Common use of Foreclosure Clause in Contracts

Foreclosure. Upon the occurrence of a default, Trustee, or his successor or substitute, is authorized and empowered and it shall be his special duty at the request of Holder 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 Holder may request. To the extent permitted by applicable law, any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. The sale by Trustee of less than the whole of the Property shall not exhaust the power of sale herein granted, and Trustee is specifically empowered to make successive sale or sales under such power until the whole of the 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 right to require the sale of less than the whole of the Property but Holder shall have the right, at its sole election, to request Trustee to sell less than the whole of the Property. Trustee may, after any request or direction by Holder, sell not only the real property but also the Collateral and other interests which are a part of the Property, or any part thereof, as a unit and as a part of a single sale, or may sell any part of the Property separately from the remainder of the Property. It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Collateral. After each sale, Trustee shall make to the purchaser or purchasers at such sale good and sufficient conveyances 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 Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder), and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as Holder may deem necessary until all of the Property has been duly sold and all Secured Indebtedness has been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of 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. Any and all statements of fact or other recitals made in any deed or deeds or other conveyances given by Trustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness or as to the occurrence of any default, or as to Holder's having declared all of said indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to the refusal, failure or inability to act of Trustee or any substitute or successor trustee, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by Holder or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or his successor or substitute may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of Trustee, his successor or substitute. If Trustee or his successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance of the property pursuant thereto as if such notice had been given by the successor or substitute Trustee conducting the sale.

Appears in 2 contracts

Samples: And Security Agreement (American Medical Technologies Inc/De), Loan Agreement (Coolbrands International Inc)

AutoNDA by SimpleDocs

Foreclosure. Upon If the occurrence Loan is secured by a lien on any real property, to foreclose on such real property pursuant to the terms of this Mortgage or other Loan Documents, or at law or in equity. Mortgagee shall be entitled to xxx and recover judgment, as set forth above, either before, after, or during the pendency of any proceedings for the enforcement of this Mortgage, and the right of Mortgagee to recover such judgment shall not be affected by any taking, possession, or foreclosure sale under this Mortgage, or by the exercise of any other right, power, or remedy for the enforcement of the terms of this Mortgage, or the foreclosure of the lien of this Mortgage. At the foreclosure Mortgagee shall be entitled to bid and to purchase the Premises and shall be entitled to apply the Obligations, or any portion thereof, in payment for the Premises. The proceeds of the sale shall be applied to the cost of sale, the amount due to Mortgagee, and as otherwise required by then existing laws related to foreclosure or as deemed necessary by Mortgagee. In case of a default, Trustee, foreclosure sale of all or his successor or substitute, is authorized and empowered and it shall be his special duty at the request of Holder 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. Premises 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 application 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 Holder may request. To the extent permitted by applicable law, any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. The sale by Trustee of less than the whole of the Property shall not exhaust the power of sale herein granted, and Trustee is specifically empowered to make successive sale or sales under such power until the whole of the Property shall be sold; and, if the proceeds of such sale of less than to the whole payment of the Property Obligations, Mortgagee shall be less than the aggregate entitled to enforce payment of the Secured Indebtedness and the expense to receive all amounts then remaining due and unpaid and to recover judgment for any portion thereof remaining unpaid, with interest. The remedies provided to Mortgagee in this paragraph shall be in addition to and not in lieu of executing any other rights and remedies provided in 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 Holder 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 direction by Holder, sell not only the real property but also the Collateral and other interests which are a part of the Property, Mortgage or any part thereofother Loan Document, as a unit by law or in equity, all of which rights and as a part of a single sale, or may sell any part of the Property separately from the remainder of the Property. It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Collateral. After each sale, Trustee shall make to the purchaser or purchasers at such sale good and sufficient conveyances 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 Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder), and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by Trustee or his substitute or successor, and such power of sale remedies may be exercised from time by Mortgagee independently, simultaneously, or consecutively in any order without being deemed to time and as many times as Holder may deem necessary until all have waived any right or remedy previously or not yet exercised. Without in any way limiting the generality of the Property has been duly sold and all Secured Indebtedness has been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of Holderforegoing, such sale Mortgagee shall not exhaust the power of sale hereunder and Holder shall also have the right to cause a subsequent sale or sales to be made hereunder. Any following specific rights and all statements of fact or other recitals made in any deed or deeds or other conveyances given by Trustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness or as to the occurrence of any default, or as to Holder's having declared all of said indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to the refusal, failure or inability to act of Trustee or any substitute or successor trustee, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by Holder or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or his successor or substitute may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of Trustee, his successor or substitute. If Trustee or his successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance of the property pursuant thereto as if such notice had been given by the successor or substitute Trustee conducting the sale.remedies:

Appears in 2 contracts

Samples: Mortgage and Security Agreement (Envirometrics Inc /De/), Mortgage and Security Agreement (Envirometrics Inc /De/)

Foreclosure. Upon Grantor hereby authorizes and empowers the occurrence of a default, Trustee, or his successor or substitute, is authorized and empowered and it shall be his special duty at the request of Holder to take possession of and/or to sell the Property or any part thereof situated in the State of Texas, at the courthouse of thereof. Prior to 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 sale of the Property is situatedby Trustee, 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 Trustee shall notify Grantor in accordance with such statutesall applicable laws. In the event of a postponement of any sale of the Property, which may be done in the sole discretion of Trustee, no new or additional notice need be given by Trustee to Grantor for the next scheduled sale of the Property. Any sale made by Trustee hereunder may be as an entirety or in such parcels as Holder may requestrequest at such time and place, and after such previous public advertisement as Trustee shall deem advantageous and proper and at such times and containing such information as required by applicable laws and rules, without regard to any right of the Grantor or any other person to the marshalling of assets. Public advertisement prior to foreclosure sale of the time, place and terms of sale by publication once a week for two (2) weeks or once a day for three (3) days, which may be consecutive, in a newspaper published or having a general circulation in the city or county in which the Property to be sold, or any portion thereof is located shall be sufficient. Except as may be required by Section 58.1-3340 of the Virginia Code, no purchaser of the Property shall be required to see to the proper application of the purchase money. To the extent permitted by applicable law, any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. The sale by Trustee of less than the whole of the Property shall not exhaust the power of sale herein granted, and Trustee is specifically empowered to make successive sale or sales under such power until the whole of the 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 County Deed of Trust and the lien hereof shall remain in full force and effect as to the unsold portion of the Property just as though no sale had been made; provided, however, that Grantor shall never have any right to require the sale of less than the whole of the Property but Holder shall have the right, at its sole election, to request Trustee to sell less than the whole of the Property. Trustee may, after any request or direction by Holder, sell not only the real property but also the Collateral and other interests which are a part of the Property, or any part thereof, as a unit and as a part of a single sale, or may sell any part of the Property separately from the remainder of the Property. It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Collateral. After each sale, Trustee shall make to the purchaser or purchasers at such sale good and sufficient conveyances in the name of Grantorconveyances, conveying the property so sold to the purchaser or purchasers with general warranty of title of Grantorin fee simple, subject to the Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder), and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as Holder may deem necessary until all of the Property has been duly sold and all Secured Indebtedness has been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of 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. Any and all statements of fact or other recitals made in any deed or deeds or other conveyances given by Trustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness or as to the occurrence of any default, or as to Holder's having declared all of said indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to the refusal, failure or inability to act of Trustee or any substitute or successor trustee, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by Holder or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or his successor or substitute may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of Trustee, his successor or substitute. If Trustee or his successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance of the property pursuant thereto as if such notice had been given by the successor or substitute Trustee conducting the sale.

