Common use of Foreclosure Clause in Contracts

Foreclosure. If the 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 foreclosure sale of all or any part of the Premises and of the application of the proceeds of sale to the payment of the Obligations, Mortgagee shall be entitled to enforce payment of and 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 any other rights and remedies provided in this Mortgage or any other Loan Document, by law or in equity, all of which rights and remedies may be exercised by Mortgagee independently, simultaneously, or consecutively in any order without being deemed to have waived any right or remedy previously or not yet exercised. Without in any way limiting the generality of the foregoing, Mortgagee shall also have the following specific rights and remedies:

Appears in 2 contracts

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

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Foreclosure. If Grantor hereby authorizes and empowers the Loan is secured Trustee, or his successor or substitute, 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. Prior to any sale of the Property by Trustee, Trustee shall notify Grantor in accordance with all applicable laws. In the event of a lien on postponement of any real propertysale of the Property, which may be done in the sole discretion of Trustee, no new or additional notice need be given by Trustee to foreclose on Grantor for the next scheduled sale of the Property. Any sale made by Trustee hereunder may be as an entirety or in such real property pursuant parcels as Holder may request 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 this Mortgage sale by publication once a week for two (2) weeks or other Loan Documentsonce a day for three (3) days, which may be consecutive, in a newspaper published or at law having a general circulation in the city or county in equity. Mortgagee shall which the Property to 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 Obligationssold, 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, in payment for the Premises. The proceeds as a unit and as a part of the sale shall be applied to the cost of a single 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 foreclosure sale of all or may sell any part of the Premises and Property separately from the remainder of the application Property. It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Collateral. After each sale, Trustee shall make to the purchaser or purchasers at such sale good and sufficient conveyances, conveying the property so sold to the purchaser or purchasers in fee simple, subject to the Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder), and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the payment Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the Obligations, Mortgagee shall be entitled to enforce payment of and to receive all amounts then remaining due and unpaid and to recover judgment for any portion thereof remaining unpaid, with interestapplication thereof. The remedies provided to Mortgagee in this paragraph power of sale granted herein shall not be in addition to exhausted by any sale held hereunder by Trustee or his substitute or successor, and not in lieu such power of any other rights and remedies provided in this Mortgage or any other Loan Document, by law or in equity, all of which rights and remedies 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 Mortgagee independently, simultaneouslyTrustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness or as to the occurrence of any default, or consecutively in 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 order without being deemed substitute or successor trustee, or as to have waived the appointment of any right substitute or remedy previously successor trustee, or not yet exercised. Without in as to any way limiting the generality 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 foregoingtruth 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, Mortgagee 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 also have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the following specific rights sale and remedies: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. If Upon the Loan is secured by occurrence of a lien on any real propertydefault, to foreclose on such real property pursuant to the terms of this Mortgage or other Loan DocumentsTrustee, or at law his successor or in equity. Mortgagee substitute, is authorized and empowered and it shall be entitled his special duty at the request of Holder to xxx and recover judgmentsell the Property or any part thereof situated in the State of Texas, as set forth above, either before, after, or during at the pendency courthouse of any proceedings for county (whether or not the enforcement counties in which the Property is located are contiguous, if the Property is located in more than one county) in the State 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, Texas 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 foreclosure sale of all or which any part of the Premises 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 application 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 payment unsold portion of the ObligationsProperty just as though no sale had been made; provided, Mortgagee 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 entitled necessary for Trustee to enforce payment 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 all amounts then remaining due the proceeds of said sale or sales and unpaid 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 to recover judgment such purchaser shall not be responsible for any portion thereof remaining unpaid, with interestthe application thereof. The remedies provided to Mortgagee in this paragraph power of sale granted herein shall not be in addition to exhausted by any sale held hereunder by Trustee or his substitute or successor, and not in lieu such power of any other rights and remedies provided in this Mortgage or any other Loan Document, by law or in equity, all of which rights and remedies 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 Mortgagee independently, simultaneouslyTrustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness or as to the occurrence of any default, or consecutively in 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 order without being deemed substitute or successor trustee, or as to have waived the appointment of any right substitute or remedy previously successor trustee, or not yet exercised. Without in as to any way limiting the generality 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 foregoingtruth 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, Mortgagee 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 also have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the following specific rights sale and remedies: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)

Foreclosure. If Upon the Loan occurrence of any Event of Default, the Trustee, his successor or substitute, is secured by a lien on any real property, authorized and empowered and it will be his special duty at the request of BNPPLC to foreclose on such real property pursuant the interest of NAI in the Mortgaged Property or any part thereof by nonjudicial notice and sale, and BNPPLC shall have the right to foreclose by judicial foreclosure, in either case in accordance with applicable law. Any sale made by the terms of this Mortgage or other Loan Documents, or at law Trustee hereunder may be as an entirety or in equitysuch parcels as BNPPLC may request, and any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. Mortgagee shall be entitled to xxx and recover judgment, as set forth above, either before, after, or during The sale by the pendency Trustee of any proceedings for less than the enforcement whole of this Mortgagethe Mortgaged Property will not exhaust the power of sale herein granted, and the Trustee is specifically empowered to make successive sale or sales under such power until the whole of the Mortgaged Property is sold; and, if the proceeds of such sale of less than the whole of the Mortgaged Property are less than the aggregate of the Secured Obligations then outstanding and the expense of executing this trust as provided herein, this instrument and the lien hereof will remain in full force and effect as to the unsold portion of the Mortgaged Property just as though no sale had been made; provided, however, that NAI will never have any right to require the sale of Mortgagee less than the whole of the Mortgaged Property but BNPPLC will have the right, at its sole election, to recover request the Trustee to sell less than the whole of the Mortgaged Property. The Trustee may sell the Mortgaged Property in parcels or as a whole and in any order the Trustee may elect. After each sale, the Trustee will make to the purchaser or purchasers at such judgment shall sale good and sufficient conveyances in the name of NAI, conveying the property so sold to the purchaser or purchasers without warranty of title by the Trustee, and will receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee will satisfy the obligation of purchaser at such sale therefor, and such purchaser will not be affected responsible for the application thereof. The power of sale granted herein will not be exhausted by any taking, possession, or foreclosure sale under this Mortgage, or held hereunder by the exercise Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as BNPPLC may deem necessary until all of the Mortgaged Property has been duly sold and all Secured Obligations have been fully paid and satisfied. In the event any sale hereunder is not completed or is defective in the opinion of BNPPLC, such sale will not exhaust the power of sale hereunder and BNPPLC will have the right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact or other recitals made in any deed or deeds given by the Trustee or any successor or substitute appointed hereunder as to nonpayment of any 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 Secured Obligations, or any portion thereof, in payment for the Premises. The proceeds of the sale shall be applied as to the cost occurrence of saleany Event of Default, 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 foreclosure sale of to BNPPLC having declared all or any part of the Premises 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 application properties to be sold having been duly given, or as to the refusal, failure or inability to act of the proceeds Trustee or any substitute or successor, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by BNPPLC or by such Trustee, substitute or successor, will be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee, his successor or substitute, may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by the Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of the Trustee, his successor or substitute. 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 by any receiver or public officer, and any BNPPLC purchasing at any such sale will have the right to credit upon the amount of the bid made therefor, to the payment 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 ObligationsCollateral under the North Carolina Uniform Commercial Code, Mortgagee shall be entitled to enforce payment of as amended, and to receive all amounts then remaining due and unpaid and to recover judgment for any portion thereof remaining unpaidin conjunction with, with interest. The remedies provided to Mortgagee in this paragraph shall be in addition to and not in lieu of any other rights and remedies provided in this Mortgage or any other Loan Document, by law or in equity, all of which rights and remedies may be exercised by Mortgagee independently, simultaneously, or consecutively in any order without being deemed to have waived any right or remedy previously or not yet exercised. Without in any way limiting the generality of the foregoing, Mortgagee shall also have the following specific substitution for those rights and remedies:

Appears in 1 contract

Samples: Lease Agreement (NetApp, Inc.)

