all costs and attorneys’ fees; (ii) all levies, assessments or liens which may be prior in lien or payment to the Obligations, and premiums for insurance, with interest on all such items; and (iii) the cost of all alterations, repairs, replacements and expenses incident to taking and retaining possession of each, any and all Property and the management and operation thereof; all in such case made order or priority as Agent in its sole discretion may determine. The taking of possession shall not prevent concurrent or later proceedings for the foreclosure sale of each, any and provided all Property. Agent may, and sell upon request of a Lender, shall apply to any court of competent jurisdiction for the appointment of a receiver for all purposes including, without limitation, to manage and operate each, any and all Property or cause any part thereof, and to apply the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
Rents (1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and as defined in the manner prescribed for holding sheriff's sales applicable Mortgage) therefrom as hereinabove provided. In the event of property such application, Borrower consents to the appointment of like kinda receiver, in the County where and agrees that a receiver may be appointed without notice to Borrower, without regard to whether Borrower has committed waste or permitted deterioration of each, any or all of the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number adequacy of days) immediately preceding any security for the sale in the newspaper in which are advertised sales by the sheriff of said CountyObligations, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance without regard to the purchaser solvency of Borrower or purchasersany other person, firm or corporation who or which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full liable for the payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed dueObligations. Agent may, and provided that if said sale is made because upon request of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so madea Lender, shall not exercise all the remedies of a mortgagee as provided by law and in any manner affect equity including, without limitation, foreclosure upon the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose Mortgage and intent hereof to provide for a foreclosure and the sale of the Property for each, any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Granteeand all Property, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced Property, at public sale conducted according to applicable law (referred to as “Sale”) and conduct additional Sales as may be required until all of the Property is sold or the Obligations are satisfied. With respect to any portion of each, any and all Property governed by the NoteUCC, Agent shall have all of the rights and remedies of a secured party thereunder. The secured indebtedness Agent may elect to foreclose upon any Property that is Fixtures under law applicable to foreclosure of interests in real estate or law applicable to personal property. Agent may, and all other obligations secured upon request of a Lender, shall bid at Sale and may accept, as successful bidder, credit of the bid amount against the Obligations as payment of any portion of the purchase price. Agent shall apply the proceeds of Sale, first to any fees or attorney fees permitted Agent by this Security Deedlaw in connection with Sale, includingsecond to expenses of foreclosure, without limitationpublication, interest at the Default Interest Rate (as defined and sale permitted Agent by law in the Note)connection with Sale, any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (third to the extent permitted by applicable law)Obligations, attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid remaining proceeds as required by Grantee in the event of a foreclosure sale hereunderlaw.
Appears in 3 contracts
Sources: Master Loan Agreement, Master Loan Agreement (Carvana Co.), Master Loan Agreement (Carvana Co.)
Foreclosure. Immediately commence an action to foreclose this Security Deed In the event of the nonpayment of any indebtedness when due, whether by acceleration or to specifically enforce its provisions otherwise, or upon the happening of any of the indebtedness secured hereby pursuant events specified in the last preceding paragraph, Pledgee may then, or at any time thereafter, at its election, apply, set off, collect or sell in one or more sales, or take such steps as may be necessary to liquidate and reduce to cash in the hands of Pledgee in whole or in part, with or without any previous demands or demand of performance or notice or advertisement, the whole or any part of the Collateral in such order as Pledgee may elect, and any such sale may be made either at public or private sale at its place of business or elsewhere, or at any broker's board or securities exchange, either for cash or upon credit or for future delivery; provided, however, that if such disposition is at private sale, then the purchase price of the Collateral will be equal to the statutes public market price then in such case made and provided and sell effect, or, if at the Property or cause time of sale no public market for the Property Collateral exists, then, in recognition of the fact that the sale of the Collateral would have to be sold in accordance registered under the Securities Act of 1933, as amended, and that the expenses of such registration are commercially unreasonable for the type and amount of collateral pledged hereunder, Pledgee and Pledgor hereby agree that such private sale will be at a purchase price mutually agreed to by Pledgee and Pledgor or, if the parties cannot agree upon a purchase price, then at a purchase price established by a majority of three independent appraisers knowledgeable of the value of the Collateral, one named by Pledgor within ten (10) days after written request by the Pledgee to do so, one named by Pledgee within such ten (10) day period, and the third named by the two appraisers so selected, with the requirements appraisal to be rendered by such body within thirty (30) days of the appointment of the third appraiser. The cost of such appraisal, including all appraiser's fees, will be charged against the proceeds of sale as an expense of such sale. Pledgee may be the purchaser of any or all Collateral so sold and procedures provided hold the same thereafter in its own right free from any claim of Pledgor or right of redemption. Demands of performance, notices of sale, advertisements and presence of property at sale are hereby waived, and Pledgee is hereby authorized to sell hereunder any evidence of debt pledged to it. Any sale hereunder may be conducted by said statutes in a single parcel any officer or in several parcels agent of Pledgee. In the event of the nonpayment of any indebtedness when due, whether by acceleration or otherwise, Pledgeholder will, at the option direction of Grantee.
(1) Should Grantee have elected Pledgee, either deliver the Collateral to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure Pledgee or follow Pledgee's instructions regarding transfer of the Property by effectuating a non-judicial foreclosure saleCollateral. Grantee shall then sell, Pledgor hereby appoints Pledgeholder and any successor of Pledgeholder as escrow agent under the Joint Escrow Instructions as his or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and her lawful attorney-in-fact of Grantor to conduct take such sale and action as may be necessary or appropriate to execute in cause the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized Collateral to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right transferred to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser Pledgee or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deedpurchaser, including, without limitation, interest at (a) to date and filling any stock assignments necessary for the Default Interest Rate transfer in question, (as defined in b) to deliver same together with the Notecertificate(s), any prepayment chargeif any, fee or premium required evidencing the Collateral to be paid under the Note in order to prepay principal (transferred to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under Pledgee or the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderpurchaser.
Appears in 2 contracts
Sources: Pledge Agreement (Ixys Corp /De/), Pledge Agreement (Ixys Corp /De/)
Foreclosure. Immediately commence an action Upon the occurrence of any Event of Default, the Trustee, his successor or substitute, is authorized and empowered and it will be his special duty at the request of BNPPLC to foreclose the interest of NAI in the Mortgaged Property or any part thereof by nonjudicial notice and sale, and BNPPLC shall have the right to foreclose by judicial foreclosure, in either case in accordance with applicable law. Any sale made by the Trustee hereunder may be as an entirety or in such parcels as BNPPLC may request, and any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. The sale by the Trustee of less than the whole of the Mortgaged Property will not exhaust the power of sale herein granted, and the Trustee is specifically empowered to make successive sale or sales under such power until the whole of the Mortgaged Property is sold; and, if the proceeds of such sale of less than the whole of the Mortgaged Property are less than the aggregate of the Secured Obligations then outstanding and the expense of executing this Security Deed trust as provided herein, this instrument and the lien hereof will remain in full force and effect as to the unsold portion of the Mortgaged Property just as though no sale had been made; provided, however, that NAI will never have any right to require the sale of less than the whole of the Mortgaged Property but BNPPLC will have the right, at its sole election, to request the Trustee to sell less than the whole of the Mortgaged Property. The Trustee may sell the Mortgaged Property in parcels or as a whole and in any order the Trustee may elect. After each sale, the Trustee will make to specifically enforce its provisions the purchaser or purchasers at such sale good and sufficient conveyances in the name of NAI, conveying the property so sold to the purchaser or purchasers without warranty of title by the Trustee, and will receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee will satisfy the obligation of purchaser at such sale therefor, and such purchaser will not be responsible for the application thereof. The power of sale granted herein will not be exhausted by any sale held hereunder by the Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as BNPPLC may deem necessary until all of the Mortgaged Property has been duly sold and all Secured Obligations have been fully paid and satisfied. In the event any sale hereunder is not completed or is defective in the opinion of BNPPLC, such sale will not exhaust the power of sale hereunder and BNPPLC will have the right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact or other recitals made in any deed or deeds given by the Trustee or any successor or substitute appointed hereunder as to nonpayment of any Secured Obligations, or as to the occurrence of any Event of Default, or as to BNPPLC having declared all or any part of the Secured Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the properties to be sold having been duly given, or as to the refusal, failure or inability to act of the Trustee or any substitute or successor, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by BNPPLC or by such Trustee, substitute or successor, will be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee, his successor or substitute, may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by the Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of the Trustee, his successor or substitute. This instrument will be effective as a mortgage as well as a deed of trust and upon the occurrence of an Event of Default may be foreclosed as to any of the indebtedness secured hereby pursuant to the statutes Security in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided any manner permitted by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then North Carolina or of any other state in force which any part of the Security is situated, and governing said sales of real property and improvements under powers conferred any foreclosure suit may be brought by security deedsthe Trustee or by BNPPLC. Each such sale shall be at In the time, place and in event a foreclosure hereunder is commenced by the manner prescribed for holding sheriff's sales of property of like kind, in the County where the PropertyTrustee, or a part thereofhis substitute or successor, is located, after advertising said BNPPLC may at any time before the sale once in each of the four consecutive weeks (without regard Security direct the said Trustee to abandon the number sale, and may then institute suit for the collection of days) immediately preceding the Secured Obligations and for the judicial foreclosure of this instrument. It is agreed that if BNPPLC should institute a suit for the collection of the Secured Obligations and for the foreclosure of this instrument, BNPPLC may at any time before the entry of a final judgment in said suit dismiss the same, and require the Trustee, his substitute or successor to exercise the power of sale granted herein to sell the Security in accordance with the newspaper in which are advertised sales by provisions of this instrument. BNPPLC will have the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor right to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to become the purchaser at any sale held by any Trustee or purchasers, which deed substitute or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereofsuccessor or by any receiver or public officer, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee any BNPPLC purchasing at any such sale shall will have the right to credit the secured indebtedness owing to such Grantee upon the amount of its the bid entered at such sale made therefor, to the extent necessary to satisfy such bid. Grantor binds himself to warrant , the outstanding Lease Balance and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as other Secured Obligations owing to such unmatured partBNPPLC. Upon the occurrence of an Event of Default, this Security Deed shall remain in full force as though no sale had been made. Several sales BNPPLC may be made without exhausting the right exercise its rights of sale enforcement with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid Collateral under the Note North Carolina Uniform Commercial Code, as amended, and in order conjunction with, in addition to prepay principal (to the extent permitted by applicable law), attorneys' or in substitution for those rights and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.remedies:
Appears in 2 contracts
Sources: Lease Agreement (Network Appliance Inc), Lease Agreement (NetApp, Inc.)
Foreclosure. Immediately commence Upon the occurrence and during the continuance of an action to foreclose this Security Deed or to specifically enforce its provisions or any Event of Default, the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels entire unpaid Indebtedness shall, at the option of Grantee.
Beneficiary, become immediately due and payable for all purposes without any notice or demand, except as required by law (1) Should Grantee ALL OTHER NOTICE OF THE EXERCISE OF SUCH OPTION, OR OF THE INTENT TO EXERCISE SUCH OPTION, BEING HEREBY EXPRESSLY WAIVED), and Beneficiary may, in addition to exercising any rights it may have elected with respect to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure Personal Property under the Uniform Commercial Code of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, jurisdiction in which the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, Bayshore Project is located, after advertising said sale once institute proceedings in each any court of competent jurisdiction to foreclose this instrument as a mortgage, or to enforce any of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said Countycovenants hereof, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser Trustee or purchasersBeneficiary may, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law, either personally or by agent or attorney in fact, enter upon and take possession of the Bayshore Project and may manage, rent or lease the Bayshore Project or any portion thereof upon such terms as Beneficiary may deem expedient, and collect, receive and receipt for all rentals and other income therefrom and apply the sums so received as hereinafter provided in case of sale. Trustee is hereby further authorized and empowered, either after or without such entry, to sell and dispose of the Bayshore Project en masse or in separate parcels (as Trustee may think best), and all the right, title and interest of Grantor therein, by advertisement or in any manner provided by applicable law, (GRANTOR HEREBY EXPRESSLY WAIVES ANY RIGHT TO A HEARING PRIOR TO SUCH SALE), and to issue, execute and deliver a deed of conveyance, all as then may be provided by applicable law; and Trustee, to the extent permitted by applicable law, shall, out of the proceeds or avails of such sale, after first paying and retaining all fees, charges, costs of advertising the Bayshore Project and of making said sale, and attorneys' fees as herein provided, pay to Beneficiary or the legal holder of the Indebtedness the amount thereof, including all sums advanced or expended by Beneficiary or the legal holder of the Indebtedness, with interest from date of advance or expenditure at the Default Rate, rendering the excess, if any, as provided by the Master Loan Agreement; such sale or sales and trustee's fees said deed or deeds so made shall be a perpetual bar, both in law and equity, against Grantor, the heirs, successors and assigns of Grantor, and all other persons claiming the Bayshore Project aforesaid, or any other amounts due part thereof, by, from, through or under Grantor. The legal holder of the Indebtedness may purchase the Bayshore Project or any part thereof, and unpaid it shall not be obligatory upon any purchaser at any such sale to Grantee under see to the Loan Documentsapplication of the purchase money. PROHIBITION ON TRANSFER. The present ownership and management of the Bayshore Project is a material consideration to Beneficiary in making the loan secured by this instrument, may be bid by Grantee and except as expressly permitted in the event Master Loan Agreement, Grantor shall not (i) convey title to all or any part of the Bayshore Project, (ii) enter into any contract to convey (land contract/installment sales contract/contract for deed) title to all or any part of the Bayshore Project which gives a foreclosure sale hereunderpurchaser possession of, or income from, the Bayshore Project prior to a transfer of title to all or any part of the Bayshore Project or (iii) cause or permit a Change in the Proportionate Ownership of Grantor (as defined in the Master Loan Agreement).
Appears in 2 contracts
Sources: Deed of Trust and Security Agreement (BioMed Realty Trust Inc), Second Deed of Trust and Security Agreement (BioMed Realty Trust Inc)
Foreclosure. Immediately commence (a) Upon the occurrence of a default;
(i) Trustee is authorized and empowered and it shall be Trustee's special duty at the request of Agent to sell the Mortgaged Properties, or any part thereof, as an entirety or in parcels as Agent may elect, at such place or places and otherwise in the manner and upon such notice as may be required by law or, in the absence of any such requirement, as Trustee may deem appropriate. If Trustee shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance of the property pursuant thereto as if such notice had been given by the successor or substitute Trustee conducting the sale. As to those Mortgaged Properties located in the State of California (or within the offshore area over which the United States of America asserts jurisdiction and to which the laws of such state are applicable with respect to this Mortgage and/or the liens or security interests created hereby), Trustee is requested, authorized and empowered to record a written notice of default and election to sell and, after a lapse of such time as is required by law, following recordation of such notice, give a notice of sale as required by law and sell such Mortgaged Properties at the time and place of sale fixed in such notice to the highest bidder for cash. Trustee shall deliver to such purchaser or purchasers thereof a trustee's deed conveying the property so sold, which shall not contain any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof.
(ii) Commence an action to foreclose foreclosure this Security Deed Mortgage; and/or
(iii) Exercise all other rights and remedies provided herein, in this Mortgage or any other Loan Document or other document or agreement now or hereafter securing all or any portion of the secured indebtedness, or otherwise as provided by applicable law.
(b) Upon the occurrence of a default, Agent may exercise its rights of enforcement with respect to the Collateral under the applicable Uniform Commercial Code or any other statute in force in any state to the extent the same is applicable law. Cumulative of the foregoing and the other provisions of this Section 4.4:
(i) Agent may enter upon the Mortgaged Properties or otherwise upon Mortgagor's premises to take possession of, assemble and collect the Collateral or to specifically enforce its provisions render it unusable; and
(ii) Agent may require Mortgagor to assemble the Collateral and make it available at a place Agent designates which is mutually convenient to allow Agent to take possession or dispose of the Collateral; and
(iii) written notice mailed to Mortgagor as provided herein at least five (5) days prior to the date of public sale of the Collateral or prior to the date after which private sale of the Collateral will be made shall constitute reasonable notice; and
(iv) in the event of a foreclosure of the liens and/or security interests evidenced hereby, the Collateral, or any part thereof, and the Mortgaged Properties, or any part thereof, may, at the option of Agent, be sold, as a whole or in parts, together or separately (including where a portion of the Mortgaged Properties is sold, the Collateral related thereto may be sold in connection therewith); and
(v) the expenses of sale provided for in clause FIRST of Section 4.7 shall include the reasonable expenses of retaking the Collateral, or any part thereof, holding the same and preparing the same for sale or other disposition; and
(vi) should, under this subsection, the Collateral be disposed of other than by sale, any proceeds of such disposition shall be treated under Section 4.7 as if the same were sales proceeds.
(c) To the extent permitted by applicable law, the sale hereunder of less than the whole of the Property shall not exhaust the powers of sale herein granted or the right to judicial foreclosure, and successive sale or sales may be made until the whole of the Property shall be sold, and, if the proceeds of such sale of less than the whole of the Property shall be less than the aggregate of the indebtedness secured hereby pursuant to and the statutes in expense of conducting such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, this Mortgage and the Property at public sale in accordance with the laws of the State of Georgia then in force liens and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed interests hereof shall remain in full force and effect as to the unsold portion of the Property just as though no sale had been made; provided, however, that Mortgagor shall never have any right to require the sale of less than the whole of the Property. Several In the event any sale hereunder is not completed or is defective in the opinion of Agent, such sale shall not exhaust the powers of sale hereunder or the right to judicial foreclosure, and Agent shall have the right to cause a subsequent sale or sales to be made. Any sale may be made adjourned by announcement at the time and place appointed for such sale without exhausting the right further notice except as may be required by law. The Trustee or his successor or substitute acting under power of sale may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by it (including the posting of notices and the conduct of sale), and such appointment need not be in writing or recorded. Any and all statements of fact or other recitals made in any deed or deeds, or other instruments of transfer, given in connection with a sale as to nonpayment of the secured indebtedness or as to the occurrence of any default, or as to all of the secured indebtedness having been declared to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or, with respect to any unmatured part sale by the Trustee, or any successor or substitute trustee, as to the refusal, failure or inability to act of Trustee or any substitute or successor trustee or the secured indebtednessappointment of any substitute or successor trustee, it being the purpose and intent hereof or as to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costsother act or thing having been duly done, shall be paid by Grantor and secured by this Security Deed and by all taken as prima facie evidence of the truth of the facts so stated and recited. Notwithstanding any reference herein to the Credit Agreement or any other Loan Documents securing Document, all persons dealing with the Mortgaged Properties shall be entitled to rely on any document, or certificate, of Agent as to the occurrence of an event, such as an Event of Default, and shall not be charged with or forced to review any provision of any other document to determine the accuracy thereof. With respect to any sale held in foreclosure of the liens and/or security interests covered hereby, it shall not be necessary for the Trustee, Agent, any public officer acting under execution or order of the court or any other party to have physically present or constructively in his/her or its possession, either at the time of or prior to such sale, the Property or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderthereof.
Appears in 2 contracts
Sources: Deed of Trust, Assignment, Security Agreement, Fixture Filing and Financing Statement (Pacific Energy Resources LTD), Deed of Trust, Assignment, Security Agreement, Fixture Filing and Financing Statement (Pacific Energy Resources LTD)
Foreclosure. Immediately commence an action to foreclose this Security Deed or to specifically enforce its provisions or any Collateral Agent may sell and dispose of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Mortgaged Property at public sale auction, at the usual place for conducting sales at the courthouse in accordance with the laws of county where the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall Mortgaged Property or any part thereof may be at located, to the highest bidder for cash, first advertising the time, terms and place and in the manner prescribed of such sale by publishing a notice thereof once a week for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the actual number of days) immediately preceding the sale in the a newspaper in which sheriff's advertisements are advertised sales by the sheriff of published in said Countycounty, all other notice being hereby waived by Grantor; and Collateral Agent may thereupon execute and deliver to the purchaser at said sale a sufficient conveyance of the Mortgaged Property 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 deed were in all things duly complied with. Grantor hereby constitutes and appoints Grantee the Collateral Agent or its assigns agent and attorney-in-fact of Grantor to conduct make such recitals, sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereofconveyance, and shall convey to all of the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title acts of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified ratified, and confirmedGrantor agrees that such recitals shall be binding and conclusive upon Grantor and that the conveyance to be made by Collateral Agent 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, or its successors in interest, in and to the Mortgaged Property. At the election of Collateral Agent, the Mortgaged Property, or any part thereof, may be sold in one parcel and as an entirety, or in such parcels, manner or order as Collateral Agent may elect, and one or more exercises of the powers herein granted shall not extinguish or exhaust the powers unless the entire Mortgaged Property is sold or the indebtedness secured hereby is paid in full, and Collateral Agent, or its assigns, shall collect the proceeds of such sale, applying such proceeds as hereinafter provided (in the event of deficiency, Grantor shall immediately on demand from Collateral Agent pay over to Collateral Agent, or its nominee, such deficiency). Grantor acknowledges that Collateral Agent may bid for and purchase the Mortgaged Property at any such foreclosure sale and shall be entitled to apply all or any part of the indebtedness secured hereby as a credit to the purchase price. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.
Appears in 2 contracts
Sources: Term Credit Agreement (Pillowtex Corp), Credit Agreement (Pillowtex Corp)
Foreclosure. Immediately commence Upon the occurrence and during the continuance of an action to foreclose this Security Deed or to specifically enforce its provisions or any Event of Default, the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels entire unpaid Indebtedness shall, at the option of Grantee.
Beneficiary, become immediately due and payable for all purposes without any notice or demand, except as required by law (1) Should Grantee ALL OTHER NOTICE OF THE EXERCISE OF SUCH OPTION, OR OF THE INTENT TO EXERCISE SUCH OPTION, BEING HEREBY EXPRESSLY WAIVED), and Beneficiary may, in addition to exercising any rights it may have elected with respect to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure Personal Property under the Uniform Commercial Code of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, jurisdiction in which the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, Towne Centre Project is located, after advertising said sale once institute proceedings in each any court of competent jurisdiction to foreclose this instrument as a mortgage, or to enforce any of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said Countycovenants hereof, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser Trustee or purchasersBeneficiary may, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law, either personally or by agent or attorney in fact, enter upon and take possession of the Towne Centre Project and may manage, rent or lease the Towne Centre Project or any portion thereof upon such terms as Beneficiary may deem expedient, and collect, receive and receipt for all rentals and other income therefrom and apply the sums so received as hereinafter provided in case of sale. Trustee is hereby further authorized and empowered, either after or without such entry, to sell and dispose of the Towne Centre Project en masse or in separate parcels (as Trustee may think best), and all the right, title and interest of Grantor therein, by advertisement or in any manner provided by applicable law, (GRANTOR HEREBY EXPRESSLY WAIVES ANY RIGHT TO A HEARING PRIOR TO SUCH SALE), and to issue, execute and deliver a deed of conveyance, all as then may be provided by applicable law; and Trustee, to the extent permitted by applicable law, shall, out of the proceeds or avails of such sale, after first paying and retaining all fees, charges, costs of advertising the Towne Centre Project and of making said sale, and attorneys' fees as herein provided, pay to Beneficiary or the legal holder of the Indebtedness the amount thereof, including all sums advanced or expended by Beneficiary or the legal holder of the Indebtedness, with interest from date of advance or expenditure at the Default Rate, rendering the excess, if any, as provided by the Master Loan Agreement; such sale or sales and trustee's fees said deed or deeds so made shall be a perpetual bar, both in law and equity, against Grantor, the heirs, successors and assigns of Grantor, and all other persons claiming the Towne Centre Project aforesaid, or any other amounts due part thereof, by, from, through or under Grantor. The legal holder of the Indebtedness may purchase the Towne Centre Project or any part thereof, and unpaid it shall not be obligatory upon any purchaser at any such sale to Grantee under see to the Loan Documentsapplication of the purchase money. PROHIBITION ON TRANSFER. The present ownership and management of the Towne Centre Project is a material consideration to Beneficiary in making the loan secured by this instrument, may be bid by Grantee and except as expressly permitted in the event Master Loan Agreement, Grantor shall not (i) convey title to all or any part of the Towne Centre Project, (ii) enter into any contract to convey (land contract/installment sales contract/contract for deed) title to all or any part of the Towne Centre Project which gives a foreclosure sale hereunderpurchaser possession of, or income from, the Towne Centre Project prior to a transfer of title to all or any part of the Towne Centre Project or (iii) cause or permit a Change in the Proportionate Ownership of Grantor (as defined in the Master Loan Agreement).
Appears in 2 contracts
Sources: Second Deed of Trust and Security Agreement (BioMed Realty Trust Inc), Deed of Trust and Security Agreement (BioMed Realty Trust Inc)
Foreclosure. Immediately commence an action to foreclose this Security Deed or to specifically enforce its provisions or any (i) Trustee may take possession of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property Property, or cause the Property any part thereof requested by ▇▇▇▇▇▇ to be sold sold, and in accordance with connection therewith Grantor hereby (A) assents to the requirements and procedures provided by said statutes in passage of a single parcel or in several parcels at decree for the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure sale of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sellthe equity court having jurisdiction, and (B) authorizes and empowers Trustee to take possession of and sell (or in case of the default of any purchaser to resell) the Property, or offer for saleany part thereof, the Property at public sale all in accordance with the laws or rules of court of the State Commonwealth of Georgia then Virginia relating to deeds of trust, including any amendments thereof, or additions thereto, which do not materially change or impair the remedy. In connection with any foreclosure, Lender and/or Trustee may (y) procure such title reports, surveys, tax histories and appraisals as they deem necessary, and (z) make such repairs and additions to the Property as they deem advisable, all of which shall constitute “Expenses” (hereinafter defined). In the case of any sale under this Deed of Trust, by virtue of judicial proceedings or otherwise, the Property may be sold as an entirety or in force parcels, by one (1) sale or by several sales, and governing said sales any fixtures or Collateral encumbered by this Deed of real property and improvements under powers conferred by security deeds. Each such sale shall Trust may be sold at the same sale as the Property or in one (1) or more sales, as may be deemed by Trustee to be appropriate and without regard to any right of Grantor or any other person to the marshalling of assets, for cash, on credit or for other property, for immediate or future delivery, and for such price or prices and on such terms having first given such notice prior to the sale of such time, place and terms by publication in at least one (1) newspaper published or having general circulation in the manner prescribed for holding sheriff's sales of property of like kind, county or counties in which the County where Property is located or at such time or times as may be required by the Property, or a part thereof, is located, after advertising said sale once in each laws of the four consecutive weeks (without regard to Commonwealth of Virginia or rule of court of the number Commonwealth of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereofVirginia, and shall convey to the purchaser or purchasers good such other times and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all by such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said saleother methods, if any, which are payable as Trustee, in its sole discretion, shall deem advantageous and proper. “Expenses” means all costs and expenses of any nature whatsoever incurred at any time and from time to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified time (whether before or after a Default) by Lender or Trustee in exercising or enforcing any rights, powers and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment in this Deed of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts Trust or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security DeedDocuments, including, without limitation, interest at the Default Interest Rate (as defined reasonable attorney’s fees, court costs, receiver’s fees, management fees and costs incurred in the Note)repair, any prepayment chargemaintenance and operation of, fee or premium required to be paid under taking possession of, or selling, the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderProperty.
Appears in 2 contracts
Sources: Deed of Trust (Cole Credit Property Trust III, Inc.), Deed of Trust, Absolute Assignment of Rents and Leases and Security Agreement (Cole Credit Property Trust III, Inc.)
Foreclosure. Immediately commence (a) During the existence of an action to Event of Default, the Agent may foreclose this Security Deed on the Collateral in any manner permitted by the courts of or to specifically enforce its provisions in the State of New York or the jurisdiction in which any Collateral is located. If the Agent should institute a suit against any Collateral or any Debtor for the collection of the indebtedness secured hereby pursuant to Secured Obligations and for the statutes in such case made foreclosure of this Agreement, the Agent may at any time before the entry of a final judgment dismiss the same, and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided take any other action permitted by said statutes in a single parcel or in several parcels at the option of Granteethis Agreement.
(1b) Should Grantee have elected to accelerate To the indebtedness extent permitted by law, the Agent may exercise all the foreclosure rights and remedies of a secured herebyparty under the UCC during the existence of an Event of Default. In connection therewith, Grantee the Agent may initiate foreclosure sell any Collateral at public or private sale, at the office of the Property Agent or elsewhere, for cash or credit and upon such other terms as the Agent deems commercially reasonable. The Agent may sell any Collateral at one or more sales, and the security interest granted hereunder shall remain in effect as to the unsold portion of the Collateral. Each Debtor agrees that to the extent permitted by effectuating law such sales may be made without notice. If notice is required by law, each Debtor hereby deems ten days advance notice of the time and place of any public or private sale reasonable notification, recognizing that if any portion of the Collateral is perishable or threatens to decline speedily in value or is of a non-judicial foreclosure saletype customarily sold on a recognized market, shorter notice may be reasonable. Grantee The Agent shall then sellnot be obligated to make any sale of Collateral regardless of notice of sale having been given. The Agent may adjourn any sale by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was adjourned. In the event that any sale hereunder is not completed or offer for saleis defective in the opinion of the Agent, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale Agent shall have the right to credit the secured indebtedness owing cause subsequent sales to such Grantee upon the amount be made hereunder. Any statements of its bid entered at such fact or other recitals made in any ▇▇▇▇ of sale, assignment, or other document representing any sale hereunder, including statements relating to the extent necessary to satisfy such bid. Grantor binds himself to warrant occurrence of an Event of Default, acceleration of the Secured Obligations, notice of the sale, the time, place, and forever defend terms of the title of such purchaser or purchasers when so made sale, and other actions taken by the Grantee, and agrees Agent in relation to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject conclusively relied upon by the purchaser at any sale hereunder. The Agent may delegate to any agent the unmatured part performance of any acts in connection with any sale hereunder, including the sending of notices and the conduct of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.
Appears in 2 contracts
Sources: Credit Agreement (Stone Energy Corp), Credit Agreement (Stone Energy Corp)
Foreclosure. Immediately commence (a) If an action Event of Default shall have occurred and be continuing, Collateral Agent shall be entitled to proceed to foreclose this Security Deed or of Trust and to specifically enforce its provisions or take any of and all necessary legal steps to pay the indebtedness Indebtedness secured hereby pursuant to and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of all proceedings in connection therewith, including reasonable attorneys’ fees. In the statutes in event of any such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale Grantor shall be at the time, place and in the manner prescribed for deemed a tenant holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor over and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey 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.
(b) Intentionally omitted.
(c) Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Deed of Trust by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned.
(d) Upon the completion of any sale or sales made by Collateral Agent under or by virtue of this Section 3.04, Collateral Agent, Trustee, or an officer of any court empowered to do so, shall execute and deliver to the accepted purchaser or purchasers a good and sufficient titles instrument, or good and sufficient instruments, conveying, assigning and transferring all estate, right, title and interest in and to the property and rights sold. Each of Trustee and Collateral Agent is hereby irrevocably appointed the true and lawful attorney of Grantor, in its name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the Property and rights so sold and for that purpose Collateral Agent or Trustee may execute all necessary instruments of conveyance, assignment and transfer, and may substitute one or more persons with like power, Grantor hereby ratifying and confirming all that its said attorney or such substitute or substitutes shall lawfully do by virtue hereof. Any such sale or sales made under or by virtue of this Section 3.04 shall operate to divest all the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of Grantor in and to the properties and rights so sold; , and Grantee shall be a perpetual bar both at law and in equity against Grantor and against any and all persons claiming or who may claim the same, or any part thereof from, through or under Grantor.
(e) Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for all or a portion of the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount deduct under this Deed of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured herebyTrust.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.
Appears in 2 contracts
Sources: Leasehold Deed of Trust (Golfsmith International Holdings Inc), Leasehold Deed of Trust (Golfsmith International Holdings Inc)
Foreclosure. Immediately commence (a) Upon the occurrence and during the continuance of an action Event of Default, this Mortgage may be foreclosed as to foreclose this Security Deed the Mortgaged Properties, or any part thereof, in any manner permitted by applicable law.
(b) Upon the occurrence and during the continuance of an Event of Default, Mortgagee may exercise its rights of enforcement with respect to the Collateral under the UCC or under any other statute in force in any state to the extent the same is applicable law and:
(i) Mortgagee may enter upon the Mortgaged Properties or otherwise upon Mortgagor’s premises to take possession of, assemble and collect the Collateral or to specifically enforce its provisions render it unusable;
(ii) Mortgagor shall upon Mortgagee’s request assemble the Collateral and make it available at one or more places reasonably designated by Mortgagee to allow Mortgagee to take possession or dispose of the Collateral;
(iii) written notice mailed to Mortgagor as provided herein at least ten (10) days prior to the date of public sale of the Collateral or prior to the date after which private sale of the Collateral will be made shall constitute reasonable notice;
(iv) in the event of a foreclosure of the liens or security interests created or evidenced hereby, the Collateral, or any of part thereof, and the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property Mortgaged Properties, or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels any part thereof, may, at the option of GranteeMortgagee, be sold, as a whole or in parts, together or separately (for example, when a portion of the Mortgaged Properties is sold, the Collateral related thereto may be sold in connection therewith);
(v) the expenses of sale provided for in clause FIRST of Section 4.6 shall include the reasonable expenses of retaking the Collateral, or any part thereof, holding the same and preparing the same for sale or other disposition;
(vi) should, under this subsection, the Collateral be disposed of other than by sale, any proceeds of such disposition shall be treated under Section 4.6 as if the same were sales proceeds; and
(vii) Mortgagee shall have full power and authority to act as Mortgagor’s attorney-in-fact, and Mortgagor hereby grants to Mortgagee appropriate powers of attorney to act for and on behalf of Mortgagor, in all dealings with the Department of Interior and all other agencies, departments and subdivisions of the United States of America and of all states in all transactions relating to the Property or any part thereof. Mortgagor hereby authorizes and directs all such agencies, departments and subdivisions to rely upon any writing from Mortgagee asserting that a default has occurred and is continuing, without inquiry into whether or not such default actually occurred and is continuing, and Mortgagor agrees that the exercising by Mortgagee of such powers of attorney may be relied upon in all respects and, as between Mortgagor and such agency, department or subdivision, shall be binding upon Mortgagor.
(1c) Should Grantee have elected To the extent permitted by applicable law, the sale hereunder of less than the whole of the Property shall not exhaust the powers of sale herein granted or the right to accelerate judicial foreclosure, and one or more successive sale or sales may be made until the whole of the Property shall be sold, and, if the proceeds of such sale of less than the whole of the Property shall be less than the aggregate of the indebtedness secured hereby, Grantee may initiate foreclosure of this Mortgage and the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force liens and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed interests hereof shall remain in full force and effect as to the unsold portion of the Property just as though no sale had been made; provided, however, that Mortgagor shall never have any right to require the sale of less than the whole of the Property. Several In the event any sale hereunder is not completed or is defective in the opinion of Mortgagee, such sale shall not exhaust the powers of sale hereunder or the right to judicial foreclosure, and Mortgagee shall have the right to cause a subsequent sale or sales to be made. Any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. Any and all statements of fact or other recitals made without exhausting in any deed or deeds, or other instruments of transfer, given in connection with a sale as to nonpayment of the right secured indebtedness or as to the occurrence of any Event of Default, or as to all of the secured indebtedness having been declared to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to any other act or thing having been duly done by any Person, shall be taken as prima facie evidence of the truth of the facts so stated and recited. Notwithstanding any reference herein to the Credit Agreement or any other Loan Document, all Persons dealing with the Mortgaged Properties shall be entitled to rely on any document, or certificate, of Mortgagee as to the occurrence of any event or the satisfaction of any condition, such as the existence of an Event of Default, and shall not be charged with or forced to review any provision of this Mortgage or any other document to determine the accuracy thereof. With respect to any unmatured part sale held in foreclosure of the secured indebtednessliens or security interests covered hereby, it being the purpose and intent hereof to provide shall not be necessary for a foreclosure and the sale Mortgagee, any public officer acting under execution or order of the Property for court or any matured portion other party to have physically present or constructively in his/her or its possession, either at the time of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident or prior to such proceedingssale, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all Property or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderthereof.
Appears in 2 contracts
Sources: Secured Revolving Credit Agreement (Black Ridge Oil & Gas, Inc.), Secured Revolving Credit Agreement (Black Ridge Oil & Gas, Inc.)
Foreclosure. Immediately commence an action Subject to foreclose the provisions of this Security Deed or to specifically enforce its provisions subsection (g) and subsection (i) below, foreclosure of a Leasehold Mortgage or any sale thereunder, whether by judicial proceedings or by virtue of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death contained in the Leasehold Mortgage, or otherwise, are granted as cumulative any conveyance of the remedies provided herebyleasehold interest under the Lease from Lessee to Lender by virtue or in lieu of foreclosure or other appropriate proceedings in the nature thereof, shall not require the consent of Lessor or constitute a breach of any provision of or a default under the Lease and upon such foreclosure, sale or conveyance, Lessor shall recognize Lender, or any other foreclosure sale purchaser or recipient of any deed in lieu, as the Lessee under the Lease; provided:
(i) Lender shall have fully complied with the provisions of this Agreement applicable prior to gaining possession of the Premises and Lender or the foreclosure sale purchaser or deed in lieu recipient, as the case may be, who is to become the Lessee under the Lease shall comply with the provisions of this Agreement applicable after gaining possession of the Premises;
(ii) Lender, or the foreclosure sale purchaser or deed in lieu recipient, as the case may be, who is to become the Lessee under the Lease shall be responsible for taking such actions as shall be necessary to obtain possession of the Premises; and
(iii) Lender, or the foreclosure sale purchaser or deed in lieu recipient, as the case may be, who is to become the Lessee under the Lease shall execute, acknowledge and deliver to Lessor an instrument in form satisfactory to Lessor pursuant to which Lender or the foreclosure sale purchaser or deed in lieu recipient, as the case may be, expressly assumes all obligations of the Lessee under the Lease, which instrument shall contain the same representation and release by the entity assuming the Lessee’s obligations under the Lease as are made by Lender pursuant to Section 3 of this Agreement. If there are two or more Leasehold Mortgages or foreclosure sale purchasers (whether of the same or different Leasehold Mortgages), Lessor shall have no duty or obligation whatsoever to determine the relative priorities of such Leasehold Mortgages or the rights of the different holders thereof and/or foreclosure sale purchasers. If Lender becomes the Lessee under the Lease, or under any new lease obtained pursuant to subsection (h) below, Lender shall not be exhausted by personally liable for the exercise thereof, but may be exercised until full payment obligations of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid Lessee under the Note in order Lease accruing prior to prepay principal (to or after the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under period of time that Lender is the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderLessee thereunder.
Appears in 2 contracts
Sources: Ground Lease (Vmware, Inc.), Ground Lease (Vmware, Inc.)
Foreclosure. Immediately commence an action to foreclose this Security Deed (a) Lender may exercise any or to specifically enforce its provisions all of Lender’s remedies under the Mortgage or other Loan Documents including, without limitation, acceleration of the maturity of all payments and Obligations, other than Obligations under any Swap Agreements with Lender or any of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to its Affiliates, which shall be sold due in accordance with and governed by the requirements provisions of said Swap Agreements; (b) Lender may take immediate possession of each, any and procedures provided by said statutes in a single parcel all Property or in several parcels any part thereof (which Borrower agrees to surrender to Lender) and manage, control or lease the same to such Persons and at the option of Grantee.
such rental as it may deem proper and collect and apply Rents (1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and as defined in the manner prescribed for holding sheriff's sales of property of like kindMortgage) to the payment of: (i) the Obligations, together with all costs and attorneys’ fees; (ii) all Impositions (as defined in the County where Mortgage) and any other levies, assessments or liens which may be prior in lien or payment to the Obligations, and premiums for insurance, with interest on all such items; and (iii) the cost of all alterations, repairs, replacements and expenses incident to taking and retaining possession of each, any and all Property and the management and operation thereof; all in such order or priority as Lender in its sole discretion may determine. The taking of possession shall not prevent concurrent or later proceedings for the foreclosure sale of each, any and all Property; (c) Lender may apply to any court of competent jurisdiction for the appointment of a receiver for all purposes including, without limitation, to manage and operate each, any and all Property or a any part thereof, is locatedand to apply the Rents therefrom as hereinabove provided. In the event of such application, after advertising said sale once in each Borrower consents to the appointment of the four consecutive weeks (a receiver, and agrees that a receiver may be appointed without notice to Borrower, without regard to whether Borrower has committed waste or permitted deterioration of each, any or all of Borrower’s Property, without regard to the number adequacy of days) immediately preceding any security for the sale in the newspaper in which are advertised sales by the sheriff of said CountyObligations, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance without regard to the purchaser solvency of Borrower or purchasersany other person, firm or corporation who or which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full liable for the payment of the indebtedness secured hereby.