Appears in 2 contracts

Samples: Loan Agreement, Loan Agreement

Foreclosure. Upon Grantor hereby authorizes and empowers the occurrence of a default, Trustee, or his successor or substitute, is authorized and empowered and it shall be his special duty at the request of Holder Xxxxxx to take possession of and/or to sell the Property or any part thereof situated in the State of Texas, at the courthouse of thereof. Prior to 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 sale of the Property is situatedby Trustee, 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 Trustee shall notify Grantor in accordance with such statutesall applicable laws. In the event of a postponement of any sale of the Property, which may be done in the sole discretion of Trustee, no new or additional notice need be given by Trustee to Grantor for the next scheduled sale of the Property. Any sale made by Trustee hereunder may be as an entirety or in such parcels as Holder may requestrequest at such time and place, and after such previous public advertisement as Trustee shall deem advantageous and proper and at such times and containing such information as required by applicable laws and rules, without regard to any right of the Grantor or any other person to the marshalling of assets. Public advertisement prior to foreclosure sale of the time, place and terms of sale by publication once a week for two (2) weeks or once a day for three (3) days, which may be consecutive, in a newspaper published or having a general circulation in the city or county in which the Property to be sold, or any portion thereof is located shall be sufficient. Except as may be required by Section 58.1-3340 of the Virginia Code, no purchaser of the Property shall be required to see to the proper application of the purchase money. To the extent permitted by applicable law, any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. The sale by Trustee of less than the whole of the Property shall not exhaust the power of sale herein granted, and Trustee is specifically empowered to make successive sale or sales under such power until the whole of the 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 County Deed of Trust and the lien hereof shall remain in full force and effect as to the unsold portion of the Property just as though no sale had been made; provided, however, that Grantor shall never have any right to require the sale of less than the whole of the Property but Holder shall have the right, at its sole election, to request Trustee to sell less than the whole of the Property. Trustee may, after any request or direction by HolderXxxxxx, sell not only the real property but also the Collateral and other interests which are a part of the Property, or any part thereof, as a unit and as a part of a single sale, or may sell any part of the Property separately from the remainder of the Property. It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Collateral. After each sale, Trustee shall make to the purchaser or purchasers at such sale good and sufficient conveyances in the name of Grantorconveyances, conveying the property so sold to the purchaser or purchasers with general warranty of title of Grantorin fee simple, subject to the Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder), and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as Holder may deem necessary until all of the Property has been duly sold and all Secured Indebtedness has been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of Holder, such sale shall not exhaust the power of sale hereunder and Holder Xxxxxx shall have the right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact or other recitals made in any deed or deeds or other conveyances given by Trustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness or as to the occurrence of any default, or as to HolderXxxxxx's having declared all of said indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to the refusal, failure or inability to act of Trustee or any substitute or successor trustee, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by Holder Xxxxxx or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or his successor or substitute may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of Trustee, his successor or substitute. If Trustee or his successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance of the property pursuant thereto as if such notice had been given by the successor or substitute Trustee conducting the sale.

Appears in 1 contract

Samples: After Recording

Foreclosure. Upon the occurrence The Trustee may take possession of a default, Trustee, or his successor or substitute, is authorized and empowered and it shall be his special duty at the request of Holder to sell the Property Property, or any part thereof situated requested by the Beneficiary to be sold, and in connection therewith the State Grantor hereby (a) assents to the passage of Texas, at a decree for 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 sale 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 equity court having jurisdiction, and (b) authorizes and empowers the Trustee to take possession of and sell (or in case of the State default 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 Holder may request. To the extent permitted by applicable law, any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. The sale by Trustee of less than the whole of the Property shall not exhaust the power of sale herein granted, and Trustee is specifically empowered purchaser 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 right to require the sale of less than the whole of the Property but Holder shall have the right, at its sole election, to request Trustee to sell less than the whole of the Property. Trustee may, after any request or direction by Holder, sell not only the real property but also the Collateral and other interests which are a part of resell) the Property, or any part thereof, all in accordance with the Laws or rules of court relating to deeds of trust, including any amendments thereof, or additions thereto, which do not materially change or impair the remedy. In connection with any foreclosure, the Beneficiary and/or the Trustee may (a) procure such title reports, surveys, tax histories and appraisals as a unit they deem necessary, and (b) make such repairs and Additions to the Property as they deem reasonably advisable, all of which shall constitute Expenses. In case of any sale under this Deed of Trust, by virtue of judicial proceedings or otherwise, the Property may be sold as an entirety or in parcels, by one sale or by several sales, as may be deemed reasonably advisable by the Trustee to be appropriate and without regard to any right of the Grantor or any other Person to the marshalling of assets. Any sale hereunder may be made at public auction, at such time or times, at such place or places, and upon such terms and conditions and after such previous public notice as the Trustee shall deem appropriate and advantageous and as required by Law. Upon the terms of such sale being complied with, the Trustee shall convey to, and at the cost of, the purchaser or purchasers the interest of the Grantor in the Property so sold, free and discharged of and from all estate, title or interest of the Grantor, at law or in equity, such purchaser or purchasers being hereby discharged from all liability to see to the application of the purchase money. The proceeds of such sale or sales under this Deed of Trust, whether under the assent to a part decree, the power of a single sale, or may sell by equitable foreclosure, shall be held by the Trustee and applied as follows: First, to pay (a) all Expenses incurred in connection with such sale or in preparing the Property for such sale including, among other things, a counsel fee of $6,500 to the attorneys representing the Beneficiary and the Trustee for conducting the proceedings if without contest, but if legal services be rendered to the Trustee and the Beneficiary in connection with any part contested matter in the proceedings, then such other counsel fees shall be allowed and paid out of the Property separately from `proceeds of such sale or sales as the remainder court having jurisdiction may deem proper, and (b) a Trustee' commission equal to the commission allowed Trustee for making sales of property under decrees of the Property. It shall not be necessary for Trustee equity court having jurisdiction; Second, to have taken possession of any part pay all of the Property or to have present or to exhibit at any sale any Obligations and all interest then due and accrued thereon, which shall include interest through the date of ratification of the Collateral. After each saleauditor's account; and Lastly, Trustee shall make to pay the surplus, if any, to the Grantor or any Person entitled thereto upon surrender and delivery to the purchaser or purchasers at such sale good of the Property, and sufficient conveyances in less the name of Grantor, conveying the property so sold to the purchaser or purchasers with general warranty of title of Grantor, subject to the Permitted Encumbrances (and to such leases and other mattersExpenses, if any, of obtaining possession. Immediately upon the filing of any foreclosure under this Deed of Trust, there shall also become due and owing by the Grantor a commission on the total amount of the Obligations then due equal to one-half of the percentage allowed as commission to Trustee may elect upon request making sales under orders or decrees of Holder)the equity court having jurisdiction, and no Person shall be required to receive only the proceeds aggregate amount of said sale or sales and apply the Obligations to the date of payment unless the same as herein provided. Payment is accompanied by a tender of the purchase price to the Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as Holder may deem necessary until all of the Property has been duly sold and all Secured Indebtedness has been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of 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. Any and all statements of fact or other recitals made in any deed or deeds or other conveyances given by Trustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness or as to the occurrence of any default, or as to Holder's having declared all of said indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to the refusal, failure or inability to act of Trustee or any substitute or successor trustee, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by Holder or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or his successor or substitute may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of Trustee, his successor or substitute. If Trustee or his successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance of the property pursuant thereto as if such notice had been given by the successor or substitute Trustee conducting the salecommission.

Appears in 1 contract

Samples: Assignment and Security Agreement (Obsidian Enterprises Inc)

Foreclosure. Upon Lender may, to the occurrence extent permitted by law, institute an action of a default, Trusteejudicial foreclosure, or his successor take such other action as the law may allow, at law or substitutein equity, is authorized to enforce this Mortgage and empowered and it shall be his special duty at the request of Holder to sell realize upon the Property or any part thereof situated in other security which is herein or elsewhere provided for, and to proceed to final judgment and execution for 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 entire unpaid balance of the Property is situatedObligations, at public venue together with, 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 Holder may request. To the extent permitted by applicable law, any sale may be adjourned all other sums secured by announcement this Mortgage, all costs of suit, and interest at the time then applicable rate under the Notes on any judgment obtained by Lender from and place appointed for such after the date of any judicial sale without further notice except as may be required by law. The sale by Trustee of less than the whole of the Property (which may be sold in one parcel or part or in such parcels or parts, manner or order as Lender shall not exhaust elect) until actual payment is made to Lender on the power of sale herein granted, and Trustee is specifically empowered to make successive sale full amount due Lender. Lender may foreclose 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 otherwise realize upon one parcel or any right to require the sale of less than the whole of the Property but Holder shall have the right, at its sole election, to request Trustee to sell less than the whole of the Property. Trustee may, after any request or direction by Holder, sell not only the real property but also the Collateral and other interests which are a part of the Property, on one or more occasions, without releasing this Mortgage or precluding the further foreclosure or other realization hereunder of any other parcels or parts of the Property not so foreclosed or realized upon. Failure to join or to provide notice to tenants or any other Persons as defendants or otherwise in any foreclosure action or suit shall not constitute a defense to such foreclosure or other action. Upon any foreclosure sale, whether by virtue of judicial proceedings or otherwise, Lender may bid and purchase the Property or any part thereofthereof or interest therein, as a unit and as a part upon compliance with the terms of a single the sale, or may sell any part hold, retain, possess and dispose of the same in Lender’s own absolute right, without further accountability. In lieu of paying cash for the Property, Lender may make settlement for the purchase price by crediting against the sums secured by this Leasehold Mortgage the sale price of the Property separately from the remainder of the Property. It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Collateral. After each sale, Trustee shall make to the purchaser or purchasers at such sale good and sufficient conveyances 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 Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder), and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible adjusted for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as Holder may deem necessary until all of the Property has been duly sold and all Secured Indebtedness has been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of 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. Any and all statements of fact or other recitals made in any deed or deeds or other conveyances given by Trustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness or as to the occurrence of any default, or as to Holder's having declared all of said indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms expenses of sale and costs of the properties to be sold having been duly given, or as to the refusal, failure or inability to act of Trustee or any substitute or successor trustee, or as to the appointment of any substitute or successor trustee, or as to action and any other act or thing having been duly done by Holder or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or his successor or substitute may appoint or delegate any one or more persons as agent sums for which Mortgagor is obligated to perform any act or acts necessary or incident to any sale held by Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of Trustee, his successor or substitute. If Trustee or his successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance of the property pursuant thereto as if such notice had been given by the successor or substitute Trustee conducting the salereimburse Lender under this Leasehold Mortgage.