Foreclosure. If Upon the Loan is secured occurrence of a default, then, upon the giving of notice of such default and of the time and place of sale in the manner provided by a lien on any real propertylaw, to foreclose on such real property pursuant to the terms Property may be sold by Grantee or its trustee in the manner provided by law under the power of this Mortgage or other Loan Documents, or at law or in equitysale conferred hereby. 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 MortgageIn lieu thereof, and at the right Holder’s election, this Deed of Mortgagee to recover such judgment shall not Trust may be affected foreclosed in the same manner provided by any taking, possession, or foreclosure sale under this Mortgage, or by the exercise of any other right, power, or remedy law for the enforcement of the terms of this Mortgage, or the foreclosure of mortgages on real property. Any sale made by Grantee or its trustee hereunder may, subject to applicable law, be as an entirety or in such parcels as Holder may request. Any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. The sale by Grantee or its trustee of less than the whole of the Property shall not exhaust the power of sale herein granted, and Grantee or its trustee is specifically empowered to make successive sale or sales under such power until the whole of the Property shall be sold; and, if the proceeds of such sale of less than the whole of the Property shall be less than the aggregate of the Secured Indebtedness and the expense of executing this trust as provided herein, this Deed of Trust and the lien hereof shall remain in full force and effect as to the unsold portion of this Mortgagethe Property just as though no sale had been made; provided, however, that Grantor shall never have any right to require the sale of less than the whole of the Property but Holder shall have the right, at its sole election, to request Grantee or its trustee to sell less than the whole of the Property. At Grantee or its trustee may, after any request or direction by Holder, sell not only the foreclosure Mortgagee shall be entitled to bid real property but also any of the Collateral and to purchase any other interests which are a part of the Premises and shall be entitled to apply the ObligationsProperty, or any portion part thereof, in payment for the Premises. The proceeds as a unit and as a part of the sale shall be applied to the cost of a single 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 foreclosure sale of all or may sell any part of the Premises and Property separately from the remainder of the application Property. It shall not be necessary for Grantee or its trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Collateral. The Grantee or its trustee shall execute and deliver to the purchaser its Trustee’s Deed conveying the Property so sold but without any covenant or warranty, express or implied, and shall receive the proceeds of said sale to or sales and apply the payment of the Obligations, Mortgagee shall be entitled to enforce payment of and to receive all amounts then remaining due and unpaid and to recover judgment for any portion thereof remaining unpaid, with interestsame as herein provided. The remedies provided to Mortgagee in this paragraph power of sale granted herein shall not be in addition to exhausted by any sale held hereunder by Grantee or its trustee or its substitute or successor, and not in lieu such power of any other rights and remedies provided in this Mortgage or any other Loan Document, by law or in equity, all of which rights and remedies sale may be exercised by Mortgagee independently, simultaneously, or consecutively in any order without being deemed from time to have waived any right or remedy previously or not yet exercised. Without in any way limiting the generality time and as many times as Holder may deem necessary until all of the foregoingProperty 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, Mortgagee such sale shall also not exhaust the power of sale hereunder and Holder shall have the following specific rights right to cause a subsequent sale or sales to be made hereunder. If Grantee or its trustee or its successor or substitute shall have given notice of sale hereunder, any successor or substitute trustee thereafter appointed may complete the sale and remedies:the conveyance of the property pursuant thereto as if such notice had been given by the successor or substitute trustee conducting the sale.

Appears in 1 contract

Samples: Interline Resources Corp

Foreclosure. If the Loan is secured by a lien on any real propertyLender may, to foreclose on such real property pursuant to the terms extent permitted by law, institute an action of this Mortgage or other Loan Documentsjudicial foreclosure, or take such other action as the law may allow, at law or in equity. Mortgagee shall be entitled , to xxx enforce this Mortgage and recover judgmentto realize upon the Property or any other security which is herein or elsewhere provided for, as set forth above, either before, after, or during the pendency of any proceedings and to proceed to final judgment and execution 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 foreclosure sale of all or any part of the Premises and of the application of the proceeds of sale to the payment entire unpaid balance of the Obligations, Mortgagee together with, to the extent permitted by applicable law, all other sums secured by this Mortgage, all costs of suit, and interest at the then applicable rate under the Notes on any judgment obtained by Lender from and after the date of any judicial sale of the Property (which may be sold in one parcel or part or in such parcels or parts, manner or order as Lender shall be entitled elect) until actual payment is made to enforce payment Lender on the full amount due Lender. Lender may foreclose or otherwise realize upon one parcel or any other part of and to receive all amounts then remaining due and unpaid and to recover judgment for any portion thereof remaining unpaidthe Property, with interest. The remedies provided to Mortgagee in on one or more occasions, without releasing this paragraph shall be in addition to and not in lieu Mortgage or precluding the further foreclosure or other realization hereunder of any other rights and remedies provided in this Mortgage parcels or parts of the Property not so foreclosed or realized upon. Failure to join or to provide notice to tenants or any other Loan Document, by law Persons as defendants or in equity, all of which rights and remedies may be exercised by Mortgagee independently, simultaneously, or consecutively otherwise in any order without being deemed foreclosure action or suit shall not constitute a defense to have waived such foreclosure or other action. Upon any right foreclosure sale, whether by virtue of judicial proceedings or remedy previously otherwise, Lender may bid and purchase the Property or not yet exercised. Without in any way limiting part thereof or interest therein, and upon compliance with the generality terms of the foregoingsale, Mortgagee shall also have may hold, retain, possess and dispose of the following specific rights 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 as adjusted for the expenses of sale and remedies:costs of the action and any other sums for which Mortgagor is obligated to reimburse Lender under this Leasehold Mortgage.