Obligations; (2d) Should Grantee have not elected to accelerate Lender may exercise all the indebtedness secured herebyremedies of a mortgagee as provided by law and in equity including, Grantee may nonetheless proceed with without limitation, foreclosure in satisfaction of such default, either through upon the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, Mortgage and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for each, any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Granteeand all Property, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced Property, at public sale conducted according to applicable law (referred to as “Sale”) and conduct additional Sales as may be required until all of the Property is sold or the Obligations are satisfied; (e) With respect to any portion of each, any and all Property governed by the NoteCode, Lender shall have all of the rights and remedies of a secured party thereunder. The secured indebtedness Lender may elect to foreclose upon any Property that is Fixtures under law applicable to foreclosure of interests in real estate or law applicable to personal property; (f) Lender may bid at Sale and all other obligations secured may accept, as successful bidder, credit of the bid amount against the Obligations as payment of any portion of the purchase price; and (g) Lender shall apply the proceeds of Sale, first to any fees or attorney fees permitted Lender by this Security Deedlaw in connection with Sale, includingsecond to expenses of foreclosure, without limitationpublication, interest at the Default Interest Rate (as defined and sale permitted Lender by law in the Note)connection with Sale, any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (third to the extent permitted by applicable law)Obligations, attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid remaining proceeds as required by Grantee in the event of a foreclosure sale hereunderlaw.
Appears in 2 contracts
Sources: Master Loan Agreement (Asbury Automotive Group Inc), Master Loan Agreement (Asbury Automotive Group Inc)
Foreclosure. Immediately commence Upon the occurrence of an action to foreclose this Security Deed or to specifically enforce its provisions or any Event of Default, the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels entire unpaid Indebtedness shall, at the option of Grantee.
Beneficiary (1) Should Grantee to be exercised at any time that said Event of Default continues to exist), become immediately due and payable for all purposes without any notice or demand, except as required by law (ALL OTHER NOTICE OF THE EXERCISE OF SUCH OPTION BEING HEREBY EXPRESSLY WAIVED), and Beneficiary may, in addition to exercising any rights it may have elected with respect to accelerate the indebtedness secured herebyPersonal Property under the Uniform Commercial Code of the jurisdiction in which the Property is located, Grantee institute proceedings in any court of competent jurisdiction to foreclose this instrument as a mortgage, or to enforce any of the covenants hereof, or Trustee or Beneficiary may, either personally or by agent or attorney in fact, enter upon and take possession of the Property and may initiate manage, rent or lease the Property or any portion thereof upon such terms as Beneficiary may deem expedient, and collect, receive and receipt for all rentals and other income therefrom and apply the sums so received as hereinafter provided in case of sale. Trustee is hereby further authorized and empowered, either after or without such entry, to sell and dispose of the Property en masse or in separate parcels (as Trustee may think best), and all the right, title and interest of Grantor, by advertisement or in any manner provided by the laws of the jurisdiction in which the Property is located (GRANTOR HEREBY EXPRESSLY WAIVES ANY RIGHT TO A HEARING PRIOR TO SUCH SALE), and to issue, execute and deliver a deed of conveyance, all as then may be provided by law; and Trustee shall, out of the proceeds or avails of such sale, after first paying and retaining all fees, charges, costs of advertising the Property and of making said sale, and attorney's fees as herein provided, pay to Beneficiary or the legal holder of the Indebtedness the amount thereof, including all sums advanced or expended by Beneficiary or the legal holder of the Indebtedness, with interest from date of advance or expenditure at the Default Rate (as defined in the Note), rendering the excess, if any, as provided by law; such sale or sales and said deed or deeds so made shall be a perpetual bar, both in law and equity, against Grantor and the heirs, successors and assigns of Grantor, and all other persons claiming the Property aforesaid, or any part thereof by, from, through or under Grantor. The legal holder of the Indebtedness may purchase the Property or any part thereof, and it shall not be obligatory upon the purchasers at any such sale to see to the application of the purchase money. In addition to the above remedies, it is agreed that upon the occurrence of an Event of Default, Beneficiary may, at its option (to be exercised at any time that said Event of Default continues to exist), without demand or notice, request the Trustee, and the Trustee shall be, and is hereby authorized and empowered to proceed with foreclosure and sale of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, advertisement or offer for sale, the Property at public sale in accordance with any manner provided by the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper state in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure located in satisfaction of such default, either through the courts or by conducting item in default as if under a sale as hereinbefore providedfull foreclosure, but without declaring the entire indebtedness secured by this Security Deed unmatured portion of the Indebtedness due, and provided that if said sale is made because of such default, ; such sale may shall be made subject to the unmatured part portion of the secured indebtedness. Such sale, if so made, Indebtedness and it is agreed that such sale shall not in any manner affect the unmatured part portion of the debt secured by this Security DeedIndebtedness, but as to such unmatured partportion, this Security Deed instrument shall remain in full force and effect just as though no sale had been made. Several made under the provisions of this paragraph and it is further agreed that several sales may be made without exhausting the right of sale with respect to for any unmatured part portion of the secured indebtedness, it being the purpose and intent hereof to provide Indebtedness or for a foreclosure and the sale any future breach of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosurecovenants, conditions or stipulations set out herein.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.
Appears in 2 contracts
Sources: Deed of Trust and Security Agreement (Brookdale Senior Living Inc.), Deed of Trust and Security Agreement (Brookdale Senior Living Inc.)
Foreclosure. Immediately commence an action (i) Lender, with or without entry, personally or by its agents or attorneys, insofar as applicable, and in addition to foreclose this Security Deed or any and every other remedy, may (i) sell to specifically enforce its provisions or any of the indebtedness secured hereby extent permitted by law and pursuant to the statutes power of sale granted herein, all and singular, the Property, and all estate, right, title and interest, claim and demand therein, and right of redemption thereof, at one or more sales, as an entirety or in parcels, and at such case made times and provided places as required or permitted by law and sell as are customary in the county in which the Property or cause is located and upon such terms as Lender may fix and specify in the Property notice of sale to be sold in accordance with the requirements given to Borrower (and procedures on such other notice published or otherwise given as provided by said statutes in a single parcel law), or in several parcels at as may be required by law; (ii) institute proceedings for the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate complete or partial foreclosure of this Security Instrument under the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with provisions of the laws of the State of Georgia then jurisdiction or jurisdictions in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at which the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, Property or a any part thereof, thereof is located, after advertising said sale once or under any other applicable provision of law; or (iii) take all steps to protect and enforce the rights of Lender, whether by action, suit or proceeding in each equity or at law (for the specific performance of any covenant, condition or agreement contained in this Security Instrument, or in aid of the four consecutive weeks execution of any power herein granted, or for any foreclosure hereunder, or for the enforcement of any other appropriate legal or equitable remedy), or otherwise, as Lender, being advised by counsel and its financial advisor, shall deem most advisable to protect and enforce any of their rights or duties hereunder.
(without regard ii) Lender may conduct any number of sales from time to time. The power of sale shall not be exhausted by any one or more such sales as to any part of the Property remaining unsold, but shall continue unimpaired until the entire Property shall have been sold.
(iii) Upon taking title to the number Property (whether by foreclosure, deed in lieu or otherwise) by Lender or any other purchaser or assignee of days) immediately preceding the sale Property after an Event of Default, Borrower shall assign and transfer all of its right, title and interest in and to the newspaper in which are advertised sales by the sheriff of said County, all other notice being Property to Lender. Borrower hereby waived by Grantor. Grantor hereby constitutes and irrevocably appoints Grantee the agent and Lender as its attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor all documents and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at take all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent actions necessary to satisfy effectuate such bid. Grantor binds himself to warrant assignment and forever defend the title of transfer, provided that such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may only be exercised until full payment by Lender while an Event of the indebtedness secured herebyDefault exists and is continuing.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.
Appears in 2 contracts
Sources: Mortgage, Security Agreement, Financing Statement, Fixture Filing and Assignment of Leases, Rents, and Security Deposits (Shelbourne Properties Iii Inc), Combined Fee and Leasehold Mortgage, Security Agreement, Financing Statement, Fixture Filing and Assignment of Leases, Rents and Security Deposits (Glimcher Realty Trust)
Foreclosure. Immediately commence an action Beneficiary may request Trustee to foreclose this Security Deed or proceed with foreclosure, and in such event Trustee is hereby authorized and empowered, and it shall be his duty, upon such request of Beneficiary, and to specifically enforce its provisions the extent permitted by applicable Law, to sell all or any part of the indebtedness secured hereby pursuant Mortgaged Property at one or more sales, as an entirety or in parcels, at such place or places and otherwise in such manner and upon such notice as may be required by applicable Law, or in the absence of any such requirement, as Trustee and/or Beneficiary may deem appropriate, and to make conveyance to the statutes in purchaser or purchasers thereof. Any sale of any part of the Mortgaged Property shall be made to the highest bidder or bidders for cash, at the courthouse door of, or at such case made and provided and sell other place as may be required or permitted by applicable Law in, the Property county (or cause judicial district) wherein the Land included within the Mortgaged Property to be sold is situated; provided that if the Land is situated in accordance more than one county (or judicial district), such sale of the Mortgaged Property, or any part thereof, may be made in any county (or judicial district) wherein any part of the Land included within the Mortgaged Property to be sold is situated. Any such sale shall be made at public outcry, on the day of any month, during the hours of such day and after written notices thereof have been publicly posted in such places and for such time periods and after all Persons entitled to notice thereof have been sent such notice, all as required by applicable Law in effect at the time of such sale; and nothing herein shall be deemed to require Beneficiary or Trustee to do, and Beneficiary and Trustee shall not be required to do, any act other than as required by applicable Law in effect at the time of such sale. Any such sale may be as a whole or in such parcels as Trustee may select. After such sale, Trustee shall make to the purchaser or purchasers thereunder good and sufficient deeds and assignments, in the name of Grantor, conveying the Mortgaged Property, or part thereof, so sold to the purchaser or purchasers with general warranty of title (subject to Permitted Liens) by Grantor. Sale of a part of the Mortgaged Property shall not exhaust the power of sale, but sales may be made from time to time until the Obligation is paid and performed in full. It shall not be necessary to have present or to exhibit at any such sale any of the Collateral. In addition to the Rights and powers of sale granted under the preceding provisions of this Subsection 3.2(c), if default is made in the payment of any installment of the Obligation, Beneficiary, at its option, at once or at any time thereafter while any matured installment remains unpaid, without declaring the entire Obligation to be due and payable may orally or in writing direct Trustee to enforce this trust and to sell the Mortgaged Property subject to such unmatured Obligation and the Liens securing its payment, in the same manner, on the same terms, at the same place and time, and after having given notice in the same manner, all as provided in the preceding provisions of this Subsection 3.2(c). After such sale, Trustee shall make due conveyance to the purchaser or purchasers. Sales made without maturing the Obligation may be made hereunder whenever there is a default in the payment of any installment of the Obligation without exhausting the power of sale granted hereby, and without affecting in any way the power of sale granted under this Subsection 3.2(c) on the unmatured balance of the Obligation (except as to any proceeds of any sale which Beneficiary may apply as a prepayment on the Obligation) or the Liens securing payment of the Obligation. It is intended by each of the foregoing provisions of this Subsection 3.2(c) that Trustee may, after any request or direction by Beneficiary, sell, not only the Subject Interests included within, but also, all other items constituting a part of, the Mortgaged Property, or any part thereof, along with the requirements Land, or any part thereof, included within the Mortgaged Property all as a unit and procedures provided by said statutes in as a part of a single parcel sale, or may sell any part of the Mortgaged Property separately from the remainder of the Mortgaged Property. It is agreed that, in several parcels any deed or assignment given by Trustee, any and all statements of fact or other recitals therein made as to the identity of Beneficiary, or as to the occurrence or existence of any Default, or as to the acceleration of the maturity of the Obligation, or as to the request to sell, notice of sale, time, place, terms and manner of sale, and the receipt, distribution and application of the money realized therefrom, or as to the due and proper appointment of a substitute trustee, and, without being limited by the foregoing, as to any other act or thing having been duly done by Beneficiary or by Trustee, shall be taken by all courts of law and equity as prima facie evidence that the said statements or recitals state facts and are without further question to be so accepted, and Grantor does hereby ratify and confirm any and all acts that Trustee may lawfully do in the premises by virtue hereof. In the event of the resignation (such resignation being hereby authorized for any reason) or death of Trustee, or his removal from his county of residence stated on the first page hereof, or his failure, refusal or inability, for any reason, to make any such sale or to perform any of the trusts herein declared, or, at the option of Grantee.
(1) Should Grantee have elected Beneficiary, without cause, Beneficiary may appoint, in writing, a substitute trustee, who shall thereupon succeed to accelerate all the indebtedness secured herebyestates, Grantee titles, rights, powers and trusts herein granted to and vested in Trustee. Such appointment may initiate foreclosure be made on behalf of Beneficiary by any person who is then the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sellpresident, or offer for saleany vice president, or the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the timecashier or secretary, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Propertyor branch manager, or a part thereofsenior representative, is located, after advertising said sale once in each or any other authorized officer or agent of Beneficiary. In the event of the four consecutive weeks resignation (such resignation being hereby authorized for any reason) or death of any such substitute trustee, or his failure, refusal or inability to make such sale or perform such trusts, or, at the option of Beneficiary, without regard cause, successive substitute trustees may thereafter, from time to the number of days) immediately preceding the sale time, be appointed by Beneficiary in the newspaper same manner. Trustee may appoint, in which are advertised sales by the sheriff of said Countywriting, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the any one or more Persons as Trustee’s agent and attorney-in-fact of Grantor to conduct such act as Trustee under him and in his name, place and stea▇, ▇▇ perform any one or more acts necessary or incident to any sale and to execute in under the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative under the preceding provisions of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security DeedSubsection 3.2(c), including, without limitation, interest the posting and filing of any notices, the conduct of such sale and the execution and delivery of any instruments conveying the Mortgaged Property so sold, but in the name and on behalf of Trustee. All acts done or performed by any such agent and attorney-in-fact shall be valid, lawful and binding as if done or performed by Trustee. Wherever herein the word “Trustee” is used, the same shall mean the person who is the duly appointed trustee or substitute trustee hereunder at the Default Interest Rate (as defined time in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderquestion.
Appears in 2 contracts
Sources: Deed of Trust, Mortgage, Security Agreement, Assignment of Production and Financing Statement (Baron Energy Inc.), Subordinate Deed of Trust, Mortgage, Security Agreement, Assignment of Production and Financing Statement (Baron Energy Inc.)
Foreclosure. Immediately commence an action to foreclose this Security Deed or to specifically enforce its provisions or any (i) Trustee may take possession of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property Property, or cause the Property any part thereof requested by Lender to be sold sold, and in accordance with connection therewith Grantor hereby (A) assents to the requirements and procedures provided by said statutes in passage of a single parcel or in several parcels at decree for the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure sale of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sellthe equity court having jurisdiction, and (B) authorizes and empowers Trustee to take possession of and sell (or in case of the default of any purchaser to resell) the Property, or offer for saleany part thereof, the Property at public sale all in accordance with the laws or rules of court of the State Commonwealth of Georgia then Virginia relating to deeds of trust, including any amendments thereof, or additions thereto, which do not materially change or impair the remedy. In connection with any foreclosure, Lender and/or Trustee may (y) procure such title reports, surveys, tax histories and appraisals as they deem necessary, and (z) make such repairs and additions to the Property as they deem advisable, all of which shall constitute “Expenses” (hereinafter defined). In the case of any sale under this Deed of Trust, by virtue of judicial proceedings or otherwise, the Property may be sold as an entirety or in force parcels, by one (1) sale or by several sales, and governing said sales any fixtures or Collateral encumbered by this Deed of real property and improvements under powers conferred by security deeds. Each such sale shall Trust may be sold at the same sale as the Property or in one (1) or more sales, as may be deemed by Trustee to be appropriate and without regard to any right of Grantor or any other person to the marshalling of assets, for cash, on credit or for other property, for immediate or future delivery, and for such price or prices and on such terms having first given such notice prior to the sale of such time, place and terms by publication in at least one (1) newspaper published or having general circulation in the manner prescribed for holding sheriff's sales of property of like kind, county or counties in which the County where Property is located or at such time or times as may be required by the Property, or a part thereof, is located, after advertising said sale once in each laws of the four consecutive weeks (without regard to Commonwealth of Virginia or rule of court of the number Commonwealth of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereofVirginia, and shall convey to the purchaser or purchasers good such other times and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all by such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said saleother methods, if any, which are payable as Trustee, in its sole discretion, shall deem advantageous and proper. “Expenses” means all costs and expenses of any nature whatsoever incurred at any time and from time to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified time (whether before or after a Default) by Lender or Trustee in exercising or enforcing any rights, powers and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment in this Deed of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts Trust or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security DeedDocuments, including, without limitation, interest at the Default Interest Rate (as defined reasonable attorney’s fees, court costs, receiver’s fees, management fees and costs incurred in the Note)repair, any prepayment chargemaintenance and operation of, fee or premium required to be paid under taking possession of, or selling, the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderProperty.
Appears in 2 contracts
Sources: Deed of Trust, Absolute Assignment of Rents and Leases and Security Agreement (Cole Credit Property Trust III, Inc.), Deed of Trust, Absolute Assignment of Rents and Leases and Security Agreement (Cole Credit Property Trust III, Inc.)
Foreclosure. Immediately commence Upon the occurrence of an action to foreclose this Security Deed or to specifically enforce its provisions or any Event of Default, the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels entire unpaid Indebtedness shall, at the option of Grantee.
Beneficiary (1) Should Grantee to be exercised at any time that said Event of Default continues to exist), become immediately due and payable for all purposes without any notice or demand, except as required by law (ALL OTHER NOTICE OF THE EXERCISE OF SUCH OPTION BEING HEREBY EXPRESSLY WAIVED), and Beneficiary may, in addition to exercising any rights it may have elected with respect to accelerate the indebtedness secured herebyPersonal Property under the Uniform Commercial Code of the jurisdiction in which the Property is located, Grantee institute proceedings in any court of competent jurisdiction to foreclose this instrument as a mortgage, or to enforce any of the covenants hereof, or Trustee or Beneficiary may, either personally or by agent or attorney in fact, enter upon and take possession of the Property and may initiate manage, rent or lease the Property or any portion thereof upon such terms as Beneficiary may deem expedient, and collect, receive and receipt for all rentals and other income therefrom and apply the sums so received as hereinafter provided in case of sale. Trustee is hereby further authorized and empowered, either after or without such entry, to sell and dispose of the Property en masse or in separate parcels (as Trustee may think best), and all the right, title and interest of Grantor, by advertisement or in any manner provided by the laws of the jurisdiction in which the Property is located (GRANTOR HEREBY EXPRESSLY WAIVES ANY RIGHT TO A HEARING PRIOR TO SUCH SALE), and to issue, execute and deliver a deed of conveyance, all as then may be provided by law; and Trustee shall, out of the proceeds or avails of such sale, after first paying and retaining all fees, charges, costs of advertising the Property and of making said sale, and attorney's fees as herein provided, pay to Beneficiary or the legal holder of the Indebtedness the amount thereof, including all sums advanced or expended by Beneficiary or the legal holder of the Indebtedness, with interest from date of advance or expenditure at the Default Rate (as defined in the Note), rendering the excess, if any, as provided by law; such sale or sales and said deed or deeds so made shall be a perpetual bar, both in law and equity, against Grantor and the heirs, successors and assigns of Grantor, and all other persons claiming the Property aforesaid, or any part thereof by, from, through or under Grantor. The legal holder of the Indebtedness may purchase the Property or any part thereof, and it shall not be obligatory upon the purchasers at any such sale to see to the application of the purchase money. In addition to the above remedies, it is agreed that upon the occurrence of an Event of Default, Beneficiary may, at its option (to be exercised at any time that said Event of Default continues to exist), without demand or notice, request the Trustee, and the Trustee shall be, and is hereby authorized and empowered to proceed with foreclosure and sale of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, advertisement or offer for sale, the Property at public sale in accordance with any manner provided by the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper state in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure located in satisfaction of such default, either through the courts or by conducting item in default as if under a sale as hereinbefore providedfull foreclosure, but without declaring the entire indebtedness secured by this Security Deed unmatured portion of the Indebtedness due, and provided that if said sale is made because of such default, ; such sale may shall be made subject to the unmatured part portion of the secured indebtedness. Such sale, if so made, Indebtedness and it is agreed that such sale shall not in any manner affect the unmatured part portion of the debt secured by this Security DeedIndebtedness, but as to such unmatured partportion, this Security Deed instrument shall remain in full force and effect just as though no sale had been made. Several made under the provisions of this paragraph and it is further agreed that several sales may be made without exhausting the right of sale with respect to for any unmatured part portion of the secured indebtednessIndebtedness or for any future breach of the covenants, it being conditions or stipulations set out herein. APPRAISEMENT, STAY AND REDEMPTION LAWS. Grantor expressly waives and relinquishes the purpose and intent hereof to provide benefit of all laws now existing or that may hereafter be enacted providing for a foreclosure and the any appraisement before sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing Property, commonly known as Appraisement Laws, and also the benefit of all laws that may hereafter be enacted in any way extending the time for the enforcement or any part the collection of the indebtedness evidenced by Indebtedness, or creating or extending a period for redemption from any sale made to collect the Note. The secured indebtedness Indebtedness, commonly known as Stay Laws and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderRedemption Laws.
Appears in 1 contract
Sources: Deed of Trust and Security Agreement (Brookdale Senior Living Inc.)
Foreclosure. Immediately commence an action Foreclose this Mortgage by instituting a foreclosure suit in any court having jurisdiction. Borrower hereby waives all right to foreclose this Security Deed or appraisal allowed under any Laws, which appraisal may be obtained at the option of Lender; immediately upon the failure of the Borrower to specifically enforce its provisions or any of pay the indebtedness secured hereby when due, whether by demand, on acceleration pursuant to Paragraph 7.2(a) hereof, or otherwise, Lender shall have the option, in addition to and not in lieu of or substitution for all other rights and remedies provided in this Mortgage, the Note or any other agreement or document or provided by law, and is hereby authorized and empowered by the Borrower, to do any or all of the following:
(1) Commence foreclosure proceedings against the Property through judicial proceedings or by advertisement, at the option of the Lender, pursuant to the statutes in such case made and provided provided, and to sell the Property or to cause the Property same to be sold at public sale, and to convey the same to the purchaser in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured herebyLender.
(2) Should Grantee have not elected Cause to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts be brought down to date an abstract or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, abstracts and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part tax histories of the secured indebtedness. Such saleProperty, procure title insurance or title reports or, if so madenecessary, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose procure new abstracts and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosuretax histories.
(3) Obtain a receiver to manage the Property and collect the rents, profits and income therefrom as set forth in Paragraph 7.2(g).
(4) In the event foreclosure proceedings are instituted of any sale of the Property by Granteeforeclosure, through judicial proceedings, by advertisement or otherwise, apply the proceeds of any such sale in the order following to: (i) all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of incurred for the other Loan Documents securing all or any part collection of the indebtedness evidenced secured hereby and the foreclosure of this Mortgage, including reasonable attorneys' fees and disbursements, or such attorneys' fees and disbursements as are permitted by law, (ii) all sums expended or incurred by the Note. The secured indebtedness Lender directly or indirectly in carrying out the terms, covenants and all other obligations secured by agreements of this Security DeedMortgage, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay and the other related agreements and documents, together with interest thereon as therein provided, (iii) all accrued and unpaid interest upon the indebtedness, (iv) the unpaid principal amount of the indebtedness, and (v) the surplus, if any there be, unless a court of competent jurisdiction decrees otherwise, to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderBorrower.
Appears in 1 contract
Sources: Leasehold Mortgage and Security Agreement (Lodging Fund REIT III, Inc.)
Foreclosure. Immediately commence an action to foreclose this Security Deed or to specifically enforce its provisions or any Take possession of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property Property, or cause any part thereof requested by the Beneficiary to be sold, subject to any Lease of all or any part of the Property to be sold which the Beneficiary elects and so advertise in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1Section 7-105(f) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Real Property by effectuating a non-judicial foreclosure sale. Grantee shall then sellArticle of the Annotated Code of Maryland or any substitutions or replacements thereto, or offer for saleand in connection therewith the Grantor hereby ASSENTS TO THE PASSAGE OF A DECREE FOR THE SALE OF THE PROPERTY BY THE EQUITY COURT HAVING JURISDICTION AND (b) AUTHORIZES AND EMPOWERS THE BENEFICIARY TO TAKE POSSESSION OF AND DIRECT THE TRUSTEES TO SELL (OR IN CASE OF ANY DEFAULT OF ANY PURCHASER TO RESELL) THE PROPERTY, the Property at public sale OR ANY PART THEREOF, all in accordance with the laws of the State of Georgia then Maryland or rule of court relating to deeds of trust, including any amendments thereof, or additions thereto, which do not materially change or impair such remedy. In connection with any foreclosure, the Trustees, on behalf of the Beneficiary, may procure such title reports, surveys, tax histories and appraisals as they deem necessary, and all costs and expenses incurred in force connection therewith shall be payable by the Grantor. In case of any sale under this Deed of Trust, by virtue of judicial proceedings or otherwise, the Property may be sold as an entirety or in parcels, by one sale or by several sales, as may be deemed by the Trustees to be appropriate and governing said sales without regard to any right of real property the Grantor or any other Person to the marshalling of assets. Any sale hereunder may be made at public auction, at such time or times, at such place or places, and improvements under powers conferred upon such terms and conditions and after such previous public notice as the Trustees shall deem appropriate and advantageous and as required by security deedslaw. Each Upon the terms of such sale being complied with, the Trustees shall convey to, and at the cost of, the purchaser or purchasers the interest of the Grantor in the Property so sold, free and discharged of and from all estate, title or interest of the Grantor, at law or in equity, such purchaser or purchasers being hereby discharged from all liability to see to the application of the purchase money. The proceeds of such sale or sales under this Deed of Trust, whether under the assent to a decree, the power of sale, or by equitable foreclosure, shall be at held by the timeTrustees and applied as follows: First, place to pay all costs, charges and expenses attending the execution of this trust, of taking possession of the Property or any part thereof, or any sale made as aforesaid, including but not limited to (a) counsel fees of $2,500 to the attorneys representing the Trustees for conducting the proceedings if without contest, but if legal services be rendered to the Trustees or the Beneficiary in connection with any contested matter in the manner prescribed proceedings, then such other counsel fees and expenses shall be allowed and paid out of the proceeds of such sale or sales as the court having jurisdiction may deem proper; and (b) a Trustees' commission equal to the commission allowed trustees for holding sheriff's making sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each under decrees of the four consecutive weeks (without regard equity court having jurisdiction; Second, to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, pay all other notice being Obligations secured hereby waived by Grantor. Grantor hereby constitutes including all interest then due and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and saleaccrued thereon, which shall be conclusive evidence thereofinclude interest through the date of ratification of the auditor's account, in such order and shall convey manner as the Beneficiary in its sole discretion may determine; and ▇▇▇▇▇▇, to pay the surplus, if any, to the Grantor or any Person entitled thereto upon surrender and delivery to the purchaser or purchasers good and sufficient titles to of the Property sold; and Grantee is authorized to be a bidder and purchaser at all such salesProperty. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee Immediately upon the amount filing of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant any foreclosure proceedings under this Deed of Trust, there shall be and forever defend the title of such purchaser or purchasers when so made become due and owing by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedingsany foreclosure proceedings under this Deed of Trust and a commission on the total amount of the Obligations then due equal to one-half of the percentage allowed as commission to trustees making sales under orders or decrees of the equity court having jurisdiction, including, but not limited to, attorneys' and trustee's fees and costs, no Person shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under receive only the Note in order to prepay principal (aggregate Indebtedness then secured hereby with interest thereon to the extent permitted date of payment unless the same be accompanied by applicable law)a tender of such expenses, attorneys' costs and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereundercommission.
Appears in 1 contract
Sources: Deed of Trust, Assignment of Leases and Rents and Security Agreement
Foreclosure. Immediately commence an action to foreclose this Security Deed or to specifically enforce its provisions or any Take possession of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property Property, or cause any part thereof requested by the Property Mortgagee to be sold and so advertise in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure Real Property Article of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sellCode of the State of New Hampshire or any substitutions or replacements thereto, or offer for saleand in connection therewith the Mortgagor hereby (a) ASSENTS TO THE PASSAGE OF A DECREE FOR THE SALE OF THE PROPERTY BY THE EQUITY COURT HAVING JURISDICTION AND (b) AUTHORIZES AND EMPOWERS THE MORTGAGEE TO TAKE POSSESSION OF AND TO SELL (OR IN CASE OF ANY DEFAULT OF ANY PURCHASER TO RESELL) THE PROPERTY, the Property at public sale OR ANY PART THEREOF, all in accordance with the laws of the State or rule of Georgia then court relating to deeds of trust, including any amendments thereof, or additions thereto, which do not materially change or impair such remedy. In connection with any foreclosure, the Mortgagees may procure such title reports, surveys, tax histories and appraisals as they deem necessary, and all costs and expenses incurred in force connection therewith shall be payable by the Mortgagor. In case of any sale under this Mortgage, by virtue of judicial proceedings or otherwise, the Property may be sold as an entirety or in parcels, by one sale or by several sales, as may be deemed by the Mortgagee to be appropriate and governing said sales without regard to any right of real property the Mortgagor or any other Person to the marshalling of assets. Any sale hereunder may be made at public auction, at such time or times, at such place or places, and improvements under powers conferred upon such terms and conditions and after such previous public notice as the Mortgagees shall deem appropriate and advantageous and as required by security deedslaw. Each Upon the terms of such sale being complied with, the Mortgagee shall convey to, and at the cost of, the purchaser or purchasers the interest of the Mortgagor in the Property so sold, free and discharged of and from all estate, title or interest of the Mortgagor, at law or in equity, such purchaser or purchasers being hereby discharged from all liability to see to the application of the purchase money. The proceeds of such sale or sales under this Mortgage, whether under the assent to a decree, the power of sale, or by equitable foreclosure, shall be at held by the timeMortgagee and applied as follows: First, place to pay all costs, charges and in expenses attending the manner prescribed for holding sheriff's sales execution of property this trust, of like kind, in taking possession of the County where the Property, Property or a any part thereof, is locatedor any sale made as aforesaid, after advertising said sale once including but not limited to counsel fees of $5,000 to the attorneys representing the Mortgagee for conducting the proceedings if without contest, but if legal services be rendered to the Mortgagee or the Mortgagee in each connection with any contested matter in the proceedings, then such other reasonable counsel fees and expenses shall be allowed and paid out of the four consecutive weeks (without regard to the number proceeds of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale or sales as the court having jurisdiction may deem proper; Second, to pay all Indebtedness secured hereby including all interest then due and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and saleaccrued thereon, which shall be conclusive evidence thereofinclude interest through the date of ratification of the auditor's account, in such order and shall convey manner as the Mortgagee in its sole discretion may determine; and Lastly, to pay the surplus, if any, to the Mortgagor or any Person entitled thereto upon surrender and delivery to the purchaser or purchasers good and sufficient titles to of the Property sold; and Grantee is authorized to be a bidder and purchaser at all such salesProperty. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee Immediately upon the amount filing of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant any foreclosure proceedings under this Mortgage, there shall be and forever defend the title of such purchaser or purchasers when so made become due and owing by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, Mortgagor all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by any foreclosure proceedings under this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderMortgage.
Appears in 1 contract
Sources: Mortgage (Inland Diversified Real Estate Trust, Inc.)
Foreclosure. Immediately commence an action Should Lender elect to foreclose this Security Deed or to specifically enforce its provisions or any by exercise of the indebtedness power of sale herein contained, Lender shall notify Trustee and shall deposit with Trustee this Deed of Trust and the Note and such receipts with evidence of expenditures made and secured hereby pursuant as Trustee may require. Trustee shall then have the following duties and powers:
(i) Upon receipt of such notice from Lender, Trustee shall cause to be recorded, published and delivered to Borrower such Notice of Default and Election to Sell as then required by law and by this Deed of Trust and the statutes in Note and after lapse of such case made time as may then be required by law and provided and after recordation of such notice of default, Trustee without demand on Borrower, shall, after notice of sale having been given as required by law, sell the Property at the time and place of sale fixed by it in said notice of sale, either as a whole or cause in separate parcels or items and such order as Trustee may determine, at public auction to the highest bidder for cash in lawful money of the United States payable at the time of sale. Trustee shall deliver to such purchaser its deed conveying the Property to be sold so sold, but without any covenant or warranty, express or implied. The recitals in accordance with the requirements and procedures provided by said statutes in a single parcel such deed of any matters or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which facts shall be conclusive evidence proof of the truthfulness thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deedperson, including, without limitation, Borrower, Trustee or Lender, may purchase at such sale.
(ii) After deducting all costs, fees and expenses of Trustee and of this trust, including costs of evidence of title in connection with sale, Trustee shall apply the proceeds of sale to payment of: all sums expended under the terms hereof, not then repaid, with accrued interest at the Default Interest Rate (as defined in rate then applicable under the Note); all other sums then secured hereby; and the remainder, any prepayment chargeif any, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted person or persons legally entitled thereto. Trustee may postpone the sale of all or any portion of the Property by applicable law)public announcement at the time and place first fixed for sale, attorneys' and trustee's fees from time to time thereafter may postpone such sale by public announcement at the time and any other amounts due place fixed by the preceding postponement, and unpaid to Grantee under without further notice make such sale at the Loan Documentstime fixed by the last postponement, may be bid by Grantee or may, in the event its discretion, give new notice of a foreclosure sale hereundersale.
Appears in 1 contract
Sources: Deed of Trust and Security Agreement (Micro Linear Corp /Ca/)
Foreclosure. Immediately commence Mortgagee may institute an action to foreclose of mortgage foreclosure, or take such other action at law or in equity for the enforcement of this Security Deed or to specifically enforce its provisions Mortgage and realization on the mortgage security or any other security herein or elsewhere provided for, as the law may allow, and may proceed therein to final judgment and execution for the entire unpaid balance of the indebtedness secured hereby pursuant principal debt, with interest thereon at the rate stipulated in the Note to the statutes date of default, and thereafter at the Default Rate specified in such case made this Mortgage and provided the Note, together with the Prepayment Premium and sell the Property or cause the Property to be sold all sums due by Mortgagor in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure provisions of the Property Note and this Mortgage, including all sums which may have been loaned by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, Mortgagee to Mortgagor after the Property at public sale in accordance with the laws date of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said Countythis Mortgage, all other notice being hereby waived sums which may have been advanced by Grantor. Grantor hereby constitutes and appoints Grantee Mortgagee to preserve, maintain, repair restore or rebuild the agent and attorney-in-fact Improvements, to preserve the lien of Grantor this Mortgage or the priority thereof or to conduct such sale and to execute in enforce the name provisions of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security DeedMortgage, including, without limitation, and all sums which may have been advanced by Mortgagee for taxes, water or sewer rents, charges or claims, payments on prior liens, insurance, utilities or repairs to the Property, all costs of suit, together with interest at the Default Interest Rate (as defined in on any judgment obtained by Mortgagee from and after the Note), date of any prepayment charge, fee Referee or premium required other judicial sale until actual payment is made of the full amount due Mortgagee. Any real estate sold pursuant to be paid under any writ of execution issued on a judgment obtained by virtue of the Note in order or this Mortgage, or pursuant to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee judicial or nonjudicial proceedings under the Loan Documentsthis Mortgage, may be bid by Grantee sold in the event of a foreclosure sale hereunderone parcel, as an entirety, or in such parcels, and in such manner or order as Mortgagee, in its discretion, may elect.
Appears in 1 contract
Sources: Mortgage Agreement (GTJ REIT, Inc.)
Foreclosure. Immediately commence an action to foreclose this Security Deed Mortgagee may institute any one or to specifically enforce its provisions or any more actions of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate mortgage foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing against all or any part of the indebtedness evidenced Mortgaged Property, or take such other action available to Mortgagee at law or in equity for the enforcement of this Mortgage and realization on the security herein or elsewhere provided for, as the law may allow, and may proceed therein to final judgment and execution for the entire unpaid balance of the Liabilities, together with all future advances and any other sums due by Mortgagor in accordance with the Noteprovisions of this Mortgage, together with interest from the date of default at the Default Rate, all costs of suit and attorneys' fees. The Without limiting the foregoing, Mortgagee may foreclose this Mortgage and exercise its rights as a secured indebtedness party for all or any portion of the Liabilities that are then due and all payable, subject to the continuing lien of this Mortgage for the balance not then due and payable. In case of any sale of the Mortgaged Property by judicial proceedings, the Mortgaged Property may be sold in one parcel or in such parcels, manner or order as Mortgagee in its sole discretion may elect. Mortgagor, for itself and anyone claiming by, through or under it, hereby agrees that Mortgagee shall in no manner, in law or in equity, be limited, except as herein provided, in the exercise of its rights in the Mortgaged Property or in any other obligations security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Security DeedMortgage, includingwhether by any statute, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee rule or premium required precedent which may otherwise require said security to be paid under the Note marshalled in order any manner and Mortgagor, for itself and others as aforesaid, hereby expressly waives and releases any right to prepay principal (or benefit thereof. The failure to the extent permitted by applicable law), attorneys' and trustee's fees and make any other amounts due and unpaid tenant a defendant to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure proceeding shall not be asserted by Mortgagor as a defense in any proceeding instituted by Mortgagee to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale hereunderof the Mortgaged Property.
Appears in 1 contract
Foreclosure. Immediately commence an action All rights, powers and privileges granted to foreclose this Security Deed or to specifically enforce its provisions or any ----------- conferred upon a beneficiary and trustee under a deed of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale trust in accordance with the laws of the State of Georgia then in force California are hereby adopted and governing said sales incorporated into this Deed of real property and improvements under powers conferred Trust by security deeds. Each such sale shall be at the time, place this reference and in accordance with such rights, powers and privileges:
(a) The Trustee may, and upon the manner prescribed for holding sheriff's sales written request of property Beneficiary shall, with or without entry, personally or by its agents or attorneys insofar as applicable pursuant to and in accordance with the laws of like kind, in the County where the Property, California:
(i) cause any or a part thereof, is located, after advertising said sale once in each all of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Mortgaged Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have sold under the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in Trust or any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing in any manner permitted by applicable law. For any sale under the power of sale granted by this Deed of Trust, Trustee or Beneficiary must record and give all or any part notices required by law and then, upon the expiration of such time as is required by law, may sell the indebtedness evidenced by the Note. The secured indebtedness Mortgaged Property, and all other obligations secured by this Security Deedestate, includingright, without limitationtitle, interest interest, claim and demand of Trustor therein, and all rights of redemption thereof, at the Default Interest Rate one or more sales, as an entirety or in parcels, with such elements of real and/or personal property (as defined in the Note)and, any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law, may elect to deem all of the Mortgaged Property to be real property for purposes thereof), attorneys' and trustee's fees at such time or place and upon such terms as Trustee and Beneficiary may determine and shall execute and deliver to the purchaser or purchasers thereof a deed or deeds conveying the property sold, but without any other amounts due covenant or warranty, express or implied, and unpaid to Grantee under the Loan Documents, may recitals in the deed or deeds of any facts affecting the regularity or validity of a sale will be bid by Grantee in conclusive against all persons. In the event of a sale, by foreclosure or otherwise, of less than all of the Mortgaged Property, this Deed of Trust shall continue as a lien and security interest on the remaining portion of the Mortgaged Property; or
(ii) institute proceedings for the complete or partial foreclosure of this Deed of Trust as a mortgage; and in this connection Trustor does hereby expressly waive to the extent permitted by law its right of redemption after a mortgage foreclosure sale; or
(iii) apply to any court of competent jurisdiction for the appointment of a receiver or receivers for the Mortgaged Property and of all the earnings, revenues, rents, issues, profits and income thereof, which appointment is hereby consented to by Trustor; or
(iv) take such steps to protect and enforce its rights whether by action, suit or proceeding in equity or at law for the specific performance of any covenant, condition or agreement in the Note or in this Deed of Trust, or in aid of the execution of any power herein granted, or for any foreclosure hereunder, or for the enforcement of any other appropriate legal or equitable remedy or otherwise as Beneficiary shall select.