Appears in 1 contract

Samples: Blackhawk Biofuels, LLC

Foreclosure. Upon the occurrence of a default, Trustee, or his successor or substitute, is authorized and empowered and it shall be his special duty at the request of Holder Noteholder to sell the Property Mortgaged Properties 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 Holder Noteholder may requestelect, at such place or places and otherwise in the manner and upon such notice as may be required by law or, in the absence of any such requirement, as Trustee may deem appropriate. To the extent permitted by applicable law, any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. The sale by Trustee of less than the whole of the Property Mortgaged Properties shall not exhaust the power of sale herein granted, and Trustee is specifically empowered to make successive sale or sales under such power until the whole of the Property Mortgaged Properties shall be sold; and, if the proceeds of such sale of less than the whole of the Property Mortgaged Properties shall be less than the aggregate of the Secured Indebtedness indebtedness secured hereby and the expense of executing this trust as provided herein, this Deed of Trust Mortgage and the lien hereof shall remain in full force and effect as to the unsold portion of the Property Mortgaged Properties 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 Mortgaged Properties but Holder Noteholder 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 direction by Holder, sell not only the real property but also the Collateral and other interests which are a part of the Property, or any part thereof, as a unit and as a part of a single sale, or may sell any part of the Property separately from the remainder of the Property. It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the CollateralMortgaged Properties. After each sale, Trustee shall make to the purchaser or purchasers at such sale good and sufficient conveyances in the name of Grantor, conveying the property so sold to the purchaser or purchasers with general special warranty of title of Grantor, subject to the Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder)title, and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as Holder Noteholder may deem necessary until all of the Property has Mortgaged Properties have been duly sold and all Secured Indebtedness secured indebtedness has been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of HolderNoteholder, such sale shall not exhaust the power of sale hereunder and Holder Noteholder shall have the right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact or other recitals made in any deed or deeds or other conveyances given by Trustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness secured indebtedness or as to the occurrence of any event of default, or as to HolderNoteholder's having declared all of said indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to the refusal, failure or inability to act of Trustee or any substitute or successor trustee, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by Holder Noteholder or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or his successor or substitute may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of Trustee, his successor or substitute. If Trustee or his successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance of the property pursuant thereto as if such notice had been given by the successor or substitute Trustee conducting the sale. Cumulative of the foregoing provisions, it being expressly understood that as to Mortgaged Properties located in the State of Texas, such sales of all or any part of such Mortgaged Properties shall be conducted at the courthouse of any county (whether or not the counties in which the Mortgaged Properties are located are contiguous) in the State of Texas in which any part of the Mortgaged Properties is situated, at public vendue to the highest bidder for cash between the hours of ten o'clock a.m. and four o'clock p.m. (and not later than three hours after the time of sale set forth in the notice thereof) 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 conferred by deed of trust, after having given notice of such sale in accordance with such statutes.

Appears in 1 contract

Samples: Note Agreement (Energy Producers Inc)

Foreclosure. (a) Upon the occurrence and during the continuance of a default, Trustee, or his successor or substitute, Trustee is authorized and empowered and it shall be his Trustee’s special duty at the request of Holder Beneficiary to sell the Property Collateral, or any part thereof situated thereof, as an entirety or in parcels as Beneficiary may elect, at such place or places and otherwise in the manner and upon such notice as may be required by law or, in the absence of any such requirement, as Trustee may deem appropriate. If Trustee shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance of the Property pursuant thereto as if such notice had been given by the successor or substitute Trustee conducting the sale. Cumulative of the foregoing and the other provisions of this Section 4.4, as to any portion of the Collateral located in the State of Texas, such sales of all or any part of such Collateral shall be conducted at the courthouse of any county (whether or not the counties in which the Property such Collateral 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 such Collateral is situated, at public venue to the highest bidder for cash between the hours of ten o'clock o’clock a.m. and four o'clock 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 Holder may requestA POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT. To the extent permitted by applicable law, any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. The sale by Trustee of less than the whole of the Property shall not exhaust the power of sale herein granted, and Trustee is specifically empowered to make successive sale or sales under such power until the whole of the 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 right to require the sale of less than the whole of the Property but Holder shall have the right, at its sole election, to request Trustee to sell less than the whole of the Property. Trustee may, after any request or direction by Holder, sell not only the real property but also the Collateral and other interests which are a part of the Property, or any part thereof, as a unit and as a part of a single sale, or may sell any part of the Property separately from the remainder of the Property. It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Collateral. After each sale, Trustee shall make to the purchaser or purchasers at such sale good and sufficient conveyances 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 Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder), and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as Holder may deem necessary until all of the Property has been duly sold and all Secured Indebtedness has been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of 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. Any and all statements of fact or other recitals made in any deed or deeds or other conveyances given by Trustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness or as to the occurrence of any default, or as to Holder's having declared all of said indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to the refusal, failure or inability to act of Trustee or any substitute or successor trustee, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by Holder or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or his successor or substitute may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of Trustee, his successor or substitute. If Trustee or his successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance of the property pursuant thereto as if such notice had been given by the successor or substitute Trustee conducting the saleA POWER OF SALE MAY ALLOW BENEFICIARY OR TRUSTEE TO TAKE THE GRANTED PROPERTIES AND SELL THEM WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON DEFAULT BY GRANTOR UNDER THIS INSTRUMENT.

Appears in 1 contract

Samples: Loan Agreement (Uranium Resources Inc /De/)

Foreclosure. Upon the occurrence of a default, Trustee, or his successor or substitute, Trustee is authorized and empowered and it shall be his special duty at the request of Holder Beneficiary to sell the Property or any part thereof situated in the State of TexasState, 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 o’clock a.m. and four o'clock 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 Holder Beneficiary may request. To the extent permitted by applicable lawLegal Requirements, 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 lawLegal Requirement. 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 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 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 Exhibit D – Form of Mortgage to the unsold portion of the Property just as though no sale had been made; provided, however, that Grantor shall never have any right to require the sale of less than the whole of the Property but Holder 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 direction by HolderBeneficiary, sell not only the real property but also the Collateral Personalty and other interests which are a part of the Property, or any part thereof, as a unit and as a part of a single sale, or may sell any part of the Property separately from the remainder of the Property. It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the CollateralPersonalty. After each sale, Trustee shall make to the purchaser or purchasers at such sale good and sufficient conveyances in the name of Grantor, conveying the property so sold to the purchaser or purchasers with general special warranty of title of Grantor, subject to the Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of HolderBeneficiary), and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as Holder Beneficiary may deem necessary until all of the Property has been duly sold and all Secured Indebtedness has Obligations have been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of HolderBeneficiary, such sale shall not exhaust the power of sale hereunder and Holder Beneficiary shall have the right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact or other recitals made in any deed or deeds or other conveyances given by Trustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness Obligations or as to the occurrence of any default, or as to Holder's Beneficiary’s having declared all of said indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to the refusal, failure or inability to act of Trustee or any substitute or successor trustee, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by Holder Beneficiary or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or his successor or substitute may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of Trustee, his successor or substitute. If Trustee or his successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance of the property pursuant thereto as if such notice had been given by the successor or substitute Trustee conducting the sale. Notwithstanding the above, the Grantor, Trustee and Beneficiary agree that this Section does not apply with respect to the Personalty and that Section 8.7 shall govern and control the sale of Personalty.