Appears in 1 contract

Samples: Blackhawk Biofuels, LLC

Foreclosure. If (a) Upon the Loan occurrence and during the continuance of a default, Trustee 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 authorized and empowered and it shall be entitled Trustee’s special duty at the request of Beneficiary to xxx and recover judgment, as set forth above, either before, after, or during sell 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 ObligationsCollateral, or any portion part thereof, as an entirety or in payment for parcels as Beneficiary may elect, at such place or places and otherwise in the Premisesmanner and upon such notice as may be required by law or, in the absence of any such requirement, as Trustee may deem appropriate. The proceeds 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 sale shall be applied 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 cost Collateral located in the State of saleTexas, 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 foreclosure sale such sales of all or any part of such Collateral shall be conducted at the Premises courthouse of any county (whether or not the counties in which such Collateral is located are contiguous) in the State of Texas in which any part of such Collateral 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 application State of the proceeds Texas then in force governing sales of real estate under powers conferred by deed of trust, after having given notice of such sale to the payment of the Obligations, Mortgagee shall be entitled to enforce payment of and to receive all amounts then remaining due and unpaid and to recover judgment for any portion thereof remaining unpaid, in accordance with interestsuch statutes. The remedies provided to Mortgagee in this paragraph shall be in addition to and not in lieu of any other rights and remedies provided in this Mortgage or any other Loan Document, by law or in equity, all of which rights and remedies may be exercised by Mortgagee independently, simultaneously, or consecutively in any order without being deemed to have waived any right or remedy previously or not yet exercisedA POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT. Without in any way limiting the generality of the foregoing, Mortgagee shall also have the following specific rights and remedies:A 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. If the Loan Trustee 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 authorized and empowered and it shall be entitled his special duty at the request of Beneficiary to xxx and recover judgmentsell the Property or any part thereof situated in the State of Texas, as set forth above, either before, after, or during at the pendency courthouse of any proceedings for county (whether or not the enforcement counties in which the Property is located are contiguous, if the Property is located in more than one county) in the State 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, Texas 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 foreclosure sale of all or which any part of the Premises 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 application State of Texas then in force governing sales of real estate under powers of sale conferred by deed of trust, after having given notice of such sale in accordance with such statutes. Any sale made by Trustee hereunder may be as an entirety or in such parcels as Beneficiary may 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 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 payment unsold portion of the ObligationsProperty just as though no sale had been made; provided, Mortgagee however, that Grantor shall never have any right to require the sale of less than the whole of the Property but Beneficiary shall have the right, at its sole election, to request Trustee to sell less than the whole of the Property. Trustee may, after any request or direction by Beneficiary, and as agent for the Beneficiary, sell not only the real property but also the Personalty and other interests which are a part of the Property, or 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 entitled necessary for Trustee to enforce payment have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Personalty. After each sale, Trustee shall make to the purchaser or purchasers at such sale good and 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 Beneficiary), and shall receive all amounts then remaining due the proceeds of said sale or sales and unpaid 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 to recover judgment such purchaser shall not be responsible for any portion thereof remaining unpaid, with interestthe application thereof. The remedies provided to Mortgagee in this paragraph power of sale granted herein shall not be in addition to exhausted by any sale held hereunder by Trustee or his substitute or successor, and not in lieu such power of any other rights and remedies provided in this Mortgage or any other Loan Document, by law or in equity, all of which rights and remedies sale may be exercised by Mortgagee independently, simultaneously, or consecutively in any order without being deemed from time to have waived any right or remedy previously or not yet exercised. Without in any way limiting the generality time and as many times as Beneficiary may deem necessary until all of the foregoingProperty has been duly sold and all Obligations has been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of Holder, Mortgagee such sale shall also not exhaust the power of sale hereunder and Beneficiary shall have the following specific rights and remedies:right to cause a subsequent sale or sales to be made

Appears in 1 contract

Samples: G REIT Liquidating Trust

Foreclosure. If Beneficiary may request Trustee to proceed with foreclosure, and in such event Trustee is hereby authorized and empowered, and it shall be such Person’s duty, upon such request of Beneficiary, and to the Loan is secured extent permitted by a lien on any real propertyapplicable Law, 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 foreclosure sale of sell all or any part of the Premises Mortgaged Property at one or more sales, as an entirety or in parcels, at such place or places and otherwise in such manner and upon such notice as may be required by applicable Law, or in the absence of any such requirement, as Trustee and/or Beneficiary may deem appropriate, and to make conveyance to the purchaser or purchasers thereof. Any sale of any part of the Mortgaged Property shall be made to the highest bidder or bidders for cash, at the courthouse door of, or at such other place as may be required or permitted by applicable Law in, the county (or judicial district) wherein the Lands included within the Mortgaged Property to be sold are situated; provided that if the Lands are situated in more than one county (or judicial district), such sale of the Mortgaged Property, or any part thereof, may be made in any county (or judicial district) wherein any part of the Lands included within the Mortgaged Property to be sold are situated. Any such sale shall be made at public outcry, on the day of any month, during the hours of such day and after written notices thereof have been publicly posted in such places and for such time periods and after all Persons entitled to notice thereof have been sent such notice, all as required by applicable Law in effect at the time of such sale. Nothing herein shall be deemed to require Beneficiary or Trustee to do, and Beneficiary and Trustee shall not be required to do, any act other than as required by applicable Law in effect at the time of such sale. Any such sale may be as a whole or in such parcels as Trustee may select. After such sale, Trustee shall make to the purchaser or purchasers thereunder good and sufficient deeds and assignments, in the name of Grantor, conveying the Mortgaged Property, or part thereof, so sold to the purchaser or purchasers with general warranty of title (subject to Permitted Liens) by Grantor. Sale of a part of the Mortgaged Property shall not exhaust the power of sale, but sales may be made from time to time until the Obligation is paid and performed in full. It shall not be necessary to have present or to exhibit at any such sale any of the Collateral. In addition to the rights and powers of sale granted under the preceding provisions of this Section 3.2(c), if default is made in the payment of any installment of the Obligation, Beneficiary, at its option, at once or at any time thereafter while any matured installment remains unpaid, without declaring the entire Obligation to be due and payable may orally or in writing direct Trustee to enforce this trust and to sell the Mortgaged Property subject to such unmatured Obligation and the Liens securing its payment, in the same manner, on the same terms, at the same place and time, and after having given notice in the same manner, all as provided in the preceding provisions of this Section 3.2(c). After such sale, Trustee shall make due conveyance to the purchaser or purchasers. Sales made without maturing the Obligation may be made hereunder whenever there is a default in the payment of any installment of the Obligation without exhausting the power of sale granted hereby, and without affecting in any way the power of sale granted under this Section 3.2(c) on the unmatured balance of the Obligation (except as to any proceeds of any sale which Beneficiary may apply as a prepayment on the Obligation) or the Liens securing payment of the Obligation. It is intended by each of the foregoing provisions of this Section 3.2(c) that Trustee may, after any request or direction by Beneficiary, sell, not only the Subject Interests included within, but also, all other items constituting a part of, the Mortgaged Property, or any part thereof, along with the Lands, or any part thereof, included within the Mortgaged Property all as a unit and as a part of a single sale, or may sell any part of the Mortgaged Property separately from the remainder of the Mortgaged Property. It is agreed that, in any deed or assignment given by Trustee, any and all statements of fact or other recitals therein made as to the identity of Beneficiary, or as to the occurrence or existence of any default, or as to the acceleration of the maturity of the Obligation, or as to the request to sell, notice of sale, time, place, terms and manner of sale, and the receipt, distribution and application of the proceeds of sale money realized therefrom, or as to the payment due and proper appointment of a substitute trustee, and, without being limited by the foregoing, as to any other act or thing having been duly done by Beneficiary or by Trustee, shall be taken by all courts of Law and equity as prima facie evidence that the said statements or recitals state facts, and Grantor does hereby ratify and confirm any and all acts that Trustee may lawfully do in the premises by virtue hereof. In the event of the Obligations, Mortgagee shall be entitled to enforce payment of and to receive all amounts then remaining due and unpaid and to recover judgment resignation (such resignation being hereby authorized for any portion thereof remaining unpaidreason) or death of Trustee or such Person’s failure, with interest. The remedies provided refusal or inability, for any reason, to Mortgagee make any such sale or to perform any of the trusts herein declared, or, at the option of Beneficiary, without cause, Beneficiary may appoint, in this paragraph writing, a substitute trustee, who shall be in addition thereupon succeed to all the estates, titles, rights, powers and trusts herein granted to and not vested in lieu Trustee. Such appointment may be made on behalf of Beneficiary by any other rights and remedies provided in this Mortgage Person who is then the president, or any vice president, or a senior representative, or any other Loan Document, by law authorized officer or in equity, all agent of which rights and remedies may be exercised by Mortgagee independently, simultaneouslyBeneficiary. In the event of the resignation (such resignation being hereby authorized for any reason) or death of any such substitute trustee, or consecutively such Person’s failure, refusal or inability to make such sale or perform such trusts, or, at the option of Beneficiary, without cause, successive substitute trustees may thereafter, from time to time, be appointed by Beneficiary in the same manner. Trustee may appoint, in writing, any order without being deemed one or more Persons as Trustee’s agent and attorney-in-fact to have waived act as Trustee under him and in Trustee’s name, place and stead, to perform any right one or remedy previously more acts necessary or not yet exercisedincident to any sale under the power of sale granted under the preceding provisions of this Section 3.2(c), including the posting and filing of any notices, the conduct of such sale and the execution and delivery of any instruments conveying the Mortgaged Property so sold, but in the name and on behalf of Trustee. Without in All acts done or performed by any way limiting the generality of the foregoingsuch agent and attorney-in-fact shall be valid, Mortgagee shall also have the following specific rights lawful and remedies:binding as if done or performed by Trustee.