(b) The Trustee may adjourn from time to time any sale hereunderby it made under or by virtue of this Deed of Trust by announcement at the time and place appointed for such sale or sales and, except as otherwise provided by any applicable provision of law, the Trustee without further notice or publication, may make such sale at the time and place to which the sale shall be so adjourned;
(c) Upon the completion of any sale or sale made by the Trustee under or by virtue of this Section, the Trustee shall execute and deliver to the accepted purchaser or purchasers a good and sufficient instrument, or good and sufficient instruments, conveying, assigning and transferring all estate, right, title and interest in and to the property and rights sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof to the extent permitted by law. Any such sale or sales made under or by virtue of this Section whether made under the power of sale herein granted or under or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale, shall operate to divest all the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Trustor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Trustor and against any and all persons claiming or who may claim the same, or any part thereof from through or under the Trustor.
(d) In the event of any sale made under or by virtue of this Section whether made under the power of sale herein granted or under or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale, the entire principal of and interest on the Note and all accrued interest on the Note, and all other sums required to be paid by the Trustor pursuant to the Note and this Deed of Trust shall be due and payable, anything in the Note or in this Deed of Trust to the contrary notwithstanding.
(e) The purchase money proceeds or avails of any sale made under or by virtue of this Section, together with any other sums which then may be held by the Trustee or Beneficiary under this Deed of Trust whether under the provisions of this Section or otherwise, shall be applied as required by applicable law.
(f) Upon any sale made under or by virtue of this Section, whether made under the power of sale herein granted or granted in accordance with the laws of the state in which the Property is located or under or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale, the Beneficiary may bid for and acquire the Mortgaged Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the indebtedness of the Trustor secured by this Deed of Trust the net sales price after deducting therefrom the expenses of the sale and the cost of the action and any other sums which the Beneficiary is authorized to deduct under this Deed of Trust. The Beneficiary upon so acquiring the Mortgaged Property, or any part thereof shall be entitled to hold, lease, rent, operate, manage and sell the same in any manner provided by applicable laws.
Appears in 1 contract
Sources: Deed of Trust (Inco Homes Corp)
Foreclosure. Immediately commence an action to foreclose this Security Deed Mortgagee may institute any one or to specifically enforce its provisions or any more actions of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate mortgage foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing against all or any part of the indebtedness evidenced Mortgaged Premises, or take such other action at law or in equity for the enforcement of this Mortgage and realization on the security herein or elsewhere provided for, as the law may allow, and may proceed therein to final judgment and execution for the entire unpaid balance of the Obligations, together with all future advances and any other sums due by Mortgagor in accordance with the Noteprovisions of this Mortgage, together with interest from the date of default at the Default Rate set forth in the Term Note or the Revolving Note (whichever is higher), all costs of suit and attorneys’ fees. The secured indebtedness In case of any sale of the Mortgaged Premises by judicial proceedings, the Mortgaged Premises may be sold in one parcel or in such parcels, manner or order as Mortgagee in its sole discretion may elect. Mortgagor, for itself and all anyone claiming by, through or under it, hereby agrees that Mortgagee shall in no manner, in law or in equity, be limited, except as herein provided, in the exercise of its rights in the Mortgaged Premises or in any other obligations security hereunder or otherwise appertaining to the Obligations or any other obligation secured by this Security DeedMortgage, includingwhether by any statute, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee rule or premium required precedent which may otherwise require said security to be paid under the Note marshaled in order any manner and Mortgagor, for itself and others as aforesaid, hereby expressly waives and releases any right to prepay principal (or benefit thereof. The failure to the extent permitted by applicable law), attorneys' and trustee's fees and make any other amounts due and unpaid tenant a defendant to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure proceeding shall not be asserted by Mortgagor as a defense in any proceeding instituted by Mortgagee to collect the Obligations or any deficiency remaining unpaid after the foreclosure sale hereunderof the Mortgaged Premises.
Appears in 1 contract
Sources: Mortgage and Security Agreement (Ep Medsystems Inc)
Foreclosure. Immediately commence Upon the occurrence of an action to foreclose this Security Deed or to specifically enforce its provisions or any Event of Default, the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels entire unpaid Indebtedness shall, at the option of Grantee.
Mortgagee, become immediately due and payable for all purposes without any notice or demand, except as required by law, (1) Should Grantee ALL OTHER NOTICE OF THE EXERCISE OF SUCH OPTION, OR OF THE INTENT TO EXERCISE SUCH OPTION, BEING HEREBY EXPRESSLY WAIVED), and Mortgagee may, in addition to exercising any rights it may have elected with respect to accelerate the indebtedness secured herebyPersonal Property under the Uniform Commercial Code of the jurisdiction in which the Property is located, Grantee may initiate foreclosure institute proceedings in any court of competent jurisdiction to foreclose this instrument as a mortgage, or to enforce any of the covenants hereof, or Mortgagee may, to the extent permitted by applicable law, either personally or by agent or attorney in fact, enter upon and take possession of the Property by effectuating a non-judicial foreclosure and may manage, rent or lease the Property or any portion thereof upon such terms as Mortgagee may deem expedient, and collect, receive and receipt for all rentals and other income therefrom and apply the sums so received as hereinafter provided in case of sale. Grantee shall then sellMortgagee is hereby further authorized and empowered, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary permitted by applicable law, as agent or attorney in fact, either after or without such entry, to satisfy such bid. Grantor binds himself sell and dispose of the Property en masse or in separate parcels (as Mortgagee may think best), and all the right, title and interest of Mortgagor therein, by advertisement or in any manner provided by applicable law, (MORTGAGOR HEREBY EXPRESSLY WAIVES ANY RIGHT TO A HEARING PRIOR TO SUCH SALE, TO THE EXTENT PERMITTED BY APPLICABLE LAW), and to warrant issue, execute and forever defend deliver a deed of conveyance, all as then may be provided by applicable law; and Mortgagee, to the title extent permitted by applicable law, shall, out of the proceeds or avails of such purchaser or purchasers when so made by sale, after first paying and retaining all fees, charges, costs of advertising the Grantee, Property and agrees to accept proceeds of making said sale, if anyand attorneys' fees as herein provided, which are payable apply such proceeds to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable the Indebtedness, including all sums advanced or expended by death Mortgagee or otherwise, are granted as cumulative the legal holder of the remedies provided herebyIndebtedness, and shall not be exhausted by the exercise thereof, but may be exercised until full payment with interest from date of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts advance or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest expenditure at the Default Interest Rate (as defined in the Note), rendering the excess, if any, as provided by law; such sale or sales and said deed or deeds so made shall be a perpetual bar, both in law and equity, against Mortgagor, the heirs, successors and assigns of Mortgagor, and all other persons claiming the Property aforesaid, or any prepayment chargepart thereof, fee by, from, through or premium required under Mortgagor. The legal holder of the Indebtedness may purchase the Property or any part thereof, and it shall not be obligatory upon any purchaser at any such sale to be paid under the Note in order to prepay principal (see to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under application of the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderpurchase money.
Appears in 1 contract
Sources: Mortgage and Security Agreement (Alexander & Baldwin, Inc.)
Foreclosure. Immediately commence an action to foreclose this Security Deed or to specifically enforce (a) Upon the happening of any and every such Event of Default, Borrower
(i) declares its provisions or any of the indebtedness secured hereby pursuant assent to the statutes in such case made and provided and sell passing of a decree for the sale of any or all of the Property or cause any estate or interest therein by any equity court having jurisdiction over the sale of the Property, and (ii) authorizes and empowers the Trustee to take possession of any or all of the Property to be sold sell any or all of it or any estate or interest therein in accordance with the requirements and procedures provided by said statutes provisions of Rule W of the Maryland Rules of Procedure, of Title 7 of the Real Property Article of the Annotated Code of Maryland, as amended, an/or of any other public or local law relating to or affecting deeds of trust or security agreements, including any amendments thereof or additions thereto. Neither the foregoing assent to decree nor the foregoing power of sale shall be exhausted if such proceeding or sale is dismissed or canceled before the indebtedness is paid in a single parcel or in several parcels at the option of Granteefull.
(1b) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure If any or all of the Property or any estate or interest therein is to be sold under the provisions of this Instrument, by effectuating virtue of a non-judicial foreclosure sale or otherwise, it may be sold at public auction, as in entirety or in one or more parcels, by one sale or by several sales held at one time or at different times, with such postponement of any such sale as the Trustee may deem appropriate and without regard to any right of Borrower or any other person to the marshalling of assets. The Trustee shall hold such sale or sales at such time or times and at such place or places, and shall make sales upon such terms and conditions and after such previous public notice as required by law and as the Trustee may deem appropriate. METLIFE may bid and become the purchaser at any such sale. Grantee shall then sell, and shall, upon presentation of the Note or a true copy thereof at such sale, be credited for the unpaid balance due under the Note and any interest accrued and unpaid thereon, or offer for such portion of such unpaid balance or interest as METLIFE may specify, against any price bid by METLIFE thereat. The terms of sale being complied with, the Trustee shall convey to and at the cost of the purchaser at such sale ▇▇▇▇▇▇▇▇'s interest in so much of the Property as is so sold, free of and discharged from all estate, right, title or interest of Borrower at law or in equity, such purchaser being hereby discharged from all liability to see to the application of the purchase money.
(c) Upon any sale of ▇▇▇▇▇▇▇▇'s interest in any or all of the Property, whether under the assent to a decree or power of sale herein granted, or by other foreclosure or judicial proceedings, the Trustee shall apply the proceeds of such sale, together with any other sum then held as security hereunder or due under any of the provisions hereof as part of the Property at public (after paying all expenses of sale, including attorneys' fees and a commission to the party marking the sale in accordance with equal to the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed commission allowed to trustees for holding sheriff's making sales of property under orders or decrees of like kinda court having competent jurisdiction, and all taxes and assessments which the Trustee or the METLIFE deem it advisable or expedient to pay and all sums advanced, with interest thereon at the default rate set forth in the County where Note; as herein provided) to the Property, or a part thereof, is located, after advertising said sale once in each payment of the four consecutive weeks (without regard aggregate indebtedness then secured hereby and interest thereon to the number date of days) immediately preceding payment and any other amounts secured hereunder, paying over the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said salesurplus, if any, which are payable less the expense, if any, of obtaining possession, to Grantor as provided herein. All acts the Borrower or any person entitled thereto upon the surrender and delivery to the purchaser of possession of the Property.
(d) Immediately upon the first insertion of any advertisement or notice of any such sale, there shall become due and owing by Borrower all expenses incident to such advertisement or notice, all court costs and all expenses incident to any foreclosure proceedings brought under this Instrument or otherwise in connection with such sale, and a commission on the total amount of the principal indebtedness; then secured hereby equaling one-half of the commission allowed to trustees for making sales of property under orders or decrees of a court having competent jurisdiction, and no party shall be required to receive the principal, interest and prepayment fee only of said Grantee indebtedness in satisfaction thereof unless it is accompanied by a tender of payment of such expenses, costs and commissions.
(e) Notwithstanding the relationship of parties constituting Borrower, and as attorney-in-fact are hereby ratified and confirmed. The power of sale referred an express inducement to above and agency hereby granted are coupled with an interest and are irrevocable by death METLIFE to make the loan or otherwise, are granted as cumulative of the remedies provided loans secured hereby, and shall not be exhausted by for other good and valuable consideration to Borrower in hand paid, receipt whereof is hereby acknowledged, Borrower does hereby waive for itself (as well as all of its partners), its successors and assigns, in the exercise thereofevent of foreclosure of this Instrument, but may be exercised until full payment an equitable right, otherwise available to it, in respect to marshalling of the indebtedness secured herebyassets hereunder.
(2f) Should Grantee have not elected to accelerate In the indebtedness secured herebyevent of a sale of part of, Grantee may nonetheless proceed with foreclosure or interest in, the Property in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security DeedInstrument, but this Instrument shall, as to such unmatured partthe remaining part of, this Security Deed shall remain in full force or interest in, the Property, continue as though no sale had been made. Several sales may be made without exhausting a lien for the right of sale with respect to any unmatured part remainder of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the debt.
(g) Any sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part thereof or any interest therein, whether pursuant to foreclosure or power of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deedsale or otherwise hereunder, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to shall forever be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderperpetual bar against Borrower.
Appears in 1 contract
Foreclosure. Immediately commence an action During a Default, Trustee, his successor or substitute, is authorized and empowered and it shall be his special duty at the request of Administrative Agent to foreclose this Security Deed or take all actions necessary to specifically enforce its provisions sell the Mortgaged Property or any part thereof situated in the State of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold Texas in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia Texas then in force and governing said sales of real property and improvements estate under powers conferred by security deedsdeed of trust. Each Any sale made by Trustee hereunder may be of the entire Mortgaged Property or in such parcels as Administrative Agent may request, and any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. The sale by Trustee of less than the whole of the Mortgaged Property shall not exhaust the power of sale herein granted, and Trustee is specifically empowered to make successive sale or sales under such power until the whole of the Mortgaged Property shall be at sold; and, if the time, place and in proceeds of such sale of less than the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each whole of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which Mortgaged Property shall be conclusive evidence thereof, less than the aggregate of the Secured Indebtedness and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount expense of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor executing this trust as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed of Trust and the lien hereof shall remain in full force and effect as to the unsold portion of the Mortgaged Property just as though no sale had been made; provided, however, that Grantor shall never have any right to require the -------- ------- sale of less than the whole of the Mortgaged Property but Administrative Agent shall have the right, at its sole election, to request Trustee to sell less than the whole of the Mortgaged Property. Several After each sale, Trustee shall make to the purchaser or purchasers at such sale good and sufficient conveyances in the name of Grantor, conveying the Mortgaged Property so sold to the purchaser or purchasers with general warranty of leasehold title, and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by Trustee or his substitute or successor, and such power of sale may be made without exhausting the right of sale with respect exercised from time to any unmatured part time and as many times as Administrative Agent may deem necessary until all of the secured indebtedness, it being the purpose Mortgaged Property has been duly sold and intent hereof to provide for a foreclosure and the sale all of the Property for Secured Indebtedness has been fully paid. In the event any matured portion sale hereunder is not completed or is defective in the opinion of said secured indebtedness without exhausting Administrative Agent, such sale shall not exhaust the power of foreclosure.
(3) In sale hereunder and Administrative Agent shall have the event foreclosure proceedings are instituted right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact or other recitals made in any deed or deeds given by GranteeTrustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness, or as to the occurrence of any Default, or as to Administrative Agent having declared all expenses incident of such indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the properties to be sold having been duly given, or as to the refusal, failure or inability to act of Trustee or any substitute or successor, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by Administrative Agent or by such proceedingsTrustee, including, but not limited to, attorneys' and trustee's fees and costssubstitute or successor, shall be paid by Grantor and secured by this Security Deed and by all taken as prima facie evidence of the other Loan Documents securing all or any part truth of the indebtedness evidenced facts so stated and recited. Trustee, his successor or substitute, may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Trustee, including the Note. The secured indebtedness posting of notices and all other obligations secured by this Security Deedthe conduct of sale, including, without limitation, interest at the Default Interest Rate (as defined but in the Note)name and on behalf of Trustee, any prepayment charge, fee his successor or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereundersubstitute.
Appears in 1 contract
Foreclosure. Immediately commence an action to foreclose this Security Deed Mortgage by advertisement or judicial proceedings pursuant to applicable law or to specifically enforce its provisions or any of the indebtedness secured hereby hereby, pursuant to the statutes in such case made and provided provided, and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of GranteeLender. Without limitation of the foregoing, Lender shall be entitled to sell, release, and convey the Property at public sale and to execute and deliver to the purchasers at such sale good and sufficient deeds of conveyance, rendering any surplus funds, after payment of the indebtedness secured hereby in full and the expense of such sale, including attorneys’ fees as provided by law, to Borrower all in accordance with Chapter 32 of the Michigan Revised Judicature Act, as the same may be amended from time to time, and any similar statutory provisions which may hereafter be enacted in addition thereto or in substitution therefor.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure by advertisement or judicial proceedings are instituted initiated or filed by GranteeLender, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's ’ fees and costs, shall be paid by Grantor Borrower and secured by this Security Deed Mortgage and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security DeedMortgage, including, without limitation, interest at the Default Interest Rate (as defined in default rate of interest under the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's ’ fees and any other amounts due and unpaid to Grantee Lender under the Loan Documents, may be bid by Grantee Lender in the event of a foreclosure sale hereunder. In the event of a foreclosure by advertisement or a judicial sale pursuant to a foreclosure decree, it is understood and agreed that Lender or its assigns may become the purchaser of the Property or any part thereof.
(2) Lender may, by following the procedures and satisfying the requirements prescribed by applicable law, foreclose on only a portion of the Property and, in such event, said foreclosure shall not affect the lien of this Mortgage on the remaining portion of the Property.
Appears in 1 contract
Foreclosure. Immediately commence (a) If an action Event of Default shall have occurred and be continuing, Collateral Agent shall be entitled to proceed to foreclose this Security Deed of Trust and to cause the sale of all or any portion of the Property for cash or upon such terms and conditions as Collateral Agent may deem expedient, under the judgment or decree of a court or courts of competent jurisdiction in order to specifically enforce pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys' fees. In the event of any such foreclosure sale, 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.
(i) If an Event of Default shall have occurred and be continuing, Collateral Agent may elect to cause the Property or any part thereof to be sold under the power of sale herein granted in any manner permitted by applicable law.
(ii) In connection with any sale or sales hereunder, Collateral Agent may elect to treat any of the Property which consists of a right in action or which is property that can be severed from the real property covered hereby or any improvements thereon without causing structural damage thereto as if the same were personal property, and dispose of the same in accordance with applicable law, separate and apart from the sale of real property.
(iii) Any sale of any personal property hereunder shall be conducted in any manner permitted by Section 9601 or any other applicable section of the California Commercial Code or any other applicable law. Where the Property consists of real and personal property or fixtures, whether or not such personal property is located on or within the real property, Collateral Agent may elect in its provisions discretion to exercise its rights and remedies against any or all of the real property, personal property, and fixtures in such order and manner as is now or hereafter permitted by applicable law.
(iv) Without limiting the generality of the foregoing, Collateral Agent may, in its sole and absolute discretion and without regard to the adequacy of its security, elect to proceed against any or all of the real property, personal property and fixtures in any manner permitted under Section 9604 of the California Commercial Code or any other applicable law; and the power of sale herein granted shall be exercisable with respect to all or any of the indebtedness secured real property, personal property and fixtures covered hereby, as designated by Collateral Agent, and the Trustee is hereby pursuant authorized and empowered to the statutes in conduct any such case made sale of any real property, personal property and provided and sell the Property or cause the Property to be sold fixtures in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Granteeapplicable to real property.
(1v) Should Grantee have elected Where the Property consists of real property and personal property, any reinstatement of the Indebtedness or Obligations secured hereby, following default and an election by the Collateral Agent to accelerate the indebtedness maturity of said Indebtedness or Obligations, which is made by Grantor or any other person or entity permitted to exercise the right of reinstatement under California law shall not prohibit the Collateral Agent from conducting a sale or other disposition of any personal property or fixtures or from otherwise proceeding against or continuing to proceed against any personal property or fixtures in any manner permitted by the California Commercial Code or any other applicable law; nor shall any such reinstatement invalidate, rescind or otherwise affect any sale, disposition or other proceeding held, conducted or instituted with respect to any personal property or fixtures prior to such reinstatement or pending at the time of such reinstatement. Any sums paid to Collateral Agent in effecting any reinstatement shall be applied to the secured hereby, Grantee may initiate foreclosure obligation and to the Collateral Agent's and Trustee's reasonable costs and expenses in the manner required by California law.
(vi) Should Collateral Agent elect to sell any portion of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, which is real property or offer for sale, which is personal property or fixtures that Collateral Agent has elected under Section 9604 of the Property at public sale California Commercial Code to sell together with real property in accordance with the laws governing a sale of real property, Collateral Agent or Trustee shall give such notice of default and election to sell as may then be required by law. Thereafter, upon the expiration of such time and the giving of such notice of sale as may then be required by law, and without the necessity of any demand on Grantor, Trustee, at the time and place specified in the notice of sale, shall sell said real property or part thereof at public auction to the highest bidder for cash in lawful money of the State United States. Trustee may, and upon request of Georgia then in force and governing said sales of real property and improvements under powers conferred Collateral Agent shall, from time to time, postpone any sale hereunder by security deeds. Each such sale shall be public announcement thereof at the time, time and place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereofnoticed therefor, and shall convey Grantor agrees and acknowledges that Collateral Agent may elect in its sole and absolute discretion to the purchaser direct such postponement(s) for such periods of time as Collateral Agent may find necessary or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured herebydesirable.
(2vii) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with In any notice of foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so madeadvertisement of sale, shall not or other post-default public statement of Trustee or Collateral Agent in any manner affect connection with the unmatured part judicial or nonjudicial foreclosure of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by Property, Grantor agrees that Trustee and Collateral Agent shall have the Noteright, but not the obligation, to disclose any report or information known to them regarding defects in the Property, that Trustee and Collateral Agent cannot control or otherwise assure the truthfulness or the accuracy of such reports or information, and that the disclosure of such reports or information to prospective bidders at any foreclosure sale of the Property may have a material adverse effect upon the amount which a party may bid at such sale. The secured indebtedness Grantor agrees that Collateral Agent and Trustee shall have no liability whatsoever as a result of disclosing any or all of such reports or information to any third party, and Grantor hereby waives, releases and forever discharges Collateral Agent and Trustee from any and all claims, damages, or causes of action, arising out of, connected with or incidental to the disclosure, use or delivery of any such report or information.
(viii) Should Collateral Agent desire that more than one sale or other obligations disposition of the Property be conducted, Collateral Agent may, at its option, cause the same to be conducted simultaneously, or successively, on the same day, or at such different days or times and in such order as Collateral Agent may deem to be in its best interests, and no such sale shall terminate or otherwise affect the lien of this Deed of Trust on any part of the Property not sold until all Indebtedness secured hereby has been fully paid and all Obligations secured hereby have been fully performed, nor shall the power of sale granted under this Deed of Trust be exhausted until all such sales are conducted.
(c) Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Security DeedDeed of Trust by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, includingexcept as otherwise provided by any applicable provision of law, Collateral Agent, without limitationfurther notice or publication, interest may make such sale at the Default Interest Rate time and place to which the same shall be so adjourned.
(as defined in d) Upon the Note)completion of any sale or sales made by Collateral Agent under or by virtue of this Section 3.4, Collateral Agent, Trustee, or an officer of any prepayment chargecourt empowered to do so, fee or premium required to be paid under the Note in order to prepay principal (shall execute and deliver to the extent permitted accepted purchaser or purchasers a good and sufficient instrument, or good and sufficient instruments, conveying, assigning and transferring all estate, right, title and interest in and to the property and rights sold. Each of Trustee and Collateral Agent is hereby irrevocably appointed the true and lawful attorney of Grantor, in its name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the Property and rights so sold and for that purpose Collateral Agent or Trustee may execute all necessary instruments of conveyance, assignment and transfer, and may substitute one or more persons with like power, Grantor hereby ratifying and confirming all that its said attorney or such substitute or substitutes shall lawfully do by applicable law)virtue hereof. Any such sale or sales made under or by virtue of this Section 3.04 shall operate to divest all the estate, attorneys' right, title, interest, claim and trustee's fees demand whatsoever, whether at law or in equity, of Grantor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against Grantor and against any other amounts due and unpaid to Grantee all persons claiming or who may claim the same, or any part thereof from, through or under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderGrantor.
Appears in 1 contract
Sources: Leasehold Deed of Trust (Golfsmith International Holdings Inc)
Foreclosure. Immediately commence (a) If an action Event of Default shall have occurred and be continuing, Collateral Agent shall be entitled to proceed to foreclose this Security Deed or of Trust and to specifically enforce its provisions or take any of and all necessary legal steps to pay the indebtedness Indebtedness secured hereby pursuant to and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of all proceedings in connection therewith, including reasonable attorneys' fees. In the statutes in event of any such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale Grantor shall be at the time, place and in the manner prescribed for deemed a tenant holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor over and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey 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.
(b) Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Deed of Trust by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Collateral Agent, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned.
(c) Upon the completion of any sale or sales made by Collateral Agent under or by virtue of this Section 3.4, Collateral Agent, Trustee, or an officer of any court empowered to do so, shall execute and deliver to the accepted purchaser or purchasers a good and sufficient titles instrument, or good and sufficient instruments, conveying, assigning and transferring all estate, right, title and interest in and to the property and rights sold. Each of Trustee and Collateral Agent is hereby irrevocably appointed the true and lawful attorney of Grantor, in its name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the Property and rights so sold and for that purpose Collateral Agent or Trustee may execute all necessary instruments of conveyance, assignment and transfer, and may substitute one or more persons with like power, Grantor hereby ratifying and confirming all that its said attorney or such substitute or substitutes shall lawfully do by virtue hereof. Any such sale or sales made under or by virtue of this Section 3.04 shall operate to divest all the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of Grantor in and to the properties and rights so sold; , and Grantee shall be a perpetual bar both at law and in equity against Grantor and against any and all persons claiming or who may claim the same, or any part thereof from, through or under Grantor.
(d) Upon any sale made under or by virtue of this Section 3.04, Collateral Agent may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for all or a portion of the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Collateral Agent is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount deduct under this Deed of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured herebyTrust.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.
Appears in 1 contract
Sources: Leasehold Deed of Trust (Golfsmith International Holdings Inc)
Foreclosure. Immediately commence Upon the occurrence and during the continuance of an action to foreclose this Security Deed or to specifically enforce its provisions or any Event of Default, the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels entire unpaid Indebtedness shall, at the option of Grantee.
Beneficiary, become immediately due and payable for all purposes without any notice or demand, except as required by law (1) Should Grantee ALL OTHER NOTICE OF THE EXERCISE OF SUCH OPTION, OR OF THE INTENT TO EXERCISE SUCH OPTION, BEING HEREBY EXPRESSLY WAIVED), and Beneficiary may, in addition to exercising any rights it may have elected with respect to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure Personal Property under the Uniform Commercial Code of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, jurisdiction in which the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, ▇▇▇▇▇ ▇▇▇▇▇ Project is located, after advertising said sale once institute proceedings in each any court of competent jurisdiction to foreclose this instrument as a mortgage, or to enforce any of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said Countycovenants hereof, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser Trustee or purchasersBeneficiary may, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law, either personally or by agent or attorney in fact, enter upon and take possession of the ▇▇▇▇▇ ▇▇▇▇▇ Project and may manage, rent or lease the ▇▇▇▇▇ ▇▇▇▇▇ Project or any portion thereof upon such terms as Beneficiary may deem expedient, and collect, receive and receipt for all rentals and other income therefrom and apply the sums so received as hereinafter provided in case of sale. Trustee is hereby further authorized and empowered, either after or without such entry, to sell and dispose of the ▇▇▇▇▇ ▇▇▇▇▇ Project en masse or in separate parcels (as Trustee may think best), and all the right, title and interest of Grantor therein, by advertisement or in any manner provided by applicable law, (GRANTOR HEREBY EXPRESSLY WAIVES ANY RIGHT TO A HEARING PRIOR TO SUCH SALE), and to issue, execute and deliver a deed of conveyance, all as then may be provided by applicable law; and Trustee, to the extent permitted by applicable law, shall, out of the proceeds or avails of such sale, after first paying and retaining all fees, charges, costs of advertising the ▇▇▇▇▇ ▇▇▇▇▇ Project and of making said sale, and attorneys' fees as herein provided, pay to Beneficiary or the legal holder of the Indebtedness the amount thereof, including all sums advanced or expended by Beneficiary or the legal holder of the Indebtedness, with interest from date of advance or expenditure at the Default Rate, rendering the excess, if any, as provided by the Master Loan Agreement; such sale or sales and trustee's fees said deed or deeds so made shall be a perpetual bar, both in law and equity, against Grantor, the heirs, successors and assigns of Grantor, and all other persons claiming the ▇▇▇▇▇ ▇▇▇▇▇ Project aforesaid, or any other amounts due part thereof, by, from, through or under Grantor. The legal holder of the Indebtedness may purchase the ▇▇▇▇▇ ▇▇▇▇▇ Project or any part thereof, and unpaid it shall not be obligatory upon any purchaser at any such sale to Grantee under see to the Loan Documentsapplication of the purchase money. PROHIBITION ON TRANSFER. The present ownership and management of the ▇▇▇▇▇ ▇▇▇▇▇ Project is a material consideration to Beneficiary in making the loan secured by this instrument, may be bid by Grantee and except as expressly permitted in the event Master Loan Agreement, Grantor shall not (i) convey title to all or any part of the ▇▇▇▇▇ ▇▇▇▇▇ Project, (ii) enter into any contract to convey (land contract/installment sales contract/contract for deed) title to all or any part of the ▇▇▇▇▇ ▇▇▇▇▇ Project which gives a foreclosure sale hereunderpurchaser possession of, or income from, the ▇▇▇▇▇ ▇▇▇▇▇ Project prior to a transfer of title to all or any part of the ▇▇▇▇▇ ▇▇▇▇▇ Project or (iii) cause or permit a Change in the Proportionate Ownership of Grantor (as defined in the Master Loan Agreement).
Appears in 1 contract
Sources: Second Deed of Trust and Security Agreement (BioMed Realty Trust Inc)
Foreclosure. Immediately commence Mortgagee may institute an action to foreclose of mortgage foreclosure against the Property, or take such other action at law or in equity for the enforcement of this Security Deed or to specifically enforce its provisions Mortgage and realization on the mortgage security or any other security herein or elsewhere provided for, as the law may allow, and may proceed therein to final judgment and execution for the entire unpaid balance of the indebtedness secured hereby pursuant principal debt and the Prepayment Premium, with interest thereon at the rate stipulated in the Note to the statutes date of default, and thereafter at the Default Rate specified in such case made and provided and sell the Property or cause the Property to be sold Note, together with all other sums due by Mortgagor in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure provisions of the Property Note and this Mortgage, including any sums which may have been advanced or loaned by effectuating a non-judicial foreclosure sale. Grantee shall then sellMortgagee to Mortgagor after the date of this Mortgage, including Future Advances, and all sums which may have been advanced by Mortgagee for taxes, water or offer for salesewer rents, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the timecharges or claims, place and in the manner prescribed for holding sheriff's sales of property of like kindpayments or prior liens, in the County where insurance, utilities or repairs to the Property, all costs of suit, together with interest at the Default Rate on any judgment obtained by Mortgagee from and after the date of any sheriff or a part other judicial sale until actual payment is made of the full amount due Mortgagee. In addition, as an alternative to the right of foreclosure for the full amount secured hereby after acceleration thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale Mortgagee shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale right, to the extent necessary permitted by law, to satisfy such bid. Grantor binds himself institute partial foreclosure proceedings with respect to warrant and forever defend the title portion of such purchaser or purchasers when said indebtedness so made by the Granteein default, as if under a full foreclosure, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire secured indebtedness secured by this Security Deed due, and provided that if said foreclosure sale is made because of such defaultdefault of a part of the secured indebtedness, such sale may be made subject to the continuing lien of this Mortgage for the unmatured part of the secured indebtedness. Such sale, and it is agreed that such sale pursuant to a partial foreclosure, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deedindebtedness, but as to such unmatured part, part this Security Deed Mortgage and the lien thereof shall remain in full force and effect just as though no foreclosure sale had been mademade under the provisions of this section. Several Notwithstanding the filing of any partial foreclosure or entry of a decree of sale therein, Mortgagee may elect at any time prior to a foreclosure sale pursuant to such decree, to discontinue such partial foreclosure and to accelerate the secured indebtedness by reason of any uncured default or defaults upon which such partial foreclosure was predicated or by reason of any other defaults, and proceed with full foreclosure proceedings. It is further agreed that several foreclosure sales may be made pursuant to partial foreclosures without exhausting the right of full or partial foreclosure sale with respect to for any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a partial foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power to foreclose and to sell the Property pursuant to any such partial foreclosure for any other part of the secured indebtedness whether matured at the time or subsequently maturing, and without exhausting any right of acceleration and full foreclosure. All advances, disbursements and expenditures made or incurred by Mortgagee before and during a foreclosure, and before and after judgment of foreclosure., and at any time prior to sale, and, where applicable, after sale, and during the pendency of any related proceedings, for the following purposes, in addition to those otherwise authorized by this Mortgage or by the Act (collectively "Protective Advances"), shall have the benefit of all applicable provisions of the Act, including those provisions of the Act hereinbelow referred to:
(3A) In all advances by Mortgagee in accordance with the event foreclosure proceedings terms of this Mortgage to: (i) preserve, maintain, repair, restore or rebuild the improvements upon the Property; (ii) preserve the lien of the Mortgage or the priority thereof; or (iii) enforce this Mortgage;
(B) payments by Mortgagee of: (i) principal, interest or other obligations in accordance with the terms of any senior mortgage or other prior lien or encumbrance; (ii) real estate taxes and assessments, general and special and all other taxes and assessments of any kind or nature whatsoever which are instituted assessed or imposed upon the Property or any part thereof; (iii) other obligations authorized by Granteethis Mortgage; or (iv) with court approval, all expenses incident any other amounts in connection with other liens, encumbrances or interests reasonably necessary to such proceedings, including, but not limited to, preserve the status of title;
(C) advances by Mortgagee in settlement or compromise of any claims asserted by claimants under senior mortgages or any other prior liens;
(D) reasonable and actual attorneys' and trusteeparalegals' fees and other costs incurred: (i) in connection with the foreclosure of this Mortgage; (ii) in connection with any action, suit or proceeding brought by or against Mortgagee for the enforcement of this Mortgage or arising from the interest of Mortgagee hereunder; or (iii) in preparation for or in connection with the commencement, prosecution or defense of any other action related to the Mortgage or the Property;
(E) Mortgagee's fees and costs, shall including reasonable and actual attorneys' and paralegals' fees, arising between the entry of judgment of foreclosure and the confirmation hearing;
(F) expenses deductible from proceeds of sale; and
(G) expenses incurred and expenditures made by Mortgagee for any one or more of the following: (i) if the Property or any portion thereof constitutes one or more units under a condominium declaration, assessments imposed upon the unit owner thereof; (ii) if Mortgagor's interest in the Property is a leasehold estate under a lease or sublease, rentals or other payments required to be made by the lessee under the terms of the lease or sublease; (iii) premiums for casualty and liability insurance paid by Grantor Mortgagee whether or not Mortgagee or a receiver is in possession, if reasonably required, in reasonable amounts, and secured by this Security Deed and by all renewals thereof, without regard to the limitation to maintaining of existing insurance in effect at the time any receiver or mortgagee takes possession of the other Loan Documents securing all Property; (iv) repair or any part restoration of damage or destruction in excess of available insurance proceeds or condemnation awards; (v) payments deemed by Mortgagee to be required for the benefit of the indebtedness evidenced Property or required to be made by the Note. The owner of the Property under any grant or declaration of easement, easement agreement, agreement with any adjoining land owners or instruments creating covenants or restrictions for the benefit of or affecting the Property; (vi) shared or common expense assessments payable to any association or corporation in which the owner of the Property is a member in any way affecting the Property; (vii) if the loan secured indebtedness hereby is a construction loan, costs incurred by Mortgagee for demolition, preparation for and all completion of construction, as may be authorized by the applicable commitment, loan agreement or other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate agreement; (as defined in the Note), any prepayment charge, fee or premium viii) payments required to be paid by Mortgagor or Mortgagee pursuant to any lease or other agreement for occupancy of the Property; and (ix) if this Mortgage is insured, payments of FHA or private mortgage insurance required to keep such insurance in force. All Protective Advances shall be so much additional indebtedness secured by this Mortgage, and shall become immediately due and payable without notice and with interest thereon from the date of the advances until paid at the rate of interest payable after default under the Note in order terms of the Note. This Mortgage shall be a lien for all Protective Advances as to prepay principal (subsequent purchasers and judgment creditors from the time this Mortgage is recorded. All Protective Advances shall, except to the extent permitted extent, if any, that any of the same is clearly contrary to or inconsistent with the provisions of the Act, apply to and be included in:
(1) any determination of the amount of indebtedness secured by applicable law), attorneys' this Mortgage at any time;
(2) the indebtedness found due and trustee's fees owing to the Mortgagee in the judgment of foreclosure and any other subsequent supplemental judgments, orders, adjudications or findings by the court of any additional indebtedness becoming due after such entry of judgment, it being agreed that in any foreclosure judgment, the court may reserve jurisdiction for such purpose;
(3) if right of redemption has not been waived by this Mortgage, computation of amounts due and unpaid required to Grantee under the Loan Documents, may be bid by Grantee redeem;
(4) determination of amounts deductible from sale proceeds;
(5) application of income in the event hands of a foreclosure sale hereunderany receiver or mortgagee in possession; and
(6) computation of any deficiency judgment.
Appears in 1 contract
Foreclosure. Immediately commence Upon the occurrence of an action to foreclose this Security Deed or to specifically enforce its provisions Event of Default, Lender may also without notice (except as specified below) sell the Collateral or any part thereof in one or more parcels at public or private sale, at any exchange, broker’s board or at any of Lender’s offices or elsewhere, for cash, on credit or for future delivery, at such time or times and at such price or prices and upon such other terms as Lender may deem commercially reasonable, irrespective of the indebtedness secured hereby pursuant to impact of any such sales on the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure market price of the Property Collateral. To the maximum extent permitted by effectuating a non-judicial foreclosure sale. Grantee shall then sellapplicable law, Lender may be the purchaser of any or offer for sale, the Property at public sale in accordance with the laws all of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing Collateral at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by entitled, for the exercise thereof, but may be exercised until full purpose of bidding and making settlement or payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts purchase price for all or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part any portion of the secured indebtedness. Such Collateral sold at any such public sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose use and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing apply all or any part of the indebtedness evidenced by Obligations as a credit on account of the Notepurchase price of any Collateral payable at such sale. The secured indebtedness Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of Pledgor, and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal Pledgor hereby waives (to the extent permitted by applicable law)) all rights of redemption, attorneys' and trustee's fees and stay, or appraisal that it now has or may at any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee time in the event future have under any rule of law or statute now existing or hereafter enacted. ▇▇▇▇▇▇▇ agrees that, to the extent notice of sale shall be required by law, at least ten (10) calendar days’ notice to Pledgor of the time and place of any public sale or the time after which a foreclosure private sale hereunderis to be made shall constitute reasonable notification. Pledgor hereby agrees that any sale or other disposition of the Collateral conducted in conformity with reasonable commercial practices of banks, insurance companies, or other financial institutions in Las Vegas, Nevada in disposing of property similar to the Collateral shall be deemed to be commercially reasonable. Lender shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. Lender may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. To the maximum extent permitted by law, Pledgor hereby waives any claims against Lender arising because the price at which any Collateral may have been sold at such a private sale was less than the price that might have been obtained at a public sale, even if Lender accepts the first offer received and does not offer such Collateral to more than one offeree.
Appears in 1 contract
Sources: Loan & Security Agreement
Foreclosure. Immediately commence an action Institute a proceeding or proceedings, judicial or otherwise (including, without limitation, by power of sale to foreclose the extent available to Lender or Trustee under applicable law, it being understood and agreed that Borrower hereby expressly grants Lender and Trustee such power of sale), for the complete foreclosure of this Security Deed Instrument under any applicable law. Institute a proceeding or proceedings, judicial or otherwise (including, without limitation, by power of sale to specifically enforce its provisions the extent available to Lender or Trustee under applicable law, it being understood and agreed that Borrower hereby expressly grants Lender and Trustee such power of sale), for the partial foreclosure of this Security Instrument under any applicable law for the portion of the indebtedness secured hereby pursuant Obligations then due and payable, subject to the statutes in such case made lien of this Security Instrument continuing unimpaired and provided without loss of priority so as to secure the balance of the Obligations not then due and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Granteepayable.
(1) Should Grantee have elected to accelerate If Lender is the indebtedness secured hereby, Grantee may initiate foreclosure purchaser of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a any part thereof, is locatedat any sale thereof, after advertising said whether such sale once in each be under the powers of sale hereinabove, or upon any other foreclosure of the four consecutive weeks (without regard to the number of days) immediately preceding the sale liens and security interests hereof, or otherwise, Lender shall, upon any such purchase, unless otherwise indicated in the newspaper in which are advertised sales by the sheriff of said Countyany writing evidencing such purchase, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of acquire good title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; so purchased, free of the liens and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made security interests created by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured herebyLoan Documents.
