Common use of Power of Sale of the Mortgaged Property Clause in Contracts

Power of Sale of the Mortgaged Property. Upon the occurrence of a Default and if such event shall be continuing, Mortgagee shall have the right and power to sell, to the extent permitted by Law, at one or more sales, as an entirety or in parcels, as it may elect, the real property consisting of all or any part of the Mortgaged Property, at such place or places and otherwise in such manner and upon such notice as may be required by Law, or, in the absence of any such requirement, as Mortgagee may deem appropriate, and to make conveyance to the purchaser or purchasers; and Mortgagor shall warrant title to such real property to such purchaser or purchasers to the extent warranted herein. Mortgagee may postpone the sale of all or any portion of such real property by public announcement at the time and place of such sale, and from time to time thereafter may further postpone such sale by public announcement made at the time of sale fixed by the preceding postponement. The right of sale hereunder shall not be exhausted by one or any sale, and Mortgagee may make other and successive sales until all of the trust estate be legally sold. If Mortgagee is the highest bidder, Mortgagee may credit the portion of the purchase price that would be distributed to the Secured Obligations pursuant to the Note.

Power of Sale of the Mortgaged Property. Upon the occurrence of a an Event of Default and if such event shall be continuing, Mortgagee the Trustee shall have the right and power to sell, to the extent permitted by Lawlaw, at one or more sales, as an entirety or in parcels, as it may elect, the real property consisting of all or any part of the Mortgaged Property, at such place or places and otherwise in such manner and upon such notice as may be required by Lawlaw, or, in the absence of any such requirement, as Mortgagee the Beneficiary may deem appropriate, and to make conveyance to the purchaser or purchasers; and Mortgagor the Grantor shall warrant title to such real property to such purchaser or purchasers to the extent warranted herein. Mortgagee The Trustee may postpone the sale of all or any portion of such real property by public announcement at the time and place of such sale, and from time to time thereafter may further postpone such sale by public announcement made at the time of sale fixed by the preceding postponement. The right of sale hereunder shall not be exhausted by one or any sale, and Mortgagee the Trustee may make other and successive sales until all of the trust estate be legally sold. If Mortgagee Beneficiary is the highest bidder, Mortgagee Beneficiary may credit the portion of the purchase price that would be distributed to the Secured Obligations Debt pursuant to the NoteCollateral Trust Agreement.