Right to Foreclose Sample Clauses
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Right to Foreclose. If an Event of Default shall occur, Mortgagee may, either with or without entry or taking possession, proceed by suit or suits at law or in equity or by any other appropriate proceedings or remedy to enforce payment of the Indebtedness or the performance of any other term hereof or any other right and Mortgagor hereby authorizes and fully empowers Mortgagee to foreclose this Mortgage by judicial proceedings or by advertisement with power of sale and grants to Mortgagee full authority to sell the Mortgaged Property at public auction and convey title to the Mortgaged Property to the purchaser, either in one parcel or separate lots and parcels, all in accordance with and in the manner prescribed by law, and out of the proceeds arising from sale and foreclosure to retain the principal and interest due on the Note and the Indebtedness together with all such sums of money as Mortgagee shall have expended or advanced pursuant to this Mortgage or pursuant to statute together with interest thereon at the Interest Rate and all costs and expenses of such foreclosure, including lawful reasonable attorney’s fees, with the balance, if any, to be paid to the persons entitled thereto by law. In any such proceeding Mortgagee may apply all or any portion of the Indebtedness to the amount of the purchase price.
Right to Foreclose. Mortgagee may (and is hereby authorized and empowered to) foreclose this Mortgage by action or advertisement, pursuant to the statutes of the State of Minnesota in such case made and provided, power being expressly granted to sell the Premises at public auction without any prior hearing or notice thereof and convey the same. Mortgagee may institute and maintain an action of mortgage foreclosure against all or any part of the Premises and proceed in any such action to final judgment and execution thereon for all sums due hereunder, together with interest thereon at the Default Rate (as defined in the Notes) and all costs of suit, including, without limitation, the maximum attorneys’ fees allowed by law and disbursements. Borrower agrees that proceeds of any foreclosure sale may be used by Mortgagee to pay all amounts constituting the Obligations before any amounts are to be paid to Borrower, its successors and assigns, or to other entitled parties. Interest at the Default Rate (defined in the Notes) shall be due on any judgment obtained by Mortgagee from the date of judgment until actual payment is made of the full amount of the judgment.
Right to Foreclose. BCC may foreclose upon the Lease, take immediate possession of the Facility and Property and operate the Property, all in accordance with the terms and conditions of the Leasehold Mortgage.
Right to Foreclose. Subject to the rights of the Lessor under the Lease Documents and the Senior Credit Documents, BCC may foreclose upon the Lease, take immediate possession of the Facility and Property and operate the Property, all in accordance with the terms and conditions of the Leasehold Mortgage.
Right to Foreclose. Trendwest shall have the right to foreclose upon any Defaulted Contract.
Right to Foreclose. BCC may foreclose upon the Lease, take immediate possession of the Project and Property and operate the Property, all in accordance with the terms and conditions of the Second Deed of Trust. Provided, however, BCC shall exercise its rights hereunder only in conformance with the Working Capital Agreement and the Subordination Agreement.
Right to Foreclose. Upon the occurrence and continuance of an Event of Default (following the expiration of all applicable notice and cure periods) by Mortgagor under and as defined in the Mortgage, Mortgagee shall, subject to the terms of the Mortgage, have the right, (a) to foreclose upon, or accept a deed in lieu of foreclosure of, Mortgagor’s leasehold right, title and interest in and to the Property created thereby and thereunder, and any other real or personal property securing the Mortgage, and to exercise any other right or remedy which is available pursuant to the Mortgage or the other Loan Documents (as defined in the Mortgage), or at law or in equity, and (b) thereafter, to sell, transfer and assign the Property and any other real or personal property securing the Mortgage to any person or entity (a “Purchaser”). The Municipality’s consent to the new owner as provided in Section 9 of the Financial Agreement shall not be unreasonably withheld, conditioned or delayed. It is understood that such Purchaser, in order to get the benefits under the Financial Agreement must qualify for such benefits as provided under the New Jersey Long Term Tax Exemption Law, including any successor statutes, as same may be modified. Municipality confirms that if Mortgagee or a Purchaser becomes the owner of the Property as aforesaid, then Mortgagee or such Purchaser shall succeed to all of Mortgagor’s rights and benefits under the Financial Agreement provided that Mortgagee or such Purchaser assumes the obligations of Mortgagor under the Financial Agreement.
Right to Foreclose. In the event of the happening of any Event of Default, or in case the principal of the Note shall have become due and payable in full, whether by lapse of time or by acceleration, then and in every such case the Mortgagee may, at its option, (1) proceed to protect and enforce its rights by a suit or suits in equity or at law for the specified performance of any covenant or agreement contained herein, in the Note, in the Loan Agreement or in any other Loan Document, or in aid of the execution of any right, power or remedy herein or therein granted, or for the foreclosure of this Mortgage, or for damages, or to collect the Indebtedness Secured Hereby, or for the enforcement of any other appropriate legal, equitable, statutory or contractual remedy, and shall be entitled to the appointment of a receiver or statutory trustee to operate and protect the Mortgaged Property and to collect Rents due under any of the Leases, and/or (2) foreclose this Mortgage, by action, by power of sale, or otherwise as provided by applicable law, and cause the Mortgaged Property to be sold at public auction in one or more parcels, at Mortgagee’s option, and convey the same to the purchaser in fee simple, agreeably to the statute in such case made and provided, Mortgagor to remain liable for any deficiency, if permitted by law. Further, the holder of the Note, in exercising its rights hereunder, shall also have, without limitation, all of the rights and remedies provided by the Code, including the right to proceed under the Code provisions governing default as to any fixtures, equipment, general intangibles, accounts, contract rights, claims, instruments or personal property which may be included in or related to the Mortgaged Property and as to any deposits, policies, unearned premiums, proceeds, awards, payments or consideration assigned to Mortgagee as further security hereunder, separately from the real estate included in the Mortgaged Property, or to proceed as to any or all of such property in accordance with its rights and remedies in respect of said real estate. If Mortgagee should elect to proceed separately as to any such property, Mortgagor agrees to make such property available to Mortgagee at a place or places reasonably acceptable to Mortgagee, and, if any notification of intended disposition of any of such property is required by law, such notification shall be deemed commercially reasonable and reasonably and properly given if mailed at least thirty (30) days before...