Appears in 1 contract

Samples: Security Agreement (Primeenergy Corp)

Foreclosure. If Grantee may institute a proceeding or proceedings, judicial, or nonjudicial, by advertisement or otherwise, for the Loan is secured complete or partial foreclosure of this Security Instrument or the complete or partial sale of the Property under 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 one or more sales, as an entirety or in parcels, with such elements of real and/or personal property, and at such time and place and upon such terms as it may deem expedient, or as may be required by applicable law, and in the event of a sale, by foreclosure or otherwise, of less than all of the Property, this Security Instrument shall continue as a lien and security interest 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 remaining portion of the terms of this Mortgage, or the Property. If Grantee elects to institute a non-judicial proceeding for foreclosure of the lien of this Mortgage. At Property, the foreclosure Mortgagee Property shall be entitled to bid and to purchase sold at public sale at the Premises and shall be entitled to apply usual place for conducting sales before the Obligationsdoor of the courthouse in the county in which the Property, or any portion part thereof, in payment is located, to the highest bidder for cash, but only after advertising the Premises. The proceeds time, terms and place of such sale once a week for four weeks immediately preceding such sale (but without regard to the number of days intervening between the date of publication of the sale shall be applied first advertisement and the date of sale) in a 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 cost purchaser a conveyance 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 foreclosure sale of all Property or any part of the Premises 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 agent and attorney-in-fact of Grantor to make such sale and conveyance, and thereby to divest Grantor of all right, title, interest, equity and equity of redemption that Grantor may have in and to the Property and to vest the same in the purchaser or purchasers at such sale or sales, and all the acts and doings of said agent and attorney-in-fact are hereby ratified and confirmed and any recitals in said conveyance or conveyances as to facts essential to a valid sale shall be binding upon Grantor. The aforesaid power of sale and agency hereby granted are coupled with an interest and are irrevocable by dissolution, insolvency or otherwise, are granted as cumulative of the application other remedies provided hereby or by law for collection of the proceeds indebtedness secured hereby and shall not be exhausted by one exercise thereof but may be exercised until full payment of all indebtedness secured hereby. Grantor authorizes Grantee at its option to foreclose this Security Instrument subject to the rights (if any) of any tenants of the Property, and the 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. Upon any sale made under or by virtue of this Security Instrument (whether made under the power of sale to herein granted or under or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale), Grantee may bid for and acquire the payment of the Obligations, Mortgagee shall be entitled to enforce payment of Property or any part thereof and 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 paying cash therefor may make settlement for the purchase price by crediting upon the indebtedness the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other rights and remedies provided in sums which Grantee is authorized to deduct under this Mortgage or any other Loan Document, by law or in equity, all of which rights and remedies may be exercised by Mortgagee independently, simultaneously, or consecutively in any order without being deemed to have waived any right or remedy previously or not yet exercised. Without in any way limiting the generality of the foregoing, Mortgagee shall also have the following specific rights and remedies:Security Instrument.

Appears in 1 contract

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

Foreclosure. This Mortgage shall be subject to judicial foreclosure and the Property sold in a manner and form prescribed by Law. Any sale made hereunder may be as an entirety or in such parcels as 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 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. If the Loan is secured by a 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 Obligations, this Mortgage and the lien on 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 the Company and the Issuer shall never have any real propertyright to require the sale of less than the whole of the Property or all interests therein but the Collateral Agent shall have the right, at its sole election, to foreclose on such request the special master to sell less than the whole of the Property or all interests therein. A sale may cover not only the real property pursuant to but also the terms Personalty and other interests which are a part of this Mortgage or other Loan Documentsthe Property, or at law any part thereof or in equity. Mortgagee shall be entitled to xxx and recover judgmentinterests therein, as set forth above, either before, after, or during the pendency a unit and as a part 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 Mortgagea single sale, or the foreclosure sale may be 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 foreclosure sale of all or any part of the Premises and Property separately from the remainder of the application of Property. After each sale, the special master approved by the court shall make to the purchaser or purchasers at such sale good and sufficient conveyances, conveying the property or interests therein so sold to the purchaser or purchasers, subject to the Permitted Encumbrances (and to such leases and other matters, if any), and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the payment special master shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the application thereof. In the event any sale under this Mortgage is not completed or is defective in the opinion of the ObligationsCollateral Agent, Mortgagee such sale shall not exhaust the power of sale hereunder and 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 the special master as to nonpayment of the Secured Obligations or as to the occurrence of any default, or as to the Collateral Agent’s having declared all of said 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 any other act or thing having been duly done by the Collateral Agent shall be entitled to enforce payment of and 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 any other rights and remedies provided in this Mortgage or any other Loan Document, by law or in equity, all of which rights and remedies may be exercised by Mortgagee independently, simultaneously, or consecutively in any order without being deemed to have waived any right or remedy previously or not yet exercised. Without in any way limiting the generality taken as prima facie evidence of the foregoing, Mortgagee shall also have truth of the following specific rights facts so stated and remedies:recited.