(2) Should Grantee have not elected to accelerate In the indebtedness secured herebyevent a foreclosure hereunder should be commenced, Grantee L▇▇▇▇▇ may nonetheless proceed with foreclosure in satisfaction of such default, either through at any time before the courts or by conducting a sale as hereinbefore provided, but without declaring abandon the entire indebtedness secured by this Security Deed duesale, and provided that if said sale is made because of such default, such sale may be made subject to then institute suit for the unmatured part collection of the secured indebtedness. Such saleLoan, if so made, shall not in any manner affect or for the unmatured part foreclosure of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been madeliens and security interests hereof. Several sales may be made without exhausting If L▇▇▇▇▇ should institute a suit for the right of sale with respect to any unmatured part collection of the secured indebtednessLoan, it being the purpose and intent hereof to provide or for a foreclosure and the sale of the Property for liens and security interests hereof, it may at any matured portion time before the entry of a final judgment in said secured indebtedness without exhausting suit dismiss the power same, and dispose of foreclosurethe Property, or any part thereof, in accordance with the provisions of this Security instrument.
(3) In It is agreed that in any deed or deeds given, any and all statements of fact or other recitals therein made as to the event foreclosure proceedings are instituted identity of Lender or as to the occurrence or existence of any Event of Default or other default, or as to the acceleration of the maturity of the Loan, or as to the request to sell, notice of sale, time, place, terms, and manner of sale, and receipt, distribution and application of the money realized therefrom, and, without being limited by Granteethe foregoing, all expenses incident as to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, any other act or thing having been duly done by L▇▇▇▇▇ shall be paid by Grantor and secured by this Security Deed and accepted by all courts of law and equity as prima facie evidence that the other Loan Documents securing all said statements or any part of the indebtedness evidenced by the Note. The secured indebtedness recitals are correct and all other obligations secured by this Security Deed, including, are without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required further questions to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderso accepted.
Appears in 1 contract
Foreclosure. Immediately commence an action to foreclose this Security Deed Mortgagee may institute any one or to specifically enforce its provisions or any more actions of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate mortgage foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing against all or any part of the indebtedness evidenced Mortgaged Premises, or take such other action at law or in equity for the enforcement of this Mortgage and realization on the security herein or elsewhere provided for, as the law may allow, and may proceed therein to final judgment and execution for the entire unpaid balance of the Liabilities, together with all future advances and any other sums due by Mortgagor in accordance with the Noteprovisions of this Mortgage, together with interest from the date of default at the rate then in effect under the Reimbursement Agreement plus three percent (3%) per annum, all costs of suit and attorneys' fees. The secured indebtedness In case of any sale of the Mortgaged Premises by judicial proceedings, the Mortgaged Premises may be sold in one parcel or in such parcels, manner or order as Mortgagee in its sole discretion may elect. Mortgagor, for itself and all anyone claiming by, through or under it, hereby agrees that Mortgagee shall in no manner, in law or in equity, be limited, except as herein provided, in the exercise of its rights in the Mortgaged Premises or in any other obligations security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Security DeedMortgage, includingwhether by any statute, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee rule or premium required precedent which may otherwise require said security to be paid under the Note marshalled in order any manner and Mortgagor, for itself and others as aforesaid, hereby expressly waives and releases any right to prepay principal (or benefit thereof. The failure to the extent permitted by applicable law), attorneys' and trustee's fees and make any other amounts due and unpaid tenant a defendant to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure proceeding shall not be asserted by Mortgagor as a defense in any proceeding instituted by Mortgagee to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale hereunderof the Mortgaged Premises.
Appears in 1 contract
Sources: Mortgage and Security Agreement (Burlington Coat Factory Warehouse Corp)
Foreclosure. Immediately commence (a) When an action Event of Default shall have occurred and is continuing or the Obligations shall become due, whether at maturity, by acceleration or otherwise, Mortgagee shall have the right to foreclose this Security Deed or to specifically enforce its provisions or any the consolidated lien of the indebtedness secured hereby pursuant to the statutes in such case made Existing Mortgages, as amended and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided restated by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale this Mortgage in accordance with the laws of the State of Georgia then in force New York. In any suit to foreclose the consolidated lien of the Existing Mortgages, as amended and governing said sales of real property and improvements under powers conferred restated by security deeds. Each such sale this Mortgage, there shall be allowed and included as additional Obligations in the decree of sale, all expenditures and expenses which may be paid or incurred by or on behalf of Mortgagee for attorneys' fees, appraisers' fees, outlays for documentary and expert evidence, stenographer's charges, publication costs, and costs (which may be estimated as to items to be expended after entry of the decree) of procuring all abstracts of title, title searches and examinations, title insurance policies, environmental review or testing of the Premises, and similar data and assurances with respect to title and the Premises' condition as Mortgagee may in its sole discretion deem necessary either to prosecute such suit or to evidence to bidders at sales which may be had pursuant to such decree the true conditions of the title to or the value or condition of the Premises and the right to such fees and expenses shall be deemed to have accrued on commencement of such action and shall be enforceable whether or not such action is prosecuted to judgment. All expenditures and expenses of the nature mentioned in this Section 20(a) shall be included in the Obligations and shall be immediately due and payable by Mortgagor, with interest thereon at the Default Rate until paid.
(b) In connection with any foreclosure sale permitted hereunder, Mortgagee is hereby authorized and empowered to: (i) to the extent permitted by and in accordance with the applicable provisions of law with respect to real property, sell, assign, transfer and deliver the whole or, from time to time, place and in any part of the manner prescribed for holding sheriff's sales of property of like kind, in the County where the PropertyPremises, or a any interest in any part thereof, is locatedat any private sale or by public auction, after advertising said sale once in each with or without demand, advertisement or notice of the four consecutive weeks time or place of sale or adjournment thereof or otherwise, for cash, on credit or for other property, for immediate or future delivery, and for such price or prices and on such terms as Mortgagee in its sole and absolute discretion may determine (without regard such empowerment and procedure being hereinafter referred to as the "Power of Sale"), or (ii) foreclose the consolidated lien of the Existing Mortgages, as amended and restated by this Mortgage, for such indebtedness, or such part thereof, by judicial action. With respect to the number Power of days) immediately preceding Sale, Mortgagee may postpone sale of all or any portion of the sale in Premises by announcement at the newspaper in which are advertised sales by the sheriff time and place of said Countysale, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor and, from time to conduct time thereafter, may further postpone such sale by announcement at the time and to execute in place fixed at the name of Grantor a deed or deeds of conveyance preceding postponement. Mortgagee shall deliver to the purchaser or purchasers, which its deed or deeds shall contain full warranties other appropriate instrument transferring title to the Premises, or the interest therein so sold, but without any covenant or warranty, express or implied. The recitals in such instrument of title in the name of Grantor and shall recite default in payment, advertisement and sale, which any matter or act shall be conclusive evidence proof of the truthfulness thereof. In case of any sale under this Mortgage, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount by virtue of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title judicial proceedings, Power of such purchaser or purchasers when so made by the GranteeSale, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but Premises may be exercised until full payment of the indebtedness secured herebysold in one parcel and as an entirety or in such parcels, manner or order as Mortgagee in its sole discretion may elect.
(2c) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with If a foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because as to part, but not all of such defaultthe Obligations, such sale may be made subject to the continuing consolidated lien of the Existing Mortgages, as amended and restated by this Mortgage for the unmatured part of the secured indebtednessObligations. Such sale, if so made, Any sale pursuant to a partial foreclosure shall not in any manner affect the unmatured or otherwise unsatisfied part of the debt secured by this Security DeedObligations (and Mortgagee's rights to conduct subsequent foreclosure sales with respect thereto), but but, as to such unmatured partor otherwise unsatisfied part this Mortgage, the consolidated lien of the Existing Mortgages, as amended and restated by this Security Deed Mortgage shall remain in full force and effect as though if no foreclosure sale had been mademade under the provisions of this Section 20. Several sales may be made without exhausting Notwithstanding the right filing of any action for partial foreclosure or entry of a decree of sale with respect therein, Mortgagee may elect at any time prior to any unmatured part a foreclosure sale pursuant to such decree, to discontinue such partial foreclosure and to accelerate the entire Obligations by reason of the secured indebtednessEvent of Default or Events of Default upon which such partial foreclosure was predicated or by reason of any other Event of Default, it being the purpose and intent hereof to provide for a proceed with full foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosureproceedings.
(3d) In any action to foreclose the event foreclosure proceedings are instituted consolidated lien of the Existing Mortgages, as amended and restated by Granteethis Mortgage, all expenses incident to such proceedingsincluding a partial foreclosure, includingno defense, but not limited to, attorneys' and trustee's fees and costs, counterclaim or setoff shall be paid by Grantor and secured by this Security Deed and by all available to Mortgagor other than one which denies the existence or sufficiency of the facts upon which the foreclosure action is grounded. If any defense, counterclaim or setoff, other Loan Documents securing than one permitted by the preceding sentence, is raised in such foreclosure action, such defense, counterclaim or setoff shall be dismissed; provided, however, if such defense, counterclaim or setoff is based on a claim which could be tried in an action for money damages, such claim may be brought in a separate action which shall not thereafter be consolidated with the foreclosure action. The bringing of any such separate action for money damages shall not be deemed to afford any grounds for staying the foreclosure action.
(e) Mortgagee, or any nominee of Mortgagee, may be a purchaser of the Premises or a portion thereof or any interest therein at any sale thereof, and may apply to the purchase price all or any part of the indebtedness evidenced by Obligations in lieu of payment in cash of the Noteamount of such Obligations applied. The secured indebtedness Any such purchaser shall, upon any such purchase, acquire good title to the properties so purchased, free of the consolidated lien of the Existing Mortgages, as amended and all other obligations secured restated by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (Mortgage to the extent permitted by applicable law)of the amount of Obligations so applied, attorneys' if less than all, and trustee's fees and free in any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderall rights of redemption in Mortgagor.
Appears in 1 contract
Foreclosure. Immediately commence Upon the occurrence of an action Event of Default, Lender shall ----------- have the right to foreclose this Security Deed or to specifically enforce its provisions or any of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold lien hereof in accordance with the requirements Illinois Mortgage Foreclosure Act, Ill. Rev. Stat. ch. 110, para. 15-1101 (1987), 735 ILCS 5/15-1101 (1992), et seq. (the "Act") and procedures to exercise any other remedies of -- --- Lender provided in the Note, this Mortgage, the other Loan Documents, or which Lender may have at law, in equity or otherwise. In any suit to foreclose the lien hereof, there shall be allowed and included as additional Indebtedness in the decree of sale, all expenditures and expenses which may be paid or incurred by said statutes in a single parcel or in several parcels at the option on behalf of Grantee.
Lender for attorneys' fees, appraisers' fees, outlays for documentary and expert evidence, stenographers' charges, publication costs, costs (1) Should Grantee have elected which may be estimated as to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure items to be expended after entry of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then selldecree) of procuring all such abstracts of title, or offer for saletitle searches and examinations, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereofinsurance policies, and shall convey to the purchaser or purchasers good similar data and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale assurance with respect to any unmatured part title as Lender may deem reasonably necessary either to prosecute such suit or to evidence to bidders at sales which may be had pursuant to such decree the true conditions of the secured indebtednesstitle to or the value of the Premises, it being and any other expenses and expenditures which may be paid or incurred by or on behalf of Lender and permitted by the purpose Act to be included in such decree. All expenditures and intent hereof to provide for a foreclosure expenses of the nature mentioned in this Paragraph, and such other expenses and fees as may be incurred in the protection of the Premises and rents and income therefrom and the sale maintenance of the Property for lien of this Mortgage, including the fees of any matured portion of said secured indebtedness without exhausting attorney employed by Lender in any litigation or proceedings affecting this Mortgage, the power of foreclosure.
(3) In Note or the event foreclosure proceedings are instituted by GranteePremises, all expenses incident to such including probate and bankruptcy proceedings, includingor in preparation of the commencement or defense of any proceedings or threatened suit or proceeding, but not limited to, attorneys' and trustee's fees and costsor otherwise in dealing specifically therewith, shall be paid so much additional Indebtedness and shall be immediately due and payable by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security DeedBorrower, including, without limitation, with interest thereon at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderuntil paid.
Appears in 1 contract
Sources: Leasehold Mortgage (Mutual Benefit Chicago Marriott Suite Hotel Partners L P)
Foreclosure. Immediately commence Upon the occurrence of an action to foreclose this Security Deed or to specifically enforce its provisions or any Event of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby----------- Default, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sellthen, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kindevery such case, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale Lender shall have the right to credit foreclose the secured indebtedness owing lien hereof in accordance with applicable Florida law and to such Grantee upon exercise any other remedies of Lender provided in any one or more of the amount Documents, or which Lender may have at law, at equity or otherwise. In any suit to foreclose the lien hereof, there shall be allowed and included as additional Obligations in the decree of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, all expenditures and expenses which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment paid or incurred by or on behalf of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed Lender in connection with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deedsuit, including, without limitation, all attorneys' fees, receivers' fee, environmental consultants' fees, appraisers fees, outlays for documentary and expert evidence, stenographer's charges, publication costs, costs (which may be estimated as to items to be expended after entry of the decree) of procuring all such abstracts of title, title searches and examination, title insurance policies, and similar data and assurance with respect to title as Lender may deem reasonably necessary either to prosecute such suit or to evidence to bidders at sales which may be had pursuant to such decree the true conditions of the title to or the value of the Property, and any other expenses and expenditures which may be paid or incurred by or on behalf of Lender. All expenses of the nature mentioned in this Paragraph, and such other expenses and fees as may be incurred in the protection of the Property and rents and income therefrom and the maintenance of the lien of this Mortgage, including, without limitation, attorneys' fees shall be part of the Obligations and shall be immediately due and payable by Borrower with interest thereon at the Default Interest Rate (as defined in from the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event date of a foreclosure sale hereunderexpenditure until paid.
Appears in 1 contract
Foreclosure. Immediately commence an action Upon the occurrence and during the continuance of a ----------- Default, the Trustee or his or her successor or substitute is authorized and empowered and it shall be his or her special duty at the request of the Administrative Agent to foreclose this Security Deed or take all actions necessary to specifically enforce its provisions sell the Mortgaged Property, or any part thereof, situated in the State of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold Texas in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia Texas then in force and governing said sales of real property and improvements estate under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales deed of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such salestrust. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the GranteeTrustee hereunder may be of the entire Mortgaged Property, as an entirety, or in such parcels as the Administrative Agent may request, and agrees any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. The sale by the Trustee of less than the whole of the Mortgaged Property shall not exhaust the power of sale herein granted, and the Trustee is specifically empowered to accept make successive sale or sales under such power until the whole of the Mortgaged Property shall be sold; and, if the proceeds of said sale, if any, which are payable to Grantor such sale of less than the whole of the Mortgaged Property shall be less than the aggregate of the Secured Indebtedness and the expense of executing this trust as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed of Trust and the lien hereof shall remain in full force and effect as to the unsold portion of the Mortgaged Property just as though no sale had been made. Several sales may be made without exhausting the ; provided, however, that Grantor shall never have any right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and require the sale of less than the whole of the Mortgaged Property but the Administrative Agent shall have the right, at its sole election, to request the Trustee to sell less than the whole of the Mortgaged Property. After each sale, the Trustee shall make to the purchaser or purchasers at such sale good and sufficient conveyances in the name of Grantor, conveying the Property for any matured portion so sold to the purchaser or purchasers in fee simple with general warranty of title, and shall receive the proceeds of said secured indebtedness without exhausting sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by the Trustee or his or her substitute or successor, and such power of sale may be exercised from time to time and as many times as the Administrative Agent may deem necessary until all of the Mortgaged Property has been duly sold and all Secured Indebtedness has been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of the Administrative Agent, such sale shall not exhaust the power of foreclosure.
(3) In sale hereunder and the event foreclosure proceedings are instituted Administrative Agent shall have the right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact or other recitals made in any deed or deeds given by Granteethe Trustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness, or as to the occurrence of any Default, or as to the Administrative Agent having declared all expenses incident of such indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the properties to be sold having been duly given, or as to the refusal, failure or inability to act of the Trustee or any substitute or successor, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by the Administrative Agent or by such proceedingsTrustee, including, but not limited to, attorneys' and trustee's fees and costssubstitute or successor, shall be paid by Grantor and secured by this Security Deed and by all taken as prima facie evidence of the other Loan Documents securing all or any part truth of the indebtedness evidenced facts so stated and recited. The Trustee or his or her successor or substitute may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by the Note. The secured indebtedness Trustee, including the posting of notices and all other obligations secured by this Security Deedthe conduct of sale, including, without limitation, interest at the Default Interest Rate (as defined but in the Note), any prepayment charge, fee name and on behalf of the Trustee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderhis or her successor or substitute.
Appears in 1 contract
Foreclosure. Immediately commence an action (a) During the continuance of a default, this Mortgage may be foreclosed as to foreclose the Mortgaged Properties, or any part thereof, in any manner permitted by applicable law.
(b) Mortgagor specifically requests that a copy of any notice of default and a copy of any notice of sale under this Security Deed Mortgage be mailed to Mortgagor at the address for Mortgagor specified in this Mortgage.
(c) During the continuance of a default, Agent may exercise its rights of enforcement with respect to the Collateral under the Uniform Commercial Code of the State of Kansas, as amended, or under the Uniform Commercial Code or any other statute in force in any state to the extent the same is applicable law. Cumulative of the foregoing and the other provisions of this Section 4.4:
(i) to the extent permitted by law, Agent may enter upon the Mortgaged Properties or otherwise upon Mortgagor’s premises to take possession of, assemble and collect the Collateral or to specifically enforce its provisions render it unusable; and
(ii) Agent may require Mortgagor to assemble the Collateral and make it available at a place Agent designates which is mutually convenient to allow Agent to take possession or dispose of the Collateral; and
(iii) written notice mailed to Mortgagor as provided herein at least ten (10) Business Days (as such term is defined in the Credit Agreement, and as so defined, it is used in this Mortgage) prior to the date of public sale of the Collateral or prior to the date after which private sale of the Collateral will be made shall constitute reasonable notice; and
(iv) in the event of a foreclosure of the liens and/or security interests evidenced hereby, the Collateral, or any part thereof, and the Mortgaged Properties, or any part thereof, may, at the option of Agent, be sold, as a whole or in parts, together or separately (including, without limitation, where a portion of the Mortgaged Properties is sold, the Collateral related thereto may be sold in connection therewith); and
(v) the expenses of sale provided for in clause FIRST of Section 4.6 shall include the reasonable expenses of retaking the Collateral, or any part thereof, holding the same and preparing the same for sale or other disposition; and
(vi) should, under this subsection, the Collateral be disposed of other than by sale, any proceeds of such disposition shall be treated under Section 4.6 as if the same were sales proceeds.
(d) To the extent permitted by applicable law, the sale hereunder of less than the whole of the Property shall not exhaust the powers of sale herein granted with respect to personal property or the right to judicial foreclosure, and successive sale or sales may be made until the whole of the Property shall be sold, and, if the proceeds of such sale of less than the whole of the Property shall be less than the aggregate of the indebtedness secured hereby pursuant to and the statutes in expense of conducting such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, this Mortgage and the Property at public sale in accordance with the laws of the State of Georgia then in force liens and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed interests hereof shall remain in full force and effect as to the unsold portion of the Property just as though no sale had been made; provided, however, that Mortgagor shall never have any right to require the sale of less than the whole of the Property. Several In the event any sale hereunder is not completed or is defective in the opinion of Agent, such sale shall not exhaust the powers of sale hereunder with respect to personal property or the right to judicial foreclosure, and Agent shall have the right to cause a subsequent sale or sales to be made. Any sale may be made adjourned by announcement at the time and place appointed for such sale without exhausting the right further notice except as may be required by law. The Agent acting under power of sale with respect to personal property may appoint or delegate any unmatured part of the secured indebtedness, it being the purpose and intent hereof one or more persons as agent to provide for a foreclosure and the sale of the Property for perform any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses act or acts necessary or incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid any sale held by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, it (including, without limitation, interest the posting of notices and the conduct of sale), and such appointment need not be in writing or recorded. Any and all statements of fact or other recitals made in any deed or deeds, or other instruments of transfer, given in connection with a sale as to nonpayment of the secured indebtedness or as to the occurrence of any default, or as to all of the secured indebtedness having been declared to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to any other act or thing having been duly done, shall be taken as prima facie evidence of the truth of the facts so stated and recited. Notwithstanding any reference herein to the Credit Agreement or any other Loan Document, all persons dealing with the Mortgaged Properties shall be entitled to rely on any document, or certificate, of the Agent as to the occurrence of an event, such as a default, and shall not be charged with or forced to review any provision of any other document to determine the accuracy thereof. With respect to any sale held in foreclosure of the liens and/or security interests covered hereby, it shall not be necessary for the Agent, any public officer acting under execution or order of the court or any other party to have physically present or constructively in his/her or its possession, either at the Default Interest Rate (as defined in time of or prior to such sale, the Note), Property or any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderpart thereof.
Appears in 1 contract
Foreclosure. Immediately commence In addition to the rights set forth above in Paragraph 20 hereof, upon an action to foreclose Event of Default under this Security Deed or to specifically enforce its provisions of Trust, the Obligations or any of other agreement or assignment additionally securing the indebtedness secured hereby pursuant to Obligations, then the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels Obligations then remaining unpaid shall, at the option of Grantee.
, become immediately due and payable regardless of maturity, without notice or demand, and this Deed of Trust shall remain in force, and the Trustee (1or successor Trustee appointed by Grantee in its sole discretion or by the Circuit Court if none is so appointed) Should Grantee have elected to accelerate the indebtedness secured herebyshall, Grantee may initiate foreclosure after receiving notice of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sellelection and demand for sale from the Grantee, proceed to sell the Mortgaged Premises as one parcel in its entirety or offer any part thereof, either in mass or in parcels, at the Jefferson County Courthouse in the County of Jefferson, State of Missouri or such other location as such sales are customarily held, to the highest bidder for cash, first making or causing to be made or given such demands or notices of the time, terms and place of sale, and a description of the Property at public sale in accordance with property to be sold, by advertisement published and as is provided by the laws of the State of Georgia Missouri then in force effect, and governing said sales upon sale, the Trustee shall (subject to any applicable statutory periods and rights of real property redemption) execute and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales deliver a deed of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each conveyance of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey property sold to the purchaser or purchasers good thereof, and sufficient titles any statement or recital of fact in such deed, in relation to the Property sold; nonpayment of the Obligations, existence of the Obligations, notice of advertisement, sale and Grantee is authorized to receipt of the proceeds of sale, shall be a bidder presumptive evidence of the truth of such statements or recital, and purchaser at all such sales. Any Grantee purchasing at any the Trustee shall receive the proceeds of such sale out of which the Trustee shall have pay: First, the right to credit the secured indebtedness owing to such Grantee upon the amount cost and expenses of its bid entered at such sale executing this trust, including compensation to the extent necessary Trustee and to satisfy such bid. Grantor binds himself any attorneys employed by the Trustee or the Grantee for their services; second, to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, upon the usual vouchers therefor, all amounts paid for insurance, taxes, lien claims, and agrees to accept proceeds other payments made by Grantee as provided herein, with interest thereon at the Default Rate; third, the amount due on the Obligations then due and unpaid; fourth, the amount due on any junior encumbrances, with interest; fifth, the remainder of said salesuch proceeds, if any, which are payable shall be paid to Grantor. The Grantee may bid and become purchaser at any sale under this Deed of Trust. Any sale of the Mortgaged Premises under this Deed of Trust shall, without further notice, create the relation of landlord and tenant at sufferance between the purchaser and Grantor or any person holding possession of the Mortgaged Premises through Grantor, and upon failure of Grantor or such person to surrender possession thereof immediately, Grantor or such person may be removed by a writ of possession of the purchaser in any Court having venue. The Trustee may sell and convey the Mortgaged Premises under the power aforesaid, although the Trustee has been, may now be or may hereafter be attorney or agent of the Grantee in respect to the loan made by the Grantee evidenced by the Obligations or this Deed of Trust or in respect to any matter of business whatsoever. The Trustee hereby lets the Mortgaged Premises to Grantor as provided herein. All acts until a sale be had under the foregoing provisions, upon the following terms and conditions, such letting being to wit: Grantor and every and all persons claiming or possessing the Mortgaged Premises, or any part thereof, by, through or under Grantor shall pay rent therefor during said term at the rate of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwiseone cent per month, are granted as cumulative of the remedies provided herebypayable monthly upon demand, and shall surrender immediate peaceable possession of said premises, to the purchaser thereof, under such sale, without notice or demand therefor. Should possession not be exhausted surrendered as provided for herein the purchaser shall be entitled to institute proceedings for possession as aforesaid. Except to the extent contrary to law, Grantor waives the benefit of all laws now existing or that hereafter may be enacted providing for (i) any appraisement before sale of any portion of the Mortgaged Premises, (ii) any exemption, under and by virtue of any statute of the exercise State of Missouri, and (iii) the benefit of all laws that may be hereafter enacted in any way extending the time for the enforcement of the collection of the Obligations or creating or extending a period of redemption from any sale made in collecting the Obligations, and Grantor hereby agrees and contracts that the laws of the State of Missouri, save as above excepted, now in force relative to the collection of the Obligations and the application to the payment thereof, but may are expressly adopted and made a part hereof. In any action or proceeding to foreclose this Deed of Trust, Grantee shall be exercised until full at liberty to apply, without notice, for the appointment of a receiver for the rents and profits of the Mortgaged Premises, and shall be entitled to the appointment of such a receiver as a matter of right without regard to the value of the Mortgaged Premises as security for the indebtedness due Grantee or the solvency of any person, or corporation, liable for the payment of such indebtedness. The rights of Grantee under this Deed of Trust and the indebtedness secured hereby.
Note shall be separate, distinct and cumulative and none of them shall be in exclusion of the others and shall be in addition to the rights and remedies of Grantee at law or in equity. No act of the Grantee shall be construed as an election to proceed under any one provision to the exclusion of any other provision. Grantor, upon request of Grantee, shall certify, by a writing duly acknowledged to Grantee or to any proposed assignee of this Deed of Trust, the amount of principal and interest then owing on this Deed of Trust, and the Obligations, whether any offsets or defenses exist against the Obligations. Such certificate shall be executed and delivered to Grantee within ten (210) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction days of such default, either through request. In the courts event of foreclosure or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because deed in lieu of such default, such sale may be made subject to the unmatured part foreclosure of the secured indebtedness. Such saleFirst Mortgage, if so madeor full repayment of the Affordable Second, shall not any provision herein or in any manner affect collateral agreement restriction the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale use of the Property for any matured portion of said secured indebtedness without exhausting or restricting the power of foreclosure.
(3) In Borrower’s ability to sell the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costsProperty, shall be paid by Grantor and secured by this Security Deed and by all automatically have no further force or effect on subsequent owners or purchasers of the Property. Any Person, including his successors and assigns, (other Loan Documents securing all than the Borrower or any part related entity or person to the Borrower) receiving title to the Property through a foreclosure or deed in lieu of foreclosure of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (First Mortgage shall receive title to the extent permitted by applicable law), attorneys' Property free and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderclear from such restrictions.
Appears in 1 contract
Sources: Deed of Trust
Foreclosure. Immediately commence an action to foreclose Upon Borrower’s breach of any representation, covenant or agreement of Borrower in this Security Deed or to specifically enforce its provisions Instrument, the Note, the Environmental Indemnity Agreement or any of other Loan Document, including, but not limited to, the indebtedness covenants to pay when due any sums secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels this Security Instrument, beyond any applicable cure periods expressly specified above, at the option of Grantee.
, this Security Instrument may be foreclosed by judicial proceedings, or Grantee may, without further notice, enter and take possession of the Property, personally or through it agents, and it shall be lawful for and the duty of Grantee to sell the Property, en masse or in separate parcels (1) Should Grantee have elected to accelerate the indebtedness secured hereby, as Grantee may initiate foreclosure elect) and all title and interest of Borrower therein, at any place then authorized by law as may be specified in the Property by effectuating a notice of such sale to the highest bidder, all in compliance with applicable law relating to non-judicial foreclosure sales in effect on the date that foreclosure is commenced. Without limiting the foregoing, the Grantee shall cause to be recorded, published and delivered to Borrower such notice of default and election to sell as shall then be required by applicable law and by this Security Instrument. Grantee shall, without demand on Borrower, after lapse of such time as may then be required by applicable law and after recordation of such notice of default and election to sell and after notice of sale having been given as required by law, sell the Premises at the time and place of sale fixed by the Grantee in said notice of sale, either as a whole, or in separate lots or parcels or items as Grantee shall deem expedient, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States payable at the time of sale. Grantee shall then selldeliver to such purchaser or purchasers thereof its good and sufficient deed or deeds conveying the Premises so sold, but without any covenant or offer for salewarranty, the Property at public sale express or implied. The recitals in accordance with the laws such deed of any matters or facts shall be conclusive proof of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deedstruthfulness thereof. Each such sale shall be Any person, including, without limitation, Borrower or Grantee, may purchase at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself Borrower hereby covenants to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided hereinpurchasers. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured herebyIn addition, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, credit bid at any such sale may an amount up to and including the full amount due under the Loan, including, without limitation, accrued and unpaid interest, principal, charges, advances made thereunder. Grantee shall be made subject entitled to the unmatured part of the secured indebtedness. Such sale, if so made, shall not collect from Borrower all costs and expenses incurred in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of pursuing foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's ’ fees and costscosts of environmental reports, appraisals, documentary evidence, abstracts, and title reports. Grantee shall be paid by Grantor and secured by this Security Deed and by all deliver to the purchaser a deed conveying the Property so sold without any covenant or warranty, expressed or implied. The recitals in the deed shall apply the proceeds of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined sale in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by accordance with applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.
Appears in 1 contract
Foreclosure. Immediately commence an action to foreclose this Security Deed or to specifically enforce its provisions or (a) All fees, costs and expenses of any of the indebtedness secured hereby pursuant to the statutes kind incurred by Beneficiary in such case made and provided and sell the Property or cause the Property to be sold in accordance connection with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws this Deed of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security DeedTrust, including, without limitation, the costs of any appraisals of the Trust Property obtained by Beneficiary, all costs of any receivership for the Trust Property advanced by Beneficiary, and all reasonable attorneys' and consultants' fees incurred by Beneficiary, appraisers' fees, outlays for documentary and expert evidence, stenographers' charges, publication costs and costs (which may be estimates as to items to be expended after entry of the decree) of procuring all such abstracts of title, title searches and examination, title insurance policies and similar data and assurances with respect to title, as Trustee or Beneficiary may reasonably deem necessary either to prosecute such suit or to evidence to bidders at the sales that may be had pursuant to such proceedings the true conditions of the title to or the value of the Trust Property, together with and including a reasonable compensation to Trustee, shall constitute a part of the Obligations and may be included as part of the amount owing from Trustors to Beneficiary at any foreclosure sale.
(b) The proceeds of foreclosure sale of the Trust Property shall be distributed and applied in the following order of priority: first, on account of all costs and expenses incident to the foreclosure proceedings, including, without limitation, all such items as are mentioned in Section 4.4(b) hereof; -------------- second, to the payment of all sums expended under the terms hereof not then repaid, with accrued interest at the Default Interest Rate Rate; third, to the payment of all other Obligations; and lastly, the remainder, if any, to the person or persons legally entitled thereto.
(c) In case of an insured loss after judicial foreclosure or Trustee's sale proceedings have been instituted, the proceeds of any insurance policy or policies, if not applied to rebuilding or restoring the buildings or improvements, shall be used to pay the amount due upon the Obligations. In the event of judicial foreclosure or Trustee's sale, Beneficiary or Trustee is hereby authorized, without the consent of Trustors, to assign any and all insurance policies to the purchaser at the sale, or to take such other steps as defined in Beneficiary or Trustee may deem advisable to cause the Note), any prepayment charge, fee or premium required interest of such purchaser to be paid under protected by any of the Note said insurance policies.
(d) To the fullest extent allowable by law, each Trustor hereby expressly waives any right which it may have to direct the order in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and which any other amounts due and unpaid to Grantee under the Loan Documents, may Trust Property shall be bid by Grantee sold in the event of a any sale or sales pursuant to this Deed of Trust.
(e) Nothing in this Section dealing with foreclosure sale hereunderprocedures or specifying particular actions to be taken by Beneficiary or by Trustee or any similar officer shall be deemed to contradict or add to the requirements and procedures now or hereafter specified by Colorado law, and any such inconsistency shall be resolved in favor of Colorado law applicable at the time of foreclosure.
Appears in 1 contract
Sources: Deed of Trust (Isle of Capri Black Hawk Capital Corp)
Foreclosure. Immediately commence an action to foreclose this Security Deed or to specifically enforce its provisions or any The Trustees may take possession of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property Property, or cause any part thereof requested by the Beneficiary to be sold, and in connection therewith the Grantors hereby (a) assent to the passage of a decree for the sale of the Property by the equity court having jurisdiction, and (b) authorize and empower the Trustees to be sold take possession of and sell (or in case of the default of any purchaser to resell) the Property, or any part thereof, all in accordance with the requirements Laws or rules of court relating to deeds of trust, including any amendments thereof, or additions thereto, which do not materially change or impair the remedy. In connection with any foreclosure, the Beneficiary and/or the Trustees may (a) procure such title reports, surveys, tax histories and procedures provided appraisals as they deem necessary, and (b) make such repairs and Additions to the Property as they deem advisable, all of which shall constitute Expenses. In case of any sale under this Deed of Trust, by said statutes virtue of judicial proceedings or otherwise, the Grantor's interest in a single parcel the Property may be sold as an entirety or in parcels, by one sale or by several parcels sales, as may be deemed 29 30 by the Trustees to be appropriate and without regard to any right of the Grantors or any other Person to the marshaling of assets. Any sale hereunder may be made at public auction, at such time or times, at such place or places, and upon such terms and conditions and after such previous public notice as the Trustees shall deem appropriate and advantageous and as required by Law. Upon the terms of such sale being complied with, the Trustees shall convey to, and at the option of Grantee.
(1) Should Grantee have elected to accelerate cost of, the indebtedness secured hereby, Grantee may initiate foreclosure purchaser or purchasers the interests of the Grantors in the Property by effectuating so sold, free and discharged of and from all estate, title or interest of the Grantors, at law or in equity (including, but not limited to any rights under the Sub-Lease and/or the Facility Lease to occupy the Property), such purchaser or purchasers being hereby discharged from all liability to see to the application of the purchase money, and such purchaser or purchasers having the right to terminate the Sub-Lease and/or the Facility Lease. The proceeds of such sale or sales under this Deed of Trust, whether under the assent to a non-judicial foreclosure decree, the power of sale. Grantee shall then sell, or offer for saleby equitable foreclosure, shall be held by the Trustees and applied as follows: First, to pay (a) all Expenses incurred in connection with such sale or in preparing the Property at public for such sale including, among other things, a counsel fee of $5,000 to the attorneys representing the Beneficiary and the Trustees for conducting the proceedings if without contest, but if legal services be rendered to the Trustees and the Beneficiary in accordance connection with any contested matter in the laws proceedings, then such other counsel fees shall be allowed and paid out of the State proceeds of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at or sales as the timecourt having jurisdiction may deem proper, place and in (b) a trustees' commission equal to the manner prescribed commission allowed trustees for holding sheriff's making sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each under decrees of the four consecutive weeks (without regard equity court having jurisdiction; Second, to pay all of the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, Obligations and all other notice being hereby waived by Grantor. Grantor hereby constitutes interest then due and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and saleaccrued thereon, which shall be conclusive evidence thereofinclude interest through the date of ratification of the auditor's account; and lastly, to pay the surplus, if any, to the Grantors or any Person entitled thereto upon surrender and shall convey delivery to the purchaser or purchasers good and sufficient titles to of the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the GranteeProperty, and agrees to accept proceeds of said saleless the Expenses, if any, which are payable to Grantor as provided hereinof obtaining possession. All acts Immediately upon the filing of said Grantee as attorney-in-fact are hereby ratified any foreclosure under this Deed of Trust, there shall also become due and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable owing by death or otherwise, are granted as cumulative the Grantors a commission on the total amount of the remedies provided herebyObligations then due equal to one-half of the percentage allowed as commission to trustees making sales under orders or decrees of the equity court having jurisdiction, and no Person shall not be exhausted by required to receive only the exercise thereof, but may be exercised until full payment aggregate amount of the indebtedness secured hereby.
(2) Should Grantee have not elected Obligations to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction date of payment unless the same is accompanied by a tender of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosurecommission.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.
Appears in 1 contract
Sources: Leasehold Deed of Trust, Assignment and Security Agreement (Bioreliance Corp)
Foreclosure. Immediately commence an action (a) Should Agent (acting at the direction of the Required Holders) elect to foreclose by exercise of the power of sale herein contained, Agent shall deliver to Trustee a written declaration of default and demand for sale, and shall deposit with Trustee this Security Deed or to specifically enforce its provisions or any Instrument and such receipts and evidence of the indebtedness expenditures made and secured hereby pursuant as Trustee may require.
(b) Upon receipt of notice from Agent, Trustee shall cause to the statutes in be recorded, published and delivered to Grantor such case made notice of default and provided election to sell as is then required by law. Trustee shall, without demand on Grantor, after lapse of such time as may then be required by law and after recordation of such notice of default and after notice of sale having been given as required by law, sell the Property or cause at the Property to be sold time and place of sale fixed by it in accordance with the requirements and procedures provided by said statutes in notice of sale, either as a single parcel whole, or in several separate lots or parcels or items and in such order as Agent (acting at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure direction of the Property by effectuating a non-judicial foreclosure Required Holders) may direct Trustee so to do, at public auction to the highest bidder for cash in lawful money of the United States payable at the time of sale. Grantee Trustee shall then sell, deliver to such purchaser or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force purchasers thereof its good and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a sufficient deed or deeds conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of conveyance to the purchaser any matter or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which fact shall be conclusive evidence proof of the truthfulness thereof. Any person, including, without limitation, Grantor, Trustee, Agent or any Agent, may purchase at such sale, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself hereby covenants to warrant and forever defend the title of such purchaser or purchasers when so made purchasers.
(c) Subject to applicable law, Trustee may postpone the sale of all or any portion of the Property by public announcement at the time and place of sale, and from time to time thereafter may postpone such sale by public announcement or subsequently noticed sale, and without further notice make such sale at the time fixed by the Granteelast postponement, or may, in its discretion, give a new notice of sale.
