Foreclosure. Beneficiary may institute any one or more actions of foreclosure against all or any part of the Property, or take such other action at law, equity or by contract for the enforcement of this Deed of Trust 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 rate borne by the Securities. Without limiting the foregoing, Beneficiary may cause the foreclosure of this Deed of Trust and exercise its rights as a secured party for all or any portion of the Liabilities which are then due and payable, subject to the continuing lien of this Deed of Trust 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 Beneficiary in its sole discretion may elect. Grantor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of Trust, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Property.
Appears in 5 contracts
Samples: Styrochem U S LTD, Styrochem U S LTD, Styrochem U S LTD
Foreclosure. Beneficiary may institute any one or more actions of foreclosure against all or any part of the Property, or take such other action at law, equity or by contract for the enforcement of this Deed of Trust 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 rate borne by the SecuritiesTranche A Loans. Without limiting the foregoing, Beneficiary may cause the foreclosure of this Deed of Trust and exercise its rights as a secured party for all or any portion of the Liabilities which are then due and payable, subject to the continuing lien of this Deed of Trust 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 Beneficiary in its sole discretion may elect. Grantor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of Trust, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Property.
Appears in 5 contracts
Samples: Security Agreement and Fixture Filing (Radnor Holdings Corp), Security Agreement and Fixture Filing (Radnor Holdings Corp), Security Agreement and Fixture Filing (Radnor Holdings Corp)
Foreclosure. Beneficiary Upon the occurrence of any default, in addition to other remedies provided under the Uniform Commercial Code, Bank at any time then or thereafter, in its discretion, may institute lawfully enter any one of Borrower’s premises or more actions the premises where the Collateral is located, and with or without judicial process, lawfully remove, under Section 9-609 of foreclosure against the Uniform Commercial Code, the Collateral or records thereof to such place as Bank may deem advisable, or require Borrower to assemble and make any or all such Collateral available at such reasonable place as Bank may direct, and realize upon (by public or private sale or in any other manner) all or any part of the PropertyCollateral and, unless the Collateral is perishable or threatens to decline speedily in value, or take such other action at lawis of a type customarily sold on a recognized market, equity or by contract for the enforcement of this Deed of Trust and realization on the security herein or elsewhere provided for, as the law may allowBank shall give Borrower, and may proceed therein other parties entitled to final judgment and execution for notice, reasonable notice in writing before 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 rate borne by the Securities. Without limiting the foregoing, Beneficiary may cause the foreclosure of this Deed of Trust and exercise its rights as a secured party for all or any portion of the Liabilities which are then due and payable, subject to the continuing lien of this Deed of Trust for the balance not then due and payable. In case of any sale of the Property by judicial proceedingsCollateral or any part thereof at public auction or private sale, the Property may be sold in one parcel 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 parcelsnotice shall be deemed given when delivered or deposited in the U.S. mail with first class postage. The net proceeds of any such sale or sales and any amounts received in liquidation of the Collateral, manner less all costs and expenses incurred in connection therewith, including the costs of collection described in Paragraph VII.B above and, at the option of Bank or as required by law, less any prior lien claims, shall be applied against the Obligations in the order as Beneficiary that Bank in its sole discretion may electshall decide, and Borrower or other party entitled thereto shall be entitled to any surplus resulting therefrom. Grantor, No action taken by Bank pursuant hereto shall affect Borrower’s continuing liability to Bank for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of Trust, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after any foreclosure. It is mutually agreed that it is commercially reasonable for Bank to disclaim all warranties which arise with respect to the foreclosure sale disposition of the PropertyCollateral.
Appears in 4 contracts
Samples: Loan and Security Agreement (Halifax Corp), Loan and Security Agreement (Halifax Corp), Loan and Security Agreement (Halifax Corp)
Foreclosure. Beneficiary Upon the occurrence of an Event of Default, the entire unpaid Indebtedness shall, at the option of Mortgagee (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 with respect to the Personal Property under the Uniform Commercial Code of the jurisdiction in which the Property is located, institute proceedings in any one court of competent jurisdiction to foreclose this instrument as a mortgage, or more actions to enforce any of foreclosure the covenants hereof, or Mortgagee may, either personally or by agent or attorney in fact, 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, 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. Mortgagee is hereby further authorized and empowered, as agent or attorney in fact, either after or without such entry, to 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 the laws of the 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 conveyance, all as then may be provided by law; and Mortgagee 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 attorneys' fees as herein provided, apply such proceeds to the Indebtedness, including all sums advanced or expended by Mortgagee 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 Mortgagor, the heirs, successors and assigns of Mortgagor, and all other persons claiming the Property aforesaid, or any part of the Propertythereof, or take such other action at lawby, equity or by contract for the enforcement of this Deed of Trust 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 rate borne by the Securities. Without limiting the foregoing, Beneficiary may cause the foreclosure of this Deed of Trust and exercise its rights as a secured party for all or any portion of the Liabilities which are then due and payable, subject to the continuing lien of this Deed of Trust 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 Beneficiary in its sole discretion may elect. Grantor, for itself and anyone claiming byfrom, through or under it, hereby agrees that Beneficiary shall in no manner, in law or in equity, be limited, except as herein provided, in Mortgagor. The legal holder of the exercise of its rights in Indebtedness may purchase the Property or in any other security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of Trustpart thereof, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding it shall not be asserted by Grantor as a defense in obligatory upon any proceeding instituted by Beneficiary purchaser at any such sale to collect see to the Liabilities or any deficiency remaining unpaid after the foreclosure sale application of the Propertypurchase money.
Appears in 4 contracts
Samples: 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. Beneficiary Mortgagee may institute any one or more actions of mortgage foreclosure against all or any part of the Property, or take such other action at law, equity or by contract for the enforcement of this Deed of Trust 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 rate borne by the SecuritiesDefault Rate. Without limiting the foregoing, Beneficiary Mortgagee may cause the foreclosure of foreclose this Deed of Trust Mortgage and exercise its rights as a secured party for all or any portion of the Liabilities which are then due and payable, subject to the continuing lien of this Deed of Trust 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 Beneficiary Mortgagee in its sole discretion may elect. GrantorMortgagor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of TrustMortgage, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and GrantorMortgagor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor Mortgagor as a defense in any proceeding instituted by Beneficiary Mortgagee to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Property.
Appears in 4 contracts
Samples: Mortgage and Security Agreement (Levitt Corp), Construction Loan Agreement (Arvida JMB Partners L P), Radnor Holdings Corp
Foreclosure. Beneficiary Mortgagee may institute any one or more actions of mortgage foreclosure against all or any part of the Property, or take such other action at law, equity or by contract for the enforcement of this Deed of Trust 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 rate borne by the Securities. Without limiting the foregoing, Beneficiary Mortgagee may cause the foreclosure of foreclose this Deed of Trust Mortgage and exercise its rights as a secured party for all or any portion of the Liabilities which are then due and payable, subject to the continuing lien of this Deed of Trust 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 Beneficiary Mortgagee in its sole discretion may elect. GrantorMortgagor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of TrustMortgage, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and GrantorMortgagor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor Mortgagor as a defense in any proceeding instituted by Beneficiary Mortgagee to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Property.
Appears in 3 contracts
Samples: Security Agreement and Fixture Filing (Styrochem U S LTD), Security Agreement and Fixture Filing (Styrochem U S LTD), Security Agreement and Fixture Filing (Styrochem U S LTD)
Foreclosure. Beneficiary may institute any one or more actions request Trustee to proceed with foreclosure, and in such event Trustee is hereby authorized and empowered, and it shall be his duty, upon such request of foreclosure against Beneficiary, and to the extent permitted by applicable Law, to sell all or any part of the 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 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 other place as may be required or permitted by applicable Law in, the county (or judicial district) wherein the Land included within the Mortgaged Property to be sold is situated; provided that if the Land is situated in more than one county (or judicial district), such sale of the Mortgaged Property, or take 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 action than as required by applicable Law in effect at lawthe time of such sale. Any such sale may be as a whole or in such parcels as Trustee may select. After such sale, equity 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 contract for Grantor. Sale of a part of the enforcement 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 Deed Subsection 3.2(c), if default is made in the payment of Trust 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 realization 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 security herein or elsewhere provided forsame terms, as at the law may allowsame 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 proceed therein to final judgment 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 execution for without affecting in any way the entire unpaid power of sale granted under this Subsection 3.2(c) on the unmatured balance of the Liabilities. The unpaid balance Obligation (except as to any proceeds of any judgment shall bear interest at sale which Beneficiary may apply as a prepayment on the greater Obligation) or the Liens securing payment of (athe 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 statutory rate provided for judgmentsSubject Interests included within, but also, all other items constituting a part of, the Mortgaged Property, or (b) any part thereof, along with the rate borne Land, or any part thereof, included within the Mortgaged Property all as a unit and as a part of a single sale, or may sell any part of the Mortgaged Property separately from the remainder of the Mortgaged Property. It is agreed that, in any deed or assignment given by Trustee, any and all statements of fact or other recitals therein made as to the Securities. Without limiting 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 Beneficiary, without cause, Beneficiary may cause appoint, in writing, a substitute trustee, who shall thereupon succeed to all the foreclosure estates, titles, rights, powers and trusts herein granted to and vested in Trustee. Such appointment may be made on behalf of this Deed of Trust and exercise its rights as a secured party for all Beneficiary by any person who is then the president, or any portion of vice president, or the Liabilities which are then due and payablecashier or secretary, subject to the continuing lien of this Deed of Trust for the balance not then due and payable. In case of any sale of the Property by judicial proceedingsor branch manager, the Property may be sold in one parcel or in such parcelsa senior representative, manner or order as Beneficiary in its sole discretion may elect. Grantor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining to the Liabilities or any other obligation secured authorized officer or agent of Beneficiary. In the event of the 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 cause, successive substitute trustees may thereafter, from time to time, be appointed by Beneficiary in the same manner. Trustee may appoint, in writing, any one or more Persons as Trustee’s agent and attorney-in-fact to act as Trustee under him and in his name, place and stead, xx perform any one or more acts necessary or incident to any sale under the power of sale granted under the preceding provisions of this Deed Subsection 3.2(c), including, without limitation, the posting and filing of Trustany notices, whether 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 statutesuch agent and attorney-in-fact shall be valid, rule lawful and binding as if done or precedent which may otherwise require said security to be marshalled 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 time in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Propertyquestion.