Appears in 1 contract

Samples: Credit Agreement (Heckmann Corp)

Foreclosure. Upon the occurrence of a defaultany Event of Default, the Trustee, or his successor or substitute, is authorized and empowered and it shall will be his special duty at the request of Holder BNPPLC to sell foreclose the interest of NAI in the Mortgaged Property or any part thereof situated by nonjudicial notice and sale, and BNPPLC shall have the right to foreclose by judicial foreclosure, 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 either case in accordance with such statutesapplicable law. Any sale made by the Trustee hereunder may be as an entirety or in such parcels as Holder BNPPLC may request. To the extent permitted by applicable law, and any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. The sale by the Trustee of less than the whole of the Mortgaged Property shall will not exhaust the power of sale herein granted, and the Trustee is specifically empowered to make successive sale or sales under such power until the whole of the Mortgaged Property shall be is sold; and, if the proceeds of such sale of less than the whole of the Mortgaged Property shall be are less than the aggregate of the Secured Indebtedness Obligations then outstanding and the expense of executing this trust as provided herein, this Deed of Trust instrument and the lien hereof shall will remain in full force and effect as to the unsold portion of the Mortgaged Property just as though no sale had been made; provided, however, that Grantor shall NAI will never have any right to require the sale of less than the whole of the Mortgaged Property but Holder shall BNPPLC will have the right, at its sole election, to request the Trustee to sell less than the whole of the Mortgaged Property. The Trustee may, after any request may sell the Mortgaged Property in parcels or direction by Holder, sell not only the real property but also the Collateral and other interests which are a part of the Property, or any part thereof, as a unit whole and as a part of a single sale, or in any order the Trustee may sell any part of the Property separately from the remainder of the Property. It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Collateralelect. After each sale, the Trustee shall will make to the purchaser or purchasers at such sale good and sufficient conveyances in the name of GrantorNAI, conveying the property so sold to the purchaser or purchasers with general without warranty of title of Grantor, subject to by the Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder)Trustee, and shall will receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee shall will satisfy the obligation of purchaser at such sale therefor, and such purchaser shall will not be responsible for the application thereof. The power of sale granted herein shall will not be exhausted by any sale held hereunder by the Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as Holder BNPPLC may deem necessary until all of the Mortgaged Property has been duly sold and all Secured Indebtedness has Obligations have been fully paidpaid and satisfied. In the event any sale hereunder is not completed or is defective in the opinion of HolderBNPPLC, such sale shall will not exhaust the power of sale hereunder and Holder shall BNPPLC will have the right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact or other recitals made in any deed or deeds or other conveyances given by the Trustee or any successor or substitute appointed hereunder as to nonpayment of the any Secured Indebtedness Obligations, or as to the occurrence of any defaultEvent of Default, or as to Holder's BNPPLC having declared all or any part of said indebtedness the Secured Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the properties to be sold having been duly given, or as to the refusal, failure or inability to act of the Trustee or any substitute or successor trusteesuccessor, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by Holder BNPPLC or by such Trustee, substitute or successor, shall will be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or Trustee, his successor or substitute substitute, may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by the Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of the Trustee, his successor or substitute. If JUDICIAL FORECLOSURE This instrument will be effective as a mortgage as well as a deed of trust and upon the occurrence of an Event of Default may be foreclosed as to any of the Security in any manner permitted by the laws of the State of North Carolina or of any other state in which any part of the Security is situated, and any foreclosure suit may be brought by the Trustee or by BNPPLC. In the event a foreclosure hereunder is commenced by the Trustee, or his substitute or successor, BNPPLC may at any time before the sale of the Security direct the said Trustee to abandon the sale, and may then institute suit for the collection of the Secured Obligations and for the judicial foreclosure of this instrument. It is agreed that if BNPPLC should institute a suit for the collection of the Secured Obligations and for the foreclosure of this instrument, BNPPLC may at any time before the entry of a final judgment in said suit dismiss the same, and require the Trustee, his substitute or successor to exercise the power of sale granted herein to sell the Security in accordance with the provisions of this instrument. BNPPLC will have the right to become the purchaser at any sale held by any Trustee or substitute or successor or substitute shall by any receiver or public officer, and any BNPPLC purchasing at any such sale will have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and right to credit upon the conveyance amount of the property pursuant thereto bid made therefor, to the extent necessary to satisfy such bid, the outstanding Lease Balance and other Secured Obligations owing to such BNPPLC. UNIFORM COMMERCIAL CODE REMEDIES Upon the occurrence of an Event of Default, BNPPLC may exercise its rights of enforcement with respect to the Collateral under the North Carolina Uniform Commercial Code, as if such notice had been given by the successor amended, and in conjunction with, in addition to or substitute Trustee conducting the sale.in substitution for those rights and remedies:

Appears in 1 contract

Samples: Lease Agreement (NetApp, Inc.)

Foreclosure. Upon the occurrence of Grantee may institute a defaultproceeding or proceedings, Trusteejudicial, or his successor nonjudicial, by advertisement or substituteotherwise, is authorized and empowered and it shall be his special duty at for the request complete or partial foreclosure of Holder to sell this Security Instrument or the Property complete 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 partial sale of the Property is situatedunder power of sale or under any applicable provision of law. Grantee may sell the Property, and all estate, right, title, interest, claim and demand of Grantor therein, and all rights of redemption thereof, 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 one or at such other placemore sales, 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 parcels, with such parcels as Holder may request. To the extent permitted by applicable lawelements of real and/or personal property, any sale may be adjourned by announcement and at the such time and place appointed for and upon such sale without further notice except terms as it may deem expedient, or as may be required by applicable law. The sale , and in the event of a sale, by Trustee foreclosure or otherwise, of less than the whole all of the Property Property, this Security Instrument shall not exhaust continue as a lien and security interest on the power remaining portion of sale herein grantedthe Property. If Grantee elects to institute a non-judicial proceeding for foreclosure of the Property, and Trustee is specifically empowered to make successive sale or sales under such power until the whole of the Property shall be sold; and, if sold at public sale at the proceeds of such sale of less than usual place for conducting sales before the whole door of the Property shall be less than courthouse in 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 county in full force and effect as to the unsold portion of the Property just as though no sale had been made; provided, however, that Grantor shall never have any right to require the sale of less than the whole of the Property but Holder shall have the right, at its sole election, to request Trustee to sell less than the whole of the Property. Trustee may, after any request or direction by Holder, sell not only the real property but also the Collateral and other interests which are a part of the Property, or any part thereof, as is located, to the highest bidder for cash, but only after advertising the time, terms and place of such sale once a unit week for four weeks immediately preceding such sale (but without regard to the number of days intervening between the date of publication of the first advertisement and as the date of sale) in a part of a single newspaper published in such county, or in the paper in which the sheriff’s advertisements for such county are then published, all other notices being hereby waived by Grantor. At any such public sale, Grantee may execute and deliver to the purchaser a conveyance of the Property or may sell any part of the Property separately from Property, with full warranties of title (or without warranties if Grantee shall so elect) and to this end, Grantor hereby constitutes and appoints Grantee the remainder agent and attorney-in-fact of the Property. It shall not be necessary for Trustee Grantor to make such sale and conveyance, and thereby to divest Grantor of all right, title, interest, equity and equity of redemption that Grantor may have taken possession of any part of in and to the Property or and to have present or to exhibit at any sale any of vest the Collateral. After each sale, Trustee shall make to same in the purchaser or purchasers at such sale good and sufficient 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 Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder)sales, and shall receive all the proceeds acts and doings of said agent and attorney-in-fact are hereby ratified and confirmed and any recitals in said conveyance or conveyances as to facts essential to a valid sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereofbinding upon Grantor. The aforesaid power of sale and agency hereby granted herein are coupled with an interest and are irrevocable by dissolution, insolvency or otherwise, are granted as cumulative of the other remedies provided hereby or by law for collection of the indebtedness secured hereby and shall not be exhausted by any sale held hereunder by Trustee or his substitute or successor, and such power of sale one exercise thereof but may be exercised from time until full payment of all indebtedness secured hereby. Grantor authorizes Grantee at its option to time and as many times as Holder may deem necessary until all foreclose this Security Instrument subject to the rights (if any) of any tenants of the Property has been duly sold Property, and all Secured Indebtedness has been fully paidthe failure to make any such tenants parties defendant to any such foreclosure proceedings and to foreclose their rights will not be asserted by Grantor as a defense to any proceedings instituted by Grantee to recover the indebtedness secured hereby or any deficiency remaining unpaid after the foreclosure sale of the Property. In the event Upon any sale hereunder is not completed made under or is defective in the opinion by virtue of Holder, such sale shall not exhaust this Security Instrument (whether made under the power of sale hereunder herein granted or under or by virtue of judicial proceedings or of a judgment or decree of foreclosure and Holder shall have sale), Grantee may bid for and acquire the right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact or other recitals made in any deed or deeds or other conveyances given by Trustee Property or any successor or substitute appointed hereunder as to nonpayment part thereof and in lieu of paying cash therefor may make settlement for the Secured Indebtedness or as to purchase price by crediting upon the occurrence indebtedness the net sales price after deducting therefrom the expenses of any default, or as to Holder's having declared all of said indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to the refusal, failure or inability to act of Trustee or any substitute or successor trustee, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by Holder or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or his successor or substitute may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of Trustee, his successor or substitute. If Trustee or his successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance costs of the property pursuant thereto as if such notice had been given by the successor or substitute Trustee conducting the saleaction and any other sums which Grantee is authorized to deduct under this Security Instrument.

Appears in 1 contract

Samples: Debt and Security Agreement (Industrial Income Trust Inc.)