(d) The Property may be sold in one or more parcels and agrees in such manner and order as Agent (acting at the direction of the Required Holders), may direct Trustee so to accept proceeds do. A sale of said sale, if any, which are payable to Grantor as provided herein. All acts less than the whole of said Grantee as attorney-in-fact are hereby ratified and confirmed. The the Property or any defective or irregular sale made hereunder shall not exhaust the power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided herebyfor herein, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several subsequent sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.hereunder until all
Appears in 1 contract
Foreclosure. Immediately commence If any Event of Default shall occur and be continuing, the Collateral Trustee may exercise, in addition to all other rights and remedies granted to it in this Collateral Trust and Security Agreement and in any other instrument, document or agreement securing, evidencing or relating to the Series B Notes, all rights and remedies of a secured party under the UCC or other applicable law. Without limiting the generality of the foregoing, to the extent permitted by law, the Grantor expressly agrees that in any such event the Collateral Trustee, without demand of performance or other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon the Grantor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived), may forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and may forthwith sell, lease, assign, give an option or options to purchase, or otherwise dispose of and deliver said Collateral (or contract to do so), or any part thereof, at a public or private sale or sales, at any exchange or broker’s board or at any of the Collateral Trustee’s offices or elsewhere at such price or prices as it may deem satisfactory, for cash or on credit or for future delivery without assumption of any credit risk, and the Collateral Trustee may enter into any property where any Collateral is located and take possession thereof with or without judicial process; provided, however, that notwithstanding anything to the contrary contained in this Collateral Trust and Security Agreement, the Collateral Trustee may not take any action to foreclose this Security Deed or otherwise realize upon the Collateral or to specifically enforce its provisions or any take possession of the indebtedness secured hereby pursuant to the statutes Collateral except in such case made and provided and sell the Property or cause the Property to be sold in express accordance with the requirements Subordination Agreement and procedures provided Section 9.5 hereof. Prior to the disposition of any Collateral, the Collateral Trustee may store, process, repair or recondition the Collateral or otherwise prepare it for disposition in any manner and to the extent that the Collateral Trustee deems appropriate. The Collateral Trustee shall have the right upon any such public sale or sales and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure Collateral so sold on behalf of the Property Lenders, and to offset the purchase price thereof against the Series B Notes or any portion thereof, and thereafter to hold the same, absolutely free and clear of any claim or right of whatsoever kind, including any right or equity of redemption in the Grantor, which right or equity is, to the extent permitted by effectuating a non-judicial foreclosure salelaw, hereby waived and released. Grantee shall then sell, or offer for Upon any such sale, the Property at public sale in accordance with Collateral Trustee shall have the laws of the State of Georgia then in force right to deliver, assign and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance transfer to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in thereof the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the Collateral sold. Each purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have hold the property sold absolutely free from any claim or right to credit of whatsoever kind, including any right or equity of redemption in the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale Grantor, which right or equity is, to the extent necessary to satisfy permitted by law, hereby waived and released, and any rights of stay or appraisal which the Grantor has or may have under any rule of law or statute now existing or hereafter adopted. Any such bid. Grantor binds himself to warrant public or private sale shall be held at such time or times within ordinary business hours and forever defend at such place or places as may be required by law, as the title Collateral Trustee may fix in the notice of such purchaser sale. At any such private or purchasers when so made by public sale the GranteeCollateral may be sold as an entirety or in separate parcels, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmedthe Collateral Trustee may determine. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and Collateral Trustee shall not be exhausted obligated to make any sale pursuant to any such notice. The Collateral Trustee may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of time and place fixed for such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed duesale, and provided that if said sale is made because of such default, such sale may without further notice be made subject at any time or place to which the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales same may be made without exhausting the right so adjourned. In case of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced Collateral on credit or for future delivery, the Collateral so sold may be retained by the NoteCollateral Trustee until the selling price is paid by the purchaser thereof, but the Collateral Trustee shall not incur any liability in case of the failure of such purchaser to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may again be sold upon like notice. The secured indebtedness Collateral Trustee, however, instead of exercising the power of sale herein conferred upon it may proceed by a suit or suits at law or in equity to foreclose the security interest granted pursuant to this Collateral Trust and Security Agreement and sell the Collateral or any portion thereof, under a judgment or decree of court or courts of competent jurisdiction, the Grantor having been given notice of all other obligations secured by this Security Deedsuch action. The Grantor further agrees, including, without limitation, interest at the Default Interest Rate Collateral Trustee’s request, to assemble the Collateral and make it available to the Collateral Trustee at places that the Collateral Trustee shall reasonably select, whether at the Grantor’s premises or elsewhere. The proceeds of any such collection, sale, enforcement or other realization of all or any part of the Collateral, and any other cash at the time held by the Collateral Trustee pursuant to the terms of this Collateral Trust and Security Agreement, shall be applied by the Collateral Trustee:
(as defined i) First, to the payment of all costs and expenses of every kind paid or incurred by the Collateral Trustee in connection with this Collateral Trust and Security Agreement or the Noteexercise of any right or remedy hereunder, including the costs and expenses of any collection, sale, enforcement or other realization, and the costs and expenses incidental to the care or safe-keeping of any or all of the Collateral until such costs and expenses shall be paid in full;
(ii) Second, application to payment of the Series B Notes (including any principal, interest, fees or expenses due under the terms of the Series B Notes) until all such Series B Notes shall be paid in full; and
(iii) Third, after the irrevocable payment in full of the amount referred to in paragraphs (i) and (ii), any prepayment chargethe balance, fee or premium required to if any, shall be paid under the Note in order over to prepay principal (to such other Person or Persons as may be required by law. To the extent permitted by applicable law), attorneys' the Grantor waives all claims, damages and trustee's demands against the Collateral Trustee arising out of the repossession, retention or sale of the Collateral. The Grantor agrees that the Collateral Trustee need not give more than ten business days’ prior notice (which notification shall be deemed given when mailed, postage prepaid, addressed to it at its address set forth in Section 11 hereof) of the time and place of any public sale or of the time after which a private sale may take place and that such notice is reasonable notification of such matters. The Grantor shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all amounts to which the Lenders are entitled, the Grantor also being liable for the fees and any other amounts due and unpaid of counsel employed by the Collateral Trustee to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereundercollect such deficiency.
Appears in 1 contract
Foreclosure. Immediately commence an action Subject to foreclose this Security Deed or to specifically enforce its provisions or Article 38 hereof, if any Event of Default shall have occurred and the Mortgage Notes shall have been declared due and payable, the Mortgagee, for the benefit of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate Holders (as defined in the NoteIndenture), may at any prepayment chargetime proceed, fee at law or premium required in equity or otherwise, to be paid enforce the payment of the Mortgage Notes in accordance with the terms thereof and:
(a) to institute an action to foreclose its interest under and the lien of this Mortgage against any of the Properties by judicial foreclosure sale or strict foreclosure in one proceeding or against portions of the Properties in a series of separate proceedings, and to have the same sold under the Note judgment or decree of a court of competent jurisdiction or proceed to take any of such actions; and
(b) to take such other action at law or in order equity or otherwise for the enforcement of this Mortgage and the realization on the security or any other security herein or elsewhere provided for, as the law may allow (including by power of sale), and may proceed therein to prepay final judgment and execution for the entire unpaid balance of the principal (debt, together with all other sums payable by Mortgagor in accordance with the provisions of the Mortgage Notes and this Mortgage, and all sums which may have been advanced by the Mortgagee for taxes, water or sewer rents, charges or claims, payment on prior liens, insurance or repairs to the extent Properties, all costs of suit, together with interest thereon at such interest rate as may be awarded in any judgment obtained by the Mortgagee, as the case may be, from and after the date of any foreclosure sale until actual payment is made to the Mortgagee of the full amount due the Mortgagee, and attorneys' fees through and including all appellate levels; and
(c) to sell, assign, transfer and deliver the whole or, from time to time, any part of any Property, or any interest in any part thereof, at any private sale or at public auction permitted by applicable law), attorneys' with such demand, advertisement or notice as required by law, and trustee's fees and on such other terms as required or permitted by law. Before taking title to any other amounts due and unpaid to Grantee under Property, the Loan DocumentsMortgagee, at the expense of the Mortgagor, may be bid determine whether any environmental hazards exist at the Property in respect of which the Mortgagee may become liable by Grantee in taking title, which determination may include the event performance of an environmental audit of the Property by a foreclosure sale hereunderqualified professional if the Mortgagee determines that reasonable prudence warrants the performance of such an audit.
Appears in 1 contract
Foreclosure. Immediately commence an action to The Lender may foreclose this Security Deed of Trust and exercise its rights as a secured party for all or any portion of the Obligations which is then due and payable, subject to specifically enforce the continuing lien of this Deed of Trust for the balance not then due and payable. To the extent permitted by law, Lender may, at its provisions option, direct the Trustee to take possession of all or any portion of the Property and proceed to sell the same as a whole or in parts or parcels, at public auction, for cash or credit, upon any terms the Trustee shall deem appropriate, and to have the Trustee take any or all other actions set forth herein or in any of the indebtedness secured hereby pursuant to Loan Documents. To the statutes in extent permitted by law, the Borrower consents that such case sale may be made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating as a non-judicial foreclosure sale. Grantee shall then sell, whole or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force parcels and governing said sales of that real property and improvements under powers conferred by security deedspersonal property may be separately sold or sold as one lot, all as the Trustee in its discretion may determine, and further consents that the sale may be on or off the Property. Each A bidder’s deposit of not more than ten (10) percent of the sale price may be required (which, as to the Lender, may be in the form of a credit against the unpaid Obligations). Before such sale at public auction is made, there shall first be at advertisement of the date, time, place and terms of such sale at least once a week for three successive weeks in the manner prescribed for holding sheriff's sales legal notice section of property of like kind, a newspaper having a general circulation in the County where the Property, city or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper county in which are advertised sales the Property is then located. Such advertisements shall set forth all matters required by Virginia law. This is the sheriff “advertisement required” by this Deed of said CountyTrust and no other or different advertisement shall be necessary. The Trustee may act hereunder although it may have been, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and may now be or may hereafter be attorney-in-fact of Grantor to conduct such sale and to execute the Lender in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the NoteObligations or in respect to any matter of business whatsoever. The secured indebtedness Lender may become the purchaser of all or any portion of the Property so sold and no purchaser shall be required to see to the proper application of the purchase money except as may otherwise be required by law. Unless otherwise required by law, the Trustee shall apply the proceeds of any such sale first, to discharge the expenses of executing the trust, including a reasonable commission to the Trustee which shall not exceed two and one-half percent (21/2%) of the gross proceeds of sale; second, to discharge all other obligations taxes, levies and assessments, with costs and lawful interest if they have priority over the lien of this Deed of Trust, including the due pro rata portion thereof for the current year; third, to discharge in the order of their priority the remaining Debt, if any, secured by this Security DeedDeed of Trust, includingand any liens of record inferior to this Deed of Trust, with lawful interest; and, fourth, the residue of the proceeds shall be paid to the Borrower or its successors or assigns; provided, however, that as to such residue the Trustee shall not be bound by any inheritance, devise, conveyance, assignment or lien of or upon the Borrower’s equity, without limitationactual notice thereof prior to distribution. If the Lender instructs the Trustee to proceed to sell all or any portion of the Property in accordance with the procedure set forth hereinabove and such procedure is terminated prior to such sale by the Trustee, the Lender shall pay a reasonable commission to the Trustee in an amount which is customarily paid in Virginia as compensation for such services rendered by the Trustee, but not exceeding one percent (1%) of the outstanding balance of the Obligations, and the amount of such commission paid shall be added to the Obligations and shall earn interest at the Default Interest Rate (as defined Rate. The Trustee shall have the right exercisable in its discretion to postpone such sale of the Property and shall advertise the terms of such postponement at least once a week for three successive weeks in the Note), any prepayment charge, fee newspaper or premium required to be paid under newspapers in which the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event notice of a foreclosure sale hereunderhad been published.
Appears in 1 contract
Sources: Deed of Trust and Security Agreement (Cole Credit Property Trust III, Inc.)
Foreclosure. Immediately commence Upon the occurrence of an action to foreclose this Security Deed or to specifically enforce its provisions or any Event of Default, the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels entire unpaid Indebtedness shall, at the option of Grantee.
Mortgagee, become immediately due and payable for all purposes without any notice or demand, except as required by law, (1) Should Grantee ALL OTHER NOTICE OF THE EXERCISE OF SUCH OPTION, OR OF THE INTENT TO EXERCISE SUCH OPTION, BEING HEREBY EXPRESSLY WAIVED), and Mortgagee may, in addition to exercising any rights it may have elected with respect to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure Personal Property under the Uniform Commercial Code of the jurisdiction in which the Mortgaged Property is located, institute proceedings in any court of competent jurisdiction to foreclose this instrument as a mortgage, or to enforce any of the covenants hereof, or Mortgagee may, either personally or by effectuating a nonagent or attorney-judicial foreclosure in-fact, enter upon and take possession of the Mortgaged Property and may manage, rent or lease the Mortgaged Property or any portion thereof upon such terms as Mortgagee may deem expedient, and collect, receive and receipt for all rentals and other income therefrom and apply the sums so received as hereinafter provided in case of sale. Grantee shall then sellMortgagee is hereby further authorized and empowered, as agent or offer for saleattorney-in-fact, either after or without such entry, to sell and dispose of the Mortgaged Property at public sale EN MASSE or in accordance with separate parcels (as Mortgagee may think best), and all the right, title and interest of Mortgagors therein, by advertisement or in any manner provided by the laws of the State of Georgia then jurisdiction in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at which the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, Mortgaged Property is located, after advertising said sale once in each (MORTGAGORS HEREBY EXPRESSLY WAIVE ANY RIGHT TO A HEARING PRIOR TO SUCH SALE), and to issue, execute and deliver a deed of conveyance, all as then may be provided by law; and Mortgagee shall, out of the four consecutive weeks (without regard to the number proceeds or avails of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereofafter first paying and retaining all fees, charges, costs of advertising the Mortgaged Property and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of making said sale, if anyand attorneys' fees as herein provided, which are payable apply such proceeds to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable the Indebtedness, including all sums advanced or expended by death Mortgagee or otherwise, are granted as cumulative the legal holder of the remedies provided herebyIndebtedness, and shall not be exhausted by the exercise thereof, but may be exercised until full payment with interest from date of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts advance or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest expenditure at the Default Interest Rate (provided Mortgagee has provided Mortgagors with notice within ten (10) days of such expenditure [otherwise, interest shall accrue at the Default Rate from the date Mortgagors are notified of such expenditure]) (as defined in the Note1995 Notes or the 2001 Notes), rendering the excess, if any, as provided by law; such sale or sales and said deed or deeds so made shall be a perpetual bar, both in law and equity, against ▇▇▇▇▇▇▇▇▇▇, the heirs, successors and assigns of ▇▇▇▇▇▇▇▇▇▇, and all other persons claiming the Mortgaged Property aforesaid, or any prepayment chargepart thereof, fee by, from, through or premium required under Mortgagors. The legal holder of the Indebtedness may purchase the Mortgaged Property or any part thereof, and it shall not be obligatory upon any purchaser at any such sale to be paid under the Note in order to prepay principal (see to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under application of the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderpurchase money.
Appears in 1 contract
Sources: Mortgage and Security Agreement (Mack Cali Realty L P)
Foreclosure. Immediately commence Mortgagee may exercise the STATUTORY POWER OF SALE. Any sale made hereunder may be as an action to foreclose this Security Deed entirety or to specifically enforce its provisions or any of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell parcels as Mortgagee may request. To the Property or cause the Property to extent permitted by applicable Law, any sale may be sold in accordance with the requirements and procedures provided adjourned by said statutes in a single parcel or in several parcels announcement at the option time and place appointed for such sale without further notice except as may be required by law. If the proceeds of Grantee.
(1) Should Grantee have elected to accelerate such sale of less than the indebtedness secured hereby, Grantee may initiate foreclosure whole of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, be less than the Property at public sale in accordance with the laws aggregate of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured partObligations, this Security Deed Mortgage and the lien hereof shall remain in full force and effect as to the unsold portion of the Property just as though no sale had been made. Several sales may be made without exhausting and the right of sale with respect STATUTORY POWER OF SALE shall also apply to any unmatured future sales. A sale may cover not only the Real Property but also the Personalty and other interests which are a part of the secured indebtednessProperty, it being the purpose or any part thereof, as a unit and intent hereof to provide for as a foreclosure and part of a single sale, or the sale may be of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced Property separately from the remainder of the Property. After each sale, the Mortgagee shall make to the purchaser or purchasers at such sale good and sufficient conveyances, conveying the property so sold to the purchaser or purchasers in fee simple, subject to the Permitted Encumbrances (and to such leases and other matters, if any), and shall receive the proceeds of said sale or sales and apply the same as herein provided. In the event any sale hereunder is not completed or is defective in the opinion of Mortgagee, such sale shall not exhaust the power of sale hereunder and Mortgagee shall have the right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact or other recitals made in any deed or deeds or other conveyances given by the Note. The secured Mortgagee as to nonpayment of the Obligations or as to the occurrence of any default, or as to Mortgagee’s having declared all of said indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (due and payable, or as to the extent permitted by applicable law)request to sell, attorneys' or as to notice of time, place and trustee's fees terms of sale and the properties to be sold having been duly given, or as to any other amounts due act or thing having been duly done by Mortgagee shall be taken as prima facie evidence of the truth of the facts so stated and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderrecited.
Appears in 1 contract
Foreclosure. Immediately Subject to Article XXI below, in the event that a court of competent jurisdiction rules that this Lease constitutes a mortgage, deed of trust or other secured financing, and subject to the availability of such remedy under applicable law, then the Agent Lessor and the Lessee agree that the Lessee hereby mortgages and grants to the Agent Lessor, for the benefit of the Participants, a Lien against the Land and the Property, for the purpose of securing all of the obligations hereunder and under the other Operative Agreements (including the payment of Capitalized Interest, Basic Rent, Supplemental Rent and the Termination Value, Permitted Lease Investment Balance, the Nonrecourse Portion, Purchase Option Price or Partial Purchase Option Price) (collectively, the "Lease Payment Obligations"). In each case, upon the occurrence of any Lease Event of Default which is continuing, the Agent Lessor shall have the power and authority, to the extent provided by law, to exercise the following rights and remedies:
(a) To declare the Lease Payment Obligations immediately due and payable;
(b) With or without notice, and without releasing Lessee from any obligation hereunder, to cure any default of Lessee and, in connection therewith, to enter upon the Property and to perform such acts and things as Agent Lessor deems necessary or desirable to inspect, investigate, assess and protect the Property, including, without limitation of any of its other rights; to appear in and defend any action or proceeding purporting to affect the Property or the rights or powers of Agent Lessor hereunder; to pay, purchase, contest or compromise any encumbrance, charge, lien or claim of lien which, in the judgment of Agent Lessor, is prior or superior hereto, the judgment of Agent Lessor being conclusive as between the parties hereto; to pay any premiums or charges with respect to insurance required to be carried hereunder; and to employ counsel, accountants, contractors and other appropriate persons to assist Agent Lessor;
(c) To commence and maintain an action or actions in any court of competent jurisdiction to foreclose this Security Deed instrument as a mortgage or to obtain specific enforcement of the covenants of Lessee hereunder, and Lessee agrees that such covenants shall be specifically enforce its provisions enforceable by injunction or any other appropriate equitable remedy and that for the purposes of any suit brought hereunder, Lessee waives the indebtedness secured hereby pursuant to defense of laches and any applicable statute of limitations;
(d) Agent Lessor may foreclose the statutes in such case made and provided and sell the Property or cause the Property to be sold Lien in accordance with applicable laws and rules of court. Any sale conducted upon foreclosure of this Lien shall be held at the front door of the county courthouse for the County or City and County in which the Land and Property is located, or on the Land, or at such other place as similar sales are then customarily held in such County or City and County, provided that the actual place of sale shall be specified in the notice of sale. The proceeds of any sale shall be applied first to the fees and expenses of the officer conducting the sale, and then to the reduction or discharge of the Lease Payment Obligations in such order as is set forth in Section 13.6 of the Participation Agreement; any surplus remaining shall be paid over to Lessee or to such other person or persons as may be lawfully entitled to such surplus. At the conclusion of any foreclosure sale, the officer conducting the sale shall execute and deliver to the purchaser at the sale a certificate of purchase which shall describe the property sold to such purchaser and shall state that upon the expiration of the applicable periods for redemption, the holder of such certificate will be entitled to a deed to the property described in the certificate. After the expiration of all applicable periods of redemption, unless the property sold has been redeemed by Lessee, the officer who conducted such sale shall, upon request, execute and deliver an appropriate deed to the holder of the certificate of purchase or the last certificate of redemption, as the case may be, and such deed shall operate to divest Lessee and all persons claiming under Lessee of all right, title and interest, whether legal or equitable, in the property described in the deed. Nothing in this provision dealing with foreclosure procedures or specifying particular actions to be taken by Agent Lessor or by any judicial officer shall be deemed to contradict or add to the requirements and procedures provided now or hereafter specified by said statutes Colorado law, and any such inconsistency shall be resolved in a single parcel or in several parcels favor of Colorado law applicable at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power time of foreclosure.
(3e) In the event foreclosure proceedings are instituted Agent Lessor or its employees, acting by Granteethemselves or through a court-appointed receiver, all expenses incident may enter upon, possess, manage, operate, dispose of and contract to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all dispose of the other Loan Documents securing all Land and the Property or any part thereof; negotiate with governmental authorities with respect to the Property's environmental compliance and remedial measures; contract for goods and services, hire agents, employees and counsel, make repairs, alterations and improvements to the Property necessary, in Agent Lessor's judgment, to protect or enhance the security hereof; to incur the risks and obligations ordinarily incurred by owners of property (without any personal obligation on the part of the indebtedness evidenced by the Note. The secured indebtedness receiver); and/or to take any and all other actions which may be necessary or desirable to comply with Lessee's obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid hereunder and under the Note in order to prepay principal (to the extent permitted Operative Agreements. All sums realized by applicable lawAgent Lessor under this Section 17.6(d), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.,
Appears in 1 contract
Sources: Lease (McData Corp)
Foreclosure. Immediately commence If any Event of Default shall have occurred and be continuing, Trustee or Beneficiary may at any time proceed, at law or in equity or otherwise:
(a) to institute an action to foreclose its interest under the Lien of this Security Deed Mortgage against the Mortgaged Property by judicial foreclosure sale or strict foreclosure in one proceeding or against portions of the Mortgaged Property in a series of separate proceedings, and to specifically enforce its provisions have the same sold under the judgment or decree of a court of competent jurisdiction or proceed to take any of such actions; ____________________________ /2/ The leasehold mortgage will provide that with respect to payment or performance of comparable obligations under an unsubordinated ground lease and the leasehold mortgage, payment or performance of the obligation under the ground lease will satisfy payment and performance of the comparable leasehold mortgage obligation.
(b) to take such other action at law or in equity or otherwise for the enforcement of this Mortgage and the realization, upon obtaining a judgment for foreclosure, on the security or any of other security herein or elsewhere provided for, in such manner and at such times as the indebtedness secured hereby pursuant law may allow, and may proceed therein to the statutes in such case made extent permitted, and provided subject to the limitations imposed, by law to final judgment and sell the Property or cause the Property to be sold execution for all sums payable by Grantor in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure provisions of the Property Credit Agreement and the other Loan Documents, and all sums which may have been advanced by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale Beneficiary in accordance with the laws provisions of this Mortgage, for Taxes and Other Charges, water or sewer rents, charges or claims, payment on prior liens, insurance or repairs to the Mortgaged Property, all costs of suit, together with interest thereon at such interest rate as may be awarded in any judgment obtained by Beneficiary, as the case may be, from and after the date of any foreclosure sale until actual payment is made to Beneficiary of the State of Georgia then in force full amount due Beneficiary, and governing said sales of real property attorneys' fees through and improvements under powers conferred by security deeds. Each such sale shall be at including all appellate levels; and/or
(c) to sell, assign, transfer and deliver the whole or, from time to time, place and in any part of the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Mortgaged Property, or a any interest in any part thereof, at any private sale or at public auction permitted by law, with such demand, advertisement or notice as required by law, and on such other terms as required or permitted by law. After an Event of Default has occurred and is locatedcontinuing, after advertising said sale once in each and before taking title to or possession of all or any portion of the four consecutive weeks (without regard to Mortgaged Property, Beneficiary may order the number performance of days) immediately preceding environmental assessments of the sale in Mortgaged Property by qualified professionals, the newspaper in which are advertised sales by the sheriff reasonable cost of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid borne by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderhereby.
Appears in 1 contract
Foreclosure. Immediately commence an action (a) All fees, costs and expenses of any kind incurred by Beneficiary in connection with foreclosure of this Deed of Trust, including without limitation the costs of any appraisals of the Trust Property obtained by Beneficiary, all costs of any receivership for the Trust Property advanced by Beneficiary, and all reasonable attorneys' fees and consultants' fees incurred by Beneficiary (including charges of in-house counsel), appraisers' fees, outlays for documentary and expert evidence, stenographers' charges, publication costs and costs (which may be estimates as to foreclose this Security Deed items to be expended after entry of the decree) of procuring all such abstracts of title, title searches and examination, title insurance policies and similar data and assurances with respect to title, as Trustee or Beneficiary may reasonably deem necessary either to prosecute such suit or to specifically enforce its provisions or any evidence to bidders at the sales that may be had pursuant to such proceedings the true conditions of the indebtedness secured hereby pursuant title to or the value of the Trust Property, together with and including a reasonable compensation to Trustee, shall constitute a part of the Obligations and may be included as part of the amount owing from Trustor to Beneficiary at any foreclosure sale.
(b) The proceeds of foreclosure sale of the Trust Property shall be distributed and applied in the following order of priority: first, on account of all costs and expenses incident to the statutes foreclosure proceedings, including without limitation all such items as are mentioned in such case made Section 4.4(a) hereof; second, to the payment of all sums expended under the terms hereof not then repaid, with accrued interest at the Default Rate; third, to the payment of all other Obligations; and provided and sell lastly, the Property remainder, if any, to the person or cause the Property to be sold persons legally entitled thereto, all in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of GranteeIndenture.
(1c) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure In case of the Property by effectuating a non-an insured loss after judicial foreclosure saleor Trustee's sale proceedings have been instituted, the proceeds of any insurance policy or policies, if not applied to rebuilding or restoring the buildings or improvements, shall be used to pay the amount due upon the Obligations. Grantee shall then sell, In the event of judicial foreclosure or offer for Trustee's sale, Beneficiary or Trustee is hereby authorized, without the Property at public sale in accordance with the laws consent of the State of Georgia then in force Trustor, to assign any and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance insurance policies to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in at the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey or to take such other steps as Beneficiary or Trustee may deem advisable to cause the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title interest of such purchaser or purchasers when so made to be protected by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative any of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured herebysuch insurance policies.
(2d) Should Grantee To the fullest extent allowable by law, Trustor hereby expressly waives any right which it may have not elected to accelerate direct the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure order in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in which any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Trust Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee sold in the event of a any sale or sales pursuant to this Deed of Trust.
(e) Nothing in this Section 4.4 dealing with foreclosure sale hereunderprocedures or specifying particular actions to be taken by Beneficiary or by Trustee or any similar officer shall be deemed to contradict or add to the requirements and procedures now or hereafter specified by Colorado law, and any such inconsistency shall be resolved in favor of Colorado law applicable at the time of foreclosure.
Appears in 1 contract
Foreclosure. Immediately commence Upon the occurrence of an Event of Default, the entire unpaid Indebtedness shall, at the option of Mortgagee, become immediately due and payable for all purposes without any notice or demand, except as required by law, (ALL OTHER NOTICE OF THE EXERCISE OF SUCH OPTION, OR OF THE INTENT TO EXERCISE SUCH OPTION, BEING HEREBY EXPRESSLY WAIVED) and Mortgagee may in addition to exercising any rights it may have with respect to the Personal Property under the Uniform Commercial Code of the jurisdiction in which the Property is located; Mortgagee may institute proceedings in any court of competent jurisdiction to foreclose this instrument as a mortgage, or to enforce any of the covenants hereof or Mortgagee may, either personally or by agent or attorney in fact and without impairing its right to foreclose this instrument, enter upon and take possession of the Property and may manage, rent or lease the Property or any portion thereof upon such terms as Mortgagee may deem expedient, collect, receive and receipt for all rentals and other income therefrom and apply the sums so received as hereinafter provided in case of sale; and Mortgagee may institute proceedings in any court of competent jurisdiction to foreclose this instrument as a mortgage or to enforce any of the covenants hereof, in accordance with and subject to applicable New York law. Mortgagor hereby waives any right it may have to require that the Property be sold as separate tracts or units if Mortgagee shall institute an action to foreclose this Security Deed or to specifically enforce its provisions or any instrument and agrees that, out of the indebtedness secured hereby pursuant to the statutes in proceeds or avails of such case made sale, there may be first paid all fees, charges and provided and sell costs of advertising the Property or cause and making said sale and attorneys' fees as herein provided, and then paid the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure outstanding balance of the Property Indebtedness, including all sums advanced or expended by effectuating a non-judicial foreclosure sale. Grantee shall then sell, Mortgagee or offer for sale, the Property at public sale in accordance with the laws legal holder of the State Indebtedness, with interest from date of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, advance or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title expenditure of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest sums at the Default Interest Rate (as defined in the Note)) until paid. Any such sale or sales and said deed or deeds made or given in consequence of such foreclosure shall be a perpetual bar, both in law and equity, against Mortgagor, its successors and assigns of Mortgagor, and all other persons claiming the Property aforesaid, or any prepayment chargepart thereof, fee by, from, through or premium required under Mortgagor. The legal holder of the Indebtedness may purchase the Property or any part thereof, and it shall not be obligatory upon any purchaser at any such sale to be paid under the Note in order to prepay principal (see to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under application of the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderpurchase money.
Appears in 1 contract
Sources: Mortgage and Security Agreement (Cornerstone Properties Inc)
Foreclosure. Immediately commence an action (a) All fees, costs and expenses of any kind incurred by Beneficiary in connection with foreclosure of this Hyatt Gaming Deed of Trust, including without limitation the costs of any appraisals of the Trust Property obtained by Beneficiary, all costs of any receivership for the Trust Property advanced by Beneficiary, and all reasonable attorneys' fees and consultants' fees incurred by Beneficiary (including charges of in-house counsel), appraisers' fees, outlays for documentary and expert evidence, stenographers' charges, publication costs and costs (which may be estimates as to foreclose this Security Deed items to be expended after entry of the decree) of procuring all such abstracts of title, title searches and examination, title insurance policies and similar data and assurances with respect to title, as Trustee or Beneficiary may reasonably deem necessary either to prosecute such suit or to specifically enforce its provisions evidence to bidders at the sales that may be had pursuant to such proceedings the true conditions of the title to or the value of the Trust Property, together with and including a reasonable compensation to Trustee, shall constitute a part of the Obligations and may be included as part of the amount owing from Trustor to Beneficiary at any foreclosure sale.
(b) The proceeds of foreclosure sale of the Trust Property shall be distributed and applied in the following order of priority: first, on account of all costs and expenses incident to the foreclosure proceedings, including without limitation all such items as are mentioned in Section 4.4(a) hereof; second, to the payment of all sums expended under the terms hereof not then repaid, with accrued interest at the Default Rate; third, to the payment of all other Obligations; and lastly, the remainder, if any, to the person or persons legally entitled thereto.
(c) In case of an insured loss after judicial foreclosure or Trustee's sale proceedings have been instituted, the proceeds of any insurance policy or policies, if not applied to rebuilding or restoring the buildings or improvements, shall be used to pay the amount due upon the Obligations. In the event of judicial foreclosure or Trustee's sale, Beneficiary or Trustee is hereby authorized, without the consent of Trustor, to assign any and all insurance policies to the purchaser at the sale, or to take such other steps as Beneficiary or Trustee may deem advisable to cause the interest of such purchaser to be protected by any of the indebtedness secured such insurance policies.
(d) To the fullest extent allowable by law, Trustor hereby pursuant expressly waives any right which it may have to direct the statutes order in such case made and provided and sell the which any Trust Property or cause the Property to shall be sold in accordance the event of any sale or sales pursuant to this Hyatt Gaming Deed of Trust.
(e) Nothing in this Section 4.4 dealing with foreclosure procedures or specifying particular actions to be taken by Beneficiary or by Trustee or any similar officer shall be deemed to contradict or add to the requirements and procedures provided now or hereafter specified by said statutes Colorado law, and any such inconsistency shall be resolved in a single parcel or in several parcels favor of Colorado law applicable at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power time of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.
Appears in 1 contract
Sources: Deed of Trust (Windsor Woodmont Black Hawk Resort Corp)
Foreclosure. Immediately commence an action to foreclose this Security Deed Lender may institute any one or to specifically enforce its provisions or any more actions of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate mortgage foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing against all or any part of the indebtedness evidenced Property, or take such other action at law, equity or by contract for the Noteenforcement of this Mortgage and realization on the Property security herein or elsewhere provided for the Liabilities, or any part thereof, to the fullest extents that applicable law may allow, and may proceed therein to final judgment and execution for the entire unpaid balance of the Liabilities. The unpaid balance of any judgment shall bear interest at the greater of (a) the statutory rate provided for judgments, or (b) the highest rate permitted under Florida law. Without limiting the foregoing, Lender may foreclose this Mortgage and exercise its rights as a secured indebtedness party for all or any portion of the Liabilities which are then due and all payable, subject to the continuing lien of this Mortgage for the balance not then due and payable. In case of any sale(s) of any of the Property by judicial proceedings, the Property may be sold in one lot parcel, or in as many lots, parcels, manner or order, as Lender in its sole discretion may elect. Borrower, for itself and anyone claiming by, through or under it, hereby agrees, to the fullest extent not expressly precluded by applicable law. that Lender shall in no manner, whether in law or in equity, be limited except as herein provided in the exercise of its rights as a secured party in the Property, or in any other obligations security hereunder or otherwise pertaining to the Liabilities or any other obligation secured by this Security DeedMortgage, includingwhether by any statute, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee rule or premium required precedent which may otherwise require said security to be paid under the Note marshalled in order any manner and Borrower, for itself and others as aforesaid, hereby expressly waives and releases any right to prepay principal (or benefit thereof. The failure to the extent permitted by applicable law), attorneys' and trustee's fees and make any tenant or any other amounts due and unpaid third party a defendant to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderproceeding shall not be asserted by Borrower as a defense in any proceeding instituted by Lender to collect the Liabilities or any deficiency remaining unpaid thereafter.
Appears in 1 contract
Sources: Mortgage, Security Agreement and Fixture Filing (Saddlebrook Resorts Inc)
Foreclosure. Immediately commence If an action Event of Default shall have occurred and be continuing, Collateral Agent may institute proceedings for the complete foreclosure of this Mortgage, in which case the Property may be sold for cash or credit in one or more parcels. With respect to foreclose this Security Deed any notices required or to specifically enforce its provisions permitted under the UCC, Mortgagor agrees that five (5) days' prior written notice shall be deemed commercially reasonable. At any such sale by virtue of any judicial proceedings or any other legal right, remedy or recourse, the title to and right of the indebtedness secured hereby pursuant possession of any such property shall pass to the statutes in such case made purchaser thereof, and provided to the fullest extent permitted by law, Mortgagor shall be completely and sell the Property or cause the Property to be sold in accordance with the requirements irrevocably divested of all of its right, title, interest, claim and procedures provided by said statutes in a single parcel demand whatsoever, either at law or in several parcels at equity, in and to the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force property sold and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be a perpetual bar both at the time, place law and in equity against Mortgagor, and against all other persons claiming or to claim the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, sold or a any part thereof, is locatedby, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantorthrough or under Mortgagor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct Mortgagee may be a purchaser at such sale and to execute in if Mortgagee is the name of Grantor a deed or deeds of conveyance to the purchaser or purchasershighest bidder, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to may credit the portion of the purchase price that would be distributed to Mortgagee against the Obligations secured indebtedness owing to such Grantee upon hereby in lieu of paying cash. Out of the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, Collateral Agent shall pay: all costs, charges, expenses, commissions, unpaid taxes, and fees of advertising, selling and conveying the Property and such other assessments, insurance or other fees or costs as may have been incurred; a sum sufficient to pay the entire balance owing on the Obligations secured hereby; and the surplus, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death Mortgagor or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured herebyperson entitled thereto.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.
Appears in 1 contract
Sources: Open End Leasehold Mortgage (Golfsmith International Holdings Inc)
Foreclosure. Immediately commence Upon the occurrence of an action Event of Default or the failure of Grantor to foreclose this Security Deed or to specifically enforce pay and perform the Obligations hereunder, Grantee, at its provisions option, may sell the Mortgaged Property or any of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property part thereof at public sale in accordance with or sales before the laws door of the State courthouse in the county in which the Mortgaged Property or any part thereof is located to the highest bidder for cash in order to pay the Obligations and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest thereon, and all expenses of Georgia then the sale and of all proceedings in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at connection therewith, including reasonable attorneys' fees actually incurred, after advertising the time, place and in the manner prescribed for holding sheriff's sales terms of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the a week for four consecutive (4) weeks immediately preceding such sale (but without regard to the number of days) immediately preceding the sale in the a newspaper in which Sheriff's sales are advertised sales by in said county. At any such public sale, Grantee may execute and deliver to the sheriff purchaser a conveyance of said Countythe Mortgaged Property or any part of the Mortgaged Property in fee simple, all other notice being hereby waived by Grantor. with full warranties of title (or without warranties if Grantee shall so elect) and to this end, Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct make such sale and conveyance, and thereby to execute divest Grantor of all right, title, interest, equity and equity of redemption that Grantor may have in the name of Grantor a deed or deeds of conveyance and to the purchaser or purchasers, which deed or deeds shall contain full warranties of title Mortgaged Property and to vest the same in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Granteesales, and agrees to accept proceeds all the acts and doings of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as agent and attorney-in-fact are hereby ratified and confirmedconfirmed 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 referred to above and agency hereby granted are coupled with an interest and are irrevocable by death dissolution, insolvency or otherwise, are granted as cumulative of the other remedies provided hereby, hereby or by law for collection of the indebtedness secured hereby and shall not be exhausted by the one exercise thereof, thereof but may be exercised until full payment of the all 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.
(2i) Should Any sale made by Grantee have not elected to accelerate the indebtedness secured hereby, hereunder may be as an entirety or in such parcels as Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed duerequest, and provided that if said sale is made because of such default, such any sale may be made subject to adjourned by announcement at the unmatured part time and place appointed for such sale without further notice except as may be required by law. The sale by Grantee of less than the whole of the secured indebtedness. Such saleMortgaged Property shall not exhaust the power of sale herein granted, and Grantee is specifically empowered to make successive sale or sales under such power until the whole of the Mortgaged Property shall be sold; and, if so made, shall not in any manner affect the unmatured part proceeds of such sale of less than the whole of the debt secured by this Security Deed, but as to such unmatured partMortgaged Property shall be less than the aggregate of the Obligations, this Security Deed and the lien, security title and security interest hereof shall remain in full force and effect as to the unsold portion of the Mortgaged Property just as though no sale had been made. Several sales may be made without exhausting the ; provided, however, that Grantor shall never have any right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and require the sale of less than the whole of the Mortgaged Property for any matured portion but Grantee shall have the right, at its sole election, to sell less than the whole of said secured indebtedness without exhausting the power of foreclosureMortgaged Property.
(3ii) After each sale, payment of the purchase price to Grantee shall satisfy the obligation of purchaser at such sale therefor, and the purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by Grantee, and such power of sale may be exercised from time to time and as many times as Grantee may deem necessary until all of the Mortgaged Property has been duly sold and all Obligations have been fully paid.
(iii) In the event foreclosure proceedings are instituted any sale hereunder is not completed or is defective in the opinion of Grantee, such sale shall not exhaust the power of sale hereunder and Grantee shall have the right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact or other recitals made in any deed or deeds given by Grantee as to nonpayment of the Obligations, or as to the occurrence of any Event of Default, or as to Grantee having declared all of such Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the properties to be sold having been duly given, or as to any other act or thing having been duly done by Grantee, all expenses shall be taken as prima facie evidence of the truth of the facts so stated and recited. Grantee may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid any sale held by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security DeedGrantee, including, without limitation, interest at the Default Interest Rate (as defined posting of notices and the conducting of sales, but in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' name and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event on behalf of a foreclosure sale hereunderGrantee.
Appears in 1 contract
Foreclosure. Immediately commence an action Prior to foreclose this Security Deed taking title to any Property (whether by foreclosure, deed in lieu or otherwise), Lender shall obtain, in each instance, at Borrower's reasonable expense a new phase I environmental report with respect to specifically enforce such Property, and such additional environmental studies as may be recommended in such phase I report.
(i) Lender, with or without entry, personally or by its provisions agents or attorneys, insofar as applicable, and in addition to any of and every other remedy, may (i) sell or instruct the indebtedness secured hereby Trustee to sell, to the extent permitted by law and pursuant to the statutes power of sale granted herein, all and singular the Mortgaged Property, and all estate, right, title and interest, claim and demand therein, and right of redemption thereof, at one or more sales, as an entirety or in parcels, and at such case made times and provided places as required or permitted by law and sell as are customary in any county or parish in which the Property is located and upon such terms as Lender (or cause Trustee, as applicable) may fix and specify in the Property notice of sale to be sold in accordance with the requirements given to Borrower (and procedures on such other notice published or otherwise given as provided by said statutes in a single parcel law), or in several parcels at as may be required by law; (ii) institute proceedings for the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate complete or partial foreclosure of this Mortgage under the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with provisions of the laws of the State of Georgia then jurisdiction in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at which the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, Mortgaged Property or a any part thereof, thereof is located, after advertising said sale once or under any other applicable provision of law; or (iii) take all steps to protect and enforce the rights of Lender, whether by action, suit or proceeding in each equity or at law (for the specific performance of any covenant, condition or agreement contained in this Mortgage, or in aid of the four consecutive weeks execution of any power herein granted, or for any foreclosure hereunder, or for the enforcement of any other appropriate legal or equitable remedy), or otherwise, as Lender, being advised by counsel and its financial advisor, shall deem most advisable to protect and enforce any of their rights or duties hereunder.
(without regard to the ii) Lender (or Trustee, as applicable) may conduct any number of dayssales from time to time. The power of sale shall not be exhausted by any one or more such sales as to any part of the Mortgaged Property remaining unsold, but shall continue unimpaired until the entire Mortgaged Property shall have been sold or the Obligations satisfied.
(iii) immediately preceding With respect to a Property, this Mortgage is made upon any statutory conditions of the sale in the newspaper State in which are advertised sales by such Property is located, and, for any breach thereof or any breach of the sheriff terms of said Countythis Mortgage, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed Lender (or deeds of conveyance to the purchaser or purchasersTrustee, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale as applicable) shall have the right to credit the secured indebtedness owing to such Grantee upon the amount statutory power of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted for by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction laws of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosureState.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.