Appears in 1 contract

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

Foreclosure. If Upon the Loan is secured occurrence of a default, then, upon the giving of notice of such default and of the time and place of sale in the manner provided by a lien on any real propertylaw, to foreclose on such real property pursuant to the terms Property may be sold by Grantee or its trustee in the manner provided by law under the power of this Mortgage or other Loan Documents, or at law or in equitysale conferred hereby. 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 MortgageIn lieu thereof, and at the right Holder’s election, this Deed of Mortgagee to recover such judgment shall not Trust may be affected foreclosed in the same manner provided by any taking, possession, or foreclosure sale under this Mortgage, or by the exercise of any other right, power, or remedy law for the enforcement of the terms of this Mortgage, or the foreclosure of mortgages on real property. Any sale made by Grantee or its trustee hereunder may, subject to applicable law, be as an entirety or in such parcels as Holder may request. Any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. The sale by Grantee or its trustee of less than the whole of the Property shall not exhaust the power of sale herein granted, and Grantee or its trustee is specifically empowered to make successive sale or sales under such power until the whole of the Property shall be sold; and, if the proceeds of such sale of less than the whole of the Property shall be less than the aggregate of the Secured Indebtedness and the expense of executing this trust as provided herein, this Deed of Trust and the lien hereof shall remain in full force and effect as to the unsold portion of this Mortgagethe Property just as though no sale had been made; provided, however, that Grantor shall never have any right to require the sale of less than the whole of the Property but Holder shall have the right, at its sole election, to request Grantee or its trustee to sell less than the whole of the Property. At Grantee or its trustee may, after any request or direction by Holder, sell not only the foreclosure Mortgagee shall be entitled to bid real property but also any of the Collateral and to purchase any other interests which are a part of the Premises and shall be entitled to apply the ObligationsProperty, or any portion part thereof, in payment for the Premises. The proceeds as a unit and as a part of the sale shall be applied to the cost of a single 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 foreclosure sale of all or may sell any part of the Premises and Property separately from the remainder of the application Property. It shall not be necessary for Grantee or its trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Collateral. The Grantee or its trustee shall execute and deliver to the purchaser its Trustee's Deed conveying the Property so sold but without any covenant or warranty, express or implied, and shall receive the proceeds of said sale to or sales and apply the payment of the Obligations, Mortgagee shall be entitled to enforce payment of and to receive all amounts then remaining due and unpaid and to recover judgment for any portion thereof remaining unpaid, with interestsame as herein provided. The remedies provided to Mortgagee in this paragraph power of sale granted herein shall not be in addition to exhausted by any sale held hereunder by Grantee or its trustee or its substitute or successor, and not in lieu such power of any other rights and remedies provided in this Mortgage or any other Loan Document, by law or in equity, all of which rights and remedies sale may be exercised by Mortgagee independently, simultaneously, or consecutively in any order without being deemed from time to have waived any right or remedy previously or not yet exercised. Without in any way limiting the generality time and as many times as Holder may deem necessary until all of the foregoingProperty 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, Mortgagee such sale shall also not exhaust the power of sale hereunder and Holder shall have the following specific rights right to cause a subsequent sale or sales to be made hereunder. If Grantee or its trustee or its successor or substitute shall have given notice of sale hereunder, any successor or substitute trustee thereafter appointed may complete the sale and remedies:the conveyance of the property pursuant thereto as if such notice had been given by the successor or substitute trustee conducting the sale.

Appears in 1 contract

Samples: Interline Resources Corp

Foreclosure. If Upon the Loan occurrence of any Event of Default, the Trustee, his successor or substitute, is secured by a lien on any real property, authorized and empowered and it will be his special duty at the request of BNPPLC to foreclose on such real property pursuant the interest of NAI in the Mortgaged Property or any part thereof by nonjudicial notice and sale, and BNPPLC shall have the right to foreclose by judicial foreclosure, in either case in accordance with applicable law. Any sale made by the terms of this Mortgage or other Loan Documents, or at law Trustee hereunder may be as an entirety or in equitysuch parcels as BNPPLC may request, and any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. Mortgagee shall be entitled to xxx and recover judgment, as set forth above, either before, after, or during The sale by the pendency Trustee of any proceedings for less than the enforcement whole of this Mortgagethe Mortgaged Property will not exhaust the power of sale herein granted, and the Trustee is specifically empowered to make successive sale or sales under such power until the whole of the Mortgaged Property is sold; and, if the proceeds of such sale of less than the whole of the Mortgaged Property are less than the aggregate of the Secured Obligations then outstanding and the expense of executing this trust as provided herein, this instrument and the lien hereof will remain in full force and effect as to the unsold portion of the Mortgaged Property just as though no sale had been made; provided, however, that NAI will never have any right to require the sale of Mortgagee less than the whole of the Mortgaged Property but BNPPLC will have the right, at its sole election, to recover request the Trustee to sell less than the whole of the Mortgaged Property. The Trustee may sell the Mortgaged Property in parcels or as a whole and in any order the Trustee may elect. After each sale, the Trustee will make to the purchaser or purchasers at such judgment shall sale good and sufficient conveyances in the name of NAI, conveying the property so sold to the purchaser or purchasers without warranty of title by the Trustee, and will receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the Trustee will satisfy the obligation of purchaser at such sale therefor, and such purchaser will not be affected responsible for the application thereof. The power of sale granted herein will not be exhausted by any taking, possession, or foreclosure sale under this Mortgage, or held hereunder by the exercise Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as BNPPLC may deem necessary until all of the Mortgaged Property has been duly sold and all Secured Obligations have been fully paid and satisfied. In the event any sale hereunder is not completed or is defective in the opinion of BNPPLC, such sale will not exhaust the power of sale hereunder and BNPPLC will have the right to cause a subsequent sale or sales to be made hereunder. Any and all statements of fact or other recitals made in any deed or deeds given by the Trustee or any successor or substitute appointed hereunder as to nonpayment of any 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 Secured Obligations, or any portion thereof, in payment for the Premises. The proceeds of the sale shall be applied as to the cost occurrence of saleany Event of Default, 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 foreclosure sale of to BNPPLC having declared all or any part of the Premises 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 application properties to be sold having been duly given, or as to the refusal, failure or inability to act of the proceeds Trustee or any substitute or successor, or as to the appointment of any substitute or successor trustee, or as to any other act or thing having been duly done by BNPPLC or by such Trustee, substitute or successor, will be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee, his successor or substitute, may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by the Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf of the Trustee, his successor or substitute. 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 by any receiver or public officer, and any BNPPLC purchasing at any such sale will have the right to credit upon the amount of the bid made therefor, to the payment 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 ObligationsCollateral under the North Carolina Uniform Commercial Code, Mortgagee shall be entitled to enforce payment of as amended, and to receive all amounts then remaining due and unpaid and to recover judgment for any portion thereof remaining unpaidin conjunction with, with interest. The remedies provided to Mortgagee in this paragraph shall be in addition to and not in lieu of any other rights and remedies provided in this Mortgage or any other Loan Document, by law or in equity, all of which rights and remedies may be exercised by Mortgagee independently, simultaneously, or consecutively in any order without being deemed to have waived any right or remedy previously or not yet exercised. Without in any way limiting the generality of the foregoing, Mortgagee shall also have the following specific substitution for those rights and remedies:

Appears in 1 contract

Samples: Participation Agreement (Network Appliance Inc)

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Foreclosure. If The Trustee may take possession of and sell the Loan is secured Property, or any part thereof requested by the Beneficiary to be sold, and in connection therewith the Grantor hereby (a) assents to the passage of a lien on decree for the sale of the Property by the equity court having jurisdiction, and (b) authorizes and empowers the Trustee to take possession of and sell (or in case of the default of any real propertypurchaser to resell) the Property, or any part thereof, all in accordance with the Laws or rules of court relating to foreclose on 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 real property pursuant title reports, surveys, tax histories and appraisals as 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 this Mortgage such sale being complied with, the Trustee shall convey to, and at the cost of, the purchaser or other Loan Documentspurchasers 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. Mortgagee shall be entitled , such purchaser or purchasers being hereby discharged from all liability to xxx and recover judgment, as set forth above, either before, after, or during see to 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 application 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 Premisesmoney. The proceeds of such sale or sales under this Deed of Trust, whether under the sale shall be applied assent to a decree, the cost power of sale, or by equitable foreclosure, shall be held by the amount due Trustee and applied as follows: First, to Mortgageepay (a) all Expenses incurred in connection with such sale or in preparing the Property for such sale including, among other things, a counsel fee of $6,500 to the attorneys representing the Beneficiary and the Trustee for conducting the proceedings if without contest, but if legal services be rendered to the Trustee and the Beneficiary in connection with any contested matter in the proceedings, then such other counsel fees shall be allowed and paid out of the `proceeds of such sale or sales as the court having jurisdiction may deem proper, and as otherwise required by (b) a Trustee' commission equal to the commission allowed Trustee for making sales of property under decrees of the equity court having jurisdiction; Second, to pay all of the Obligations and all interest then existing laws related due and accrued thereon, which shall include interest through the date of ratification of the auditor's account; and Lastly, to foreclosure or as deemed necessary by Mortgagee. In case of a foreclosure sale of all pay the surplus, if any, to the Grantor or any part Person entitled thereto upon surrender and delivery to the purchaser or purchasers of the Premises Property, and less the Expenses, 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 application Obligations then due equal to one-half of the proceeds percentage allowed as commission to Trustee making sales under orders or decrees of sale the equity court having jurisdiction, and no Person shall be required to receive only the aggregate amount of the Obligations to the date of payment unless the same is accompanied by a tender of the Obligations, Mortgagee shall be entitled to enforce payment of and 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 any other rights and remedies provided in this Mortgage or any other Loan Document, by law or in equity, all of which rights and remedies may be exercised by Mortgagee independently, simultaneously, or consecutively in any order without being deemed to have waived any right or remedy previously or not yet exercised. Without in any way limiting the generality of the foregoing, Mortgagee shall also have the following specific rights and remedies:such commission.

Appears in 1 contract

Samples: Assignment and Security Agreement (Obsidian Enterprises Inc)

Foreclosure. If Upon the Loan 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 Noteholder to sell the Mortgaged Properties or any part thereof as an entirety or in parcels as Noteholder 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. 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 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 Mortgaged Properties shall be sold; and, if the proceeds of such sale of less than the whole of the Mortgaged Properties shall be less than the aggregate of the indebtedness secured by a hereby and the expense of executing this trust as provided herein, this Mortgage and the lien on hereof shall remain in full force and effect as to the unsold portion of the Mortgaged Properties just as though no sale had been made; provided, however, that Grantor shall never have any real propertyright to require the sale of less than the whole of the Mortgaged Properties but Noteholder shall have the right, at its sole election, to foreclose on such real property pursuant request Trustee to sell less than the whole of the Mortgaged Properties. After each sale, Trustee shall make to the terms purchaser or purchasers at such sale good and sufficient conveyances in the name of this Mortgage Grantor, conveying the property so sold to the purchaser 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 purchasers with special warranty of any proceedings for the enforcement of this Mortgagetitle, and shall receive the right proceeds of Mortgagee to recover such judgment said sale or sales and apply the same as herein provided. The power of sale granted herein shall not be affected exhausted by any takingsale held hereunder by Trustee or his substitute or successor, possessionand such power of sale may be exercised from time to time and as many times as Noteholder may deem necessary until all of the Mortgaged Properties have 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 Noteholder, such sale shall not exhaust the power of sale hereunder and 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 given by Trustee or any successor or substitute appointed hereunder as to nonpayment of the secured indebtedness or as to the occurrence of any event of default, or foreclosure sale under this Mortgageas to Noteholder's having declared all of said indebtedness to be due and payable, or by as to the exercise 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 other right, powersubstitute or successor trustee, or remedy for the enforcement as to any other act or thing having been duly done by Noteholder or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the terms of this Mortgage, or the foreclosure truth of the lien of this Mortgage. At the foreclosure Mortgagee shall be entitled to bid facts so stated and to purchase the Premises and shall be entitled to apply the Obligations, or any portion thereof, in payment for the Premisesrecited. The proceeds 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 sale shall be applied to the cost conduct of sale, but in the amount due 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 MortgageeMortgaged Properties located in the State of Texas, and as otherwise required by then existing laws related to foreclosure or as deemed necessary by Mortgagee. In case of a foreclosure sale such sales of all or any part of such Mortgaged Properties shall be conducted at the Premises and 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 application 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 proceeds 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 to the payment of the Obligations, Mortgagee shall be entitled to enforce payment of and to receive all amounts then remaining due and unpaid and to recover judgment for any portion thereof remaining unpaid, in accordance with interest. The remedies provided to Mortgagee in this paragraph shall be in addition to and not in lieu of any other rights and remedies provided in this Mortgage or any other Loan Document, by law or in equity, all of which rights and remedies may be exercised by Mortgagee independently, simultaneously, or consecutively in any order without being deemed to have waived any right or remedy previously or not yet exercised. Without in any way limiting the generality of the foregoing, Mortgagee shall also have the following specific rights and remedies:such statutes.

