Common use of Procedure on Default Clause in Contracts

Procedure on Default. In the event of default, at Creditor's option, without demand or notice, all or any part of the principal of and interest on the Note shall immediately become due and payable, and Creditor or any officer of the law may take immediate possession of the Collateral without demand. Creditor may resell the Collateral at public or private sale, with or without the Collateral being at the place of sale, and upon such terms and in such manner as Creditor may determine, and Creditor may become the purchaser thereof at any public sale, all provided that the foregoing is completed in a commercially reasonable manner. From the proceeds of any such sale Creditor shall deduct all expenses of retaking and selling such Collateral, including a reasonable attorneys' fee. The balance shall be applied to the amount due; any surplus shall be paid to Debtor.

Procedure on Default. In the event of default, at Creditor's option, without demand or notice, all or any part of the principal of and interest on the Note shall immediately become due and payable, and Creditor or any officer of the law may take immediate possession of the Collateral property without demand, including any improvements or accessions thereto. Creditor may resell the Collateral property at public or private sale, with or without the Collateral property being at the place of sale, and upon such terms and in such manner as Creditor may determine, and Creditor may become the purchaser thereof at any public sale, all provided that the foregoing is completed in a commercially reasonable manner. From the proceeds of any such sale Creditor shall deduct all expenses of retaking retaking, repairing, and selling such Collateralproperty, including a reasonable attorneys' fee. The balance shall be applied to the amount due; , any surplus shall be paid to Debtor.