Appears in 1 contract
Sources: Mortgage, Deed of Trust, Deed to Secure Debt, Security Agreement (Homestead Village Inc)
Foreclosure. Immediately commence Upon the occurrence of an action to foreclose this Security Deed or to specifically enforce its provisions or any Event of Default, the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels entire unpaid Indebtedness shall, at the option of Grantee.
Beneficiary, become immediately due and payable for all purposes without any notice or demand, except as required by law (1) Should Grantee ALL OTHER NOTICE OF THE EXERCISE OF SUCH OPTION, INCLUDING WITHOUT LIMITATION NOTICE OF INTENT TO ACCELERATE, BEING HEREBY EXPRESSLY WAIVED), and Beneficiary may, in addition to exercising any rights it may have elected with respect to accelerate the indebtedness secured herebyPersonal Property under the Uniform Commercial Code of the jurisdiction in which the Property is located, Grantee institute proceedings in any court of competent jurisdiction to foreclose this instrument as a mortgage, or to enforce any of the covenants hereof, or Trustee or Beneficiary may initiate foreclosure (without limiting their rights under the foregoing provisions or otherwise), either personally or by agent or attorney in fact, enter upon and take possession of the Property by effectuating a non-judicial foreclosure and may manage, rent or lease the Property or any portion thereof upon such terms as Beneficiary may deem expedient, and collect, receive and receipt for all rentals and other income therefrom and apply the sums so received as hereinafter provided in case of sale under Trustee's power of sale. Grantee Trustee is hereby further authorized and empowered, to the extent permitted by applicable law, upon request of Beneficiary, to sell the Property, en masse or in separate parcels (as Trustee may think best), at public auction to the highest bidder for cash, with or without having taken possession of same. Any such sale (including notice thereof) shall then sellcomply with the applicable requirements, or offer for at the time of the sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and any statute or statutes, if any, governing said sales of real property and improvements under powers of sale conferred by security deedsdeeds of trust in the jurisdiction in which the Property is located. Each If, at the time of the sale, there is no statute in force in the jurisdiction in which the Property is located that governs sales of real property under powers of sale conferred by deeds of trust, such sale shall be comply with applicable law at the timetime of the sale. GRANTOR EXPRESSLY WAIVES ANY RIGHT TO A HEARING PRIOR TO SUCH SALE, place TO THE EXTENT PERMITTED BY APPLICABLE LAW. At any time during the bidding, Trustee may require a bidding party (i) to disclose its full name, state and city of residence, occupation, and specific business office location, and the name and address of the principal the bidding party is representing (if applicable), and (ii) to demonstrate reasonable evidence of the bidding party's financial ability (or, if applicable, the financial ability of the principal of such bidding party), as a condition to the bidding party submitting bids at the foreclosure sale. If any such bidding party (the "Questioned Bidder") declines to comply with the Trustee's requirement in this regard, or if such Questioned Bidder does respond but the Trustee, in Trustee's sole and absolute discretion, deems the information or the evidence of the financial ability of the Questioned Bidder (or, if applicable, the principal of such bidding party) to be inadequate, then the Trustee may continue the bidding with reservation; and in such event (A) the manner prescribed Trustee shall be authorized to caution the Questioned Bidder concerning the legal obligations to be incurred in submitting bids, and (B) if the Questioned Bidder is not the highest bidder at the sale, or if having been the highest bidder the Questioned Bidder fails to deliver the cash purchase price payment promptly to the Trustee, all bids by the Questioned Bidder shall be null and void. Trustee may, in Trustee's sole and absolute discretion, determine that a credit bid may be in the best interest of the Grantor and Beneficiary, and elect to sell the mortgaged Property for holding sheriff's credit or for a combination of cash and credit; provided, however, that the Trustee shall have no obligation to accept any bid except an all cash bid. In the event the Trustee requires a cash bid and cash is not delivered within a reasonable time after conclusion of the bidding process, as specified by the Trustee, but in no event later than 3:45 p.m. local time on the day of sale, then said contingent sale shall be null and void, the bidding process may be recommenced, and any subsequent bids or sale shall be made as if no prior bids were made or accepted. Upon any foreclosure sale or sales of property of like kind, in the County where the Property, all or a part thereof, is located, after advertising said sale once in each any portion of the four consecutive weeks (without regard Property under the power of sale herein granted, Beneficiary may bid for and purchase the Property and shall be entitled to apply all or any part of the Indebtedness as a credit to the number purchase price. After any sale under Trustee's power of days) sale pursuant to the immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said Countyparagraph, all other notice being hereby waived by Grantor. Grantor hereby constitutes Trustee shall make good and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchaserssufficient deeds, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereofassignments, and shall convey other conveyances to the purchaser or purchasers good and sufficient titles thereunder in the name of Grantor, conveying the Property or any part thereof so sold to the purchaser or purchasers with general warranty of title by Grantor. The legal holder of the Indebtedness may purchase the Property sold; or any part thereof, and Grantee is authorized to it shall not be a bidder and purchaser at all such sales. Any Grantee purchasing obligatory upon the purchasers at any such sale to see to the application of the purchase money. It is agreed that in any deeds, assignments or other conveyances given by Trustee, any and all statements of fact or other recitals therein made as to any act or thing having been duly done by or on behalf of Beneficiary or by or on behalf of Trustee, shall have be taken by all courts of law and equity as prima facie evidence that such statements or recitals are true, correct, and complete facts. Trustee shall, out of the right proceeds or avails of such sale, after first paying and retaining all fees, charges, costs of advertising the Property and of making said sale, and attorneys' fees, pay to credit Beneficiary or the secured indebtedness owing to such Grantee upon legal holder of the Indebtedness the amount thereof, including all sums advanced or expended by Beneficiary or the legal holder of its bid entered the Indebtedness, with interest from date of advance or expenditure at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend Default Rate (as defined in the title of such purchaser or purchasers when so made by Note), rendering the Grantee, and agrees to accept proceeds of said saleexcess, if any, which are payable to Grantor as provided hereinby law. All acts Such sale or sales and said deed or deeds so made shall be a perpetual bar, both in law and equity, against Grantor and the heirs, successors and assigns of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided herebyGrantor, and all other persons claiming the Property aforesaid, or any part thereof by, from, through or under Grantor. In addition to the above remedies, it is agreed that upon the occurrence of an Event of Default, Beneficiary may, at its option, without demand or notice, request the Trustee, and the Trustee shall not be exhausted by the exercise thereofbe, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected and is hereby authorized and empowered to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure and sale of the Property by advertisement or in any manner provided by the laws of the state in which the Property is located in satisfaction of such default, either through the courts or by conducting item in default as if under a sale as hereinbefore providedfull foreclosure, but without declaring the entire indebtedness secured by this Security Deed unmatured portion of the Indebtedness due, and provided that if said sale is made because of such default, ; such sale may shall be made subject to the unmatured part portion of the secured indebtedness. Such sale, if so made, Indebtedness and it is agreed that such sale shall not in any manner affect the unmatured part portion of the debt secured by this Security DeedIndebtedness, but as to such unmatured partportion, this Security Deed instrument shall remain in full force and effect just as though no sale had been made. Several made under the provisions of this paragraph and it is further agreed that several sales may be made without exhausting the right of sale with respect to for any unmatured part portion of the secured indebtedness, it being the purpose and intent hereof to provide Indebtedness or for a foreclosure and the sale any future breach of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosurecovenants, conditions or stipulations set out herein.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.
Appears in 1 contract
Sources: Deed of Trust and Security Agreement (Bluerock Residential Growth REIT, Inc.)
Foreclosure. Immediately commence an action Lender (but without obligation so to foreclose this Security Deed do and without notice to or to specifically enforce its provisions demand upon Borrower and without releasing Borrower from any obligation hereof, and without contesting the validity or any amount of the indebtedness same) shall have the right, at its option, to declare all sums secured hereby pursuant immediately due and payable and the Trustee, whether acting in person or by attorney-in-fact, appointed by instrument in writing, may proceed to the statutes in such case made and provided and sell the Property hereinbefore conveyed, or cause any part thereof, at public vendue or outcry, at the customary place in the county where the Property is located, to be sold the highest bidder for cash, first giving the notice required by the laws of Missouri in accordance with respect to exercising power of sale under this Deed of Trust and any deed of trust then in effect. Trustee may postpone and change the requirements time and procedures provided by said statutes in a single parcel place of sale of all or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure any portion of the Property by effectuating a non-judicial foreclosure public announcement at any time and place fixed by it in said notice of sale and from time to time and place to place thereafter, without any further posting or notice thereof, may postpone such sale in public announcement to the time and place fixed by such postponement, whether or not said place fixed by any postponement be in the same city or other place as fixed in said notice of sale. Grantee Trustee shall then sell, or offer for sale, deliver to such purchaser its deed conveying the Property so sold, but without any covenant or warranty, express or implied. The recital in such deed of any matters of fact or otherwise shall be conclusive proof of truthfulness thereof. Any person, including Borrower, Trustee or Lender may purchase at public such sale. The proceeds of any foreclosure sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale Property shall be at the time, place distributed and applied in the manner prescribed for holding sheriff's sales following order of property priority: First, on account of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard all costs and expenses incident to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said Countyforeclosure proceedings; Second, all other notice being hereby waived items which, under the terms hereof, constitute indebtedness secured by Grantor. Grantor hereby constitutes and appoints Grantee this Deed of Trust additional to that evidenced by the agent and attorney-in-fact of Grantor Note, with interest on such items as herein provided; Third, to conduct such sale and to execute in interest remaining unpaid upon the name of Grantor a deed or deeds of conveyance Note; Fourth, to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in principal remaining unpaid upon the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property soldNote; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have lastly, the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said saleremainder, if any, which are payable to Grantor as provided hereinthe person or persons legally entitled thereto. All acts of said Grantee as attorney-in-fact are hereby ratified Each time it shall become necessary to insert an advertisement for foreclosure and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such defaultnot had, such sale may the Trustee shall be made subject entitled to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide receive a fee for a foreclosure services and the sale amount of all advertising charges from the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.Borrower; and/or
Appears in 1 contract
Foreclosure. Immediately commence an action to foreclose this Security Deed or to specifically enforce its provisions or any of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3a) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event case of a foreclosure sale or pursuant to any order in any judicial proceeding or otherwise, the Mortgaged Property may be sold as an entirety in one parcel (or as one integrated unit) or separate parcels (or one or more of the interests comprising the Mortgaged Property separately from the others) in such manner or order as the Mortgagee, in its sole and absolute discretion, may elect.
(b) The Mortgagee may adjourn from time to time any foreclosure sale to be made under or by virtue of this Mortgage by announcement at the time and place appointed for such sale or for such adjourned sale or sales and, except as otherwise provided by any applicable provision of law, the Mortgagee, without further notice or publication, may prosecute such sale in court at the time and place to which the same shall be so adjourned as the same may be so ordered.
(c) Upon the completion of any foreclosure sale, an officer of any court empowered to do so shall execute and deliver to the accepted purchaser or purchasers a good and sufficient instrument, or good and sufficient instruments, granting, conveying, assigning and transferring all estate, right, title and interest in and to the property and rights sold.
(d) Upon any sale made under or by virtue of the foreclosure of this Mortgage, the Mortgagee may bid for and acquire the Mortgaged Property or any part thereof and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting upon the Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums that the Mortgagee is entitled to receive under the Obligations, together with interest thereon.
(e) No recovery of any judgment by the Mortgagee and no levy of an execution under any judgment upon the Mortgaged Property or upon any other property of the Mortgagor shall affect in any manner or to any extent the lien of this Mortgage upon the Mortgaged Property or any part thereof, or any liens, rights, powers or remedies of the Mortgagee hereunder, but such liens, rights, powers and remedies of the Mortgagee shall continue unimpaired.
(f) The proceeds of any sale made under or by virtue of this Section 15 shall be applied as follows:
Appears in 1 contract
Sources: Payment in Lieu of Tax Agreement
Foreclosure. Immediately commence an action Beneficiary may request Trustee to foreclose this Security Deed or proceed with foreclosure, and in such event Trustee is hereby authorized and empowered, and it shall be such Person’s duty, upon such request of Beneficiary, and to specifically enforce its provisions the extent permitted by applicable Law, to sell all or any part of the indebtedness secured hereby pursuant Mortgaged Property at one or more sales, as an entirety or in parcels, at such place or places and otherwise in such manner and upon such notice as may be required by applicable Law, or in the absence of any such requirement, as Trustee and/or Beneficiary may deem appropriate, and to make conveyance to the statutes in purchaser or purchasers thereof. Any sale of any part of the Mortgaged Property shall be made to the highest bidder or bidders for cash, at the courthouse door of, or at such case made and provided and sell other place as may be required or permitted by applicable Law in, the Property county (or cause judicial district) wherein the Lands included within the Mortgaged Property to be sold are situated; provided that if the Lands are situated in accordance more than one county (or judicial district), such sale of the Mortgaged Property, or any part thereof, may be made in any county (or judicial district) wherein any part of the Lands included within the Mortgaged Property to be sold are situated. Any such sale shall be made at public outcry, on the day of any month, during the hours of such day and after written notices thereof have been publicly posted in such places and for such time periods and after all Persons entitled to notice thereof have been sent such notice, all as required by applicable Law in effect at the time of such sale. Nothing herein shall be deemed to require Beneficiary or Trustee to do, and Beneficiary and Trustee shall not be required to do, any act other than as required by applicable Law in effect at the time of such sale. Any such sale may be as a whole or in such parcels as Trustee may select. After such sale, Trustee shall make to the purchaser or purchasers thereunder good and sufficient deeds and assignments, in the name of Grantor, conveying the Mortgaged Property, or part thereof, so sold to the purchaser or purchasers with general warranty of title (subject to Permitted Liens) by Grantor. Sale of a part of the Mortgaged Property shall not exhaust the power of sale, but sales may be made from time to time until the Obligation is paid and performed in full. It shall not be necessary to have present or to exhibit at any such sale any of the Collateral. In addition to the rights and powers of sale granted under the preceding provisions of this Section 3.2(c), if default is made in the payment of any installment of the Obligation, Beneficiary, at its option, at once or at any time thereafter while any matured installment remains unpaid, without declaring the entire Obligation to be due and payable may orally or in writing direct Trustee to enforce this trust and to sell the Mortgaged Property subject to such unmatured Obligation and the Liens securing its payment, in the same manner, on the same terms, at the same place and time, and after having given notice in the same manner, all as provided in the preceding provisions of this Section 3.2(c). After such sale, Trustee shall make due conveyance to the purchaser or purchasers. Sales made without maturing the Obligation may be made hereunder whenever there is a default in the payment of any installment of the Obligation without exhausting the power of sale granted hereby, and without affecting in any way the power of sale granted under this Section 3.2(c) on the unmatured balance of the Obligation (except as to any proceeds of any sale which Beneficiary may apply as a prepayment on the Obligation) or the Liens securing payment of the Obligation. It is intended by each of the foregoing provisions of this Section 3.2(c) that Trustee may, after any request or direction by Beneficiary, sell, not only the Subject Interests included within, but also, all other items constituting a part of, the Mortgaged Property, or any part thereof, along with the requirements Lands, or any part thereof, included within the Mortgaged Property all as a unit and procedures provided by said statutes in as a part of a single parcel sale, or may sell any part of the Mortgaged Property separately from the remainder of the Mortgaged Property. It is agreed that, in several parcels any deed or assignment given by Trustee, any and all statements of fact or other recitals therein made as to the identity of Beneficiary, or as to the occurrence or existence of any default, or as to the acceleration of the maturity of the Obligation, or as to the request to sell, notice of sale, time, place, terms and manner of sale, and the receipt, distribution and application of the money realized therefrom, or as to the due and proper appointment of a substitute trustee, and, without being limited by the foregoing, as to any other act or thing having been duly done by Beneficiary or by Trustee, shall be taken by all courts of Law and equity as prima facie evidence that the said statements or recitals state facts, and Grantor does hereby ratify and confirm any and all acts that Trustee may lawfully do in the premises by virtue hereof. In the event of the resignation (such resignation being hereby authorized for any reason) or death of Trustee or such Person’s failure, refusal or inability, for any reason, to make any such sale or to perform any of the trusts herein declared, or, at the option of Grantee.
(1) Should Grantee have elected Beneficiary, without cause, Beneficiary may appoint, in writing, a substitute trustee, who shall thereupon succeed to accelerate all the indebtedness secured herebyestates, Grantee titles, rights, powers and trusts herein granted to and vested in Trustee. Such appointment may initiate foreclosure be made on behalf of Beneficiary by any Person who is then the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sellpresident, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Propertyany vice president, or a part thereofsenior representative, is located, after advertising said sale once in each or any other authorized officer or agent of Beneficiary. In the event of the four consecutive weeks resignation (such resignation being hereby authorized for any reason) or death of any such substitute trustee, or such Person’s failure, refusal or inability to make such sale or perform such trusts, or, at the option of Beneficiary, without regard cause, successive substitute trustees may thereafter, from time to the number of days) immediately preceding the sale time, be appointed by Beneficiary in the newspaper same manner. Trustee may appoint, in which are advertised sales by the sheriff of said Countywriting, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the any one or more Persons as Trustee’s agent and attorney-in-fact to act as Trustee under him and in Trustee’s name, place and stead, to perform any one or more acts necessary or incident to any sale under the power of Grantor to sale granted under the preceding provisions of this Section 3.2(c), including the posting and filing of any notices, the conduct of such sale and to execute the execution and delivery of any instruments conveying the Mortgaged Property so sold, but in the name and on behalf of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided hereinTrustee. All acts of said Grantee as done or performed by any such agent and attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid valid, lawful and binding as if done or performed by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderTrustee.
Appears in 1 contract
Foreclosure. Immediately commence an action to foreclose this Security Deed Sell or to specifically enforce its provisions offer for sale the Property in such portions, order and parcels as Lender may determine, with or any without having first taken possession of the indebtedness secured hereby pursuant same, to the statutes in such case highest bidder for cash at public auction. Such sale shall be made and provided and sell the Property or cause the Property to be sold at a location designated for foreclosure sales in accordance with Chapter 244 of the requirements Massachusetts General Laws and procedures all other applicable laws. Lender shall have the STATUTORY POWER OF SALE and any other right or remedies provided by said statutes in a single parcel law. At any such sale (i) whether made under the power herein contained, the UCC, any other Legal Requirement or in several parcels at by virtue of any judicial proceedings or any other legal right, remedy or recourse, it shall not be necessary for Lender to have been physically present, or to have constructive possession of, the option of Grantee.
Property (1) Should Grantee have elected Borrower shall deliver to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure Lender any portion of the Property not actually or constructively possessed by effectuating a non-judicial foreclosure sale. Grantee Lender immediately upon demand by Lender), and the title to and right of possession of any such property shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance pass to the purchaser or purchasersthereof as completely as if it had been actually present and delivered to purchaser at such sale, which deed or deeds (ii) each instrument of conveyance executed by Lender shall contain full warranties a general warranty of title title, binding upon Borrower, (iii) each recital contained in the name any instrument of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so conveyance made by Lender shall conclusively establish the Grantee, truth and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative accuracy of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deedmatters recited therein, including, without limitation, interest at nonpayment of the Default Interest Rate (as defined Indebtedness, advertisement and conduct of such sale in the Note)manner provided herein and otherwise by law and appointment of any successor Lender hereunder, (iv) any prepayment chargeprerequisites to the validity thereof shall be conclusively presumed to have been performed, fee (v) the receipt of Lender or premium required of such other party or officer making the sale shall be a sufficient discharge to the purchaser or purchasers for his or their purchase money and no such purchaser or purchasers, or his or their assigns or personal representatives, shall thereafter be paid obligated to see to the application of such purchase money or be in any way answerable for any loss, misapplication or non-application thereof, (vi) to the fullest extent permitted by law, Borrower shall be completely and irrevocably divested of all of its right, title, interest, claim and demand whatsoever, either at law or in equity, in and to the property sold and such sale shall be a perpetual bar both at law and in equity against Borrower, and against all other persons claiming or to claim the property sold or any part thereof, by, through or under the Note in order to prepay principal Borrower, and (vii) to the extent and under such circumstances as are permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, Lender may be bid by Grantee in the event of a foreclosure sale hereunderpurchaser at any such sale.
Appears in 1 contract
Foreclosure. Immediately commence (a) If an action Event of Default shall have occurred and be continuing, Collateral Agent shall be entitled to proceed to foreclose this Security Deed of Trust and to cause the sale of all or any portion of the Property for cash or upon such terms and conditions as Collateral Agent may deem expedient, under the judgment or decree of a court or courts of competent jurisdiction in order to specifically enforce pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys' fees. In the event of any such foreclosure sale, 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.
(i) If an Event of Default shall have occurred and be continuing, Collateral Agent may elect to cause the Property or any part thereof to be sold under the power of sale herein granted in any manner permitted by applicable law.
(ii) In connection with any sale or sales hereunder, Collateral Agent may elect to treat any of the Property which consists of a right in action or which is property that can be severed from the real property covered hereby or any improvements thereon without causing structural damage thereto as if the same were personal property, and dispose of the same in accordance with applicable law, separate and apart from the sale of real property.
(iii) Any sale of any personal property hereunder shall be conducted in any manner permitted by Section 9601 or any other applicable section of the California Commercial Code or any other applicable law. Where the Property consists of real and personal property or fixtures, whether or not such personal property is located on or within the real property, Collateral Agent may elect in its provisions discretion to exercise its rights and remedies against any or all of the real property, personal property, and fixtures in such order and manner as is now or hereafter permitted by applicable law.
(iv) Without limiting the generality of the foregoing, Collateral Agent may, in its sole and absolute discretion and without regard to the adequacy of its security, elect to proceed against any or all of the real property, personal property and fixtures in any manner permitted under Section 9604 of the California Commercial Code or any other applicable law; and the power of sale herein granted shall be exercisable with respect to all or any of the indebtedness secured real property, personal property and fixtures covered hereby, as designated by Collateral Agent, and the Trustee is hereby pursuant authorized and empowered to the statutes in conduct any such case made sale of any real property, personal property and provided and sell the Property or cause the Property to be sold fixtures in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Granteeapplicable to real property.
(1v) Should Grantee have elected Where the Property consists of real property and personal property, any reinstatement of the Indebtedness or Obligations secured hereby, following default and an election by the Collateral Agent to accelerate the indebtedness maturity of said Indebtedness or Obligations, which is made by Grantor or any other person or entity permitted to exercise the right of reinstatement under California law shall not prohibit the Collateral Agent from conducting a sale or other disposition of any personal property or fixtures or from otherwise proceeding against or continuing to proceed against any personal property or fixtures in any manner permitted by the California Commercial Code or any other applicable law; nor shall any such reinstatement invalidate, rescind or otherwise affect any sale, disposition or other proceeding held, conducted or instituted with respect to any personal property or fixtures prior to such reinstatement or pending at the time of such reinstatement. Any sums paid to Collateral Agent in effecting any reinstatement shall be applied to the secured hereby, Grantee may initiate foreclosure obligation and to the Collateral Agent's and Trustee's reasonable costs and expenses in the manner required by California law.
(vi) Should Collateral Agent elect to sell any portion of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, which is real property or offer for sale, which is personal property or fixtures that Collateral Agent has elected under Section 9604 of the Property at public sale California Commercial Code to sell together with real property in accordance with the laws governing a sale of real property, Collateral Agent or Trustee shall give such notice of default and election to sell as may then be required by law. Thereafter, upon the expiration of such time and the giving of such notice of sale as may then be required by law, and without the necessity of any demand on Grantor, Trustee, at the time and place specified in the notice of sale, shall sell said real property or part thereof at public auction to the highest bidder for cash in lawful money of the State United States. Trustee may, and upon request of Georgia then in force and governing said sales of real property and improvements under powers conferred Collateral Agent shall, from time to time, postpone any sale hereunder by security deeds. Each such sale shall be public announcement thereof at the time, time and place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereofnoticed therefor, and shall convey Grantor agrees and acknowledges that Collateral Agent may elect in its sole and absolute discretion to the purchaser direct such postponement(s) for such periods of time as Collateral Agent may find necessary or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured herebydesirable.
(2vii) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with In any notice of foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so madeadvertisement of sale, shall not or other post-default public statement of Trustee or Collateral Agent in any manner affect connection with the unmatured part judicial or nonjudicial foreclosure of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by Property, Grantor agrees that Trustee and Collateral Agent shall have the Noteright, but not the obligation, to disclose any report or information known to them regarding defects in the Property, that Trustee and Collateral Agent cannot control or otherwise assure the truthfulness or the accuracy of such reports or information, and that the disclosure of such reports or information to prospective bidders at any foreclosure sale of the Property may have a material adverse effect upon the amount which a party may bid at such sale. The secured indebtedness Grantor agrees that Collateral Agent and Trustee shall have no liability whatsoever as a result of disclosing any or all of such reports or information to any third party, and Grantor hereby waives, releases and forever discharges Collateral Agent and Trustee from any and all claims, damages, or causes of action, arising out of, connected with or incidental to the disclosure, use or delivery of any such report or information.
(viii) Should Collateral Agent desire that more than one sale or other obligations disposition of the Property be conducted, Collateral Agent may, at its option, cause the same to be conducted simultaneously, or successively, on the same day, or at such different days or times and in such order as Collateral Agent may deem to be in its best interests, and no such sale shall terminate or otherwise affect the lien of this Deed of Trust on any part of the Property not sold until all Indebtedness secured hereby has been fully paid and all Obligations secured hereby have been fully performed, nor shall the power of sale granted under this Deed of Trust be exhausted until all such sales are conducted.
(c) Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Security DeedDeed of Trust by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, includingexcept as otherwise provided by any applicable provision of law, Collateral Agent, without limitationfurther notice or publication, interest may make such sale at the Default Interest Rate time and place to which the same shall be so adjourned.
(as defined in d) Upon the Note), completion of any prepayment charge, fee sale or premium required to be paid sales made by Collateral Agent under the Note in order to prepay principal (to the extent permitted or by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event virtue of a foreclosure sale hereunderthis Section 3.
Appears in 1 contract
Sources: Leasehold Deed of Trust (Golfsmith International Holdings Inc)
Foreclosure. Immediately commence an action to foreclose this Security Deed Mortgagee may institute any one or to specifically enforce its provisions or any more actions of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate mortgage foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing against all or any part of the indebtedness evidenced Property, or take such other action at law, equity or by contract for the Noteenforcement of this Mortgage and realization on the security herein or elsewhere provided for, as the law may allow, and may proceed therein to final judgment and execution for the entire unpaid balance of the Liabilities. The unpaid balance of any judgment shall bear interest at the greater of (a) the statutory rate provided for judgments, or (b) the Default Rate. Without limiting the foregoing, Mortgagee may foreclose this Mortgage and exercise its rights as a secured indebtedness party for all or any portion of the Liabilities which are then due and all payable, subject to the continuing lien of this Mortgage for the balance not then due and payable. In case of any sale of the Property by judicial proceedings, the Property may be sold in one parcel or in such parcels, manner or order as Mortgagee in its sole discretion may elect. Mortgagor, for itself and anyone claiming by, through or under it, hereby agrees that Mortgagee shall in no manner, in law or in equity, be limited, except as herein provided, in the exercise of its rights in the Property or in any other obligations security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Security DeedMortgage, includingwhether by any statute, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee rule or premium required precedent which may otherwise require said security to be paid under the Note marshaled in order any manner and Mortgagor, for itself and others as aforesaid, hereby expressly waives and releases any right to prepay principal (or benefit thereof. The failure to the extent permitted by applicable law), attorneys' and trustee's fees and make any other amounts due and unpaid tenant a defendant to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure proceeding shall not be asserted by Mortgagor as a defense in any proceeding instituted by Mortgagee to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale hereunderof the Property.
Appears in 1 contract
Sources: Mortgage and Security Agreement (Trailer Bridge Inc)
Foreclosure. Immediately commence an action to foreclose this Security Deed Lender may institute any one or to specifically enforce its provisions or any more actions of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate mortgage foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing against all or any part of the indebtedness evidenced Property, or take such other action at law, equity or by contract for the Noteenforcement of this Mortgage and realization on the Property security herein or elsewhere provided for the Liabilities, or any part thereof, to the fullest extents that applicable law may allow, and may proceed therein to final judgment and execution for the entire unpaid balance of the Liabilities. The unpaid balance of any judgment shall bear interest at the greater of (a) the statutory rate provided for judgments, or (b) the highest rate permitted under Florida law. Without limiting the foregoing, Lender may foreclose this Mortgage and exercise its rights as a secured indebtedness party for all or any portion of the Liabilities which are then due and all payable, subject to the continuing lien of this Mortgage for the balance not then due and payable. In case of any sale(s) of any of the Property by judicial proceedings, the Property may be sold in one lot parcel, or in as many lots, parcels, manner or order, as Lender in its sole discretion may elect. Borrower, for itself and anyone claiming by, through or under it, hereby agrees, to the fullest extent not expressly precluded by applicable law. that Lender shall in no manner, whether in law or in equity, be limited except as herein provided in the exercise of its rights as a secured party in the Property, or in any other obligations security hereunder or otherwise pertaining to the Liabilities or any other obligation secured by this Security DeedMortgage, includingwhether by any statute, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee rule or premium required precedent which may otherwise require said security to be paid under the Note marshalled in order any manner and Borrower, for itself and others as aforesaid, hereby expressly waives and releases any right to prepay principal (or benefit thereof. The failure to the extent permitted by applicable law), attorneys' and trustee's fees and make any tenant or any other amounts due and unpaid third party a defendant to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderproceeding shall not be asserted by Borrower as a defense in any proceeding instituted by ▇▇▇▇▇▇ to collect the Liabilities or any deficiency remaining unpaid thereafter.
Appears in 1 contract
Sources: Mortgage, Security Agreement and Fixture Filing (Saddlebrook Resorts Inc)
Foreclosure. Immediately commence an action The Lender, instead of exercising the power of sale herein conferred upon it, may proceed by a suit or suits at law or in equity to foreclose this the Security Deed or to specifically enforce its provisions or any of the indebtedness secured hereby pursuant to the statutes in such case made and provided Interests and sell the Property Collateral and Proceeds, or any portion thereof, under a judgement or decree of a court or courts of competent jurisdiction. For the purposes of Louisiana executory process procedures, the Borrower does hereby acknowledge the Indebtedness and confess judgement in favor of the Lender for the full amount of the Indebtedness. The Borrower does by these presents consent and agree that upon the occurrence of an Event of Default it shall be lawful for the Lender to cause all and singular the Property Collateral and Proceeds to be seized and sold under executory or ordinary process, at the Lender's sole option, without appraisement, appraisement being hereby expressly waived, in accordance with the requirements and procedures provided by said statutes in a single parcel one lot as an entirety or in several separate parcels at or portions as the option Lender may determine to the highest bidder, and otherwise exercise the rights, powers and remedies afforded herein and under applicable Louisiana law. Any and all declarations of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property fact made by effectuating authentic act before a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and Notary Public in the manner prescribed for holding sheriff's sales presence of property of like kind, in the County where the Property, or two witnesses by a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct person declaring that such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds facts lie within his knowledge shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive constitute authentic evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by facts for the Grantee, and agrees to accept proceeds purpose of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmedexecutory process. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwiseBorrower, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by law, hereby specifically waives all rights of appraisal which it has or may have under any law now existing or hereafter arising. In the event the Collateral (or Proceeds) or any part thereof is seized as an incident to an action for the recognition or enforcement of this Agreement by executory process, ordinary process, sequestration, writ of fieri facias, or otherwise, the Borrower and the Lender agree that the court issuing any such order shall, if petitioned for by the Lender, direct the applicable law)sheriff to appoint as a keeper of the Collateral and Proceeds, attorneys' the Lender or any agent designed by the Lender or any person named by the Lender at any time such seizure is effected. This designation is pursuant to Louisiana Revised Statutes 9:5136-9:5140.2 and trustee's fees the Lender shall be entitled to all the rights and any benefits afforded thereunder as the same may be amended. It is hereby agreed that the keeper shall be entitled to receive as compensation, in excess of its reasonable costs and expenses incurred in the administration or preservation of the Collateral and Proceeds, an amount equal to five percent of the gross revenues and other amounts due and unpaid received by the keeper, payable on a monthly basis. The designation of keeper made herein shall not be deemed to Grantee under require the Loan Documents, may be bid by Grantee in Lender to provoke the event appointment of such a foreclosure sale hereunderkeeper.
Appears in 1 contract
Foreclosure. Immediately commence (a) Upon the occurrence of a default;
(i) Trustee is authorized and empowered and it shall be Trustee's special duty at the request of Agent to sell the Mortgaged Properties, or any part thereof, as an entirety or in parcels as Agent may elect, at such place or places and otherwise in the manner and upon such notice as may be required by law or, in the absence of any such requirement, as Trustee may deem appropriate. If Trustee shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance of the property pursuant thereto as if such notice had been given by the successor or substitute Trustee conducting the sale. As to those Mortgaged Properties located in the State of California (or within the offshore area over which the United States of America asserts jurisdiction and to which the laws of such state are applicable with respect to this Mortgage and/or the liens or security interests created hereby), Trustee is requested, authorized and empowered to record a written notice of default and election to sell and, after a lapse of such time as is required by law, following recordation of such notice, give a notice of sale as required by law and sell such Mortgaged Properties at the time and place of sale fixed in such notice to the highest bidder for cash. Trustee shall deliver to such purchaser or purchasers thereof a trustee's deed conveying the property so sold, which shall not contain any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. A POWER OF SALE HAS BEEN GRANTED IN THIS MORTGAGE. A POWER OF SALE MAY ALLOW AGENT OR TRUSTEE TO SELL THE MORTGAGED PROPERTIES WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON DEFAULT BY MORTGAGOR UNDER THIS MORTGAGE.;
(ii) Commence an action to foreclose foreclosure this Security Deed Mortgage; and/or
(iii) Exercise all other rights and remedies provided herein, in this Mortgage or any other Loan Document or other document or agreement now or hereafter securing all or any portion of the secured indebtedness, or otherwise as provided by applicable law.
(b) Upon the occurrence of a default, Agent may exercise its rights of enforcement with respect to the Collateral under the applicable Uniform Commercial Code or any other statute in force in any state to the extent the same is applicable law. Cumulative of the foregoing and the other provisions of this Section 4.4:
(i) Agent may enter upon the Mortgaged Properties or otherwise upon Mortgagor's premises to take possession of, assemble and collect the Collateral or to specifically enforce its provisions render it unusable; and
(ii) Agent may require Mortgagor to assemble the Collateral and make it available at a place Agent designates which is mutually convenient to allow Agent to take possession or dispose of the Collateral; and
(iii) written notice mailed to Mortgagor as provided herein at least five (5) days prior to the date of public sale of the Collateral or prior to the date after which private sale of the Collateral will be made shall constitute reasonable notice; and
(iv) in the event of a foreclosure of the liens and/or security interests evidenced hereby, the Collateral, or any part thereof, and the Mortgaged Properties, or any part thereof, may, at the option of Agent, be sold, as a whole or in parts, together or separately (including where a portion of the Mortgaged Properties is sold, the Collateral related thereto may be sold in connection therewith); and
(v) the expenses of sale provided for in clause FIRST of Section 4.7 shall include the reasonable expenses of retaking the Collateral, or any part thereof, holding the same and preparing the same for sale or other disposition; and
(vi) should, under this subsection, the Collateral be disposed of other than by sale, any proceeds of such disposition shall be treated under Section 4.7 as if the same were sales proceeds.
(c) To the extent permitted by applicable law, the sale hereunder of less than the whole of the Property shall not exhaust the powers of sale herein granted or the right to judicial foreclosure, and successive sale or sales may be made until the whole of the Property shall be sold, and, if the proceeds of such sale of less than the whole of the Property shall be less than the aggregate of the indebtedness secured hereby pursuant to and the statutes in expense of conducting such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, this Mortgage and the Property at public sale in accordance with the laws of the State of Georgia then in force liens and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed interests hereof shall remain in full force and effect as to the unsold portion of the Property just as though no sale had been made; provided, however, that Mortgagor shall never have any right to require the sale of less than the whole of the Property. Several In the event any sale hereunder is not completed or is defective in the opinion of Agent, such sale shall not exhaust the powers of sale hereunder or the right to judicial foreclosure, and Agent shall have the right to cause a subsequent sale or sales to be made. Any sale may be made adjourned by announcement at the time and place appointed for such sale without exhausting the right further notice except as may be required by law. The Trustee or his successor or substitute acting under power of sale may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by it (including the posting of notices and the conduct of sale), and such appointment need not be in writing or recorded. Any and all statements of fact or other recitals made in any deed or deeds, or other instruments of transfer, given in connection with a sale as to nonpayment of the secured indebtedness or as to the occurrence of any default, or as to all of the secured indebtedness having been declared to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or, with respect to any unmatured part sale by the Trustee, or any successor or substitute trustee, as to the refusal, failure or inability to act of Trustee or any substitute or successor trustee or the secured indebtednessappointment of any substitute or successor trustee, it being the purpose and intent hereof or as to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costsother act or thing having been duly done, shall be paid by Grantor and secured by this Security Deed and by all taken as prima facie evidence of the truth of the facts so stated and recited. Notwithstanding any reference herein to the Credit Agreement or any other Loan Documents securing Document, all persons dealing with the Mortgaged Properties shall be entitled to rely on any document, or certificate, of Agent as to the occurrence of an event, such as an Event of Default, and shall not be charged with or forced to review any provision of any other document to determine the accuracy thereof. With respect to any sale held in foreclosure of the liens and/or security interests covered hereby, it shall not be necessary for the Trustee, Agent, any public officer acting under execution or order of the court or any other party to have physically present or constructively in his/her or its possession, either at the time of or prior to such sale, the Property or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderthereof.
Appears in 1 contract
Foreclosure. Immediately commence (a) The Pledgors hereby expressly and irrevocably agree that upon the occurrence of an action to foreclose this Security Deed or to specifically enforce its provisions or any Event of Default, the Pledgee may instruct the Executor in terms of Article 204 of the indebtedness secured hereby pursuant Law, in order for the Executor to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance proceed with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure execution of the Property Securities Pledge by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws means of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such extrajudicial sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to Securities, for the number purpose of days) immediately preceding obtaining the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.Secured Obligations, according to the following rules:
1. The Pledgee shall notify the existence of an Event of Default to the Executor and the Pledgors, by means of a notice (2) Should Grantee have not elected to accelerate the indebtedness secured hereby“Default Notice”), Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may shall be made subject to in writing and clearly describe: (i) the unmatured part Event of Default that has occurred; (ii) the term for the fulfillment of the secured indebtedness. Such sale, if so made, shall not in any manner affect obligation underlying such Event of Default; (iii) the unmatured part of outstanding amount that is required to be paid for; (iv) that the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the extrajudicial sale of the Property Securities will be carried out in the event that the Pledgors do not deliver to the Pledgee the outstanding amount or the document evidencing that the term for any matured portion the fulfillment of said secured indebtedness without exhausting the power corresponding Secured Obligation has been extended or its novation has occurred or the evidence of foreclosureits delivery to the Pledgee, as applicable; and (v) the specific instructions of the Pledgee for the Executor to proceed with the extrajudicial sale of the Securities.
(2. The Pledgors may oppose to the sale by delivering the outstanding amount of the corresponding Secured Obligation, the evidence of payment in full of such Secured Obligation and/or the document evidencing that the term for the fulfillment of the corresponding Secured Obligation has been extended or that its novation has been agreed, or the evidence of its delivery to the Pledgee.
3) . In the event foreclosure proceedings are instituted by Granteethat the Pledgors may not reliably prove, all expenses incident within the Business Day following to such proceedingsthe date on which they received the Dafault Notice, includingthe payment, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all novation or extension of the other Loan Documents securing corresponding Secured Obligation, as provided above, the Executor shall proceed with the extrajudicial sale, with no need of further procedure or requirement, at a market value, of all or any part of the indebtedness evidenced Securities necessary to pay in full the Secured Obligations, the proceeds of such sale shall be delivered in payment to the Pledgee.
4. The foreclosure procedure of the Securities Pledge described above may be suspended at any time before the sale of all the Shares has been perfected, by means of a reliable notice delivered by the NotePledgee to the Executor, stating that the Pledgors have complied, to the Pledgees’ satisfaction, of any and all Secured Obligations or the ones derived for them in terms of this Agreement, as applicable. In the event that the sale of the Securities is made in portions, the suspension will be effective upon such portions of Securities that have not been sold at the time on which the corresponding notice is received.