Foreclosure. Upon the occurrence of a defaultan Event of Default, Trustee, or his successor or substitute, is authorized and empowered and it shall be his special duty at the request of Holder to sell the Property or any part thereof situated in the State of Texasentire unpaid Indebtedness shall, at the courthouse option of Beneficiary, become immediately due and payable for all purposes without any county notice or demand, except as required by law (whether or not ALL OTHER NOTICE OF THE EXERCISE OF SUCH OPTION, INCLUDING WITHOUT LIMITATION NOTICE OF INTENT TO ACCELERATE, BEING HEREBY EXPRESSLY WAIVED), and Beneficiary may, in addition to exercising any rights it may have with respect to the counties Personal Property under the Uniform Commercial Code of the jurisdiction in which the Property is located are contiguouslocated, if institute proceedings in any court of competent jurisdiction to foreclose this instrument as a mortgage, or to enforce any of the Property is located covenants hereof, or Trustee or Beneficiary may (without limiting their rights under the foregoing provisions or otherwise), either personally or by agent or attorney in more than one county) in the State of Texas in which any part fact, enter upon and take possession of the Property is situatedand may manage, at public venue to rent or lease the highest bidder Property or any portion thereof upon such terms as Beneficiary may deem expedient, and collect, receive and receipt for cash between all rentals and other income therefrom and apply the hours of ten o'clock a.m. and four o'clock p.m. on the first Tuesday sums so received as hereinafter provided 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 case of sale conferred by deed under Trustee's power of trustsale. Trustee is hereby further authorized and empowered, 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 Holder may request. To to the extent permitted by applicable law, any upon request of Beneficiary, to sell the Property, en masse or in separate parcels (as Trustee may think best), at public auction to the highest bidder for cash, with or without having taken possession of same. Any such sale may be adjourned by announcement (including notice thereof) shall comply with the applicable requirements, at the time and place appointed for of the sale, of any statute or statutes, if any, governing sales of real property under powers of sale conferred by deeds of trust in the jurisdiction in which the Property is located. If, at the time of the sale, there is no statute in force in the jurisdiction in which the Property is located that governs sales of real property under powers of sale conferred by deeds of trust, such sale without further notice except shall comply with applicable law at the time of the sale. GRANTOR EXPRESSLY WAIVES ANY RIGHT TO A HEARING PRIOR TO SUCH SALE, TO THE EXTENT PERMITTED BY APPLICABLE LAW. At any time during the bidding, Trustee may require a bidding party (i) to disclose its full name, state and city of residence, occupation, and specific business office location, and the name and address of the principal the bidding party is representing (if applicable), and (ii) to demonstrate reasonable evidence of the bidding party's financial ability (or, if applicable, the financial ability of the principal of such bidding party), as a condition to the bidding party submitting bids at the foreclosure sale. If any such bidding party (the "Questioned Bidder") declines to comply with the Trustee's requirement in this regard, or if such Questioned Bidder does respond but the Trustee, in Trustee's sole and absolute discretion, deems the information or the evidence of the financial ability of the Questioned Bidder (or, if applicable, the principal of such bidding party) to be inadequate, then the Trustee may continue the bidding with reservation; and in such event (A) the Trustee shall be authorized to caution the Questioned Bidder concerning the legal obligations to be incurred in submitting bids, and (B) if the Questioned Bidder is not the highest bidder at the sale, or if having been the highest bidder the Questioned Bidder fails to deliver the cash purchase price payment promptly to the Trustee, all bids by the Questioned Bidder shall be null and void. Trustee may, in Trustee's sole and absolute discretion, determine that a credit bid may be required in the best interest of the Grantor and Beneficiary, and elect to sell the mortgaged Property for credit or for a combination of cash and credit; provided, however, that the Trustee shall have no obligation to accept any bid except an all cash bid. In the event the Trustee requires a cash bid and cash is not delivered within a reasonable time after conclusion of the bidding process, as specified by lawthe Trustee, but in no event later than 3:45 p.m. local time on the day of sale, then said contingent sale shall be null and void, the bidding process may be recommenced, and any subsequent bids or sale shall be made as if no prior bids were made or accepted. The Upon any foreclosure sale by Trustee or sales of less than the whole all or any portion of the Property shall not exhaust under the power of sale herein granted, Beneficiary may bid for and Trustee is specifically empowered to make successive sale or sales under such power until the whole of purchase the Property and 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 entitled to the unsold portion of the Property just as though no sale had been made; provided, however, that Grantor shall never have any right to require the sale of less than the whole of the Property but Holder shall have the right, at its sole election, to request Trustee to sell less than the whole of the Property. Trustee may, after any request apply all or direction by Holder, sell not only the real property but also the Collateral and other interests which are a part of the Property, or any part thereof, as a unit and as a part of a single sale, or may sell any part of the Property separately from Indebtedness as a credit to the remainder of the Propertypurchase price. It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at After any sale any under Trustee's power of sale pursuant to the Collateral. After each saleimmediately preceding paragraph, Trustee shall make good and sufficient deeds, assignments, and other conveyances to the purchaser or purchasers at such sale good and sufficient conveyances thereunder in the name of Grantor, conveying the property Property or any part thereof so sold to the purchaser or purchasers with general warranty of title by Grantor. The legal holder of Grantorthe Indebtedness may purchase the Property or any part thereof, subject and it shall not be obligatory upon the purchasers at any such sale to see to the Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder), and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment application of the purchase price to the Trustee shall satisfy the obligation of purchaser at such sale thereformoney. It is agreed that in any deeds, and such purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted assignments or other conveyances given by Trustee, any sale held hereunder by Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as Holder may deem necessary until all of the Property has been duly sold and all Secured Indebtedness has been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of 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. Any and all statements of fact or other recitals therein made in any deed or deeds or other conveyances given by Trustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness or as to the occurrence of any default, or as to Holder's having declared all of said indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to the refusal, failure or inability to act of Trustee or any substitute or successor trustee, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by Holder or on behalf of Beneficiary or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or his successor or substitute may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of Trustee, his successor shall be taken by all courts of law and equity as prima facie evidence that such statements or substituterecitals are true, correct, and complete facts. If Trustee shall, out of the proceeds or his successor avails of such sale, after first paying and retaining all fees, charges, costs of advertising the Property and of making said sale, and attorneys' fees, pay to Beneficiary or substitute the legal holder of the Indebtedness the amount thereof, including all sums advanced or expended by Beneficiary or the legal holder of the Indebtedness, with interest from date of advance or expenditure at the Default Rate (as defined in the Note), rendering the excess, if any, as provided by law. Such sale or sales and said deed or deeds so made shall have given notice be a perpetual bar, both in law and equity, against Grantor and the heirs, successors and assigns of Grantor, and all other persons claiming the Property aforesaid, or any part thereof by, from, through or under Grantor. In addition to the above remedies, it is agreed that upon the occurrence of an Event of Default, Beneficiary may, at its option, without demand or notice, request the Trustee, and the Trustee shall be, and is hereby authorized and empowered to proceed with foreclosure and sale of the Property by advertisement or in any manner provided by the laws of the state in which the Property is located in satisfaction of the item in default as if under a full foreclosure, but without declaring the unmatured portion of the Indebtedness due; such sale shall be made subject to the unmatured portion of the Indebtedness and it is agreed that such sale shall not in any manner affect the unmatured portion of the Indebtedness, but as to such unmatured portion, this instrument shall remain in full force and effect just as though no sale had been made under the provisions of this paragraph and it is further agreed that several sales may be made without exhausting the right of sale hereunder, for any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance unmatured portion of the property pursuant thereto as if such notice had been given by Indebtedness or for any future breach of the successor covenants, conditions or substitute Trustee conducting the salestipulations set out herein.

Appears in 1 contract

Samples: Trust and Security Agreement (Bluerock Residential Growth REIT, Inc.)