Appears in 3 contracts
Samples: Baron Energy Inc., Baron Energy Inc., Baron Energy Inc.
Foreclosure. Beneficiary During the continuance of an Event of Default hereunder, Lender may institute any one or more actions of foreclosure against all or any part of an action to foreclose this Mortgage as to the Property, or take such other action at law, equity or by contract for the enforcement of this Deed of Trust 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 rate borne by the Securities. Without limiting the foregoing, Beneficiary may cause the foreclosure of this Deed of Trust and exercise its rights as a secured party for all or any portion of the Liabilities which are then amount so declared due and payable, subject to the continuing lien of this Deed of Trust for the balance not then due and payable. In case of any sale of thereupon the Property by judicial proceedings(or any portion thereof) shall be sold according to law to satisfy and pay the same, the together with all costs, expenses and allowances thereof, including, without limitation, Reasonable Attorneys' Fees. The Property may be sold in one parcel parcel, several parcels or in such groups of parcels, manner or order as Beneficiary in its sole discretion may elect. Grantorand Lender shall be entitled to bid at the sale and, if Lender is the highest bidder for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder part or otherwise appertaining parts thereof, Lender shall be entitled to purchase the same. If, following the acceleration of the Note but prior to the Liabilities foreclosure of this Mortgage against the Property, Borrower shall tender to Lender payment of an amount sufficient to pay the entire secured indebtedness, such tender shall be deemed to be a voluntary prepayment under the Note and, consequently, Borrower shall also pay to Lender any Prepayment Premium (to the extent permitted by the Laws of the State) required under the Note to be paid in order to prepay principal and, if such principal payment is made during any period when prepayment is prohibited by this Mortgage or the Note, the applicable charge or Prepayment Premium (to the extent permitted by the Laws of the State) shall be the maximum Prepayment Premium provided for in the Note; provided, however, that in no event shall any amount payable under this Section or any other obligation Section relating to Prepayment Premiums or otherwise, when added to the interest otherwise payable on the Note and the other secured by this Deed of Trustindebtedness, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect exceed the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Propertymaximum interest permitted under applicable law.
Appears in 2 contracts
Samples: Open End Mortgage and Security Agreement (Hines Global Reit Ii, Inc.), Open End Mortgage and Security Agreement (Hines Global Reit Ii, Inc.)
Foreclosure. Beneficiary may institute any one or more actions request Trustee to proceed with foreclosure, and in such event Trustee is hereby authorized and empowered, and it shall be his duty, upon such request of foreclosure against Beneficiary, and to the extent permitted by applicable Law, to sell all or any part of the 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 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 other place as may be required or permitted by applicable Law in, the county (or judicial district) wherein the Land included within the Mortgaged Property to be sold is situated; provided that if the Land is situated in more than one county (or judicial district), such sale of the Mortgaged Property, or take 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 action than as required by applicable Law in effect at lawthe time of such sale. Any such sale may be as a whole or in such parcels as Trustee may select. After such sale, equity 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 contract for Grantor. Sale of a part of the enforcement 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 Deed Subsection 3.2(c), if default is made in the payment of Trust 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 realization 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 security herein or elsewhere provided forsame terms, as at the law may allowsame 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 proceed therein to final judgment 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 execution for without affecting in any way the entire unpaid power of sale granted under this Subsection 3.2(c) on the unmatured balance of the Liabilities. The unpaid balance Obligation (except as to any proceeds of any judgment shall bear interest at sale which Beneficiary may apply as a prepayment on the greater Obligation) or the Liens securing payment of (athe 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 statutory rate provided for judgmentsSubject Interests included within, but also, all other items constituting a part of, the Mortgaged Property, or (b) any part thereof, along with the rate borne Land, or any part thereof, included within the Mortgaged Property all as a unit and as a part of a single sale, or may sell any part of the Mortgaged Property separately from the remainder of the Mortgaged Property. It is agreed that, in any deed or assignment given by Trustee, any and all statements of fact or other recitals therein made as to the Securities. Without limiting 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 Beneficiary, without cause, Beneficiary may cause appoint, in writing, a substitute trustee, who shall thereupon succeed to all the foreclosure estates, titles, rights, powers and trusts herein granted to and vested in Trustee. Such appointment may be made on behalf of this Deed of Trust and exercise its rights as a secured party for all Beneficiary by any person who is then the president, or any portion of vice president, or the Liabilities which are then due and payablecashier or secretary, subject to the continuing lien of this Deed of Trust for the balance not then due and payable. In case of any sale of the Property by judicial proceedingsor branch manager, the Property may be sold in one parcel or in such parcelsa senior representative, manner or order as Beneficiary in its sole discretion may elect. Grantor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining to the Liabilities or any other obligation secured authorized officer or agent of Beneficiary. In the event of the 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 cause, successive substitute trustees may thereafter, from time to time, be appointed by Beneficiary in the same manner. Trustee may appoint, in writing, any one or more Persons as Trustee’s agent and attorney-in-fact to act as Trustee under him and in his name, place and steax, xx perform any one or more acts necessary or incident to any sale under the power of sale granted under the preceding provisions of this Deed Subsection 3.2(c), including, without limitation, the posting and filing of Trustany notices, whether 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 statutesuch agent and attorney-in-fact shall be valid, rule lawful and binding as if done or precedent which may otherwise require said security to be marshalled 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 time in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Propertyquestion.
Appears in 2 contracts
Samples: Baron Energy Inc., Baron Energy Inc.
Foreclosure. Upon the occurrence and during the continuance of an Event of Default, the entire unpaid Indebtedness shall, at the option of Beneficiary, 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 Beneficiary 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 Bayshore Project 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 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 Bayshore Project and may manage, rent or lease the Bayshore Project or any portion thereof upon such terms as Beneficiary may institute 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 one 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 more actions avails of foreclosure 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 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 part thereof, by, from, through or under Grantor. The legal holder of the Indebtedness may purchase the Bayshore Project or any part thereof, and it shall not be obligatory upon any purchaser at any such sale to see to the application 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, and except as expressly permitted in the Master Loan Agreement, Grantor shall not (i) convey title to all or any part of the PropertyBayshore Project, or take such other action at law, equity or by (ii) enter into any contract to convey (land contract/installment sales contract/contract for the enforcement of this Deed of Trust and realization on the security herein or elsewhere provided for, as the law may allow, and may proceed therein deed) title 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 rate borne by the Securities. Without limiting the foregoing, Beneficiary may cause the foreclosure of this Deed of Trust and exercise its rights as a secured party for all or any portion part of the Liabilities Bayshore Project which are then due and payablegives a purchaser possession of, subject or income from, the Bayshore Project prior to the continuing lien a transfer of this Deed of Trust for the balance not then due and payable. In case of title to all or any sale part of the Property by judicial proceedings, the Property may be sold in one parcel Bayshore Project or in such parcels, manner (iii) cause or order as Beneficiary in its sole discretion may elect. Grantor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary shall in no manner, in law or in equity, be limited, except as herein provided, permit a Change in the exercise Proportionate Ownership of its rights Grantor (as defined in the Property or in any other security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of Trust, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the PropertyMaster Loan Agreement).