5. In the event that the Pledgors have not proved to the Pledgee the fulfillment of the Secured Obligations in the referred term, and in order to carry out the extrajudicial sale of the Securities, the Administrator shall deliver the Securities subject to the sale to the Executor, within the Business Day following the reception of the Default Notice without the Pledgors proving the fulfillment of the Secured Obligation. For such purposes and as needed, the Administrator shall transfer the Securities to the Executor. According with the foregoing, each of the Pledgors hereby expressly and irrevocably agrees, consents and instructs the Administrator to carry out the transfer of the Securities in favor of the Executor in terms of this Agreement.
6. The secured indebtedness proceeds of the extrajudicial sale of the Securities shall be immediately distributed by the Executor in the following order, as per the instructions of the Pledgee in such regard, with no need of further notice, requirement or resolution of judicial or extrajudicial instruction of any nature in such regard:
(i) for the payment of all the taxes, fees, liens, deductions or retentions caused by or derived from this Agreement or the extrajudicial foreclosure procedure of the Securities Pledge;
(ii) for the payment of reasonable and all other obligations secured documented expenses and fees incurred by this Security Deedthe Executor and/or the Administrator or the Pledgee, caused by or due to the guard and sale of the Securities, including, without limitation, interest at any expenses, fees or costs charged by or incurred by the Default Interest Rate Executor (as defined which shall be reasonable, duly evidenced and according to the daily practice in Mexico for such type of transactions) and costs and fees of legal advisors;
(iii) the outstanding balance, for the payment in full of the Secured Obligations in terms of the Purchase Agreement and this Agreement;
(iv) the remains, if any, shall be delivered to the Pledgors; and
(v) in the Note)event that a portion of the Securities may not be sold by the Executor for the payment in full of the Secured Obligations, as foreclosure of the Securities Pledge, the Executor shall deliver such Securities to the Pledgors.
(b) In no case shall the Pledgee or the Executor be responsible for the loss or decrease that may occur with regards to the Securities as a result of acts carried out in terms of this Agreement.
(c) The failure by the Pledgee to exercise its rights in terms of this Agreement, shall in no event be considered as a waiver to such rights, nor the singular or partial exercise by the Pledgee of any prepayment chargerights hereunder shall exclude any other right, fee authority or premium privilege.
(d) The Pledgors agree that the Pledgee and the Administrator shall have no liability with regards to any of the acts of the Executor in connection with this Agreement.
(e) Within the limits of any applicable law, the Pledgors shall take any and all actions and/or initiate any and all proceedings that may be necessary or convenient to facilitate the execution and transfer of the Securities. The Pledgors further agree to do or cause to be done all such other acts as may be necessary or convenient to expedite such sale or sales of all or any portion of the Securities, and to execute and deliver such documents and take such other action in order to carry out such sale may be in compliance with applicable law, including without limitation (i) to carry out or assist the Pledgee or any other Person that the Pledgee may authorize to carry out any procedure to obtain, or (ii) to obtain any authorization required to be paid under the Note granted by any Governmental Authority in terms of any applicable law, in order to prepay principal (carry out such sale or sales of the Securities or any portion thereof. No action implying a cost or expense to the extent permitted by applicable law)Securities shall be taken, attorneys' and trustee's fees and any other unless the Pledgee has previously delivered the amounts due and unpaid corresponding to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderits execution.
Appears in 1 contract
Foreclosure. Immediately commence an action to foreclose this Security Deed Mortgagee may institute any one or to specifically enforce its provisions or any more actions of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate mortgage foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing against all or any part of the indebtedness evidenced Mortgaged Premises, or take such other action available to Mortgagee at law, equity or by Contract for the Noteenforcement of this Mortgage and realization on the security herein or elsewhere provided for, as the law may allow, and may proceed therein to final judgment and execution for the entire unpaid balance of the Liabilities, together with all future advances and any other sums due by Mortgagor in accordance with the provisions of this Mortgage, together with interest from the date of default at the Default Rate and all costs of suit and attorneys' fees. The unpaid balance of any judgment shall bear interest at the greater of (a) the statutory rate, or (b) the Default Rate. Without limiting the foregoing, Mortgagee may foreclose this Mortgage and exercise its rights as a secured indebtedness party for all or any portion of the Liabilities which are then due and all payable, subject to the continuing lien of this Mortgage for the balance not then due and payable. In case of any sale of the Mortgaged Premises by judicial proceedings, the Mortgaged Premises may be sold in one parcel or in such parcels, manner or order as Mortgagee in its sole discretion may elect. Mortgagor, for itself and anyone claiming by, through or under it, hereby agrees that Mortgagee shall in no manner, in law or in equity, be limited, except as herein provided, in the exercise of its rights in the Mortgaged Premises or in any other obligations security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Security DeedMortgage, includingwhether by any statute, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee rule or premium required precedent which may otherwise require said security to be paid under the Note marshalled in order any manner and Mortgagor, for itself and others as aforesaid, hereby expressly waives and releases any right to prepay principal (or benefit thereof. The failure to the extent permitted by applicable law), attorneys' and trustee's fees and make any other amounts due and unpaid tenant a defendant to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure proceeding shall not be asserted by Mortgagor as a defense in any proceeding instituted by Mortgagee to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale hereunderof the Mortgaged Premises.
Appears in 1 contract
Sources: Mortgage and Security Agreement (Michael Anthony Jewelers Inc)
Foreclosure. Immediately commence If an action Event of Default shall occur hereunder and, as a result thereof, the secured Indebtedness is accelerated and is due and payable in full, Borrower hereby grants to foreclose this Security Deed or to specifically enforce its provisions Lender the following irrevocable power of attorney: To sell all or any part of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Secured Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at auction, at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer usual place for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said conducting sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, Courthouse in the County where the PropertyLand or any part thereof lies, or a part thereofin Georgia, is locatedto the highest bidder for cash, after advertising said the time, terms and place of such sale once in each of the a week for four consecutive (4) weeks immediately preceding such sale (but without regard to the number of days) immediately preceding in a newspaper published in the sale County where the Land or any part thereof lies, or in the newspaper in which the Sheriffs advertisements for such County are advertised sales published, or as otherwise provided or required by law, and Lender (or any person on behalf of Lender) may bid and purchase at such sale and thereupon execute and deliver to the sheriff purchaser or purchasers at such sale a sufficient conveyance of said Countythe Secured Property in fee simple, all other notice being hereby waived by Grantor. Grantor which conveyance may contain recitals as so the happening of the default on which the execution of the power of sale herein granted depends, and Borrower hereby constitutes and appoints Grantee Lender the agent and attorney-in-fact of Grantor Borrower to conduct make such recitals and to make such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmedconveyance. The aforesaid power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwiseirrevocable, and are granted as cumulative of the other remedies provided herebyhereby or by law for collection of the Indebtedness, and shall not be exhausted by the one exercise thereof, but may be exercised until payment in full of all the Indebtedness. Borrower hereby covenants and agrees that the recitals, sale and conveyance so made by Lender shall be binding and conclusive upon Borrower and that the conveyance to be made by Lender shall be effective as to bar the equity of redemption of Borrower in and to the Secured Property, and Lender shall collect the proceeds of such sale and shall pay to Borrower the balance remaining, if any, after payment of the indebtedness secured Indebtedness and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest thereon, and all expenses of the sale and of all proceedings in connection therewith, including reasonable attorneys’ fees actually incurred, and any other expenses, charges and payments allowed or provided for by law, after advertising the time, place and terms of sale in accordance with applicable law. The foregoing notwithstanding, Lender may sell, or cause to be sold, any tangible or intangible personal Secured Property, or any part thereof, and which constitutes a part of the security hereunder, in the foregoing manner, or as may otherwise be provided by law. The Lender may bid and purchase at any such sale and may satisfy Lender’s obligation to purchase pursuant to Lender’s bid by canceling an equivalent portion of any Indebtedness then outstanding and secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.
Appears in 1 contract
Sources: Deed to Secure Debt and Security Agreement (Cb Richard Ellis Realty Trust)
Foreclosure. Immediately commence an action Upon the occurrence of any default, in addition to foreclose this Security Deed other remedies provided under the Uniform Commercial Code, Bank at any time then or to specifically enforce thereafter, in its provisions or discretion, may lawfully enter any of Borrower's premises or the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County premises where the Property, or a part thereof, Collateral is located, after advertising said sale once in each and with or without judicial process, lawfully remove, under Section 9-609 of the four consecutive weeks (without regard Uniform Commercial Code, the Collateral or records thereof to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said Countysuch place as Bank may deem advisable, or require Borrower to assemble and make any or all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereofCollateral available at such reasonable place as Bank may direct, and shall convey to the purchaser realize upon (by public or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such private sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3other manner) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced Collateral and, unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market, Bank shall give Borrower, and other parties entitled to notice, reasonable notice in writing before the sale of the Collateral or any part thereof at public auction or private sale, in one or more sales, at such price or prices, and upon such terms either for cash or credit or future delivery as Bank may elect, and at any such public sale Bank may bid for and become the purchaser of any or all of such Collateral; and/or Bank may foreclose its security interest in the Collateral in any way permitted by law. In connection with any notices to be given pursuant to this Paragraph VII.C., it is agreed in all instances that five (5) business days notice constitutes reasonable notice. Any such notice shall be deemed given when delivered or deposited in the NoteU.S. mail with first class postage. The secured indebtedness net proceeds of any such sale or sales and any amounts received in liquidation of the Collateral, less all other obligations secured by this Security Deedcosts and expenses incurred in connection therewith, includingincluding the costs of collection described in Paragraph VII.B above and, without limitation, interest at the Default Interest Rate (option of Bank or as defined required by law, less any prior lien claims, shall be applied against the Obligations in the Note)order that Bank in its sole discretion shall decide, and Borrower or other party entitled thereto shall be entitled to any prepayment charge, fee or premium required surplus resulting therefrom. No action taken by Bank pursuant hereto shall affect Borrower's continuing liability to be paid under the Note in order Bank for any deficiency remaining after any foreclosure. It is mutually agreed that it is commercially reasonable for Bank to prepay principal (disclaim all warranties which arise with respect to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under disposition of the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderCollateral.
Appears in 1 contract
Foreclosure. Immediately commence an action All rights, powers and privileges granted to foreclose this Security Deed or to specifically enforce its provisions or any ----------- conferred upon a beneficiary and trustee under a deed of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale trust in accordance with the laws of the State of Georgia then in force Nevada are hereby adopted and governing said sales incorporated into this Deed of real property and improvements under powers conferred Trust by security deeds. Each such sale shall be at the time, place this reference and in accordance with such rights, powers and privileges:
(a) The Trustee may, and upon the manner prescribed for holding sheriff's sales written request of property Beneficiary shall, with or without entry, personally or by its agents or attorneys insofar as applicable pursuant to and in accordance with the laws of like kind, in the County where the Property, Nevada:
(i) cause any or a part thereof, is located, after advertising said sale once in each all of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Mortgaged Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have sold under the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death this Deed of Trust or otherwise, are granted as cumulative any of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not other Documents in any manner affect the unmatured part of the debt secured permitted by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no applicable law. For any sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting under the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured sale granted by this Security Deed of Trust, Trustee or Beneficiary must record and give all notices required by all law and then, upon the expiration of such time as is required by law, may sell the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness Mortgaged Property, and all other obligations secured by this Security Deedestate, includingright, without limitationtitle, interest interest, claim and demand of Trustor therein, and all rights of redemption thereof, at the Default Interest Rate one or more sales, as an entirety or in parcels, with such elements of real and/or personal property (as defined in the Note)and, any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law, may elect to deem all of the Mortgaged Property to be real property for purposes thereof), attorneys' and trustee's fees at such time or place and upon such terms as Trustee and Beneficiary may determine and shall execute and deliver to the purchaser or purchasers thereof a deed or deeds conveying the property sold, but without any other amounts due covenant or warranty, express or implied, and unpaid to Grantee under the Loan Documents, may recitals in the deed or deeds of any facts affecting the regularity or validity of a sale will be bid by Grantee in conclusive against all persons. In the event of a sale, by foreclosure or otherwise, of less than all of the Mortgaged Property, this Deed of Trust shall continue as a lien and security interest on the remaining portion of the Mortgaged Property; or
(ii) institute proceedings for the complete or partial foreclosure of this Deed of Trust as a mortgage; and in this connection Trustor does hereby expressly waive to the extent permitted by law its right of redemption after a mortgage foreclosure sale; or
(iii) apply to any court of competent jurisdiction for the appointment of a receiver or receivers for the Mortgaged Property and of all the earnings, revenues, rents, issues, profits and income thereof, which appointment is hereby consented to by Trustor; or
(iv) take such steps to protect and enforce its rights whether by action, suit or proceeding in equity or at law for the specific performance of any covenant, condition or agreement in the Note or in this Deed of Trust, or in aid of the execution of any power herein granted, or for any foreclosure hereunder, or for the enforcement of any other appropriate legal or equitable remedy or otherwise as Beneficiary shall select.
(b) The Trustee may adjourn from time to time any sale hereunderby it made under or by virtue of this Deed of Trust by announcement at the time and place appointed for such sale or sales and, except as otherwise provided by any applicable provision of law, the Trustee without further notice or publication, may make such sale at the time and place to which the sale shall be so adjourned;
(c) Upon the completion of any sale or sale made by the Trustee under or by virtue of this Section, the Trustee shall execute and deliver to the accepted purchaser or purchasers a good and sufficient instrument, or good and sufficient instruments, conveying, assigning and transferring all estate, right, title and interest in and to the property and rights sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof to the extent permitted by law. Any such sale or sales made under or by virtue of this Section whether made under the power of sale herein granted or under or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale, shall operate to divest all the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity, of the Trustor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against the Trustor and against any and all persons claiming or who may claim the same, or any part thereof from through or under the Trustor.
(d) In the event of any sale made under or by virtue of this Section whether made under the power of sale herein granted or under or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale, the entire principal of and interest on the Note and all accrued interest on the Note, and all other sums required to be paid by the Trustor pursuant to the Note and this Deed of Trust shall be due and payable, anything in the Note or in this Deed of Trust to the contrary notwithstanding.
(e) The purchase money proceeds or avails of any sale made under or by virtue of this Section, together with any other sums which then may be held by the Trustee or Beneficiary under this Deed of Trust whether under the provisions of this Section or otherwise, shall be applied as required by Section 40.462 of the Nevada Revised Statutes.
(f) Upon any sale made under or by virtue of this Section, whether made under the power of sale herein granted or granted in accordance with the laws of the state in which the Property is located or under or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale, the Beneficiary may bid for and acquire the Mortgaged Property or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the indebtedness of the Trustor secured by this Deed of Trust the net sales price after deducting therefrom the expenses of the sale and the cost of the action and any other sums which the Beneficiary is authorized to deduct under this Deed of Trust. The Beneficiary upon so acquiring the Mortgaged Property, or any part thereof shall be entitled to hold, lease, rent, operate, manage and sell the same in any manner provided by applicable laws.
Appears in 1 contract
Sources: Residential Property Option Agreement (Inco Homes Corp)
Foreclosure. Immediately commence If any Event of Default shall occur and be continuing, the Collateral Trustee may exercise, in addition to all other rights and remedies granted to it in this Collateral Trust and Security Agreement and in any other instrument, document or agreement securing, evidencing or relating to the Series B Notes, all rights and remedies of a secured party under the UCC or other applicable law. Without limiting the generality of the foregoing, to the extent permitted by law, the Grantor expressly agrees that in any such event the Collateral Trustee, without demand of performance or other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon the Grantor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived), may forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and may forthwith sell, lease, assign, give an option or options to purchase, or otherwise dispose of and deliver said Collateral (or contract to do so), or any part thereof, at a public or private sale or sales, at any exchange or broker’s board or at any of the Collateral Trustee’s offices or elsewhere at such price or prices as it may deem satisfactory, for cash or on credit or for future delivery without assumption of any credit risk, and the Collateral Trustee may enter into any property where any Collateral is located and take possession thereof with or without judicial process; provided, however, that notwithstanding anything to the contrary contained in this Collateral Trust and Security Agreement, the Collateral Trustee may not take any action to foreclose this Security Deed or otherwise realize upon the Collateral or to specifically enforce its provisions or any take possession of the indebtedness secured hereby pursuant to the statutes Collateral except in such case made and provided and sell the Property or cause the Property to be sold in express accordance with the requirements Subordination Agreement and procedures provided Section 9.5 hereof. Prior to the disposition of any Collateral, the Collateral Trustee may store, process, repair or recondition the Collateral or otherwise prepare it for disposition in any manner and to the extent that the Collateral Trustee deems appropriate. The Collateral Trustee shall have the right upon any such public sale or sales and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure Collateral so sold on behalf of the Property Lenders, and to offset the purchase price thereof against the Series B Notes or any portion thereof, and thereafter to hold the same, absolutely free and clear of any claim or right of whatsoever kind, including any right or equity of redemption in the Grantor, which right or equity is, to the extent permitted by effectuating a non-judicial foreclosure salelaw, hereby waived and released. Grantee shall then sell, or offer for Upon any such sale, the Property at public sale in accordance with Collateral Trustee shall have the laws of the State of Georgia then in force right to deliver, assign and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance transfer to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in thereof the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the Collateral sold. Each purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have hold the property sold absolutely free from any claim or right to credit of whatsoever kind, including any right or equity of redemption in the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale Grantor, which right or equity is, to the extent necessary to satisfy permitted by law, hereby waived and released, and any rights of stay or appraisal which the Grantor has or may have under any rule of law or statute how existing or hereafter adopted. Any such bid. Grantor binds himself to warrant public or private sale shall be held at such time or times within ordinary business hours and forever defend at such place or places as may be required by law, as the title Collateral Trustee may fix in the notice of such purchaser sale. At any such private or purchasers when so made by public sale the GranteeCollateral may be sold as an entirety or in separate parcels, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmedthe Collateral Trustee may determine. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and Collateral Trustee shall not be exhausted obligated to make any sale pursuant to any such notice. The Collateral Trustee may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of time and place fixed for such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed duesale, and provided that if said sale is made because of such default, such sale may without further notice be made subject at any time or place to which the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales same may be made without exhausting the right so adjourned. In case of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced Collateral on credit or for future delivery, the Collateral so sold may be retained by the NoteCollateral Trustee until the selling price is paid by the purchaser thereof, but the Collateral Trustee shall not incur any liability in case of the failure of such purchaser to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may again be sold upon like notice. The secured indebtedness Collateral Trustee, however, instead of exercising the power of sale herein conferred upon it may proceed by a suit or suits at law or in equity to foreclose the security interest granted pursuant to this Collateral Trust and Security Agreement and sell the Collateral or any portion thereof, under a judgment or decree of court or courts of competent jurisdiction, the Grantor having been given notice of all other obligations secured by this Security Deedsuch action. The Grantor further agrees, including, without limitation, interest at the Default Interest Rate Collateral Trustee’s request, to assemble the Collateral and make it available to the Collateral Trustee at places that the Collateral Trustee shall reasonably select, whether at the Grantor’s premises or elsewhere. The proceeds of any such collection, sale, enforcement or other realization of all or any part of the Collateral, and any other cash at the time held by the Collateral Trustee pursuant to the terms of this Collateral Trust and Security Agreement, shall be applied by the Collateral Trustee:
(as defined i) First, to the payment of all costs and expenses of every kind paid or incurred by the Collateral Trustee in connection with this Collateral Trust and Security Agreement or the Noteexercise of any right or remedy hereunder, including the costs and expenses of any collection, sale, enforcement or other realization, and the costs and expenses incidental to the care or safe-keeping of any or all of the Collateral until such costs and expenses shall be paid in full;
(ii) Second, application to payment of the Series B Notes (including any principal, interest, fees or expenses due under the terms of the Series B Notes) until all such Series B Notes shall be paid in full; and
(iii) Third, after the irrevocable payment in full of the amount referred to in paragraphs (i) and (ii), any prepayment chargethe balance, fee or premium required to if any, shall be paid under the Note in order over to prepay principal (to such other Person or Persons as may be required by law. To the extent permitted by applicable law), attorneys' the Grantor waives all claims, damages and trustee's demands against the Collateral Trustee arising out of the repossession, retention or sale of the Collateral. The Grantor agrees that the Collateral Trustee need not give more than ten business days’ prior notice (which notification shall be deemed given when mailed, postage prepaid, addressed to it at its address set forth in Section 11 hereof) of the time and place of any public sale or of the time after which a private sale may take place and that such notice is reasonable notification of such matters. The Grantor shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all amounts to which the Lenders are entitled, the Grantor also being liable for the fees and any other amounts due and unpaid of counsel employed by the Collateral Trustee to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereundercollect such deficiency.
Appears in 1 contract
Sources: Subordination Agreement (Telos Corp)
Foreclosure. Immediately commence (a) If an action Event of Default shall have occurred and be continuing, Collateral Agent shall be entitled to proceed to foreclose this Security Deed of Trust and to cause the sale of all or any portion of the Property for cash or upon such terms and conditions as Collateral Agent may deem expedient, under the judgment or decree of a court or courts of competent jurisdiction in order to specifically enforce pay the Indebtedness secured hereby and accrued interest thereon and insurance premiums, liens, assessments, taxes and charges, including utility charges, if any, with accrued interest therein, and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys' fees. In the event of any such foreclosure sale, 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.
(i) If an Event of Default shall have occurred and be continuing, Collateral Agent may elect to cause the Property or any part thereof to be sold under the power of sale herein granted in any manner permitted by applicable law.
(ii) In connection with any sale or sales hereunder, Collateral Agent may elect to treat any of the Property which consists of a right in action or which is property that can be severed from the real property covered hereby or any improvements thereon without causing structural damage thereto as if the same were personal property, and dispose of the same in accordance with applicable law, separate and apart from the sale of real property.
(iii) Any sale of any personal property hereunder shall be conducted in any manner permitted by Section 9601 or any other applicable section of the California Commercial Code or any other applicable law. Where the Property consists of real and personal property or fixtures, whether or not such personal property is located on or within the real property, Collateral Agent may elect in its provisions discretion to exercise its rights and remedies against any or all of the real property, personal property, and fixtures in such order and manner as is now or hereafter permitted by applicable law.
(iv) Without limiting the generality of the foregoing, Collateral Agent may, in its sole and absolute discretion and without regard to the adequacy of its security, elect to proceed against any or all of the real property, personal property and fixtures in any manner permitted under Section 9604 of the California Commercial Code or any other applicable law; and the power of sale herein granted shall be exercisable with respect to all or any of the indebtedness secured real property, personal property and fixtures covered hereby, as designated by Collateral Agent, and the Trustee is hereby pursuant authorized and empowered to the statutes in conduct any such case made sale of any real property, personal property and provided and sell the Property or cause the Property to be sold fixtures in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Granteeapplicable to real property.
(1v) Should Grantee have elected Where the Property consists of real property and personal property, any reinstatement of the Indebtedness or Obligations secured hereby, following default and an election by the Collateral Agent to accelerate the indebtedness maturity of said Indebtedness or Obligations, which is made by Grantor or any other person or entity permitted to exercise the right of reinstatement under California law shall not prohibit the Collateral Agent from conducting a sale or other disposition of any personal property or fixtures or from otherwise proceeding against or continuing to proceed against any personal property or fixtures in any manner permitted by the California Commercial Code or any other applicable law; nor shall any such reinstatement invalidate, rescind or otherwise affect any sale, disposition or other proceeding held, conducted or instituted with respect to any personal property or fixtures prior to such reinstatement or pending at the time of such reinstatement. Any sums paid to Collateral Agent in effecting any reinstatement shall be applied to the secured hereby, Grantee may initiate foreclosure obligation and to the Collateral Agent's and Trustee's reasonable costs and expenses in the manner required by California law.
(vi) Should Collateral Agent elect to sell any portion of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, which is real property or offer for sale, which is personal property or fixtures that Collateral Agent has elected under Section 9604 of the Property at public sale California Commercial Code to sell together with real property in accordance with the laws governing a sale of real property, Collateral Agent or Trustee shall give such notice of default and election to sell as may then be required by law. Thereafter, upon the expiration of such time and the giving of such notice of sale as may then be required by law, and without the necessity of any demand on Grantor, Trustee, at the time and place specified in the notice of sale, shall sell said real property or part thereof at public auction to the highest bidder for cash in lawful money of the State United States. Trustee may, and upon request of Georgia then in force and governing said sales of real property and improvements under powers conferred Collateral Agent shall, from time to time, postpone any sale hereunder by security deeds. Each such sale shall be public announcement thereof at the time, time and place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereofnoticed therefor, and shall convey Grantor agrees and acknowledges that Collateral Agent may elect in its sole and absolute discretion to the purchaser direct such postponement(s) for such periods of time as Collateral Agent may find necessary or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured herebydesirable.
(2vii) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with In any notice of foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so madeadvertisement of sale, shall not or other post-default public statement of Trustee or Collateral Agent in any manner affect connection with the unmatured part judicial or nonjudicial foreclosure of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by Property, ▇▇▇▇▇▇▇ agrees that Trustee and Collateral Agent shall have the Noteright, but not the obligation, to disclose any report or information known to them regarding defects in the Property, that Trustee and Collateral Agent cannot control or otherwise assure the truthfulness or the accuracy of such reports or information, and that the disclosure of such reports or information to prospective bidders at any foreclosure sale of the Property may have a material adverse effect upon the amount which a party may bid at such sale. The secured indebtedness Grantor agrees that Collateral Agent and Trustee shall have no liability whatsoever as a result of disclosing any or all of such reports or information to any third party, and Grantor hereby waives, releases and forever discharges Collateral Agent and Trustee from any and all claims, damages, or causes of action, arising out of, connected with or incidental to the disclosure, use or delivery of any such report or information.
(viii) Should Collateral Agent desire that more than one sale or other obligations disposition of the Property be conducted, Collateral Agent may, at its option, cause the same to be conducted simultaneously, or successively, on the same day, or at such different days or times and in such order as Collateral Agent may deem to be in its best interests, and no such sale shall terminate or otherwise affect the lien of this Deed of Trust on any part of the Property not sold until all Indebtedness secured hereby has been fully paid and all Obligations secured hereby have been fully performed, nor shall the power of sale granted under this Deed of Trust be exhausted until all such sales are conducted.
(c) Collateral Agent may adjourn from time to time any sale by it to be made under or by virtue of this Security DeedDeed of Trust by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, includingexcept as otherwise provided by any applicable provision of law, Collateral Agent, without limitationfurther notice or publication, interest may make such sale at the Default Interest Rate time and place to which the same shall be so adjourned.
(as defined in d) Upon the Note)completion of any sale or sales made by Collateral Agent under or by virtue of this Section 3.4, Collateral Agent, Trustee, or an officer of any prepayment chargecourt empowered to do so, fee or premium required to be paid under the Note in order to prepay principal (shall execute and deliver to the extent permitted accepted purchaser or purchasers a good and sufficient instrument, or good and sufficient instruments, conveying, assigning and transferring all estate, right, title and interest in and to the property and rights sold. Each of Trustee and Collateral Agent is hereby irrevocably appointed the true and lawful attorney of Grantor, in its name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the Property and rights so sold and for that purpose Collateral Agent or Trustee may execute all necessary instruments of conveyance, assignment and transfer, and may substitute one or more persons with like power, Grantor hereby ratifying and confirming all that its said attorney or such substitute or substitutes shall lawfully do by applicable law)virtue hereof. Any such sale or sales made under or by virtue of this Section 3.04 shall operate to divest all the estate, attorneys' right, title, interest, claim and trustee's fees demand whatsoever, whether at law or in equity, of Grantor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against Grantor and against any other amounts due and unpaid to Grantee all persons claiming or who may claim the same, or any part thereof from, through or under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderGrantor.
Appears in 1 contract
Sources: Leasehold Deed of Trust (Golfsmith International Holdings Inc)
Foreclosure. Immediately commence an action Beneficiary may request Trustee to foreclose this Security Deed or proceed with foreclosure, and in such event Trustee is hereby authorized and empowered, and it shall be his duty, upon such request of Beneficiary, and to specifically enforce its provisions the extent permitted by applicable Law, to sell all or any part of the indebtedness secured hereby pursuant Mortgaged Property at one or more sales, as an entirety or in parcels, at such place or places and otherwise in such manner and upon such notice as may be required by applicable Law, or in the absence of any such requirement, as Trustee and/or Beneficiary may deem appropriate, and to make conveyance to the statutes in purchaser or purchasers thereof. Any sale of any part of the Mortgaged Property shall be made to the highest bidder or bidders for cash, at the courthouse door of, or at such case made and provided and sell other place as may be required or permitted by applicable Law in, the Property county (or cause judicial district) wherein the Land included within the Mortgaged Property to be sold is situated; provided that if the Land is situated in accordance more than one county (or judicial district), such sale of the Mortgaged Property, or any part thereof, may be made in any county (or judicial district) wherein any part of the Land included within the Mortgaged Property to be sold is situated. Any such sale shall be made at public outcry, on the day of any month, during the hours of such day and after written notices thereof have been publicly posted in such places and for such time periods and after all Persons entitled to notice thereof have been sent such notice, all as required by applicable Law in effect at the time of such sale; and nothing herein shall be deemed to require Beneficiary or Trustee to do, and Beneficiary and Trustee shall not be required to do, any act other than as required by applicable Law in effect at the time of such sale. Any such sale may be as a whole or in such parcels as Trustee may select. After such sale, Trustee shall make to the purchaser or purchasers thereunder good and sufficient deeds and assignments, in the name of Grantor, conveying the Mortgaged Property, or part thereof, so sold to the purchaser or purchasers with general warranty of title (subject to Permitted Liens) by Grantor. Sale of a part of the Mortgaged Property shall not exhaust the power of sale, but sales may be made from time to time until the Obligation is paid and performed in full. It shall not be necessary to have present or to exhibit at any such sale any of the Collateral. In addition to the Rights and powers of sale granted under the preceding provisions of this Subsection 3.2(c), if default is made in the payment of any installment of the Obligation, Beneficiary, at its option, at once or at any time thereafter while any matured installment remains unpaid, without declaring the entire Obligation to be due and payable may orally or in writing direct Trustee to enforce this trust and to sell the Mortgaged Property subject to such unmatured Obligation and the Liens securing its payment, in the same manner, on the same terms, at the same place and time, and after having given notice in the same manner, all as provided in the preceding provisions of this Subsection 3.2(c). After such sale, Trustee shall make due conveyance to the purchaser or purchasers. Sales made without maturing the Obligation may be made hereunder whenever there is a default in the payment of any installment of the Obligation without exhausting the power of sale granted hereby, and without affecting in any way the power of sale granted under this Subsection 3.2(c) on the unmatured balance of the Obligation (except as to any proceeds of any sale which Beneficiary may apply as a prepayment on the Obligation) or the Liens securing payment of the Obligation. It is intended by each of the foregoing provisions of this Subsection 3.2(c) that Trustee may, after any request or direction by Beneficiary, sell, not only the Subject Interests included within, but also, all other items constituting a part of, the Mortgaged Property, or any part thereof, along with the requirements Land, or any part thereof, included within the Mortgaged Property all as a unit and procedures provided by said statutes in as a part of a single parcel sale, or may sell any part of the Mortgaged Property separately from the remainder of the Mortgaged Property. It is agreed that, in several parcels any deed or assignment given by Trustee, any and all statements of fact or other recitals therein made as to the identity of Beneficiary, or as to the occurrence or existence of any Default, or as to the acceleration of the maturity of the Obligation, or as to the request to sell, notice of sale, time, place, terms and manner of sale, and the receipt, distribution and application of the money realized therefrom, or as to the due and proper appointment of a substitute trustee, and, without being limited by the foregoing, as to any other act or thing having been duly done by Beneficiary or by Trustee, shall be taken by all courts of law and equity as prima facie evidence that the said statements or recitals state facts and are without further question to be so accepted, and Grantor does hereby ratify and confirm any and all acts that Trustee may lawfully do in the premises by virtue hereof, In the event of the resignation (such resignation being hereby authorized for any reason) or death of Trustee, or his removal from his county of residence stated on the first page hereof, or his failure, refusal or inability, for any reason, to make any such sale or to perform any of the trusts herein declared, or, at the option of Grantee.
(1) Should Grantee have elected Beneficiary, without cause, Beneficiary may appoint, in writing, a substitute trustee, who shall thereupon succeed to accelerate all the indebtedness secured herebyestates, Grantee titles, rights, powers and trusts herein granted to and vested in Trustee. Such appointment may initiate foreclosure be made on behalf of Beneficiary by any person who is then the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sellpresident, or offer for saleany vice president, or the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the timecashier or secretary, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Propertyor branch manager, or a part thereofsenior representative, is located, after advertising said sale once in each or any other authorized officer or agent of Beneficiary. In the event of the four consecutive weeks resignation (such resignation being hereby authorized for any reason) or death of any such substitute trustee, or his failure, refusal or inability to make such sale or perform such trusts, or, at the option of Beneficiary, without regard cause, successive substitute trustees may thereafter, from time to the number of days) immediately preceding the sale time, be appointed by Beneficiary in the newspaper same manner. Trustee may appoint, in which are advertised sales by the sheriff of said Countywriting, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the any one or more Persons as Trustee’s agent and attorney-in-fact of Grantor to conduct such act as Trustee under him and in his name, place and ▇▇▇▇▇, to perform any one or more acts necessary or incident to any sale and to execute in under the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative under the preceding provisions of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security DeedSubsection 3.2(c), including, without limitation, interest the posting and filing of any notices, the conduct of such sale and the execution and delivery of any instruments conveying the Mortgaged Property so sold, but in the name and on behalf of Trustee. All acts done or performed by any such agent and attorney-in-fact shall be valid, lawful and binding as if done or performed by Trustee. Wherever herein the word “Trustee” is used, the same shall mean the person who is the duly appointed trustee or substitute trustee hereunder at the Default Interest Rate (as defined time in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderquestion.
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Foreclosure. Immediately commence an action (i) The Beneficiary, with or without entry, personally or by its agents or attorneys, insofar as applicable, may (i) sell or instruct the Jurisdictional Trustee, if applicable, to foreclose this Security Deed or sell, to specifically enforce its provisions or any of the indebtedness secured hereby extent permitted by law and pursuant to the statutes power of sale granted herein, all and singular the Trust Estate, and all estate, right, title and interest, claim and demand therein, and right of redemption thereof, at one or more sales, as an entirety or in parcels, and at such case made times and provided places as required or permitted by law and sell as are customary in any county or parish in which a Property is located and upon such terms as the Property or cause Beneficiary may fix and specify in the Property notice of sale to be sold in accordance with given to the requirements Mortgagor (and procedures on such other notice published or otherwise given as provided by said statutes in a single parcel law), or in several parcels at as may be required by law; (ii) institute (or instruct the option of Grantee.
(1Jurisdictional Trustee to institute) Should Grantee have elected to accelerate proceedings for the indebtedness secured hereby, Grantee may initiate complete or partial foreclosure of this Mortgage under the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with provisions of the laws of the State of Georgia then jurisdiction or jurisdictions in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at which the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, Trust Estate or a any part thereof, thereof is located, after advertising said sale once in each or under any other applicable provision of law; or (iii) take all steps to protect and enforce the rights of the four consecutive weeks Beneficiary, whether by action, suit or proceeding in equity or at law (without regard for the specific performance of any covenant, condition or agreement contained in this Mortgage, or in aid of the execution of any power herein granted, or for any foreclosure hereunder, or for the enforcement or any other appropriate legal or equitable remedy), or otherwise, as the Beneficiary, being advised by counsel and its financial advisor, shall deem most advisable to protect and enforce any of their rights or duties hereunder.
(ii) The Beneficiary (or the Jurisdictional Trustee, as applicable), may conduct any number of dayssales from time to time. The power of sale shall not be exhausted by any one or more such sales as to any part of the Trust Estate remaining unsold, but shall continue unimpaired until the entire Trust Estate shall have been sold.
(iii) immediately preceding With respect to any Property, this Mortgage is made upon any statutory conditions of the sale in the newspaper state in which are advertised sales by such Property is located, and, for any breach thereof or any breach of the sheriff terms of said Countythis Mortgage, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale Beneficiary shall have the right to credit the secured indebtedness owing to such Grantee upon the amount statutory power of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted for by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction laws of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosureState.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.
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Foreclosure. Immediately commence After the occurrence of one or more Events of Default, ----------- Mortgagee may institute an action to foreclose this Security Deed of mortgage foreclosure, or to specifically enforce take such other action as the law may allow, at law or in equity, for the enforcement hereof and realization on the Property (in its provisions entirety or for the Leasehold Interest or the Fee Interest seperately) or any of other security which is herein or elsewhere provided for, and proceed thereon to final judgment and execution thereon for the indebtedness secured hereby pursuant entire Mortgage Obligations together with interest accrued to the statutes in date of such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels Event of Default at the option of Grantee.
(1) Should Grantee have elected to accelerate rate stipulated in the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force applicable Security Documents and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be thereafter at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, Applicable Rate together with all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness sums secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by GranteeMortgage, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all costs of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deedsuit, including, without limitation, the expenses which are described in Paragraph 26, and interest at the Default Interest Applicable Rate (as defined on any judgment obtained by Mortgagee from and after the date of any judicial sale of the Property until actual payment. At any such sale Mortgagee may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement for the Note)purchase price by crediting upon the Mortgage Obligations the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Mortgagee is authorized to deduct under this Mortgage. The proceeds of such sale shall be applied first to the payment of the costs and charges of such sale, any prepayment chargeincluding, fee or premium required to be paid under the Note in order to prepay principal without limitation, Mortgagee's reasonable attorneys' fees (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid second to Grantee the payment of the Mortgage Obligations then outstanding under the Loan DocumentsSecurity Documents including interest as aforesaid, may with the surplus money, if any, to be bid paid to Lessee. Upon the request of Mortgagee and to the extent not prohibited by Grantee in applicable law, Mortgagor shall execute and file with the event clerk of the court a legally sufficient waiver of any statutory waiting period with respect to the execution of a judgment obtained by Mortgagee in connection with any foreclosure sale hereunderproceedings. The obligation of Mortgagor to so execute and file such waiver shall survive the termination of this Mortgage.
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Foreclosure. Immediately commence an (a) The Indenture Trustee or the Deed of Trust State Trustee, as the case may be, may at a foreclosure sale sell as part of the Estate the Grantor's interest as the lessor under the Lease subject to the Lease and the rights of the Lessee under the Lease, except that if a Lease Event of Default has occurred and is continuing and the Lessee has been dispossessed or if the Indenture Trustee or the Deed of Trust State Trustee, as the case may be, is taking action to foreclose this Security dispossess the Lessee, then the Indenture Trustee or the Deed or to specifically enforce its provisions of Trust State Trustee, as the case may be, may sell the Estate free and clear of the Lease or any rights the Lessor or Lessee may have under the Lease.
(b) Subject to Section 8.01, if any Event of Default shall have occurred and be continuing, the Indenture Trustee may, at any time, at its election, and, at the written request of a Majority in Interest of Secured Note Holders shall, proceed at law or in equity or otherwise to enforce the payment of the indebtedness secured hereby pursuant to Secured Notes at the statutes in such case made and provided and sell the Property or cause the Property to be sold time Outstanding in accordance with the requirements terms hereof and procedures provided by said statutes in a single parcel thereof and the Indenture Trustee or in several parcels the Deed of Trust State Trustee, as the case may be, may, at any time, at its election, and, at the option written request of Granteea Majority in Interest of Secured Note Holders shall, foreclose the Lien of this Indenture in one or more proceedings as against all or, to the extent permitted by law, any part of the Estate, or any interest in any part thereof.
(1c) Should Grantee have elected to accelerate Upon the indebtedness secured hereby, Grantee may initiate foreclosure occurrence and continuance of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for salean Event of Default, the Property at public sale in accordance with Indenture Trustee or the laws Deed of Trust State Trustee, as the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be case may be, at the time, place and written request of a Majority in the manner prescribed for holding sheriff's sales Interest of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale Secured Note Holders shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction (judicial (as the sole foreclosure remedy with respect to the Mortgage Properties) or nonjudicial) of such defaultthe Liens, either through the courts or by conducting a sale as hereinbefore provided, but security titles and security interests pursuant to this Indenture without declaring the entire secured indebtedness secured by this Security Deed due, and provided that if said sale is made because of in such default, event any such foreclosure sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, indebtedness contemplated hereby; and any such sale shall not in any manner affect the unmatured part of the debt secured by this Security Deedindebtedness, but as to such unmatured part, part this Security Deed Indenture shall remain in full force and effect just as though no sale had been made. The proceeds of such sale shall be applied as provided in Section 6.05 hereof. Several sales may be made hereunder without exhausting the right of sale with respect to for any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3d) In the event foreclosure proceedings are instituted The parties hereto agree to be bound by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all Section 6.19 of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderParticipation Agreement.