Foreclosure. Upon the occurrence of a defaultany Event of Default, the Trustee, or his successor or substitute, is authorized and empowered and it shall will be his special duty at the request of Holder BNPPLC to sell foreclose the interest of NAI in the Mortgaged Property or any part thereof situated by nonjudicial notice and sale, and BNPPLC shall have the right to foreclose by judicial foreclosure, 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 either case in accordance with such statutesapplicable law. Any sale made by the Trustee hereunder may be as an entirety or in such parcels as Holder BNPPLC may request. To the extent permitted by applicable law, and any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. The sale by the Trustee of less than the whole of the Mortgaged Property shall will not exhaust the power of sale herein granted, and the Trustee is specifically empowered to make successive sale or sales under such power until the whole of the Mortgaged Property shall be is sold; and, if the proceeds of such sale of less than the whole of the Mortgaged Property shall be are less than the aggregate of the Secured Indebtedness Obligations then outstanding and the expense of executing this trust as provided herein, this Deed of Trust instrument and the lien hereof shall will remain in full force and effect as to the unsold portion of the Mortgaged Property just as though no sale had been made; provided, however, that Grantor shall NAI will never have any right to require the sale of less than the whole of the Mortgaged Property but Holder shall BNPPLC will have the right, at its sole election, to request the Trustee to sell less than the whole of the Mortgaged Property. The Trustee may, after any request may sell the Mortgaged Property in parcels or direction by Holder, sell not only the real property but also the Collateral and other interests which are a part of the Property, or any part thereof, as a unit whole and as a part of a single sale, or in any order the Trustee may sell any part of the Property separately from the remainder of the Property. It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Collateralelect. After each sale, the Trustee shall will make to the purchaser or purchasers at such sale good and sufficient conveyances in the name of GrantorNAI, conveying the property so sold to the purchaser or purchasers with general without warranty of title of Grantor, subject to by the Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder)Trustee, and shall will receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee shall will satisfy the obligation of purchaser at such sale therefor, and such purchaser shall will not be responsible for the application thereof. The power of sale granted herein shall will not be exhausted by any sale held hereunder by the Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as Holder BNPPLC may deem necessary until all of the Mortgaged Property has been duly sold and all Secured Indebtedness has Obligations have been fully paidpaid and satisfied. In the event any sale hereunder is not completed or is defective in the opinion of HolderBNPPLC, such sale shall will not exhaust the power of sale hereunder and Holder shall BNPPLC will have the right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact or other recitals made in any deed or deeds or other conveyances given by the Trustee or any successor or substitute appointed hereunder as to nonpayment of the any Secured Indebtedness Obligations, or as to the occurrence of any defaultEvent of Default, or as to Holder's BNPPLC having declared all or any part of said indebtedness the Secured Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and of the properties to be sold having been duly given, or as to the refusal, failure or inability to act of the Trustee or any substitute or successor trusteesuccessor, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by Holder BNPPLC or by such Trustee, substitute or successor, shall will be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or Trustee, his successor or substitute substitute, may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by the Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of the Trustee, his successor or substitute. If JUDICIAL FORECLOSURE This instrument will be effective as a mortgage as well as a deed of trust and upon the occurrence of an Event of Default may be foreclosed as to any of the Security in any manner permitted by the laws of the State of North Carolina or of any other state in which any part of the Security is situated, and any foreclosure suit may be brought by the Trustee or by BNPPLC. In the event a foreclosure hereunder is commenced by the Trustee, or his substitute or successor, BNPPLC may at any time before the sale of the Security direct the said Trustee to abandon the sale, and may then institute suit for the collection of the Secured Obligations and for the judicial foreclosure of this instrument. It is agreed that if BNPPLC should institute a suit for the collection of the Secured Obligations and for the foreclosure of this instrument, BNPPLC may at any time before the entry of a final judgment in said suit dismiss the same, and require the Trustee, his substitute or successor to exercise the power of sale granted herein to sell the Security in accordance with the provisions of this instrument. BNPPLC AS PURCHASER BNPPLC will have the right to become the purchaser at any sale held by any Trustee or substitute or successor or substitute shall by any receiver or public officer, and any BNPPLC purchasing at any such sale will have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and right to credit upon the conveyance amount of the property pursuant thereto bid made therefor, to the extent necessary to satisfy such bid, the outstanding Lease Balance and other Secured Obligations owing to such BNPPLC. UNIFORM COMMERCIAL CODE REMEDIES Upon the occurrence of an Event of Default, BNPPLC may exercise its rights of enforcement with respect to the Collateral under the North Carolina Uniform Commercial Code, as if such notice had been given by the successor amended, and in conjunction with, in addition to or substitute Trustee conducting the sale.in substitution for those rights and remedies:

Appears in 1 contract

Samples: Participation Agreement (Network Appliance Inc)

AutoNDA by SimpleDocs

Foreclosure. Upon If (a) a Subordinated Deed of Trust Event of Default shall have occurred and be continuing, (b) the occurrence Subordinated Secured Parties shall have commenced the exercise of a defaultany remedy under Section 3.2 of the Subordinated Security Agreement, Trusteeand (c) the conditions precedent described in Article VIII hereof shall have been satisfied, the Subordinated Secured Parties may, at their option and in addition to any other rights and remedies the Subordinated Secured Parties may have at law or his successor in equity, direct Subordinated Trustees to take possession of all or substitute, is authorized any portion of the Subordinated Real Property and empowered and it shall be his special duty at the request of Holder proceed to sell the Property same as a whole or any part thereof situated in the State of Texas, at the courthouse of any county (whether parts 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 situatedparcels, at public venue to the highest bidder auction, for cash between the hours of ten o'clock a.m. and four o'clock p.m. on the first Tuesday in or credit, upon any month or at terms Subordinated Trustees shall deem appropriate. Grantor consents that 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 Holder may request. To the extent permitted by applicable law, any sale may be adjourned by announcement at made of the time Subordinated Real Property as a whole or in parcels, all as Subordinated Trustees in their discretion may determine, and place appointed for such further consents that the sale without further notice except as may be conducted on or off the Subordinated Real Property. A bidder's deposit of not more than ten percent (10%) of the sale price may be required by law(which, as to any Subordinated Secured Party, may be in the form of a credit against the unpaid Secured Obligations). The Before such sale by Trustee of less than the whole at public auction is made, there shall first be advertisement of the Property shall not exhaust the power of sale herein granted, and Trustee is specifically empowered to make successive sale or sales under such power until the whole of the 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 right to require the sale of less than the whole of the Property but Holder shall have the right, at its sole election, to request Trustee to sell less than the whole of the Property. Trustee may, after any request or direction by Holder, sell not only the real property but also the Collateral and other interests which are a part of the Property, or any part thereof, as a unit and as a part of a single sale, or may sell any part of the Property separately from the remainder of the Property. It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Collateral. After each sale, Trustee shall make to the purchaser or purchasers at such sale good and sufficient conveyances 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 Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder), and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as Holder may deem necessary until all of the Property has been duly sold and all Secured Indebtedness has been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of 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. Any and all statements of fact or other recitals made in any deed or deeds or other conveyances given by Trustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness or as to the occurrence of any default, or as to Holder's having declared all of said indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms of such sale at least once a week for three successive weeks in the legal notice section of a newspaper published or having a general circulation in Halifax County, Virginia. Such advertisements shall set forth all matters required by the Virginia Code. This is the "advertisement required" by this Subordinated Deed of Trust and the properties to no other or different advertisement shall be sold having been duly givennecessary. Subordinated Trustees may act hereunder although they, or either or them, may have been, may now be or may hereafter be attorney or agent of the Subordinated Secured Parties as to the refusal, failure or inability to act of Trustee all or any substitute or successor trustee, or as to part of the appointment of any substitute or successor trustee, Secured Obligations or as to any other act matter of business whatsoever. Any Subordinated Secured Party may become the purchaser of all or thing having been duly done by Holder or by such Trustee, substitute or successor, any portion of the Subordinated Property so sold and no purchaser shall be taken as prima facie evidence required to see to the proper application of the truth purchase money. Unless otherwise required by law, Subordinated Trustees shall apply the proceeds of any such sale as follows: first, to discharge the expenses of executing the trust, including a reasonable commission to Subordinated Trustees which shall not exceed two and one-half percent (2 1/2%) of the facts so stated gross proceeds of sale; second, to discharge all taxes, levies and recited. The Trustee or his successor or substitute may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Trusteeassessments, with costs and interest if they have priority over the Lien of this Subordinated Deed of Trust, including the posting due pro rata portion thereof for the current year; third, to discharge equally and ratably the remaining Secured Obligations, if any, secured by this Subordinated Deed of notices Trust pursuant to Section 2 of the Subordinated Security Agreement, and any Liens of record inferior to this Subordinated Deed of Trust, with lawful interest; and, fourth, the residue of the proceeds shall be paid to Grantor or its successors or assigns; PROVIDED, HOWEVER, that as to such residue Subordinated Trustees shall not be bound by any conveyance, assignment or Lien of or upon Grantor's equity, without actual notice thereof prior to distribution. If the Subordinated Secured Parties instruct Subordinated Trustees to proceed to sell all or any portion of the Subordinated Property in accordance with the procedure set forth above and such procedure is terminated prior to such sale by Subordinated Trustees, the Subordinated Secured Parties shall pay a commission to Subordinated Trustees in an amount which is customarily paid in Virginia as compensation for such services rendered by Subordinated Trustees, but not exceeding one quarter percent (1/4%) of the outstanding balance of the Secured Obligations, and the conduct amount of salesuch commission paid shall be added to the Secured Obligations and shall earn interest at the Debt Rate. Subordinated Trustees shall have the right exercisable in their discretion to postpone such sale of the Subordinated Property and shall advertise the terms of such postponement as required by law, but not less than once a week for three successive weeks in the name and on behalf of Trustee, his successor newspaper or substitute. If Trustee or his successor or substitute shall have given newspapers in which the 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 salepublished.

