Common use of Proceeds of Foreclosure Clause in Contracts

Proceeds of Foreclosure. The proceeds of any sale held by the Lender or any receiver or public officer in foreclosure of the liens and security interests under this Mortgage shall be applied: FIRST, to the payment of all necessary costs and expenses incident to such foreclosure sale, including but not limited to all attorneys’ fees and legal expenses, and a reasonable fee (not exceeding two percent (2%) of the gross proceeds of such sale) to the Lender if foreclosed by power of sale, and to the payment of the other secured indebtedness, including specifically without limitation the principal, accrued interest and attorneys’ fees due and unpaid on the Note and the amounts due and unpaid and owed to the Lender under this Mortgage, the order and manner of application to the items in this clause FIRST to be as provided in the Note or otherwise in the Lender’s sole discretion; and SECOND, the remainder, if any there shall be, shall be paid to the Borrower, or to such other persons as may be entitled to the remainder by law.

Proceeds of Foreclosure. The proceeds of any sale held by the Lender or any receiver or public officer in foreclosure of the liens and and/or security interests under this Mortgage evidenced hereby shall be applied: FIRST, to the payment of all necessary costs and expenses incident to such foreclosure sale, including but not limited to all attorneys’ fees court costs and legal expenses, charges of every character in the event foreclosed by suit or any judicial proceeding and including but not limited to a reasonable fee (not exceeding two percent (2%) of the gross proceeds of such sale) to the Lender Trustee if foreclosed such sale was made by power the Trustee acting under the provisions of saleSection 4.4(a); SECOND, and to the payment of the other secured indebtedness, indebtedness (including specifically without limitation the principal, accrued interest and attorneys’ ' fees due and unpaid on the Note Notes and the amounts due and unpaid and owed to the Lender under this Mortgage, the ) in such manner and order and manner of application to the items in this clause FIRST to be as provided in the Note or otherwise in the Lender’s sole discretionMortgagee may elect; and SECONDTHIRD, the remainder, if any there shall be, shall be paid to the BorrowerMortgagor, or to Mortgagor's heirs, devisees, representatives, successors or assigns, or such other persons as may be entitled to the remainder thereto by law.