Appears in 1 contract
Foreclosure. Immediately commence an action to foreclose this Security Deed or to specifically enforce its provisions or any of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee ▇▇▇▇▇▇▇ as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee▇▇▇▇▇▇▇, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor ▇▇▇▇▇▇▇ and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.
Appears in 1 contract
Sources: Deed to Secure Debt and Security Agreement (Merry Land Capital Trust)
Foreclosure. Immediately commence Upon the occurrence of an action to foreclose this Security Deed or to specifically enforce its provisions or any Event of Default, the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels entire unpaid Indebtedness shall, at the option of Grantee.
Mortgagee, become immediately due and payable for all purposes without any notice or demand, except as required by law, (1) Should Grantee ALL OTHER NOTICE OF THE EXERCISE OF SUCH OPTION, OR OF THE INTENT TO EXERCISE SUCH OPTION, BEING HEREBY EXPRESSLY WAIVED), and Mortgagee may, in addition to exercising any rights it may have elected with respect to accelerate the indebtedness secured herebyPersonal Property under the Uniform Commercial Code of the jurisdiction in which the Property is located, Grantee may initiate foreclosure institute proceedings in any court of competent jurisdiction to foreclose this instrument as a mortgage, or to enforce any of the covenants hereof, or Mortgagee may, either personally or by agent or attorney in fact, enter upon and take possession of the Property by effectuating a non-judicial foreclosure and may manage, rent or lease the Property or any portion thereof upon such terms as Mortgagee may deem expedient, and collect, receive and receipt for all rentals and other income therefrom and apply the sums so received as hereinafter provided in case of sale. Grantee shall then sellMortgagee is hereby further authorized and empowered, as agent or offer for saleattorney in fact, either after or without such entry, to sell and dispose of the Property at public sale en masse or in accordance with separate parcels (as Mortgagee may think best), and all the right, title and interest of Mortgagor therein, by advertisement or in any manner provided by the laws of the State of Georgia then jurisdiction in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at which the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, Property is located, after advertising said sale once in each (MORTGAGOR HEREBY EXPRESSLY WAIVES ANY RIGHT TO A HEARING PRIOR TO SUCH SALE), and to issue, execute and deliver a deed of conveyance, all as then may be provided by law; and Mortgagee shall, out of the four consecutive weeks (without regard to the number proceeds or avails of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereofafter first paying and retaining all fees, and shall convey to the purchaser or purchasers good and sufficient titles to charges, costs of advertising the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of making said sale, if anyand attorneys' fees as herein provided, which are payable apply such proceeds to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable the Indebtedness, including all sums advanced or expended by death Mortgagee or otherwise, are granted as cumulative the legal holder of the remedies provided herebyIndebtedness, and shall not be exhausted by the exercise thereof, but may be exercised until full payment with interest from date of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts advance or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest expenditure at the Default Interest Rate (as defined in the Note), rendering the excess, if any, as provided by law; such sale or sales and said deed or deeds so made shall be a perpetual bar, both in law and equity, against Mortgagor, the heirs, successors and assigns of Mortgagor, and all oth▇▇ ▇▇▇▇▇▇s claiming the Property aforesaid, or any prepayment chargepart thereof, fee by, from, through or premium required under Mortgagor. The legal holder of the Indebtedness may purchase the Prope▇▇▇ ▇▇ ▇▇y part thereof, and it shall not be obligatory upon any purchaser at any such sale to be paid under the Note in order to prepay principal (see to the extent permitted application of the purchase money. PROHIBITION ON TRANSFER/ONE-TIME TRANSFER. The present ownership and management of the Property is a material consideration to Mortgagee in making the loan secured by applicable lawthis instrument, and Mortgagor shall not (i) convey title to all or any part of the Property, (ii) enter into any contract to convey (land contract/installment sales contract/contract for deed), attorneys' and trustee's fees and title to all or any other amounts due and unpaid part of the Property which gives a purchaser possession of, or income from, the Property prior to Grantee under a transfer of title to all or any part of the Loan Documents, may be bid by Grantee Property ("Contract to Convey") or (iii) cause or permit a change in the event of a foreclosure sale hereunder.proportionate ownership of
Appears in 1 contract
Sources: Mortgage and Security Agreement (Echelon International Corp)
Foreclosure. Immediately commence an action to foreclose this Security Deed or to specifically enforce its provisions or any The Trustee may take possession of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property Property, or cause any part thereof requested by the Beneficiary to be sold, and in connection therewith the Grantor hereby (a) assents to the passage of a decree for the sale of the Property by the equity court having jurisdiction, and (b) authorizes and empowers the Trustee to be sold take possession of and sell (or in case of the default of any purchaser to resell) the Property, or any part thereof, all in accordance with the requirements Laws or rules of court relating to deeds of trust, including any amendments thereof, or additions thereto, which do not materially change or impair the remedy. In connection with any foreclosure, the Beneficiary and/or the Trustee may (a) procure such title reports, surveys, tax histories and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
appraisals as they deem necessary, and (1b) Should Grantee have elected make such repairs and Additions to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property as they deem reasonably advisable, all of which shall constitute Expenses. In case of any sale under this Deed of Trust, by effectuating a non-virtue of judicial foreclosure sale. Grantee shall then sell, proceedings or offer for saleotherwise, the Property may be sold as an entirety or in parcels, by one sale or by several sales, as may be deemed reasonably advisable by the Trustee to be appropriate and without regard to any right of the Grantor or any other Person to the marshalling of assets. Any sale hereunder may be made at public auction, at such time or times, at such place or places, and upon such terms and conditions and after such previous public notice as the Trustee shall deem appropriate and advantageous and as required by Law. Upon the terms of such sale in accordance with being complied with, the laws Trustee shall convey to, and at the cost of, the purchaser or purchasers the interest of the State Grantor in the Property so sold, free and discharged of Georgia then and from all estate, title or interest of the Grantor, at law or in force and governing said sales equity, such purchaser or purchasers being hereby discharged from all liability to see to the application of real property and improvements under powers conferred by security deedsthe purchase money. Each The proceeds of such sale or sales under this Deed of Trust, whether under the assent to a decree, the power of sale, or by equitable foreclosure, shall be at held by the timeTrustee and applied as follows: First, place to pay (a) all Expenses incurred in connection with such sale or in preparing the Property for such sale including, among other things, a counsel fee of $6,500 to the attorneys representing the Beneficiary and the Trustee for conducting the proceedings if without contest, but if legal services be rendered to the Trustee and the Beneficiary in connection with any contested matter in the manner prescribed proceedings, then such other counsel fees shall be allowed and paid out of the `proceeds of such sale or sales as the court having jurisdiction may deem proper, and (b) a Trustee' commission equal to the commission allowed Trustee for holding sheriff's making sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each under decrees of the four consecutive weeks (without regard equity court having jurisdiction; Second, to pay all of the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, Obligations and all other notice being hereby waived by Grantor. Grantor hereby constitutes interest then due and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and saleaccrued thereon, which shall be conclusive evidence thereofinclude interest through the date of ratification of the auditor's account; and Lastly, to pay the surplus, if any, to the Grantor or any Person entitled thereto upon surrender and shall convey delivery to the purchaser or purchasers good and sufficient titles to of the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the GranteeProperty, and agrees to accept proceeds of said saleless the Expenses, if any, which are payable to of obtaining possession. Immediately upon the filing of any foreclosure under this Deed of Trust, there shall also become due and owing by the Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative a commission on the total amount of the remedies provided herebyObligations then due equal to one-half of the percentage allowed as commission to Trustee making sales under orders or decrees of the equity court having jurisdiction, and no Person shall not be exhausted by required to receive only the exercise thereof, but may be exercised until full payment aggregate amount of the indebtedness secured hereby.
(2) Should Grantee have not elected Obligations to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction date of payment unless the same is accompanied by a tender of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosurecommission.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.
Appears in 1 contract
Foreclosure. Immediately commence (a) The Mortgaged Property may be sold through foreclosure subject to unpaid taxes and Permitted Liens, and after deducting all costs, fees and expenses of Mortgagee including costs of evidence of title in connection with the sale, Mortgagee or an action officer that makes any sale shall apply the proceeds of sale in the manner set forth in Section 2.8.
(b) Any foreclosure of less than the whole of the Mortgaged Property shall not exhaust the power of foreclosure provided for herein; and subsequent foreclosures may be made hereunder until the Obligations have been satisfied, or the entirety of the Mortgaged Property has been foreclosed.
(c) Mortgagor waives, to foreclose the extent not prohibited by law, (1) the benefit of all laws now existing or that hereafter may be enacted providing for any appraisement before sale of any portion of the Mortgaged Property, (2) the benefit of all laws now existing or that may be hereafter enacted in any way extending the time for the enforcement or the collection of amounts due under this Security Deed or to specifically enforce its provisions Mortgage or any of the indebtedness secured hereby pursuant to the statutes Transaction documents or creating or extending a period of redemption from any sale made in such case made and provided and sell the Property collecting said debt or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due Mortgagee, (3) any right to at any time insist upon, plead, claim or take the benefit or advantage of any law now or hereafter in force providing for any appraisement, valuation, stay, extension or redemption, or sale of the Mortgaged Property as separate tracts, units or estates or as a single parcel in the event of foreclosure, and (4) all rights of redemption, valuation, appraisement, stay of execution, notice of election to mature or declare due the whole of or each of the Obligations and marshalling in the event of foreclosure of this Mortgage.
(d) If an Event of Default shall occur and be continuing, Mortgagee may instead of, or in addition to, exercising the rights described above and either with or without entry or taking possession as herein permitted, proceed by a suit or suits in law or in equity or by any other appropriate proceeding or remedy (1) to specifically enforce payment of some or all of the terms of the Note Purchase Agreements, or the performance of any term, covenant, condition or agreement of this Mortgage or any other right, or (2) to pursue any other remedy available to it, all as Mortgagee shall determine most effectual for such purposes.
(e) If Mortgagee elects one or more of the above remedies, Mortgagor shall pay all of the costs and expenses of Mortgagee incurred in pursuance of such remedies including without limiting the generality thereof reasonable attorneys fees, all costs of collection, late payment penalties, abstracts of title or title insurance, hazard insurance on the Mortgaged Property, real property taxes on the Mortgaged Property which are paid or incurred by Mortgagee, repairs, maintenance, and replacements of the Mortgaged Property which are paid or incurred by Mortgagee, repairs, maintenance and replacements of the Mortgaged Property which are advanced by the Mortgagee, payments by Mortgagee to holders of Liens on the Mortgaged Property which are then due and payable, and interest commencing with the date of the Event of Default, calculated at the Default Rate, on the sum of the above costs and expenses plus the unpaid principal balance of the Obligations and interest unpaid prior to Grantee under the Loan Documentsdate of Default, may be bid by Grantee in which shall become a part of the Obligations secured hereby and collectible as such. In the event of a foreclosure sale hereunderof this Mortgage, the abstracts of title or title insurance policies and all policies of hazard insurance, in each case relating to the Mortgaged Property, shall become the absolute property of Mortgagee.
(f) In the event the Mortgaged Property is sold under foreclosure and the proceeds, together with the rents, issues and profits collected by Mortgagee, are insufficient to pay the total Obligations, Mortgagee shall be entitled to a deficiency judgment against Mortgagor.
Appears in 1 contract
Foreclosure. Immediately commence an action to foreclose this Security Deed or to specifically enforce its provisions or any Any sale of the indebtedness secured hereby pursuant to the statutes in such case Property hereunder may be made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with auction, at such time or times, at such place or places, upon such terms and conditions and after such previous public notice as Trustee shall deem appropriate and advantageous and as required by the laws of the State of Georgia then in force and governing said sales Maryland. Upon the terms of real property and improvements under powers conferred by security deeds. Each such sale being complied with, Trustee shall be convey to, and at the timecost of, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the interest of such Borrower in the Property so sold; , free and Grantee is authorized to be a bidder discharged of and purchaser from all estate, title or interest of such Borrower, at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of law or in equity, such purchaser or purchasers when being hereby discharged from all liability to see to the application of the purchase money. Lender and any affiliate thereof may be a purchaser of the Property or of any part thereof or of any interest therein at any public sale thereof, whether pursuant to foreclosure or power of sale or otherwise hereunder, without forfeiting its right to collect any deficiency from any Borrower; and Lender may apply upon the purchase price the Debt secured hereby owing to Lender. Lender, upon any such purchase, shall acquire good title to the properties so purchased, free of the lien of this Security Instrument and free of all rights of redemption in any Borrower and free of all liens and encumbrances subordinate to this Security Instrument. The proceeds of such sale or sales under this Security Instrument, whether under the assent to a decree, the power of sale, or by equitable foreclosure, shall be held by Trustee and applied as follows: (i) first (A) all Expenses incurred in connection with such sale or in preparing the Property for such sale and of obtaining possession including, among other things, counsel fees reasonably incurred shall be allowed and paid out of the proceeds of such sale or sales as the court having jurisdiction may deem proper, (B) the Trustee's Commission (hereinafter defined) and expenses and (C) all taxes, levies, assessments or other charges relating to the Property which have or in the opinion of Trustee may have, priority over the lien of this Security Instrument, including the pro rata portion thereof applicable to the taxable period during which any payment is made by pursuant to this subsection; (ii) second, to pay all of the GranteeDebt and all interest then due and accrued thereon, which shall include interest through the date of ratification of the auditor's account; (iii) third, to pay the amount of any liens of record inferior to this Security Instrument, together with lawful interest, and agrees to accept lawful claims of third parties against the proceeds of said any sale; and (iv) lastly, to pay the surplus, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part Borrower or any person or entity entitled thereto unless otherwise required by law or directed by a court of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) competent jurisdiction. In the event foreclosure proceedings that the proceeds of any such sale or sales, together with all other monies at the time held by Trustee under this Security Instrument, are instituted by Granteeinsufficient to pay the foregoing costs and expenses, Lender may, at its sole option, advance such sums as Lender in its sole and absolute discretion shall determine for the purpose of paying all expenses incident to or any part of such proceedingscosts and expenses, including, but not limited to, attorneys' and trustee's fees and costs, all such sums so advanced shall be paid by Grantor (A) a lien against the Property, (B) added to the amount due under the Note and secured by this Security Deed Instrument, and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, (C) payable on demand with interest at the Default Interest Rate rate of interest applicable to the principal balance of the Note, from and including the date each such advance is made. In any event, each Borrower shall be liable to Lender for any deficiency if the proceeds of any such sale or sales are insufficient to pay, in full, all amounts to be distributed pursuant to the clause (as defined i) above. The Borrowers shall pay to Trustee a commission in the Note), any prepayment charge, fee or premium required to be paid amount of two and one half percent (2.5%) of the then-outstanding debt secured hereby if the Property is advertised for sale under the Note in order to prepay principal provisions of this Security Instrument and is not sold, and the Borrowers shall also pay or reimburse Trustee for all of Trustee's expenses and disbursements hereunder regardless of whether the Property is sold (to the extent permitted by applicable law"Trustee's Commission"), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.
Appears in 1 contract
Foreclosure. Immediately commence an action (a) If any Event of Default shall have occurred and be continuing, Agent may at any time proceed to foreclose this Security Deed or to specifically protect and enforce its provisions or any the payment of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold Notes in accordance with the requirements and procedures provided terms thereof or the rights of Agent hereunder (i) by said statutes any action at law, suit in a single parcel equity or other appropriate proceedings, whether for the specific performance of any agreement contained herein, or for an injunction against the violation of any of the terms hereof, or in several parcels aid of the exercise of any power granted hereby or by law, or (ii) by the foreclosure of this Mortgage. In any suit to foreclose the Lien hereof, there shall be allowed and included as additional indebtedness hereby secured in the decree of sale, all reasonable expenditures and expenses which may be paid or incurred by or on behalf of Agent for attorneys' fees, appraisers' fees, outlays for documentary and expert evidence, stenographers' charges, publication costs, and costs (which may be estimated as to items to be expended after the entry of the decree) of procuring all such abstracts of title, title searches and examinations, title insurance policies, and similar data and assurance with respect to title as Agent may deem reasonably necessary either to prosecute such suit or to evidence to bidders at sales which may be had pursuant to such decree the true conditions of the title to or the value of the Mortgaged Property and Rents and income therefrom and the maintenance of the Lien of this Mortgage, including the fees of any attorney employed by any of Agent in any litigation or proceedings affecting this Mortgage, the Note or the Mortgaged Property, including bankruptcy proceedings, or in preparation of the commencement or defense of any proceedings or threatened suit or proceeding, or otherwise in dealing specifically therewith, shall be so much additional indebtedness hereby secured and shall be immediately due and payable by the Borrower, with interest thereon at the option of GranteeDefault Rate until paid.
(1b) Should Grantee have elected to accelerate Nothing herein contained shall be construed as constituting Agent a mortgagee in possession in the indebtedness secured hereby, Grantee may initiate foreclosure absence of the actual taking of possession of the Mortgaged Property.
(c) Before taking title to or possession of all or any portion of the Mortgaged Property, Agent may order the performance of environmental assessments of the Mortgaged Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for salequalified professionals, the Property at public sale in accordance with the laws reasonable cost of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made borne by the Grantee, Borrower and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.
Appears in 1 contract
Foreclosure. Immediately Subject to Article XXI below, in the event that a court of competent jurisdiction rules that this Lease constitutes a mortgage, deed of trust or other secured financing, and subject to the availability of such remedy under applicable law, then Lessor and Lessee agree that Lessee hereby mortgages and grants to Lessor, for the benefit of the Participants, a Lien against the Lands and the Properties, for the purpose of securing all of the obligations hereunder and under the other Operative Agreements (including the payment of Capitalized Interest, Capitalized Holder Yield, Basic Rent, Supplemental Rent and the Lease Balance, Permitted Lease Investment Balance, the Nonrecourse Portion or Purchase Option Price) (collectively, the "LEASE PAYMENT OBLIGATIONS"). In each case, upon the occurrence of any Lease Event of Default which is continuing, the Lessor shall have the power and authority, to the extent provided by law, to exercise the following rights and remedies:
(a) To declare the Lease Payment Obligations immediately due and payable;
(b) With or without notice, and without releasing Lessee from any obligation hereunder, to cure any default of Lessee and, in connection therewith, to enter upon the Properties and to perform such acts and things as Lessor deems necessary or desirable to inspect, investigate, assess and protect the Properties, including any of its other rights; to appear in and defend any action or proceeding purporting to affect the Properties or the rights or powers of Lessor hereunder; to pay, purchase, contest or compromise any encumbrance, charge, lien or claim of lien which, in the judgment of Lessor, is prior or superior hereto, the judgment of Lessor being conclusive as between the parties hereto; to pay any premiums or charges with respect to insurance required to be carried hereunder; and to employ counsel, accountants, contractors and other appropriate persons to assist Lessor;
(c) To commence and maintain an action or actions in any court of competent jurisdiction to foreclose this Security Deed instrument as a mortgage or to obtain specific enforcement of the covenants of Lessee hereunder, and Lessee agrees that such covenants shall be specifically enforce its provisions enforceable by injunction or any other appropriate equitable remedy and that for the purposes of any suit brought hereunder, Lessee waives the indebtedness secured hereby pursuant to defense of laches and any applicable statute of limitations;
(d) Lessor may foreclose the statutes in such case made and provided and sell the Property or cause the Property to be sold Lien in accordance with applicable laws and rules of court. Any sale conducted upon foreclosure of this Lien shall be held at the front door of the county courthouse for the County or City and County in which the Lands and Properties are located, or on the Lands, or at such other place as similar sales are then customarily held in such County or City and County, provided that the actual place of sale shall be specified in the notice of sale. Except to the extent not allowed under applicable law, the proceeds of any sale shall be applied first to the fees and expenses of the officer conducting the sale, and then to the reduction or discharge of the Lease Payment Obligations in such order as is set forth in Section 12.6 of the Participation Agreement; any surplus remaining shall be paid over to Lessee or to such other person or persons as may be lawfully entitled to such surplus. At the conclusion of any foreclosure sale, the officer conducting the sale shall execute and deliver to the purchaser at the sale a certificate of purchase which shall describe the property sold to such purchaser and shall state that upon the expiration of the applicable periods for redemption, the holder of such certificate will be entitled to a deed to the property described in the certificate. After the expiration of all applicable periods of redemption, unless the property sold has been redeemed by Lessee, the officer who conducted such sale shall, upon request, execute and deliver an appropriate deed to the holder of the certificate of purchase or the last certificate of redemption, as the case may be, and such deed shall operate to divest Lessee and all persons claiming under Lessee of all right, title and interest, whether legal or equitable, in the property described in the deed. Nothing in this provision dealing with foreclosure procedures or specifying particular actions to be taken by Lessor or by any judicial officer shall be deemed to contradict or add to the requirements and procedures provided now or hereafter specified by said statutes applicable law in a single parcel or violation of such applicable laws, and any such inconsistency shall be resolved so as to retain maximum flexibility in several parcels at the option choice of Granteeremedy by Lessor.
(1e) Should Grantee have elected Lessor or its employees, acting by themselves or through a court-appointed receiver, may enter upon, possess, manage, operate, dispose of and contract to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure dispose of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sellLands and the Properties or any part thereof; negotiate with governmental authorities with respect to the Properties' environmental compliance and remedial measures; contract for goods and services, or offer for salehire agents, the Property at public sale in accordance with the laws of the State of Georgia then in force employees and governing said sales of real property counsel, make repairs, alterations and improvements under powers conferred to the Properties necessary, in Lessor's judgment, to protect or enhance the security hereof; to incur the risks and obligations ordinarily incurred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales owners of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to any personal obligation on the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in receiver); and/or to take any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other actions which may be necessary or desirable to comply with Lessee's obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid hereunder and under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunder.Operative
Appears in 1 contract
Sources: Master Lease (Symantec Corp)
Foreclosure. Immediately commence an action In addition to foreclose this Security Deed or to specifically enforce its provisions or any of Lender's other rights, Borrower agrees ----------- that Lender shall have the indebtedness secured hereby pursuant to the statutes following rights in such case made and provided and sell the Property or cause the Property to be sold in accordance connection with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Grantee.
(1) Should Grantee have elected to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure of the Property by effectuating a non-judicial foreclosure sale. Grantee shall then sell, or offer for sale, the Property at public sale in accordance with the laws lien and security interest of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale this Mortgage to the extent necessary not otherwise prohibited by applicable law:
(a) Partial Sales and Sales in Separate Lots; Foreclosure ----------------------------------------------------- for Installments. At any foreclosure sale, all or a portion of ---------------- the Property may be sold or the Property being sold may be sold together or in separate lots or parcels in such order and manner as Lender may determine to be in Lender's best interests. Lender may also require the foreclosure of the lien and security interest of this Mortgage to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser any unpaid installment or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative portion of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but Indebtedness without declaring the entire indebtedness secured by this Security Deed dueIndebtedness due and payable, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, foreclosure shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but remaining Obligations as to such unmatured part, which this Security Deed Mortgage shall remain in full force as though and effect. However, Borrower shall have no sale had been made. Several sales may be made without exhausting right to require that the right foreclosure of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and this Mortgage or the sale of the Property for be made in any matured particular manner. If the proceeds of such sale(s) of less than the whole of the Property are not sufficient to pay the entire Indebtedness and the expenses thereof, this Mortgage shall remain in full force and effect as to the unsold portion of said secured indebtedness without exhausting the power Property. Any number of foreclosureforeclosure sales may be had until the whole of the Property is sold.
(3b) In Lender May Bid. Any person or entity (including Lender) -------------- may bid and become the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all purchaser of the other Loan Documents securing all or any part of the indebtedness evidenced by the NoteProperty at any foreclosure sale. The secured indebtedness and all other obligations secured by this Security DeedIndebtedness, including, without limitation, interest at the Default Interest Rate (as defined in the Note), or any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documentsportion thereof, may be bid by Grantee credited on the purchase price in the event lieu of a foreclosure sale hereunderany cash payments.
Appears in 1 contract
Foreclosure. Immediately commence an action to foreclose this Security Deed or to specifically enforce its provisions or any Upon the occurrence of a default, then, upon the giving of notice of such default and of the indebtedness secured hereby pursuant time and place of sale in the manner provided by law, the Property may be sold by Grantee or its trustee in the manner provided by law under the power of sale conferred hereby. In lieu thereof, and at the Holder’s election, this Deed of Trust may be foreclosed in the same manner provided by law for the foreclosure of mortgages on real property. Any sale made by Grantee or its trustee hereunder may, subject to the statutes applicable law, be as an entirety or in such case made and provided and sell the Property or cause the Property to parcels as Holder may request. Any sale may be sold in accordance with the requirements and procedures provided adjourned by said statutes in a single parcel or in several parcels announcement at the option time and place appointed for such sale without further notice except as may be required by law. The sale by Grantee or its trustee of Grantee.
(1) Should Grantee have elected to accelerate less than the indebtedness secured hereby, Grantee may initiate foreclosure whole of the Property by effectuating a non-judicial foreclosure sale. shall not exhaust the power of sale herein granted, and Grantee shall then sell, or offer for sale, its trustee is specifically empowered to make successive sale or sales under such power until the whole of the Property at public shall be sold; and, if the proceeds of such sale in accordance with of less than the laws whole of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale Property shall be at less than the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each aggregate of the four consecutive weeks (without regard to Secured Indebtedness and the number expense of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Grantee, and agrees to accept proceeds of said sale, if any, which are payable to Grantor executing this trust as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed of Trust and the lien hereof shall remain in full force and effect as to the unsold portion of the Property just as though no sale had been made; provided, however, that Grantor shall never have any right to require the sale of less than the whole of the Property but Holder shall have the right, at its sole election, to request Grantee or its trustee to sell less than the whole of the Property. Several sales may be made without exhausting Grantee or its trustee may, after any request or direction by Holder, sell not only the right real property but also any of sale with respect to the Collateral and any unmatured other interests which are a part of the secured indebtednessProperty, it being the purpose or any part thereof, as a unit and intent hereof to provide for as a foreclosure and the sale part of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Granteea single sale, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or may sell any part of the indebtedness evidenced Property separately from the remainder of the Property. It shall not be necessary for Grantee or its trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Collateral. The Grantee or its trustee shall execute and deliver to the purchaser its Trustee’s Deed conveying the Property so sold but without any covenant or warranty, express or implied, and shall receive the proceeds of said sale or sales and apply the same as herein provided. The power of sale granted herein shall not be exhausted by any sale held hereunder by Grantee or its trustee or its substitute or successor, and such power of sale may be exercised from time to time and as many times as Holder may deem necessary until all of the Property has been duly sold and all Secured Indebtedness has been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of Holder, such sale shall not exhaust the power of sale hereunder and Holder shall have the right to cause a subsequent sale or sales to be made hereunder. If Grantee or its trustee or its successor or substitute shall have given notice of sale hereunder, any successor or substitute trustee thereafter appointed may complete the sale and the conveyance of the property pursuant thereto as if such notice had been given by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at successor or substitute trustee conducting the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereundersale.
Appears in 1 contract
Foreclosure. Immediately commence Upon the occurrence of an action to foreclose this Security Deed or to specifically enforce its provisions or any Event of Default, the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels entire unpaid Indebtedness shall, at the option of Grantee.
Mortgagee, become immediately due and payable for all purposes without any notice or demand, except as required by law (1) Should Grantee ALL OTHER NOTICE OF THE EXERCISE OF SUCH OPTION, OR OF THE INTENT TO EXERCISE SUCH OPTION. BEING HEREBY EXPRESSLY WAIVED), and Mortgagee may, in addition to exercising any rights it may have elected with respect to accelerate the indebtedness secured herebyPersonal Property under the Uniform Commercial Code of the jurisdiction in which the Property is located, Grantee may initiate foreclosure institute proceedings in any court of competent jurisdiction to foreclose this instrument as a mortgage, or to enforce any of the covenants hereof, or Mortgagee may, to the extent permitted by applicable law, either personally or by agent or attorney in fact, enter upon and take possession of the Property by effectuating a non-judicial foreclosure and may manage, rent or lease the Property or any portion thereof upon such terms as Mortgagee may deem expedient, and collect, receive and receipt for all rentals and other income therefrom and apply the sums so received as hereinafter provided in case of sale. Grantee shall then sellThis Mortgage and Security Agreement is upon the statutory condition, or offer for sale, the Property at public sale in accordance with the laws any breach of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale Mortgagee shall have the right statutory power of sale, and Mortgagee is hereby further authorized and empowered, as agent or attorney in fact, either after or without such entry, to credit sell and dispose of the secured indebtedness owing Property en masse or in separate parcels (as Mortgagee may think best), and all the right, title and interest of Mortgagor therein, by advertisement or in any manner provided by applicable law (MORTGAGOR HEREBY EXPRESSLY WAIVES ANY RIGHT TO A HEARING PRIOR TO SUCH SALE), and to such Grantee upon the amount issue, execute and deliver a deed of its bid entered at such sale conveyance, all as then may be provided by applicable law; and Mortgagee, to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend permitted by applicable law, shall, out of the title proceeds or avails of such purchaser or purchasers when so made by sale, after first paying and retaining all fees, charges, costs of advertising the Grantee, Property and agrees to accept proceeds of making said sale, if anyand attorneys’ fees as herein provided, which are payable apply such proceeds to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable the Indebtedness, including all sums advanced or expended by death Mortgagee or otherwise, are granted as cumulative the legal holder of the remedies provided herebyIndebtedness, and shall not be exhausted by the exercise thereof, but may be exercised until full payment with interest from date of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction of such default, either through the courts advance or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest expenditure at the Default Interest Rate (as defined in the Note), rendering the excess, if any, as provided by law; such sale or sales and said deed or deeds so made shall be a perpetual bar, both in law and equity, against Mortgagor, the heirs, successors and assigns of Mortgagor, and all other persons claiming the Property aforesaid, or any prepayment chargepart thereof, fee by, from, through or premium required under Mortgagor. The legal holder of the Indebtedness may purchase the Property or any part thereof, and it shall not be obligatory upon any purchaser at any such sale to be paid under the Note in order to prepay principal (see to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under application of the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderpurchase money.
Appears in 1 contract
Sources: Mortgage and Security Agreement (Cb Richard Ellis Realty Trust)
Foreclosure. Immediately commence (a) Except as provided in the Loan Agreement, if any Event of Default shall have occurred, Trustee or Lender may at any time proceed, at law or in equity or otherwise, to enforce the payment of the Note in accordance with the terms thereof and, if the Note has been declared due and payable:
(i) to institute an action to foreclose its interest under the Lien of this Security Deed Mortgage against the Mortgaged Property by judicial foreclosure sale or strict foreclosure in a proceeding and to specifically enforce its provisions have the same sold under the judgment or decree of a court of competent jurisdiction or proceed to take any of such actions;
(ii) to take such other action at law or in equity or otherwise for the enforcement of this Mortgage and the realization, upon obtaining a judgment for foreclosure, on the security or any other security herein or elsewhere provided for, in such manner and at such times as the law may allow, and may proceed therein to the extent permitted, and subject to the limitations imposed, by law to final judgment and execution for the entire unpaid balance of the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold Debt, together with all other sums payable by Borrower in accordance with the requirements provisions of the Note, this Mortgage and procedures provided the other Loan Documents, and all sums which may have been advanced by said statutes Lender for Taxes and Other Charges, ground rents under the Ground Lease, water or sewer rents, charges or claims, payment on prior liens, insurance or repairs to the Mortgaged Property, all costs of suit, together with interest thereon at such interest rate as may be awarded in a single parcel any judgment obtained by Lender, as the case may be, from and after the date of any foreclosure sale until actual payment is made to Lender of the full amount due Lender, and reasonable attorneys' fees through and including all appellate levels; and/or
(iii) to sell, assign, transfer and deliver the whole or, from time to time, any part of the Mortgaged Property, or any interest in several parcels any part thereof, at the option of Granteeany private sale or at public auction permitted by law, with such demand, advertisement or notice as required by law, and on such other terms as required or permitted by law.
(1b) Should Grantee have elected Lender elect to accelerate the indebtedness secured hereby, Grantee may initiate foreclosure foreclose by exercise of the power of sale herein contained, Lender shall notify Trustee and shall deposit with Trustee this Mortgage and such receipts and evidence of expenditures made and secured hereby as Trustee may require.
(i) Upon receipt of such notice from Lender, Trustee shall cause to be recorded, mailed or delivered to Borrower such notice of default and election to sell as is then required by law and by this Mortgage. Trustee shall, without demand on Borrower, after lapse of such time as may then be required by law and after recordation of such notice of default and after notice of such sale has been given as required by law, sell the Mortgaged Property at time and place of sale fixed by effectuating it in said notice of sale, either as a non-judicial foreclosure whole, or in separate lots or parcels or items as Trustee shall deem expedient, and in such order as it may determine, at public auction, to the highest bidder for cash in lawful money of the United States payable at the time of sale. Grantee Trustee shall then selldeliver to such purchaser or purchasers thereof its good and sufficient deed or deeds conveying the property so sold, but without any covenant or offer for salewarranty, the Property at public sale expressed or implied. The recitals in accordance with the laws such deed of any matters or facts shall be conclusive proof of the State of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deedstruthfulness thereof. Each such sale shall be Any person, including, without limitation, Borrower, Trustee or Lender, may purchase at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said County, all other notice being hereby waived by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property sold; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Grantor binds himself Borrower hereby covenants to warrant and forever defend the title of such purchaser or purchasers when so made purchasers. If allowed by law, Lender, if it is the Granteepurchaser, may credit bid the outstanding amount of the indebtedness secured hereby toward payment of the purchase price. Borrower hereby expressly waives and right of redemption after sale that Borrower may have at the time of sale or that may apply to the sale.
(ii) After deducting all costs, fees and expenses of Trustee and of this Mortgage, including costs of evidence of title in connection with sale and reasonable Trustee's and reasonable attorneys' fees for conducting the sale, Trustee shall apply the proceeds of sale or payment of all sums expended under the terms hereof and not then repaid (with accrued interest thereon at the Default Rate), and agrees to accept proceeds of said saleall other sums then secured hereby in accordance herewith, and the remainder, if any, which are payable to Grantor as provided hereinthe person or persons legally entitled thereto.
(iii) Trustee may postpone sale of all or any portion of the Mortgaged Property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement or by subsequently noticed sale, and without further notice make such sale at the time fixed by the last postponement; or Trustee may, in its discretion, give a new notice of sale. All acts Lender may rescind and such notice of said Grantee as attorney-in-fact are hereby ratified default at any time before Trustee=s sale by executing a notice of rescission and confirmedrecording the same. The power recordation of such notice shall constitute a cancellation of any prior declaration of default and demand for sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, are granted as cumulative of the remedies provided hereby, and shall not be exhausted by the exercise thereof, but may be exercised until full payment any acceleration of maturity of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured hereby, Grantee may nonetheless proceed with foreclosure in satisfaction hereby effected by any prior declaration or notice of such default, either through the courts or . The exercise by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because Lender of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect rescission shall not constitute a waiver of any default and demand for sale, or notice of default and election to cause the said real estate to be sold, nor otherwise affect any unmatured part of the secured indebtednessLoan Documents or this Mortgage, it being the purpose and intent hereof to provide for a foreclosure and the sale or any of the Property for any matured portion rights, obligations or remedies of said secured indebtedness without exhausting the power Lender or Trustee hereunder. Before taking title to or possession of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part portion of the indebtedness evidenced Mortgaged Property, Lender may order the performance of environmental assessments of the Mortgaged Property by qualified professionals, the Note. The cost of which shall borne by Borrower and secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderhereby.
Appears in 1 contract
Foreclosure. Immediately commence Upon the occurrence of an action to foreclose this Security Deed or to specifically enforce its provisions or any Event of Default, the indebtedness secured hereby pursuant to the statutes in such case made and provided and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels entire unpaid Indebtedness shall, at the option of Grantee.
Beneficiary, become immediately due and payable for all purposes without any notice or demand, except as required by law (1) Should Grantee ALL OTHER NOTICE OF THE EXERCISE OF SUCH OPTION, OR OF THE INTENT TO EXERCISE SUCH OPTION, BEING HEREBY EXPRESSLY WAIVED), and Beneficiary may, in addition to exercising any rights it may have elected with respect to accelerate the indebtedness secured herebyPersonal Property under the Uniform Commercial Code of the jurisdiction in which the Property is located, Grantee may initiate foreclosure institute proceedings in any court of competent jurisdiction to foreclose this instrument as a mortgage, or to enforce any of the covenants hereof, or Trustee or Beneficiary may, to the extent permitted by applicable law, either personally or by agent or attorney in fact, enter upon and take possession of the Property by effectuating a non-judicial foreclosure and may manage, rent or lease the Property or any portion thereof upon such terms as Beneficiary may deem expedient, and collect, receive and receipt for all rentals and other income therefrom and apply the sums so received as hereinafter provided in case of sale. Grantee shall then sellTrustee is hereby further authorized and empowered, either after or offer for salewithout such entry, to sell and dispose of the Property at public sale en masse or in accordance with separate parcels (as Trustee may think best), and all the laws right, title and interest of the State Grantor therein, by advertisement or in any manner provided by applicable law, (GRANTOR HEREBY EXPRESSLY WAIVES ANY RIGHT TO A HEARING PRIOR TO SUCH SALE), and to issue, execute and deliver a deed of Georgia then in force and governing said sales of real property and improvements under powers conferred by security deeds. Each such sale shall be at the time, place and in the manner prescribed for holding sheriff's sales of property of like kind, in the County where the Property, or a part thereof, is located, after advertising said sale once in each of the four consecutive weeks (without regard to the number of days) immediately preceding the sale in the newspaper in which are advertised sales by the sheriff of said Countyconveyance, all other notice being hereby waived as then may be provided by Grantor. Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to conduct such sale and to execute in the name of Grantor a deed or deeds of conveyance to the purchaser or purchasers, which deed or deeds shall contain full warranties of title in the name of Grantor and shall recite default in payment, advertisement and sale, which shall be conclusive evidence thereof, and shall convey to the purchaser or purchasers good and sufficient titles to the Property soldapplicable law; and Grantee is authorized to be a bidder and purchaser at all such sales. Any Grantee purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Grantee upon the amount of its bid entered at such sale Trustee, to the extent necessary to satisfy such bid. Grantor binds himself to warrant and forever defend permitted by applicable law, shall, out of the title proceeds or avails of such purchaser or purchasers when so made by sale, after first paying and retaining all reasonable fees, charges, costs of advertising the Grantee, Property and agrees to accept proceeds of making said sale, if anyand attorneys’ fees as herein provided, which are payable pay to Grantor as provided herein. All acts of said Grantee as attorney-in-fact are hereby ratified and confirmed. The power of sale referred to above and agency hereby granted are coupled with an interest and are irrevocable by death Beneficiary or otherwise, are granted as cumulative the legal holder of the remedies provided hereby, and shall not be exhausted by Indebtedness the exercise amount thereof, but may be exercised until full payment including all sums advanced or expended by Beneficiary or the legal holder of the indebtedness secured hereby.
(2) Should Grantee have not elected to accelerate the indebtedness secured herebyIndebtedness, Grantee may nonetheless proceed with foreclosure in satisfaction interest from date of such default, either through the courts advance or by conducting a sale as hereinbefore provided, but without declaring the entire indebtedness secured by this Security Deed due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect the unmatured part of the debt secured by this Security Deed, but as to such unmatured part, this Security Deed shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.
(3) In the event foreclosure proceedings are instituted by Grantee, all expenses incident to such proceedings, including, but not limited to, attorneys' and trustee's fees and costs, shall be paid by Grantor and secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Security Deed, including, without limitation, interest expenditure at the Default Interest Rate (as defined in the Note), rendering the excess, if any, as provided by law; such sale or sales and said deed or deeds so made shall be a perpetual bar, both in law and equity, against Grantor, the heirs, successors and assigns of Grantor, and all other persons claiming the Property aforesaid, or any prepayment chargepart thereof, fee by, from, through or premium required under Grantor. The legal holder of the Indebtedness may purchase the Property or any part thereof, and it shall not be obligatory upon any purchaser at any such sale to be paid under the Note in order to prepay principal (see to the extent permitted by applicable law), attorneys' and trustee's fees and any other amounts due and unpaid to Grantee under application of the Loan Documents, may be bid by Grantee in the event of a foreclosure sale hereunderpurchase money.
Appears in 1 contract
Sources: Deed of Trust and Security Agreement (Kilroy Realty Corp)