Appears in 2 contracts
Samples: Trust and Security Agreement (BioMed Realty Trust Inc), Trust and Security Agreement (BioMed Realty Trust Inc)
Foreclosure. Beneficiary Mortgagee may institute any one or more actions of mortgage foreclosure against all or any part of the Property, or take such other action at law, equity or by contract for the enforcement of this Deed of Trust 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 rate borne by the SecuritiesTranche A Loans. Without limiting the foregoing, Beneficiary Mortgagee may cause the foreclosure of foreclose this Deed of Trust Mortgage and exercise its rights as a secured party for all or any portion of the Liabilities which are then due and payable, subject to the continuing lien of this Deed of Trust 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 Beneficiary Mortgagee in its sole discretion may elect. GrantorMortgagor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of TrustMortgage, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and GrantorMortgagor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor Mortgagor as a defense in any proceeding instituted by Beneficiary Mortgagee to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Property.
Appears in 2 contracts
Samples: Security Agreement and Fixture Filing (Radnor Holdings Corp), Security Agreement and Fixture Filing (Radnor Holdings Corp)
Foreclosure. Upon the occurrence and during the continuance of an Event of Default, the entire unpaid Indebtedness shall, at the option of Beneficiary, 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 Beneficiary 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 Towne Centre Project 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 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 Towne Centre Project and may manage, rent or lease the Towne Centre Project or any portion thereof upon such terms as Beneficiary may institute 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 one 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 more actions avails of foreclosure 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 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 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 it shall not be obligatory upon any purchaser at any such sale to see to the application 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, and except as expressly permitted in the Master Loan Agreement, Grantor shall not (i) convey title to all or any part of the PropertyTowne Centre Project, or take such other action at law, equity or by (ii) enter into any contract to convey (land contract/installment sales contract/contract for the enforcement of this Deed of Trust and realization on the security herein or elsewhere provided for, as the law may allow, and may proceed therein deed) title 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 rate borne by the Securities. Without limiting the foregoing, Beneficiary may cause the foreclosure of this Deed of Trust and exercise its rights as a secured party for all or any portion part of the Liabilities Towne Centre Project which are then due and payablegives a purchaser possession of, subject or income from, the Towne Centre Project prior to the continuing lien a transfer of this Deed of Trust for the balance not then due and payable. In case of title to all or any sale part of the Property by judicial proceedings, the Property may be sold in one parcel Towne Centre Project or in such parcels, manner (iii) cause or order as Beneficiary in its sole discretion may elect. Grantor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary shall in no manner, in law or in equity, be limited, except as herein provided, permit a Change in the exercise Proportionate Ownership of its rights Grantor (as defined in the Property or in any other security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of Trust, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the PropertyMaster Loan Agreement).
Appears in 2 contracts
Samples: Trust and Security Agreement (BioMed Realty Trust Inc), Trust and Security Agreement (BioMed Realty Trust Inc)
Foreclosure. Beneficiary (a) Lender may institute exercise any one or more actions 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 its Affiliates, which shall be due in accordance with and governed by the provisions of said Swap Agreements; (b) Lender may take immediate possession of each, any and all Property or any part thereof (which Borrower agrees to surrender to Lender) and manage, control or lease the same to such Persons and at such rental as it may deem proper and collect and apply Rents (as defined in the Mortgage) to the payment of: (i) the Obligations, together with all costs and attorneys’ fees; (ii) all Impositions (as defined in the 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 against 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 any part thereof, and to apply the Rents therefrom as hereinabove provided. In the event of such application, Borrower consents to the appointment of 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 adequacy of any security for the Obligations, and without regard to the solvency of Borrower or any other person, firm or corporation who or which may be liable for the payment of the Obligations; (d) Lender may exercise all the remedies of a mortgagee as provided by law and in equity including, without limitation, foreclosure upon the Mortgage and sale of each, any and all Property, or any part of the Property, or take such other action at law, equity or by contract for the enforcement of this Deed of Trust public sale conducted according to applicable law (referred to as “Sale”) and realization on the security herein or elsewhere provided for, conduct additional Sales as the law may allow, and may proceed therein to final judgment and execution for the entire unpaid balance be required until all of the Liabilities. The unpaid balance Property is sold or the Obligations are satisfied; (e) With respect to any portion of each, any judgment shall bear interest at the greater of (a) the statutory rate provided for judgments, or (b) the rate borne and all Property governed by the Securities. Without limiting Code, Lender shall have all of the foregoing, Beneficiary may cause the foreclosure rights and remedies of this Deed of Trust and exercise its rights as a secured party for all thereunder. 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 may accept, as successful bidder, credit of the bid amount against the Obligations as payment of any portion of the Liabilities which are then due purchase price; and payable(g) Lender shall apply the proceeds of Sale, subject first to any fees or attorney fees permitted Lender by law in connection with Sale, second to expenses of foreclosure, publication, and sale permitted Lender by law in connection with Sale, third to the continuing lien of this Deed of Trust for the balance not then due Obligations, and payable. In case of any sale of the Property remaining proceeds as required by judicial proceedings, the Property may be sold in one parcel or in such parcels, manner or order as Beneficiary in its sole discretion may elect. Grantor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of Trust, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Propertylaw.
Appears in 2 contracts
Samples: Master Loan Agreement (Asbury Automotive Group Inc), Master Loan Agreement (Asbury Automotive Group Inc)
Foreclosure. Beneficiary Secured Party may institute sell, lease, license or otherwise dispose of or Transfer any or all of the Collateral or any part thereof in one or more actions of foreclosure against all parcels at public sale or in private sale or transaction, on any part of the Propertyexchange or market or at Secured Party's offices or on any Grantor's premises or at any other location, for cash, on credit or take such other action at law, equity or by contract for the enforcement of this Deed of Trust and realization on the security herein or elsewhere provided for, as the law may allowfuture delivery, and may proceed therein to final judgment and execution for the entire unpaid balance enter into all contracts necessary or appropriate in connection therewith, without any notice whatsoever unless required by law. Where permitted by law, one or more of the Liabilities. The unpaid balance Beneficiaries may be the purchasers at any such sale and in such event, if such bid is made by all of the Lenders or by all of the Holders of Secured Obligations or otherwise whenever a credit bid is expressly permitted under the Credit Agreement or approved in writing by the Administrative Agent and the Required Lenders, the Beneficiaries bidding at such sale may bid part or all of the Obligations owing to them without necessity of any judgment shall bear interest cash payment on account of the purchase price, even though any other purchaser at such sale is required to bid a purchase price payable in cash. Each Grantor agrees that at least 10 calendar days' written notice to such Grantor of the greater time and place of any public sale of Collateral owned by it (a) or, to the statutory rate provided for judgmentsextent such Grantor is entitled by law to notice thereof, the public sale of any other Collateral), or the time after which any private sale of Collateral owned by it (b) the rate borne by the Securities. Without limiting the foregoingor, Beneficiary may cause the foreclosure of this Deed of Trust and exercise its rights as a secured party for all or any portion of the Liabilities which are then due and payable, subject to the continuing lien extent such Grantor is entitled by law to notice thereof, the private sale of this Deed any other Collateral) is to be made, shall be commercially reasonable. For purposes of Trust for such notice, to the balance not then due and payable. In case fullest extent permitted by law (i) each Grantor waives notice of any sale of Collateral owned by any other Grantor and (ii) each Grantor agrees that notice given to the Property by judicial proceedingsBorrower shall constitute notice given to such Grantor. The giving of notice of any such sale or other disposition shall not obligate Secured Party to proceed with the sale or disposition, the Property and any such sale or disposition may be sold in one parcel postponed or in such parcelsadjourned from time to time, manner or order as Beneficiary in its sole discretion may elect. Grantor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of Trust, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Propertywithout further notice.
Appears in 2 contracts
Samples: Pledge and Security Agreement (D&f Industries Inc), Guarantor Pledge and Security Agreement (Liberty Group Publishing Inc)
Foreclosure. Upon the occurrence and during the continuance of an Event of Default, the entire unpaid Indebtedness shall, at the option of Beneficiary, 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 Beneficiary 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 Xxxxx Xxxxx Project 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 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 Xxxxx Xxxxx Project and may manage, rent or lease the Xxxxx Xxxxx Project or any portion thereof upon such terms as Beneficiary may institute 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 Xxxxx Xxxxx 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 one 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 more actions avails of foreclosure such sale, after first paying and retaining all fees, charges, costs of advertising the Xxxxx Xxxxx 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 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 Xxxxx Xxxxx Project aforesaid, or any part thereof, by, from, through or under Grantor. The legal holder of the Indebtedness may purchase the Xxxxx Xxxxx Project or any part thereof, and it shall not be obligatory upon any purchaser at any such sale to see to the application of the purchase money. PROHIBITION ON TRANSFER. The present ownership and management of the Xxxxx Xxxxx Project is a material consideration to Beneficiary in making the loan secured by this instrument, and except as expressly permitted in the Master Loan Agreement, Grantor shall not (i) convey title to all or any part of the PropertyXxxxx Xxxxx Project, or take such other action at law, equity or by (ii) enter into any contract to convey (land contract/installment sales contract/contract for the enforcement of this Deed of Trust and realization on the security herein or elsewhere provided for, as the law may allow, and may proceed therein deed) title 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 rate borne by the Securities. Without limiting the foregoing, Beneficiary may cause the foreclosure of this Deed of Trust and exercise its rights as a secured party for all or any portion part of the Liabilities Xxxxx Xxxxx Project which are then due and payablegives a purchaser possession of, subject or income from, the Xxxxx Xxxxx Project prior to the continuing lien a transfer of this Deed of Trust for the balance not then due and payable. In case of title to all or any sale part of the Property by judicial proceedings, the Property may be sold in one parcel Xxxxx Xxxxx Project or in such parcels, manner (iii) cause or order as Beneficiary in its sole discretion may elect. Grantor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary shall in no manner, in law or in equity, be limited, except as herein provided, permit a Change in the exercise Proportionate Ownership of its rights Grantor (as defined in the Property or in any other security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of Trust, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the PropertyMaster Loan Agreement).