Appears in 1 contract

Samples: Deed of Trust and Security Agreement (Old Dominion Electric Cooperative)

Foreclosure. Upon the occurrence of a default, Trustee, or his successor or substitute, Trustee is authorized and empowered and it shall be his special duty at the request of Holder 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 o’clock a.m. and four o'clock 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 Holder Beneficiary may request. To the extent permitted by applicable lawLaw, 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 lawLaw. 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 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 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 Holder 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 direction by HolderBeneficiary, and as agent for the Beneficiary, sell not only the real property but also the Collateral Personalty and other interests which are a part of the Property, or any part thereof, as a unit and as a part of a single sale, or may sell any part of the Property separately from the remainder of the Property. It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the CollateralPersonalty. After each sale, Trustee shall make to the purchaser or purchasers at such sale good and sufficient conveyances in the name of Grantor, conveying the property so sold to the purchaser or purchasers with general warranty of title of Grantor, subject to the Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of HolderBeneficiary), and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as Holder Beneficiary may deem necessary until all of the Property has been duly sold and all Secured Indebtedness 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 power of sale hereunder and Holder Beneficiary shall have the right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact or other recitals made in any deed or deeds or other conveyances given by Trustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness or as to the occurrence of any default, or as to Holder's having declared all of said indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to the refusal, failure or inability to act of Trustee or any substitute or successor trustee, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by Holder or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or his successor or substitute may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of Trustee, his successor or substitute. If Trustee or his successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance of the property pursuant thereto as if such notice had been given by the successor or substitute Trustee conducting the sale.made

Appears in 1 contract

Samples: G REIT Liquidating Trust

Foreclosure. Upon the occurrence of a default, Trusteethen, or his successor or substituteupon the giving of notice of such default and of the time and place of sale in the manner provided by law, is authorized and empowered and it shall be his special duty at the request of Holder to sell the Property may be sold by Grantee or any part thereof situated its trustee 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 manner provided by law under the statutes of the State of Texas then in force governing sales of real estate under powers 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 deed law for the foreclosure of trust, after having given notice of such sale in accordance with such statutesmortgages on real property. Any sale made by Trustee Grantee or its trustee hereunder may may, subject to applicable law, be as an entirety or in such parcels as Holder may request. To the extent permitted by applicable law, any Any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. The sale by Trustee Grantee or its trustee of less than the whole of the Property shall not exhaust the power of sale herein granted, and Trustee 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 right to require the sale of less than the whole of the Property but Holder shall have the right, at its sole election, to request Trustee Grantee or its trustee to sell less than the whole of the Property. Trustee 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 any part thereof, as a unit and as a part of a single sale, or may sell any part of the Property separately from the remainder of the Property. It shall not be necessary for Trustee Grantee or its trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Collateral. After each sale, Trustee The Grantee or its trustee shall make execute and deliver to the purchaser or purchasers at such sale good and sufficient conveyances in the name of Grantor, its Trustee's Deed conveying the property Property so sold to the purchaser but without any covenant or purchasers with general warranty of title of Grantorwarranty, subject to the Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder)express or implied, and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by Trustee Grantee or his its trustee or its substitute or successor, and such power of sale may be exercised from time to time and as many times as Holder may deem necessary until all of the Property has been duly sold and all Secured Indebtedness has been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of Holder, such sale shall not exhaust the power of sale hereunder and Holder shall have the right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact If Grantee or other recitals made in any deed its trustee or deeds or other conveyances given by Trustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness or as to the occurrence of any default, or as to Holder's having declared all of said indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to the refusal, failure or inability to act of Trustee or any substitute or successor trustee, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by Holder or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or his successor or substitute may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of Trustee, his successor or substitute. If Trustee or his its successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee 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 trustee conducting the sale.

Appears in 1 contract

Samples: Interline Resources Corp

Foreclosure. Upon the occurrence of a defaultBeneficiary may request Trustee to proceed with foreclosure, Trustee, or his successor or substitute, and in such event Trustee is hereby authorized and empowered empowered, and it shall be his special duty at the such Person’s duty, upon such request of Holder Beneficiary, and to the extent permitted by applicable Law, to sell the Property all 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 Mortgaged Property is situatedat one or more sales, 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 parcels, at such parcels as Holder may request. To the extent permitted by applicable law, any sale may be adjourned by announcement at the time place or places and place appointed for otherwise in such sale without further manner and upon such notice except as may be required by lawapplicable 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. The Any sale by Trustee of less than the whole 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 any part thereof, may be made in any county (or judicial district) wherein any part of the Lands included within the Mortgaged Property to be sold are situated. Any such sale shall be made at public outcry, on the day of any month, during the hours of such day and after written notices thereof have been publicly posted in such places and for such time periods and after all Persons entitled to notice thereof have been sent such notice, all as required by applicable Law in effect at the time of such sale. Nothing herein shall be deemed to require Beneficiary or Trustee to do, and Beneficiary and Trustee shall not be required to do, any act other than as required by applicable Law in effect at the time of such sale. Any such sale may be as a whole or in such parcels as Trustee may select. After such sale, Trustee shall make to the purchaser or purchasers thereunder good and sufficient deeds and assignments, in the name of Grantor, conveying the Mortgaged Property, or part thereof, so sold to the purchaser or purchasers with general warranty of title (subject to Permitted Liens) by Grantor. Sale of a part of the Mortgaged Property shall not exhaust the power of sale herein grantedsale, and Trustee is specifically empowered but sales may be made from time to make successive sale or sales under such power time until the whole 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 Property shall be sold; andCollateral. In addition to the rights and powers of sale granted under the preceding provisions of this Section 3.2(c), if default is made in the proceeds payment of such sale of less than the whole any installment of the Property shall be less than the aggregate of the Secured Indebtedness and the expense of executing this trust as provided hereinObligation, 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 Holder shall have the rightBeneficiary, at its sole electionoption, at once or at any time thereafter while any matured installment remains unpaid, without declaring the entire Obligation to request be due and payable may orally or in writing direct Trustee to enforce this trust and to sell less than the whole Mortgaged Property subject to such unmatured Obligation and the Liens securing its payment, in the same manner, on the same terms, at the same place and time, and after having given notice in the same manner, all as provided in the preceding provisions of this Section 3.2(c). After such sale, Trustee shall make due conveyance to the purchaser or purchasers. Sales made without maturing the Obligation may be made hereunder whenever there is a default in the payment of any installment of the PropertyObligation without exhausting the power of sale granted hereby, and without affecting in any way the power of sale granted under this Section 3.2(c) on the unmatured balance of the Obligation (except as to any proceeds of any sale which Beneficiary may apply as a prepayment on the Obligation) or the Liens securing payment of the Obligation. It is intended by each of the foregoing provisions of this Section 3.2(c) that Trustee may, after any request or direction by HolderBeneficiary, sell sell, not only the real property Subject Interests included within, but also the Collateral and also, all other interests which are items constituting a part of of, the Mortgaged Property, or any part thereof, along with the 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 shall not be necessary for Trustee to have taken possession of is agreed that, in any part of the Property deed or to have present or to exhibit at assignment given by Trustee, any sale any of the Collateral. After each sale, Trustee shall make to the purchaser or purchasers at such sale good and sufficient conveyances in the name of Grantor, conveying the property so sold to the purchaser or purchasers with general warranty of title of Grantor, subject to the Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder), and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as Holder may deem necessary until all of the Property has been duly sold and all Secured Indebtedness has been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of 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. Any and all statements of fact or other recitals therein made in any deed or deeds or other conveyances given by Trustee or any successor or substitute appointed hereunder as to nonpayment the identity of the Secured Indebtedness Beneficiary, or as to the occurrence or existence of any default, or as to Holder's having declared all the acceleration of said indebtedness to be due and payablethe maturity of the Obligation, or as to the request to sell, or as to notice of sale, time, place place, terms and terms manner of sale sale, and the properties to be sold having been duly givenreceipt, distribution and application of the money realized therefrom, or as to the refusal, failure or inability to act due and proper appointment of Trustee or any a substitute or successor trustee, or as to and, without being limited by the appointment of any substitute or successor trusteeforegoing, or as to any other act or thing having been duly done by Holder Beneficiary or by such Trustee, substitute or successor, 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 truth 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 facts so stated trusts herein declared, or, at the option of Beneficiary, without cause, Beneficiary may appoint, in writing, a substitute trustee, who shall thereupon succeed to all the estates, titles, rights, powers and recitedtrusts herein granted to and vested in Trustee. The Such appointment may be made on behalf of Beneficiary by any Person who is then the president, or any vice president, or a senior representative, or any other 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 or his successor or substitute may appoint or delegate appoint, in writing, any one or more persons 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 act one or more acts necessary or incident to any sale held by Trusteeunder the power of sale granted under the preceding provisions of this Section 3.2(c), including the posting and filing of notices and any notices, the conduct of salesuch sale and the execution and delivery of any instruments conveying the Mortgaged Property so sold, but in the name and on behalf of Trustee. All acts done or performed by any such agent and attorney-in-fact shall be valid, his successor or substitute. If Trustee or his successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale lawful and the conveyance of the property pursuant thereto binding as if such notice had been given done or performed by the successor or substitute Trustee conducting the saleTrustee.