Appears in 1 contract

Samples: Note Agreement (Energy Producers Inc)

Foreclosure. If Grantor hereby authorizes and empowers the Loan is secured Trustee, or his successor or substitute, and it shall be his special duty at the request of Xxxxxx to take possession of and/or to sell the Property or any part thereof. Prior to any sale of the Property by Trustee, Trustee shall notify Grantor in accordance with all applicable laws. In the event of a lien on postponement of any real propertysale of the Property, which may be done in the sole discretion of Trustee, no new or additional notice need be given by Trustee to foreclose on Grantor for the next scheduled sale of the Property. Any sale made by Trustee hereunder may be as an entirety or in such real property pursuant parcels as Holder may request 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 this Mortgage sale by publication once a week for two (2) weeks or other Loan Documentsonce a day for three (3) days, which may be consecutive, in a newspaper published or at law having a general circulation in the city or county in equity. Mortgagee shall which the Property to 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 Obligationssold, 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 Xxxxxx, sell not only the real property but also the Collateral and other interests which are a part of the Property, or any part thereof, in payment for the Premises. The proceeds as a unit and as a part of the sale shall be applied to the cost of a single 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 foreclosure sale of all or may sell any part of the Premises and Property separately from the remainder of the application Property. It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Collateral. After each sale, Trustee shall make to the purchaser or purchasers at such sale good and sufficient conveyances, conveying the property so sold to the purchaser or purchasers in fee simple, subject to the Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder), and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the payment Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the Obligations, Mortgagee shall be entitled to enforce payment of and to receive all amounts then remaining due and unpaid and to recover judgment for any portion thereof remaining unpaid, with interestapplication thereof. The remedies provided to Mortgagee in this paragraph power of sale granted herein shall not be in addition to exhausted by any sale held hereunder by Trustee or his substitute or successor, and not in lieu such power of any other rights and remedies provided in this Mortgage or any other Loan Document, by law or in equity, all of which rights and remedies 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 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 Mortgagee independently, simultaneouslyTrustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness or as to the occurrence of any default, or consecutively in as to Xxxxxx'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 order without being deemed substitute or successor trustee, or as to have waived the appointment of any right substitute or remedy previously successor trustee, or not yet exercised. Without in as to any way limiting the generality other act or thing having been duly done by Xxxxxx or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the foregoingtruth 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, Mortgagee 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 also have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the following specific rights sale and remedies: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. If Grantor hereby authorizes and empowers the Loan is secured Trustee, or his successor or substitute, and it shall be his special duty at the request of Xxxxxx to take possession of and/or to sell the Property or any part thereof. Prior to any sale of the Property by Trustee, Trustee shall notify Grantor in accordance with all applicable laws. In the event of a lien on postponement of any real propertysale of the Property, which may be done in the sole discretion of Trustee, no new or additional notice need be given by Trustee to foreclose on Grantor for the next scheduled sale of the Property. Any sale made by Trustee hereunder may be as an entirety or in such real property pursuant parcels as Holder may request 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 this Mortgage sale by publication once a week for two (2) weeks or other Loan Documentsonce a day for three (3) days, which may be consecutive, in a newspaper published or at law having a general circulation in the city or county in equity. Mortgagee shall which the Property to 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 Obligationssold, 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 Xxxxxx, sell not only the real property but also the Collateral and other interests which are a part of the Property, or any part thereof, in payment for the Premises. The proceeds as a unit and as a part of the sale shall be applied to the cost of a single 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 foreclosure sale of all or may sell any part of the Premises and Property separately from the remainder of the application Property. It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Collateral. After each sale, Trustee shall make to the purchaser or purchasers at such sale good and sufficient conveyances, conveying the property so sold to the purchaser or purchasers in fee simple, subject to the Permitted Encumbrances (and to such leases and other matters, if any, as Trustee may elect upon request of Holder), and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of the purchase price to the payment Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not be responsible for the Obligations, Mortgagee shall be entitled to enforce payment of and to receive all amounts then remaining due and unpaid and to recover judgment for any portion thereof remaining unpaid, with interestapplication thereof. The remedies provided to Mortgagee in this paragraph power of sale granted herein shall not be in addition to exhausted by any sale held hereunder by Trustee or his substitute or successor, and not in lieu such power of any other rights and remedies provided in this Mortgage or any other Loan Document, by law or in equity, all of which rights and remedies 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 Xxxxxx, such sale shall not exhaust the power of sale hereunder and 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 Mortgagee independently, simultaneouslyTrustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Indebtedness or as to the occurrence of any default, or consecutively in as to Xxxxxx'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 order without being deemed substitute or successor trustee, or as to have waived the appointment of any right substitute or remedy previously successor trustee, or not yet exercised. Without in as to any way limiting the generality other act or thing having been duly done by Xxxxxx or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the foregoingtruth 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, Mortgagee 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 also have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the following specific rights sale and remedies: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. If Upon the Loan occurrence of an Event of Default, the entire unpaid Indebtedness shall, at the option of Beneficiary, become immediately due and payable for all purposes without any notice or demand, except as required by law (ALL OTHER NOTICE OF THE EXERCISE OF SUCH OPTION, 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 Personal Property under the Uniform Commercial Code of the jurisdiction in which the Property is secured located, institute proceedings in any court of competent jurisdiction to foreclose this instrument as a mortgage, or to enforce any of the covenants hereof, or Trustee or Beneficiary may (without limiting their rights under the foregoing provisions or otherwise), either personally or by a lien on agent or attorney in fact, enter upon and take possession of the Property and may manage, rent or lease the Property or any real propertyportion thereof upon such terms as Beneficiary may deem expedient, and collect, receive and receipt for all rentals and other income therefrom and apply the sums so received as hereinafter provided in case of sale under Trustee's power of sale. Trustee is hereby further authorized and empowered, to foreclose on the extent permitted by applicable law, upon request of Beneficiary, to sell the Property, en masse or in separate parcels (as Trustee may think best), at public auction to the highest bidder for cash, with or without having taken possession of same. Any such sale (including notice thereof) shall comply with the applicable requirements, at the time of the sale, of any statute or statutes, if any, governing sales of real property pursuant to under powers of sale conferred by deeds of trust in the terms jurisdiction in which the Property is located. If, at the time of this Mortgage or other Loan Documentsthe sale, or there is no statute in force in the jurisdiction in which the Property is located that governs sales of real property under powers of sale conferred by deeds of trust, such sale shall comply with applicable law at law or in equitythe time of the sale. Mortgagee shall be entitled to xxx and recover judgmentGRANTOR EXPRESSLY WAIVES ANY RIGHT TO A HEARING PRIOR TO SUCH SALE, as set forth above, either before, after, or TO THE EXTENT PERMITTED BY APPLICABLE LAW. At any time during the pendency bidding, Trustee may require a bidding party (i) to disclose its full name, state and city of any proceedings for the enforcement of this Mortgageresidence, occupation, and specific business office location, and the right name and address of Mortgagee the principal the bidding party is representing (if applicable), and (ii) to recover demonstrate reasonable evidence of the bidding party's financial ability (or, if applicable, the financial ability of the principal of such judgment shall not be affected by bidding party), as a condition to the bidding party submitting bids at the foreclosure sale. If any taking, possessionsuch 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 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 the Trustee, but in no event later than 3:45 p.m. local time on the day of sale, then said contingent sale shall be null and void, the bidding process may be recommenced, and any subsequent bids or sale shall be made as if no prior bids were made or accepted. Upon any foreclosure sale under this Mortgage, or by the exercise sales of all or any other right, power, or remedy for the enforcement portion of the terms Property under the power of this Mortgagesale herein granted, or the foreclosure of the lien of this Mortgage. At the foreclosure Mortgagee shall be entitled to Beneficiary may bid for and to purchase the Premises Property 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 foreclosure sale of all or any part of the Premises Indebtedness as a credit to the purchase price. After any sale under Trustee's power of sale pursuant to the immediately preceding paragraph, Trustee shall make good and sufficient deeds, assignments, and other conveyances to the purchaser or purchasers thereunder in the name of Grantor, conveying the Property or any part thereof so sold to the purchaser or purchasers with general warranty of title by Grantor. The legal holder of the Indebtedness may purchase the Property or any part thereof, and it shall not be obligatory upon the purchasers at any such sale to see to the application of the purchase money. It is agreed that in any deeds, assignments or other conveyances given by Trustee, any and all statements of fact or other recitals therein made as to any act or thing having been duly done by or on behalf of Beneficiary or by or on behalf of Trustee, shall be taken by all courts of law and equity as prima facie evidence that such statements or recitals are true, correct, and complete facts. Trustee shall, out of the proceeds or avails of such sale, after first paying and retaining all fees, charges, costs of advertising the Property and of making said sale, and attorneys' fees, pay to Beneficiary or the legal holder of the Indebtedness the amount thereof, including all sums advanced or expended by Beneficiary or the legal holder of the Indebtedness, with interest from date of advance or expenditure at the Default Rate (as defined in the Note), rendering the excess, if any, as provided by law. Such sale or sales and said deed or deeds so made shall be a perpetual bar, both in law and equity, against Grantor and the heirs, successors and assigns of Grantor, and all other persons claiming the Property aforesaid, or any part thereof by, from, through or under Grantor. 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 to the payment for any unmatured portion of the Obligations, Mortgagee shall be entitled to enforce payment of and to receive all amounts then remaining due and unpaid and to recover judgment Indebtedness or 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 any other rights and remedies provided in this Mortgage or any other Loan Document, by law or in equity, all of which rights and remedies may be exercised by Mortgagee independently, simultaneously, or consecutively in any order without being deemed to have waived any right or remedy previously or not yet exercised. Without in any way limiting the generality future breach of the foregoingcovenants, Mortgagee shall also have the following specific rights and remedies:conditions or stipulations set out herein.