Appears in 1 contract
Samples: BioMed Realty Trust Inc
Foreclosure. Beneficiary may institute any one or more actions request Trustee to proceed with foreclosure, and in such event Trustee is hereby authorized and empowered, and it shall be his duty, upon such request of foreclosure against Beneficiary, and to the extent permitted by applicable Law, to sell all or any part of the 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 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 other place as may be required or permitted by applicable Law in, the county (or judicial district) wherein the Land included within the Mortgaged Property to be sold is situated; provided that if the Land is situated in more than one county (or judicial district), such sale of the Mortgaged Property, or take 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 action than as required by applicable Law in effect at lawthe time of such sale. Any such sale may be as a whole or in such parcels as Trustee may select. After such sale, equity 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 contract for Grantor. Sale of a part of the enforcement 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 Deed Subsection 3.2(c), if default is made in the payment of Trust 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 realization 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 security herein or elsewhere provided forsame terms, as at the law may allowsame 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 proceed therein to final judgment 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 execution for without affecting in any way the entire unpaid power of sale granted under this Subsection 3.2(c) on the unmatured balance of the Liabilities. The unpaid balance Obligation (except as to any proceeds of any judgment shall bear interest at sale which Beneficiary may apply as a prepayment on the greater Obligation) or the Liens securing payment of (athe 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 statutory rate provided for judgmentsSubject Interests included within, but also, all other items constituting a part of, the Mortgaged Property, or (b) any part thereof, along with the rate borne Land, or any part thereof, included within the Mortgaged Property all as a unit and as a part of a single sale, or may sell any part of the Mortgaged Property separately from the remainder of the Mortgaged Property. It is agreed that, in any deed or assignment given by Trustee, any and all statements of fact or other recitals therein made as to the Securities. Without limiting 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 Beneficiary, without cause, Beneficiary may cause appoint, in writing, a substitute trustee, who shall thereupon succeed to all the foreclosure estates, titles, rights, powers and trusts herein granted to and vested in Trustee. Such appointment may be made on behalf of this Deed of Trust and exercise its rights as a secured party for all Beneficiary by any person who is then the president, or any portion of vice president, or the Liabilities which are then due and payablecashier or secretary, subject to the continuing lien of this Deed of Trust for the balance not then due and payable. In case of any sale of the Property by judicial proceedingsor branch manager, the Property may be sold in one parcel or in such parcelsa senior representative, manner or order as Beneficiary in its sole discretion may elect. Grantor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining to the Liabilities or any other obligation secured authorized officer or agent of Beneficiary. In the event of the 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 cause, successive substitute trustees may thereafter, from time to time, be appointed by Beneficiary in the same manner. Trustee may appoint, in writing, any one or more Persons as Trustee’s agent and attorney-in-fact to act as Trustee under him and in his name, place and stead, xx xerform any one or more acts necessary or incident to any sale under the power of sale granted under the preceding provisions of this Deed Subsection 3.2(c), including, without limitation, the posting and filing of Trustany notices, whether 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 statutesuch agent and attorney-in-fact shall be valid, rule lawful and binding as if done or precedent which may otherwise require said security to be marshalled performed by Trustee. Wherever herein the word ATrustee@ is used, the same shall mean the person who is the duly appointed trustee or substitute trustee hereunder at the time in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Propertyquestion.
Appears in 1 contract
Samples: Baron Energy Inc.
Foreclosure. Beneficiary may institute any one or more actions request Trustee to proceed with foreclosure, and in such event Trustee is hereby authorized and empowered, and it shall be his duty, upon such request of foreclosure against Beneficiary, and to the extent permitted by applicable Law, to sell all or any part of the Mortgaged Property at one or more sales, as an entirety or in parcels, a such place or places and otherwise in such manner and upon such notice as may be required by applicable Law, or it the absence of any such requirement, as Trustee and/or Beneficiary may deem appropriate, and to make conveyance to the 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 other place as may be required or permitted by applicable Law in, the county (or judicial district) wherein the Land included within the Mortgaged Property to be sold is situated; provided that if the Land is situated in more than one county (or judicial district), such sale of the Mortgaged Property, or take 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, en 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 action than as required by applicable Law in effect at lawthe time of such sale. Any such sale may be as a whole or in such parcels as Trustee may select. After such sale, equity 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 contract for Grantor. Sale of a part of the enforcement 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 Deed Subsection 3.2(:), if default is made in the payment of Trust 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 realization 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 security herein or elsewhere provided forsame terms, as the law may allowat tie 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 proceed therein to final judgment 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 execution for without affecting in any way the entire unpaid power of sale granted under this Subsection 3.2(c) on the unmatured balance of the Liabilities. The unpaid balance Obligation (except as to any proceeds of any judgment shall bear interest at sale which Beneficiary may apply as a prepayment on the greater Obligation) or the Liens securing payment of (athe 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 statutory rate provided for judgmentsSubject Interests included within, but alto, all other items constituting a part of, the Mortgaged Property, or (b) any part thereof, along with the rate borne Land, or any an thereof, included within the Mortgaged Property all as a unit and as a part of a single sale, or may sell any part of the Mortgaged Property separately from the remainder of the Mortgaged Property. It is agreed that, in any deed or assignment given by Trustee, any and all statements of fact or other recitals therein made as to the Securities. Without limiting 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 aril 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 sate facts and are without further question to be so accepted, and Grantor does hereby ratify and confirm any and ill 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 friability, for arty reason, to make any such sale or to perform any of the trusts herein declared, or, at the option of Beneficiary, without cause, Beneficiary may cause appoint, in writhes, a substitute trustee, who shall thereupon succeed to all the foreclosure estates, titles, rights, powers and trusts herein granted tee and vested in Trustee. Such appointment may be made on behalf of this Deed of Trust and exercise its rights as a secured party for all Beneficiary by any person who is then the president, or any portion of vice president, or the Liabilities which are then due and payablecashier or secretary, subject to the continuing lien of this Deed of Trust for the balance not then due and payable. In case of any sale of the Property by judicial proceedingsor branch manager, the Property may be sold in one parcel or in such parcelsa senior representative, manner or order as Beneficiary in its sole discretion may elect. Grantor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining to the Liabilities or any other obligation secured authorized officer or agent of Beneficiary. In the event of the 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 cause, successive substitute trustees may thereafter, from time to time, be appointed by Beneficiary in the same manner. Trustee may appoint, in writing, any one or more Persons as Trustees agent and attorney-in-fact to act as Trustee under him and in his name, place fold stead, xx perform any one or more acts necessary or incident to any sale under the power of sale granted under the preceding provisions of this Deed Subsection 3.2(c), including, without limitation, the posting and filing of Trustany notices, whether the conduct of such sale and the execution and delivery of any instruments conveying the Mortgaged Property is sold, but in the name and on behalf of Trustee. All acts done or performed by any statutesuch agent and attorney-in-fact shall be valid, rule lawful and binding as if done or precedent which may otherwise require said security to be marshalled 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 time in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Propertyquestion.
Appears in 1 contract
Samples: Baron Energy Inc.