Appears in 1 contract

Samples: Security Agreement (Primeenergy Corp)

Foreclosure. Upon the occurrence of a default, Trusteethen, or his successor or substituteupon the giving of notice of such default and of the time and place of sale in the manner provided by law, is authorized and empowered and it shall be his special duty at the request of Holder to sell the Property may be sold by Grantee or any part thereof situated its trustee 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 manner provided by law under the statutes of the State of Texas then in force governing sales of real estate under powers 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 deed law for the foreclosure of trust, after having given notice of such sale in accordance with such statutesmortgages on real property. Any sale made by Trustee Grantee or its trustee hereunder may may, subject to applicable law, be as an entirety or in such parcels as Holder may request. To the extent permitted by applicable law, any Any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. The sale by Trustee Grantee or its trustee of less than the whole of the Property shall not exhaust the power of sale herein granted, and Trustee 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 right to require the sale of less than the whole of the Property but Holder shall have the right, at its sole election, to request Trustee Grantee or its trustee to sell less than the whole of the Property. Trustee 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 any part thereof, as a unit and as a part of a single sale, or may sell any part of the Property separately from the remainder of the Property. It shall not be necessary for Trustee Grantee or its trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Collateral. After each sale, Trustee The Grantee or its trustee shall make execute and deliver to the purchaser or purchasers at such sale good and sufficient conveyances in the name of Grantor, its Trustee’s Deed conveying the property Property so sold to the purchaser but without any covenant or purchasers with general warranty of title of Grantorwarranty, subject to the Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder)express or implied, and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by Trustee Grantee or his its trustee or its substitute or successor, and such power of sale may be exercised from time to time and as many times as Holder may deem necessary until all of the Property has been duly sold and all Secured Indebtedness has been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of Holder, such sale shall not exhaust the power of sale hereunder and Holder shall have the right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact If Grantee or other recitals made in any deed its trustee or deeds or other conveyances given by Trustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness or as to the occurrence of any default, or as to Holder's having declared all of said indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to the refusal, failure or inability to act of Trustee or any substitute or successor trustee, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by Holder or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or his successor or substitute may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of Trustee, his successor or substitute. If Trustee or his its successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee 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 trustee conducting the sale.

Appears in 1 contract

Samples: Interline Resources Corp

Foreclosure. Upon Grantor hereby authorizes and empowers the occurrence of a default, Trustee, or his successor or substitute, is authorized and empowered and it shall be his special duty at the request of Holder Xxxxxx to take possession of and/or to sell the Property or any part thereof situated in the State of Texas, at the courthouse of thereof. Prior to 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 sale of the Property is situatedby Trustee, 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 Trustee shall notify Grantor in accordance with such statutesall applicable laws. In the event of a postponement of any sale of the Property, which may be done in the sole discretion of Trustee, no new or additional notice need be given by Trustee to Grantor for the next scheduled sale of the Property. Any sale made by Trustee hereunder may be as an entirety or in such parcels as Holder may requestrequest at such time and place, and after such previous public advertisement as Trustee shall deem advantageous and proper and at such times and containing such information as required by applicable laws and rules, without regard to any right of the Grantor or any other person to the marshalling of assets. Public advertisement prior to foreclosure sale of the time, place and terms of sale by publication once a week for two (2) weeks or once a day for three (3) days, which may be consecutive, in a newspaper published or having a general circulation in the city or county in which the Property to be sold, or any portion thereof is located shall be sufficient. Except as may be required by Section 58.1-3340 of the Virginia Code, no purchaser of the Property shall be required to see to the proper application of the purchase money. To the extent permitted by applicable law, any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. The sale by Trustee of less than the whole of the Property shall not exhaust the power of sale herein granted, and Trustee is specifically empowered to make successive sale or sales under such power until the whole of the 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 County Deed of Trust and the lien hereof shall remain in full force and effect as to the unsold portion of the Property just as though no sale had been made; provided, however, that Grantor shall never have any right to require the sale of less than the whole of the Property but Holder shall have the right, at its sole election, to request Trustee to sell less than the whole of the Property. Trustee may, after any request or direction by HolderXxxxxx, sell not only the real property but also the Collateral and other interests which are a part of the Property, or any part thereof, as a unit and as a part of a single sale, or may sell any part of the Property separately from the remainder of the Property. It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Collateral. After each sale, Trustee shall make to the purchaser or purchasers at such sale good and sufficient conveyances in the name of Grantorconveyances, conveying the property so sold to the purchaser or purchasers with general warranty of title of Grantorin fee simple, subject to the Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder), and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as Holder may deem necessary until all of the Property has been duly sold and all Secured Indebtedness has been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of HolderXxxxxx, such sale shall not exhaust the power of sale hereunder and Holder Xxxxxx shall have the right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact or other recitals made in any deed or deeds or other conveyances given by Trustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness or as to the occurrence of any default, or as to HolderXxxxxx's having declared all of said indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to the refusal, failure or inability to act of Trustee or any substitute or successor trustee, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by Holder Xxxxxx or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or his successor or substitute may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of Trustee, his successor or substitute. If Trustee or his successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance of the property pursuant thereto as if such notice had been given by the successor or substitute Trustee conducting the sale.

Appears in 1 contract

Samples: And Security Agreement

Foreclosure. Upon the occurrence of a default, Trustee, or his successor or substitute, is authorized and empowered and it This Mortgage shall be his special duty at the request of Holder subject to sell judicial foreclosure and the Property or any part thereof situated sold 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. a manner and four o'clock p.m. on the first Tuesday in any month or at such other place, time and date as provided form prescribed 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 statutesLaw. Any sale made by Trustee hereunder may be as an entirety or in such parcels as Holder the Collateral Agent may request. In addition, any such sale hereunder may apply to the Leasehold Estate only (subject to the Issuer Lease Agreement) or the entire Property (including, without limitation, the Leasehold Estate and the Issuer Estate) as the Collateral Agent may request. To the extent permitted by applicable lawLaw, 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 lawLaw. 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 sales under such power until the whole of the Property shall be sold; and, if If the proceeds of such sale of less than the whole of the Property or all interests therein shall be less than the aggregate of the Secured Indebtedness and the expense of executing this trust as provided hereinObligations, this Deed of Trust Mortgage and the lien hereof shall remain in full force and effect as to the unsold portion of the Property or unsold interests in the Property, as applicable, just as though no sale had been made; provided, however, that Grantor the Company and the Issuer shall never have any right to require the sale of less than the whole of the Property or all interests therein but Holder the Collateral Agent shall have the right, at its sole election, to request Trustee the special master to sell less than the whole of the PropertyProperty or all interests therein. Trustee may, after any request or direction by Holder, sell A sale may cover not only the real property but also the Collateral Personalty and other interests which are a part of the Property, or any part thereofthereof or interests therein, as a unit and as a part of a single sale, or the sale may sell be of any part of the Property separately from the remainder of the Property. It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Collateral. After each sale, Trustee the special master approved by the court shall make to the purchaser or purchasers at such sale good and sufficient conveyances in the name of Grantorconveyances, conveying the property or interests therein so sold to the purchaser or purchasers with general warranty of title of Grantorpurchasers, subject to the Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder), and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee special master shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder by Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as Holder may deem necessary until all of the Property has been duly sold and all Secured Indebtedness has been fully paid. In the event any sale hereunder under this Mortgage is not completed or is defective in the opinion of Holderthe Collateral Agent, such sale shall not exhaust the power of sale hereunder and Holder the Collateral Agent shall have the right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact or other recitals made in any deed or deeds or other conveyances given by Trustee or any successor or substitute appointed hereunder the special master as to nonpayment of the Secured Indebtedness Obligations or as to the occurrence of any default, or as to Holder's the Collateral Agent’s having declared all of said indebtedness Secured Obligations to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to the refusal, failure or inability to act of Trustee or any substitute or successor trustee, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by Holder or by such Trustee, substitute or successor, the Collateral Agent shall be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or his successor or substitute may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of Trustee, his successor or substitute. If Trustee or his successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance of the property pursuant thereto as if such notice had been given by the successor or substitute Trustee conducting the sale.

Appears in 1 contract

Samples: Security Agreement and Fixture (Tempur Pedic International Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!