Appears in 1 contract

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

Foreclosure. If (a) a Subordinated Deed of Trust Event of Default shall have occurred and be continuing, (b) the Loan is secured by a lien on Subordinated Secured Parties shall have commenced the exercise of any real propertyremedy under Section 3.2 of the Subordinated Security Agreement, and (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 foreclose on such real property pursuant to any other rights and remedies the terms of this Mortgage or other Loan Documents, or Subordinated Secured Parties may have at law or in equity. Mortgagee shall be entitled , direct Subordinated Trustees to xxx and recover judgment, as set forth above, either before, after, or during the pendency take possession 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, all or any portion thereofof the Subordinated Real Property and proceed to sell the same as a whole or in parts or parcels, at public auction, for cash or credit, upon any terms Subordinated Trustees shall deem appropriate. Grantor consents that such sale may be made of the Subordinated Real Property as a whole or in payment for parcels, all as Subordinated Trustees in their discretion may determine, and further consents that the Premisessale may be conducted on or off the Subordinated Real Property. The proceeds A bidder's deposit of not more than ten percent (10%) of the sale price may be required (which, as to any Subordinated Secured Party, may be in the form of a credit against the unpaid Secured Obligations). Before such sale at public auction is made, there shall first be advertisement of the 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 no other or different advertisement shall be applied necessary. 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 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 foreclosure sale of all or any part of the Premises and Secured Obligations or as to any matter of business whatsoever. Any Subordinated Secured Party may become the purchaser of all or any portion of the Subordinated Property so sold and no purchaser shall be required to see to the proper application of the 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 gross proceeds of sale; second, to discharge all taxes, levies and assessments, with costs and interest if they have priority over the Lien of this Subordinated Deed of Trust, including the 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 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 amount of such commission paid shall be added to the payment 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 ObligationsSubordinated Property and shall advertise the terms of such postponement as required by law, Mortgagee shall be entitled to enforce payment but not less than once a week for three successive weeks in the newspaper or newspapers in which the notice of and 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 any other rights and remedies provided in this Mortgage or any other Loan Document, by law or in equity, all of which rights and remedies may be exercised by Mortgagee independently, simultaneously, or consecutively in any order without being deemed to have waived any right or remedy previously or not yet exercised. Without in any way limiting the generality of the foregoing, Mortgagee shall also have the following specific rights and remedies:sale had been published.

Appears in 1 contract

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

Foreclosure. If the Loan Trustee 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 authorized and empowered and it shall be entitled his special duty at the request of Beneficiary to xxx and recover judgmentsell the Property or any part thereof situated in the State, as set forth above, either before, after, or during at the pendency courthouse of any proceedings for county (whether or not the enforcement of this Mortgagecounties in which the Property is located are contiguous, and if the right of Mortgagee to recover such judgment shall not be affected by any taking, possession, or foreclosure sale under this Mortgage, or by Property is located in more than one county) in 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, State 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 foreclosure sale of all or which any part of the Premises 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 application State then in force governing sales of real estate under powers of sale conferred by deed of trust, after having given notice of such sale in accordance with such statutes. Any sale made by Trustee hereunder may be as an entirety or in such parcels as Beneficiary may request. To the extent permitted by Legal 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 Legal 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 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 payment unsold portion of the ObligationsProperty just as though no sale had been made; provided, Mortgagee however, that Grantor shall never have any right to require the sale of less than the whole of the Property but Beneficiary shall have the right, at its sole election, to request Trustee to sell less than the whole of the Property. Trustee may, after any request or direction by Beneficiary, sell not only the real property but also the 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 entitled necessary for Trustee to enforce payment have taken possession of any part of the Property or to have present or to exhibit at any sale any of the Personalty. After each sale, Trustee shall make to the purchaser or purchasers at such sale good and sufficient conveyances in the name of Grantor, conveying the property so sold to the purchaser or purchasers with 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 Beneficiary), and shall receive all amounts then remaining due the proceeds of said sale or sales and unpaid 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 to recover judgment such purchaser shall not be responsible for any portion thereof remaining unpaid, with interestthe application thereof. The remedies provided to Mortgagee in this paragraph power of sale granted herein shall not be in addition to exhausted by any sale held hereunder by Trustee or his substitute or successor, and not in lieu such power of any other rights and remedies provided in this Mortgage or any other Loan Document, by law or in equity, all of which rights and remedies sale may be exercised from time to time and as many times as Beneficiary may deem necessary until all of the Property has been duly sold and all Secured Obligations have been fully paid. In the event any sale hereunder is not completed or is defective in the opinion of Beneficiary, such sale shall not exhaust the power of sale hereunder and 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 Mortgagee independently, simultaneouslyTrustee or any successor or substitute appointed hereunder as to nonpayment of the Secured Obligations or as to the occurrence of any default, or consecutively in as to 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 order without being deemed substitute or successor trustee, or as to have waived the appointment of any right substitute or remedy previously successor trustee, or not yet exercised. Without in as to any way limiting the generality other act or thing having been duly done by Beneficiary or by such Trustee, substitute or successor, shall be taken as prima facie evidence of the foregoingtruth 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, Mortgagee 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 also have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the following specific rights sale and remedies: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)

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