Foreclosure. Beneficiary Upon the occurrence of a default, then, upon the giving of notice of such default and of the time and place of sale in the manner provided by law, the Property may institute 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 applicable law, be as an entirety or in such parcels as Holder may request. 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 Grantee or its trustee of less than the whole of the Property shall not exhaust the power of sale herein granted, and Grantee or its trustee is specifically empowered to make successive sale or sales under such power 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 Secured Indebtedness and the expense of executing this trust as provided herein, this 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 one 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 more actions its trustee to sell less than the whole of foreclosure against all the Property. Grantee or its trustee may, after any request or direction by Holder, sell not only the real property but also any of the Collateral and any other interests which are a part of the Property, or take such other action at law, equity or by contract for the enforcement of this Deed of Trust and realization on the security herein or elsewhere provided forany part thereof, as the law may allow, a unit and may proceed therein to final judgment and execution for the entire unpaid balance as a part of the Liabilities. The unpaid balance of any judgment shall bear interest at the greater of (a) the statutory rate provided for judgmentsa single sale, or (b) the rate borne by the Securities. Without limiting the foregoing, Beneficiary may cause the foreclosure of this Deed of Trust and exercise its rights as a secured party for all or sell any portion of the Liabilities which are then due and payable, subject to the continuing lien of this Deed of Trust for the balance not then due and payable. In case of any sale part of the Property by judicial proceedings, 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 may be 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 in one parcel but without any covenant or in such parcelswarranty, manner express or order as Beneficiary in its sole discretion may elect. Grantorimplied, for itself and anyone claiming by, through shall receive the proceeds of said sale or under it, hereby agrees that Beneficiary shall in no manner, in law or in equity, be limited, except sales and apply the same as herein provided, in the exercise of its rights in the Property or in any other security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of Trust, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding power of sale granted herein shall not be asserted exhausted by Grantor 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 a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale many times as Holder may deem necessary until all of the PropertyProperty 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 successor or substitute trustee conducting the sale.
Appears in 1 contract
Samples: Interline Resources Corp
Foreclosure. Beneficiary may institute any one or more actions request Trustee to proceed with foreclosure, and in such event Trustee is hereby authorized and empowered, and it shall be his duty, upon such request of foreclosure against Beneficiary, and to the extent permitted by applicable Law, to sell all or any part of the 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 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 other place as may be required or permitted by applicable Law in, the county (or judicial district) wherein the Land included within the Mortgaged Property to be sold is situated; provided that if the Land is situated in more than one county (or judicial district), such sale of the Mortgaged Property, or take 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 action than as required by applicable Law in effect at lawthe time of such sale. Any such sale may be as a whole or in such parcels as Trustee may select. After such sale, equity 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 contract for Grantor. Sale of a part of the enforcement 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 Deed Subsection 3.2(c), if default is made in the payment of Trust 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 realization 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 security herein or elsewhere provided forsame terms, as at the law may allowsame 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 proceed therein to final judgment 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 execution for without affecting in any way the entire unpaid power of sale granted under this Subsection 3.2(c) on the unmatured balance of the Liabilities. The unpaid balance Obligation (except as to any proceeds of any judgment shall bear interest at sale which Beneficiary may apply as a prepayment on the greater Obligation) or the Liens securing payment of (athe 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 statutory rate provided for judgmentsSubject Interests included within, but also, all other items constituting a part of, the Mortgaged Property, or (b) any part thereof, along with the rate borne Land, or any part thereof, included within the Mortgaged Property all as a unit and as a part of a single sale, or may sell any part of the Mortgaged Property separately from the remainder of the Mortgaged Property. It is agreed that, in any deed or assignment given by Trustee, any and all statements of fact or other recitals therein made as to the Securities. Without limiting 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 Beneficiary, without cause, Beneficiary may cause appoint, in writing, a substitute trustee, who shall thereupon succeed to all the foreclosure estates, titles, rights, powers and trusts herein granted to and vested in Trustee. Such appointment may be made on behalf of this Deed of Trust and exercise its rights as a secured party for all Beneficiary by any person who is then the president, or any portion of vice president, or the Liabilities which are then due and payablecashier or secretary, subject to the continuing lien of this Deed of Trust for the balance not then due and payable. In case of any sale of the Property by judicial proceedingsor branch manager, the Property may be sold in one parcel or in such parcelsa senior representative, manner or order as Beneficiary in its sole discretion may elect. Grantor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining to the Liabilities or any other obligation secured authorized officer or agent of Beneficiary. In the event of the 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 cause, successive substitute trustees may thereafter, from time to time, be appointed by Beneficiary in the same manner. Trustee may appoint, in writing, any one or more Persons as Trustee’s agent and attorney-in-fact to act as Trustee under him and in his name, place and xxxxx, to perform any one or more acts necessary or incident to any sale under the power of sale granted under the preceding provisions of this Deed Subsection 3.2(c), including, without limitation, the posting and filing of Trustany notices, whether 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 statutesuch agent and attorney-in-fact shall be valid, rule lawful and binding as if done or precedent which may otherwise require said security to be marshalled 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 time in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Propertyquestion.
Appears in 1 contract
Samples: Baron Energy Inc.
Foreclosure. Beneficiary (i) The Beneficiary, with or without entry, personally or by its agents or attorneys, insofar as applicable, may institute any (i) sell or instruct the Jurisdictional Trustee, if applicable, to sell, to the extent permitted by law and pursuant to the 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 actions sales, as an entirety or in parcels, and at such times and places as required or permitted by law and as are customary in any county or parish in which a Property is located and upon such terms as the Beneficiary may fix and specify in the notice of sale to be given to the Mortgagor (and on such other notice published or otherwise given as provided by law), or as may be required by law; (ii) institute (or instruct the Jurisdictional Trustee to institute) proceedings for the complete or partial foreclosure against all of this Mortgage under the provisions of the laws of the jurisdiction or jurisdictions in which the Trust Estate or any part thereof is located, or under any other applicable provision of law; or (iii) take all steps to protect and enforce the rights of the PropertyBeneficiary, whether by action, suit or proceeding in equity or at law (for the specific performance of any covenant, condition or agreement contained in this Mortgage, or take such other action at lawin aid of the execution of any power herein granted, equity or by contract for any foreclosure hereunder, or for the enforcement of this Deed of Trust and realization on the security herein or elsewhere provided forany other appropriate legal or equitable remedy), or otherwise, as the law may allowBeneficiary, being advised by counsel and may proceed therein its financial advisor, shall deem most advisable to final judgment protect and execution for the entire unpaid balance enforce any of the Liabilities. The unpaid balance of any judgment shall bear interest at the greater of (a) the statutory rate provided for judgments, their rights or (b) the rate borne by the Securities. Without limiting the foregoing, Beneficiary may cause the foreclosure of this Deed of Trust and exercise its rights as a secured party for all or any portion of the Liabilities which are then due and payable, subject to the continuing lien of this Deed of Trust 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 Beneficiary in its sole discretion may elect. Grantor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of Trust, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Propertyduties hereunder.
Appears in 1 contract
Samples: Kilroy Realty Corp
Foreclosure. Beneficiary Upon the occurrence of a default, then, upon the giving of notice of such default and of the time and place of sale in the manner provided by law, the Property may institute 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 applicable law, be as an entirety or in such parcels as Holder may request. 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 Grantee or its trustee of less than the whole of the Property shall not exhaust the power of sale herein granted, and Grantee or its trustee is specifically empowered to make successive sale or sales under such power 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 Secured Indebtedness and the expense of executing this trust as provided herein, this 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 one 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 more actions its trustee to sell less than the whole of foreclosure against all the Property. Grantee or its trustee may, after any request or direction by Holder, sell not only the real property but also any of the Collateral and any other interests which are a part of the Property, or take such other action at law, equity or by contract for the enforcement of this Deed of Trust and realization on the security herein or elsewhere provided forany part thereof, as the law may allow, a unit and may proceed therein to final judgment and execution for the entire unpaid balance as a part of the Liabilities. The unpaid balance of any judgment shall bear interest at the greater of (a) the statutory rate provided for judgmentsa single sale, or (b) the rate borne by the Securities. Without limiting the foregoing, Beneficiary may cause the foreclosure of this Deed of Trust and exercise its rights as a secured party for all or sell any portion of the Liabilities which are then due and payable, subject to the continuing lien of this Deed of Trust for the balance not then due and payable. In case of any sale part of the Property by judicial proceedings, 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 may be 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 in one parcel but without any covenant or in such parcelswarranty, manner express or order as Beneficiary in its sole discretion may elect. Grantorimplied, for itself and anyone claiming by, through shall receive the proceeds of said sale or under it, hereby agrees that Beneficiary shall in no manner, in law or in equity, be limited, except sales and apply the same as herein provided, in the exercise of its rights in the Property or in any other security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of Trust, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding power of sale granted herein shall not be asserted exhausted by Grantor 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 a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale many times as Holder may deem necessary until all of the PropertyProperty 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 successor or substitute trustee conducting the sale.
Appears in 1 contract
Samples: Interline Resources Corp
Foreclosure. Beneficiary Secured Party may institute sell, lease, license or otherwise dispose of or Transfer any or all of the Collateral or any part thereof in one or more actions of foreclosure against all parcels at public sale or in private sale or transaction, on any part of the Propertyexchange or market or at Secured Party's offices or on any Grantor's premises or at any other location, for cash, on credit or take such other action at law, equity or by contract for the enforcement of this Deed of Trust and realization on the security herein or elsewhere provided for, as the law may allowfuture delivery, and may proceed therein to final judgment and execution for the entire unpaid balance enter into all contracts necessary or appropriate in connection therewith, without any notice whatsoever unless required by law. Where permitted by law, one or more of the Liabilities. The unpaid balance Beneficiaries may be the purchasers at any such sale and in such event, if such bid is made by all of the Lenders or by all of the Holders of Secured Obligations or otherwise whenever a credit bid is expressly permitted under the Term Loan Agreement or approved in writing by the Agent and the Majority Lenders, the Beneficiaries bidding at such sale may bid part or all of the Obligations owing to them without necessity of any judgment shall bear interest cash payment on account of the purchase price, even though any other purchaser at such sale is required to bid a purchase price payable in cash. Each Grantor agrees that at least 10 calendar days' written notice to such Grantor of the greater time and place of any public sale of Collateral owned by it (a) or, to the statutory rate provided for judgmentsextent such Grantor is entitled by law to notice thereof, the public sale of any other Collateral), or the time after which any private sale of Collateral owned by it (b) the rate borne by the Securities. Without limiting the foregoingor, Beneficiary may cause the foreclosure of this Deed of Trust and exercise its rights as a secured party for all or any portion of the Liabilities which are then due and payable, subject to the continuing lien extent such Grantor is entitled by law to notice thereof, the private sale of this Deed any other Collateral) is to be made, shall be commercially reasonable. For purposes of Trust for such notice, to the balance not then due and payable. In case fullest extent permitted by law (i) each Grantor waives notice of any sale of Collateral owned by any other Grantor and (ii) each Grantor agrees that notice given to the Property by judicial proceedingsBorrower shall constitute notice given to such Grantor. The giving of notice of any such sale or other disposition shall not obligate Secured Party to proceed with the sale or disposition, the Property and any such sale or disposition may be sold in one parcel postponed or in such parcelsadjourned from time to time, manner or order as Beneficiary in its sole discretion may elect. Grantor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of Trust, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Propertywithout further notice.
Appears in 1 contract
Samples: Subsidiary Pledge and Security Agreement (Flashnet Communications Inc)
Foreclosure. Beneficiary may institute any one or more actions request Trustee to 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 foreclosure against Beneficiary, and to the extent permitted by applicable Law, to sell all or any part of the 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 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 other place as may be required or permitted by applicable Law in, the county (or judicial district) wherein the Lands included within the Mortgaged Property to be sold are situated; provided that if the Lands are situated in more than one county (or judicial district), such sale of the Mortgaged Property, or take 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 action than as required by applicable Law in effect at lawthe time of such sale. Any such sale may be as a whole or in such parcels as Trustee may select. After such sale, equity 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 contract for Grantor. Sale of a part of the enforcement 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 Deed Section 3.2(c), if default is made in the payment of Trust 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 realization 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 security herein or elsewhere provided forsame terms, as at the law may allowsame 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 proceed therein to final judgment 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 execution for without affecting in any way the entire unpaid power of sale granted under this Section 3.2(c) on the unmatured balance of the Liabilities. The unpaid balance Obligation (except as to any proceeds of any judgment shall bear interest at sale which Beneficiary may apply as a prepayment on the greater Obligation) or the Liens securing payment of (athe 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 statutory rate provided for judgmentsSubject Interests included within, but also, all other items constituting a part of, the Mortgaged Property, or (b) any part thereof, along with the rate borne Lands, or any part thereof, included within the Mortgaged Property all as a unit and as a part of a single sale, or may sell any part of the Mortgaged Property separately from the remainder of the Mortgaged Property. It is agreed that, in any deed or assignment given by Trustee, any and all statements of fact or other recitals therein made as to the Securities. Without limiting 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 Beneficiary, without cause, Beneficiary may cause appoint, in writing, a substitute trustee, who shall thereupon succeed to all the foreclosure estates, titles, rights, powers and trusts herein granted to and vested in Trustee. Such appointment may be made on behalf of this Deed of Trust and exercise its rights as a secured party for all Beneficiary by any Person who is then the president, or any portion of the Liabilities which are then due and payablevice president, subject to the continuing lien of this Deed of Trust for the balance not then due and payable. In case of any sale of the Property by judicial proceedingsor a senior representative, the Property may be sold in one parcel or in such parcels, manner or order as Beneficiary in its sole discretion may elect. Grantor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining to the Liabilities or any other obligation secured authorized officer or agent of Beneficiary. In the event of the 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 cause, successive substitute trustees may thereafter, from time to time, be appointed by Beneficiary in the same manner. Trustee may appoint, in writing, 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 sale granted under the preceding provisions of this Deed Section 3.2(c), including the posting and filing of Trustany notices, whether 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 statutesuch agent and attorney-in-fact shall be valid, rule lawful and binding as if done or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted performed by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the PropertyTrustee.
Appears in 1 contract
Foreclosure. Beneficiary Sell or offer for sale the Property in such portions, order and parcels as Lender may institute determine, with or without having first taken possession of same, to the highest bidder for cash at public auction. Such sale shall be made at a location designated for foreclosure sales in accordance with Chapter 244 of the Massachusetts General Laws and all other applicable laws. Lender shall have the STATUTORY POWER OF SALE and any one other right or more actions remedies provided by law. At any such sale (i) whether made under the power herein contained, the UCC, any other Legal Requirement or by virtue of foreclosure against all any judicial proceedings or any part of the Propertyother legal right, remedy or recourse, it shall not be necessary for Lender to have been physically present, or take such other action at lawto have constructive possession of, equity or by contract for the enforcement of this Deed of Trust and realization on the security herein or elsewhere provided for, as the law may allow, and may proceed therein Property (Borrower shall deliver 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 rate borne by the Securities. Without limiting the foregoing, Beneficiary may cause the foreclosure of this Deed of Trust and exercise its rights as a secured party for all or Lender any portion of the Liabilities which are then due Property not actually or constructively possessed by Lender immediately upon demand by Lender), and payable, subject the title to and right of possession of any such property shall pass to the continuing lien purchaser thereof as completely as if it had been actually present and delivered to purchaser at such sale, (ii) each instrument of this Deed conveyance executed by Lender shall contain a general warranty of Trust for title, binding upon Borrower, (iii) each recital contained in any instrument of conveyance made by Lender shall conclusively establish the balance not then due truth and payable. In case accuracy of the matters recited therein, including, without limitation, nonpayment of the Indebtedness, advertisement and conduct of such sale in the manner provided herein and otherwise by law and appointment of any successor Lender hereunder, (iv) any prerequisites to the validity thereof shall be conclusively presumed to have been performed, (v) the receipt of Lender or 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 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 Property fullest extent permitted by judicial proceedingslaw, the Property may Borrower shall be sold in one parcel 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 parcelssale shall be a perpetual bar both at law and in equity against Borrower, manner and against all other persons claiming or order as Beneficiary in its sole discretion may elect. Grantorto claim the property sold or any part thereof, for itself and anyone claiming by, through or under itBorrower, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining and (vii) to the Liabilities or extent and under such circumstances as are permitted by law, Lender may be a purchaser at any other obligation secured by this Deed of Trust, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Propertysuch sale.
Appears in 1 contract
Samples: Security Agreement and Fixture Filing (Cornerstone Core Properties REIT, Inc.)
Foreclosure. Beneficiary (a) Upon the occurrence and during the continuance of a default, the Holder may take such action, without notice or demand, as it deems advisable to protect and enforce its rights against Mortgagor and in and to the Property, including, but not limited to, the following actions, each of which may be pursued concurrently or otherwise, at such time and in such order as the Holder may determine, in its sole discretion, without impairing or otherwise affecting the other rights and remedies of the Holder: (i) institute proceedings for the complete foreclosure of this Mortgage in which case the Property or any part thereof may be sold for cash or upon credit in one or more actions of foreclosure against all portions, under executory process or any part of other legal process; or (ii) to the Property, or take such other action at extent permitted and pursuant to the procedures provided by applicable law, equity or by contract institute proceedings for the enforcement of this Deed of Trust 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 rate borne by the Securities. Without limiting the foregoing, Beneficiary may cause the partial foreclosure of this Deed of Trust and exercise its rights as a secured party Mortgage for all or any the portion of the Liabilities which are secured indebtedness then due and payable, subject to the continuing lien Lien of this Deed of Trust Mortgage for the balance of the secured indebtedness not then due and payable. In case due; or (iii) institute an action, suit or proceeding in equity for the specific performance of any sale covenant, condition or agreement contained in this Mortgage or the Transaction Documents; or (iv) recover judgment on the Secured Notes or the Guaranty either before, during or after any proceedings for the enforcement of this Mortgage; or (v) apply for the Property by judicial proceedingsappointment of a trustee, the Property may be sold in one parcel receiver, keeper, liquidator or in such parcels, manner or order as Beneficiary in its sole discretion may elect. Grantor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of Trust, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale conservator of the Property, without regard for the adequacy of the security for the secured indebtedness and without regard for the solvency of Mortgagor or of any person, firm or other entity liable for the payment of the secured indebtedness; or (vi) pursue such other remedies as the Holder may have under applicable law.
Appears in 1 contract
Samples: Hyperdynamics Corp
Foreclosure. Beneficiary Lender may institute any one or more actions of mortgage foreclosure against all or any part of the Property, or take such other action at law, equity or by contract for the enforcement of this Deed of Trust Mortgage and realization on the Property security herein or elsewhere provided forfor the Liabilities, as 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 borne by the Securitiespermitted under Florida law. Without limiting the foregoing, Beneficiary Lender may cause the foreclosure of foreclose this Deed of Trust Mortgage and exercise its rights as a secured party for all or any portion of the Liabilities which are then due and payable, subject to the continuing lien of this Deed of Trust Mortgage for the balance not then due and payable. In case of any sale sale(s) of any of the Property by judicial proceedings, the Property may be sold in one parcel lot parcel, or in such as many lots, parcels, manner or order order, as Beneficiary Lender in its sole discretion may elect. GrantorBorrower, for itself and anyone claiming by, through or under it, hereby agrees agrees, to the fullest extent not expressly precluded by applicable law. that Beneficiary Lender shall in no manner, whether in law or in equity, be limited, limited except as herein provided, provided in the exercise of its rights as a secured party in the Property Property, or in any other security hereunder or otherwise appertaining pertaining to the Liabilities or any other obligation secured by this Deed of TrustMortgage, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and GrantorBorrower, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant or any other third party a defendant to a foreclosure proceeding shall not be asserted by Grantor Borrower as a defense in any proceeding instituted by Beneficiary Lender to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Propertythereafter.
Appears in 1 contract
Samples: Mortgage, Security Agreement and Fixture (Saddlebrook Resorts Inc)
Foreclosure. Trustee is authorized and empowered and it shall be his special duty at the request of Beneficiary to sell the Property or any part thereof situated in the State of Texas, at the courthouse of any county (whether or not the counties in which the Property is located are contiguous, if the Property is located in more than one county) in the State of Texas in which any part of the Property is situated, at public venue to the highest bidder for cash between the hours of ten o’clock a.m. and four o’clock p.m. on the first Tuesday in any month or at such other place, time and date as provided by the statutes of the State of Texas then in force governing sales of real estate under powers of sale conferred by deed of trust, after having given notice of such sale in accordance with such statutes. Any sale made by Trustee hereunder may be as an entirety or in such parcels as Beneficiary may institute request. To the extent permitted by applicable Law, any one 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 Property shall not exhaust the power of sale herein granted, and Trustee is specifically empowered to make successive sale or more actions sales under such power until the whole of foreclosure against all 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 Obligations and the expense of executing this trust as provided herein, this 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 Beneficiary shall have the right, at its sole election, to request Trustee to sell less than the whole of the Property. Trustee may, after any request or any direction by Beneficiary, and as agent for the Beneficiary, sell not only the real property but also the Personalty and other interests which are a part of the Property, or take such other action at law, equity or by contract for the enforcement of this Deed of Trust and realization on the security herein or elsewhere provided forany part thereof, as the law a unit and as a part of a single sale, or may allow, and may proceed therein to final judgment and execution for the entire unpaid balance sell any part of the LiabilitiesProperty separately from the remainder of the Property. The unpaid balance It shall not be necessary for Trustee to have taken possession of any judgment shall bear interest at the greater of (a) the statutory rate provided for judgments, or (b) the rate borne by the Securities. Without limiting the foregoing, Beneficiary may cause the foreclosure of this Deed of Trust and exercise its rights as a secured party for all or any portion part of the Liabilities which are then due Property or to have present or to exhibit at any sale any of the Personalty. After each sale, Trustee shall make to the purchaser or purchasers at such sale good and payablesufficient conveyances in the name of Grantor, conveying the property so sold to the purchaser or purchasers with general warranty of title of Grantor, subject to the continuing lien Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of this Deed Beneficiary), and shall receive the proceeds of Trust 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 balance application thereof. The power of sale granted herein shall not then due and payable. In case of 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 Beneficiary may deem necessary until all of the Property by judicial proceedingshas been duly sold and all Obligations 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 Property may be sold in one parcel or in such parcels, manner or order as Beneficiary in its sole discretion may elect. Grantor, for itself power of sale hereunder and anyone claiming by, through or under it, hereby agrees that Beneficiary shall in no manner, in law have the right to cause a subsequent sale or in equity, be limited, except as herein provided, in the exercise of its rights in the Property or in any other security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of Trust, whether by any statute, rule or precedent which may otherwise require said security sales to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Property.made
Appears in 1 contract
Samples: G REIT Liquidating Trust
Foreclosure. Beneficiary Mortgagee may institute any one or more actions of mortgage foreclosure against all or any part of the Property, or take such other action at law, equity or by contract for the enforcement of this Deed of Trust 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 rate borne by the SecuritiesDefault Rate. Without limiting the foregoing, Beneficiary Mortgagee may cause the foreclosure of foreclose this Deed of Trust Mortgage and exercise its rights as a secured party for all or any portion of the Liabilities which are then due and payable, subject to the continuing lien of this Deed of Trust 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 Beneficiary Mortgagee in its sole discretion may elect. GrantorMortgagor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of TrustMortgage, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereofmanner. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor Mortgagor as a defense in any proceeding instituted by Beneficiary Mortgagee to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Property.
Appears in 1 contract
Foreclosure. Beneficiary Mortgagee may institute any one or more actions of mortgage foreclosure against all or any part of the PropertyMortgaged Premises, or take such other action at law, law or in equity or by contract for the enforcement of this Deed of Trust 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 , together with all future advances and any other sums due by Mortgagor in accordance with the provisions of any judgment shall bear this Mortgage, together with interest from the date of default at the greater rate then in effect under the Reimbursement Agreement plus three percent (3%) per annum, all costs of (a) the statutory rate provided for judgments, or (b) the rate borne by the Securities. Without limiting the foregoing, Beneficiary may cause the foreclosure of this Deed of Trust suit and exercise its rights as a secured party for all or any portion of the Liabilities which are then due and payable, subject to the continuing lien of this Deed of Trust for the balance not then due and payableattorneys' fees. In case of any sale of the Property Mortgaged Premises by judicial proceedings, the Property Mortgaged Premises may be sold in one parcel or in such parcels, manner or order as Beneficiary Mortgagee in its sole discretion may elect. GrantorMortgagor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 Mortgaged Premises or in any other security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of TrustMortgage, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and GrantorMortgagor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor Mortgagor as a defense in any proceeding instituted by Beneficiary Mortgagee to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the PropertyMortgaged Premises.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Burlington Coat Factory Warehouse Corp)
Foreclosure. Beneficiary may institute any one or more actions of foreclosure against all or any part Lender shall have the right to foreclose this Security Instrument and to have a judicial sale of the Property, or take such other action at law, equity or by contract for the enforcement of this Deed of Trust 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 judgmentsan entirety, or (b) the rate borne by the Securities. Without limiting the foregoing, Beneficiary may cause the foreclosure judicial sales of this Deed of Trust and exercise its rights such portions thereof as a secured party for all or any portion of the Liabilities which are then due and payable, subject to the continuing lien of this Deed of Trust 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 Beneficiary Lender shall in its sole discretion may elect. Grantor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary shall in no mannerdetermine, in law separate lots or parcels, whose configuration and sizes shall be determined by Lender in equityits sole discretion, with any such sale(s) to be limitedunder the judgment or decree of a court of competent jurisdiction. Lender shall retain the right at all times to bid upon and purchase the Property, except as herein providedor any portion thereof, in the exercise at such sale and, upon compliance with such bid, to hold, retain, possess and dispose of its rights in the Property or the portion thereof so acquired in its own absolute right without further accountability of any other security hereunder or otherwise appertaining nature to the Liabilities Mortgagor or any other obligation secured by persons whomsoever. Lender shall further, at its option, be authorized to foreclose this Deed Security Instrument subject to the rights of Trustany tenants of the Property, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The the failure to make name any tenant a such tenants as parties defendant to a any such foreclosure proceeding shall proceedings and to foreclose their rights will not be, nor be asserted by Grantor as Mortgagor or any other persons to be, a defense in to any proceeding proceedings instituted by Beneficiary Xxxxxx to collect the Liabilities sums secured hereby or to collect any deficiency remaining unpaid after the foreclosure sale of the Property. Lender shall have the right to credit the amount of its bid, should it be the successful bidder on the Property or any portion thereof, upon the unpaid outstanding amount of the Obligations in lieu of a cash payment therefor. Notwithstanding anything contained in this Section 7.2 to the contrary, Xxxxxx may proceed to foreclose hereunder as to the Real Property covered hereby only or, at Xxxxxx’s sole election, Lender may exercise its right to foreclose with respect to the Personal Property as a part of a single action to foreclose upon the Real Property and the Personal Property, in which case the provisions of the Uniform Commercial Code (and any other provisions hereof to the contrary) shall not apply or shall be deemed to have been fulfilled by virtue of the foreclosure action, the event of any sale under this Security Instrument pursuant to any order in any judicial proceedings or otherwise, and 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.
Appears in 1 contract
Samples: Security Agreement and Fixture
Foreclosure. Beneficiary may institute any one or more actions of foreclosure against all or any part of the Property, or take such other action at law, equity or by contract for the enforcement of this Deed of Trust 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) When an Event of Default shall have occurred and is continuing or the statutory rate provided for judgmentsObligations shall become due, whether at maturity, by acceleration or (b) otherwise, Mortgagee shall have the rate borne by right to foreclose the Securities. Without limiting the foregoing, Beneficiary may cause the foreclosure of this Deed of Trust and exercise its rights as a secured party for all or any portion consolidated lien of the Liabilities which are then due Existing Mortgages, as amended and payable, subject restated by this Mortgage in accordance with the laws of the State of New York. In any suit to foreclose the continuing consolidated lien of the Existing Mortgages, as amended and restated by this Deed Mortgage, there shall be allowed and included as additional Obligations in the decree of Trust sale, all expenditures and expenses which may be paid or incurred by or on behalf of Mortgagee for the balance not then due attorneys' fees, appraisers' fees, outlays for documentary and payable. In case of any sale expert evidence, stenographer's charges, publication costs, and costs (which may be estimated as to items to be expended after entry of the Property by judicial proceedingsdecree) of procuring all abstracts of title, title searches and examinations, title insurance policies, environmental review or testing of the Property Premises, and similar data and assurances with respect to title and the Premises' condition as Mortgagee may be sold in one parcel or in such parcels, manner or order as Beneficiary in its sole discretion deem necessary either to prosecute such suit or to evidence to bidders at sales which may electbe 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. Grantor, for itself All expenditures and anyone claiming by, through or under it, hereby agrees that Beneficiary expenses of the nature mentioned in this Section 20(a) shall in no manner, in law or in equity, be limited, except as herein provided, included in the exercise of its rights in Obligations and shall be immediately due and payable by Mortgagor, with interest thereon at the Property or in any other security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of Trust, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the PropertyDefault Rate until paid.
Appears in 1 contract
Foreclosure. Beneficiary Take such steps as are appropriate to foreclose or otherwise enforce all Liens granted to Bank to secure payment and performance of the Obligations, and to exercise any and all rights afforded secured parties by the UCC, the Loan Documents, at law, in equity or otherwise. In addition to, and without limiting or restricting in any way the foregoing, Bank or its designee may institute take possession of any one Collateral and related documents securing the obligations or more actions any portion thereof not already in the possession of foreclosure against Bank or its designee, and of any documents or instruments held by Borrower for the benefit of Bank and may direct Borrower to, and Borrower will, gather or assemble all of such Collateral and documents or any portion thereof at the principal offices of Bank or its designee as Bank shall determine or any other place reasonably convenient to Borrower and Bank as such parties shall agree, may notify any party obligated on any Collateral securing the Obligations or a portion thereof to make all payments due or to become due with respect thereto directly to Bank or its designee, with the amounts of such payments to be held for the benefit of Bank, and Bank or its designee may collect such payments; enforce collection of any Collateral securing the obligations or a portion thereof by suit or otherwise in its own name or in the name of Borrower; assign, negotiate or transfer any such Collateral for purposes of collection; surrender, release, substitute or exchange all or any part of such Collateral or any collateral, security or guaranty therefor; or compromise or extend or renew for any period (whether or not longer than the Propertyoriginal period) any indebtedness thereunder or evidenced thereby. Upon the request of Bank or its designee, Borrower will, at its own expense, notify any person obligated upon any Collateral securing the obligations or take such other action at law, equity a portion thereof to make payment to Bank or by contract for the enforcement of this Deed of Trust 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 its designee of any judgment shall bear interest at the greater of (a) the statutory rate provided for judgments, amounts due or (b) the rate borne by the Securities. Without limiting the foregoing, Beneficiary may cause the foreclosure of this Deed of Trust and exercise its rights as a secured party for all or any portion of the Liabilities which are then to become due and payable, subject to the continuing lien of this Deed of Trust 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 Beneficiary in its sole discretion may elect. Grantor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of Trust, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and Grantor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor as a defense in any proceeding instituted by Beneficiary to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Propertythereunder.
Appears in 1 contract
Samples: Warehouse Loan Agreement (Homecapital Investment Corp)
Foreclosure. Beneficiary Lender may institute any one or more actions of mortgage foreclosure against all or any part of the Property, or take such other action at law, equity or by contract for the enforcement of this Deed of Trust Mortgage and realization on the Property security herein or elsewhere provided forfor the Liabilities, as 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 borne by the Securitiespermitted under Florida law. Without limiting the foregoing, Beneficiary Lender may cause the foreclosure of foreclose this Deed of Trust Mortgage and exercise its rights as a secured party for all or any portion of the Liabilities which are then due and payable, subject to the continuing lien of this Deed of Trust Mortgage for the balance not then due and payable. In case of any sale sale(s) of any of the Property by judicial proceedings, the Property may be sold in one parcel lot parcel, or in such as many lots, parcels, manner or order order, as Beneficiary Lender in its sole discretion may elect. GrantorBorrower, for itself and anyone claiming by, through or under it, hereby agrees agrees, to the fullest extent not expressly precluded by applicable law. that Beneficiary Lender shall in no manner, whether in law or in equity, be limited, limited except as herein provided, provided in the exercise of its rights as a secured party in the Property Property, or in any other security hereunder or otherwise appertaining pertaining to the Liabilities or any other obligation secured by this Deed of TrustMortgage, whether by any statute, rule or precedent which may otherwise require said security to be marshalled in any manner and GrantorBorrower, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant or any other third party a defendant to a foreclosure proceeding shall not be asserted by Grantor Borrower as a defense in any proceeding instituted by Beneficiary Xxxxxx to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Propertythereafter.
Appears in 1 contract
Samples: Mortgage, Security Agreement and Fixture (Saddlebrook Resorts Inc)
Foreclosure. Beneficiary Mortgagee may institute any one or more actions of mortgage foreclosure against all or any part of the Property, or take such other action at law, equity or by contract for the enforcement of this Deed of Trust 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 rate borne by the SecuritiesDefault Rate. Without limiting the foregoing, Beneficiary Mortgagee may cause the foreclosure of foreclose this Deed of Trust Mortgage and exercise its rights as a secured party for all or any portion of the Liabilities which are then due and payable, subject to the continuing lien of this Deed of Trust 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 Beneficiary Mortgagee in its sole discretion may elect. GrantorMortgagor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 security hereunder or otherwise appertaining to the Liabilities or any other obligation secured by this Deed of TrustMortgage, whether by any statute, rule or precedent which may otherwise require said security to be marshalled marshaled in any manner and GrantorMortgagor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor Mortgagor as a defense in any proceeding instituted by Beneficiary Mortgagee to collect the Liabilities or any deficiency remaining unpaid after the foreclosure sale of the Property.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Trailer Bridge Inc)
Foreclosure. Beneficiary Mortgagee may institute any one or more actions of mortgage foreclosure against all or any part of the PropertyMortgaged Premises, or take such other action at law, law or in equity or by contract for the enforcement of this Deed of Trust 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 Obligations, together with all future advances and any other sums due by Mortgagor in accordance with the provisions of any judgment shall bear this Mortgage, together with interest from the date of default at the greater Default Rate set forth in the Term Note or the Revolving Note (whichever is higher), all costs of (a) the statutory rate provided for judgments, or (b) the rate borne by the Securities. Without limiting the foregoing, Beneficiary may cause the foreclosure of this Deed of Trust suit and exercise its rights as a secured party for all or any portion of the Liabilities which are then due and payable, subject to the continuing lien of this Deed of Trust for the balance not then due and payableattorneys’ fees. In case of any sale of the Property Mortgaged Premises by judicial proceedings, the Property Mortgaged Premises may be sold in one parcel or in such parcels, manner or order as Beneficiary Mortgagee in its sole discretion may elect. GrantorMortgagor, for itself and anyone claiming by, through or under it, hereby agrees that Beneficiary 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 Mortgaged Premises or in any other security hereunder or otherwise appertaining to the Liabilities Obligations or any other obligation secured by this Deed of TrustMortgage, whether by any statute, rule or precedent which may otherwise require said security to be marshalled marshaled in any manner and GrantorMortgagor, for itself and others as aforesaid, hereby expressly waives and releases any right to or benefit thereof. The failure to make any tenant a defendant to a foreclosure proceeding shall not be asserted by Grantor Mortgagor as a defense in any proceeding instituted by Beneficiary Mortgagee to collect the Liabilities Obligations or any deficiency remaining unpaid after the foreclosure sale of the PropertyMortgaged Premises.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Ep Medsystems Inc)
