Default and Foreclosure. 5 3.1 Remedies....................................................... 5 3.2
Default and Foreclosure. To the fullest extent permitted in equity or at law, by statute or otherwise:
Default and Foreclosure. A request for notice of default and any notice of sale under any deed of trust or mortgage with power of sale encumbering said premises shall name the City, and its designated administrator, if applicable, as the recipient of said notice and shall be recorded by the Owner in the Office of the Recorder of the County of Monterey, CA. Any notice of default given pursuant to California Civil Code Section 2924b shall constitute a "Notice of Intent to Sell" hereunder, and the City or its assignee, may exercise its preemptive right to purchase pursuant to the provisions of this Agreement, provided however, that, notwithstanding any language contained in this Agreement to the contrary with regard to the rights of the lien holder, the City, or its assignee, must complete such purchase no later than the end of the period established by California Civil Code Section 2924c for reinstatement of a monetary default under the deed of trust or mortgage. In the event of default and foreclosure, the City, or its assignee, shall have the same right as the Owner to cure defaults and redeem the Residence prior to foreclosure sale. Such redemption shall be subject to the same fees, charges and penalties which would otherwise be assessed against the Owner. Nothing herein shall be construed as creating any obligation on the part of the City to cure any such default, nor shall this right to cure and redeem operate to extend any time limitations in the default provisions of the underlying deed of trust or mortgage. In the event the City, or its assignee, elects not to exercise its right to purchase upon default, and a foreclosure sale is consummated, any surplus proceeds to which the Owner may be entitled following foreclosure under California State law shall be paid as follows: After any required payment of encumbrances, that portion of surplus, if any, up to but not exceeding the net amount that the Owner would have received after any required payment of encumbrances under the formula set forth in Section 9 of this Agreement had the City exercised its right to purchase the Residence on the date of the foreclosure sale, shall be paid to the Owner on the date of the foreclosure sale; the balance of surplus, if any, shall be paid to the City, or its successors or assigns. In the event that the City, or its assignee, does not elect to purchase the Residence pursuant to the provisions of this Section and the Residence is transferred through foreclosure, deed-in-lieu of foreclosure to t...
Default and Foreclosure. Upon default by Trustor in performance of any Secured Obligation, Beneficiary may deliver to Trustee a declaration of default and demand for sale and of a notice of default and a notice of sale, which notice Trustee shall cause to be filed for record. Beneficiary also shall deposit with Trustee this Deed of Trust and all documents evidencing the Secured Obligations and expenditures, if any, secured by this Deed of Trust. Upon default of any obligation secured by this Deed of Trust and acceleration of all sums due, if any, Beneficiary may instruct Trustee to proceed with a sale of the Property under the power of sale granted in this Deed of Trust, noticed and held in accordance with California Civil Code Sections 2924, et seq., as such statutes may be amended from time to time. Trustor waives all rights it may have to require marshaling of assets or to require sales of assets in any particular order, including any rights under California Civil Code Sections 2899 and 3433.
Default and Foreclosure. Section 4.1 Remedies . Subject to the provisions of the Loan Agreement, upon the occurrence and during the continuance of an Event of Default, including a failure to perform or observe any of the covenants set forth in this Mortgage that is not cured within any applicable cure period, in addition to any rights and remedies provided for in the Loan Agreement or other Loan Document, if and to the extent permitted by applicable law, the following provisions shall apply:
Default and Foreclosure. 14. If Borrower fails to pay the money Borrower owes to the Lender or to keep any agreements, promises, representations or warranties made by Borrower in the Note or in this Mortgage, then Borrower will be in default and Lender shall be entitled to foreclose this Mortgage. This includes the Lender's right to have the property sold at public sale pursuant to the provisions of Article 13 of the Real Property Actions and Proceedings Law in order to satisfy and pay all amounts owing to the Lender pursuant to the Note and/or Mortgage, as well as any and all other rights the Lender may have pursuant to any other provisions of law. Foreclosure may result in the property being sold to a buyer who will have the right to remove Borrower, its agents, lessees, employees and/or representatives from the property. If an action is commenced to foreclose this Mortgage and there is a sale at foreclosure, Borrower agrees that the property may be sold in one parcel. If an action is commenced to foreclose this Mortgage or to enforce any of the agreements hereunder, Lender shall also be entitled to recover from Borrower all costs, expenses and reasonable attorneys' fees with respect to such action, as well as all reasonable attorneys' fees, costs, allowances, advances, disbursements and other monies which Borrower owes Lender pursuant to any of the terms and conditions of this Mortgage, or the underlying Bond or Note, together with interest at the rate provided in the Note, and which sums due shall be added to and become a part of the lien against the subject property. The proceeds of the sale shall be applied to pay all such costs, expenses, disbursements, reasonable attorneys' fees, allowances and advances, as well as to pay the principal and interest Borrower owes Lender under the Note and Mortgage. If the proceeds from the foreclosure sale are not enough to pay all of these amounts, then Lender is entitled to deficiency judgment against Borrower for the difference.
Default and Foreclosure. Section 4.1 Remedies 10 . Subject to the provisions of the ABL Loan Documents and the Term Loan Intercreditor Agreement, upon the occurrence and during the continuance of an Event of Default, including a failure to perform or observe any of the covenants set forth in this Mortgage that is not cured within any applicable cure period, in addition to any rights and remedies provided for in the ABL Loan Documents, if and to the extent permitted by applicable law, the following provisions shall apply:
Default and Foreclosure. Owner shall provide a copy of any notice of default to City within three (3) days of Owner’s receipt. In the event of any default under the Senior Lien, City shall have the right to (a) cure such default within the time period afforded Owner, or (b) foreclose its Deed of Trust on the Property. City’s rights under this section shall not prevent the Senior Lender from commencing a judicial or nonjudicial foreclosure of the Senior Lien. City may foreclose its Deed of Trust under clause (b) pursuant to the terms of that Deed of Trust.
Default and Foreclosure. In the event of the occurrence of any default, as defined in this Instrument, all right, title and interest of Grantor in and to any insurance policies then in force, and particularly to any existing claims thereunder, shall pass to Beneficiary. Beneficiary may assign and transfer said policies or cancel and surrender the same, in such manner as it may elect. In the event of a foreclosure under this Instrument, or if a deed is executed in lieu of foreclosure hereunder, the purchaser of the Premises shall succeed to all the remaining rights of Grantor in and to all policies of insurance assigned to Beneficiary pursuant to this Instrument.
Default and Foreclosure. So long as any indebtedness to more than one Lender remains outstanding, each Lender shall provide to all other Lenders written notice of any "Event of Default" as defined in the applicable loan documents of such Lender except that no such notice shall be required to be given by the other Lenders to the Sponsor. No Junior Lender shall commence any proceeding to foreclose its respective mortgage, whether by sale, possession or otherwise, or to accept any assignment or transfer in lieu of foreclosure or exercise any rights against any guarantor unless there has been an "Event of Default" as defined in its respective Loan Documents, and then not without first providing the Senior Lender and the other Lenders (except the Sponsor) with written notice of any such Junior Lender's intent to commence such proceedings or to take such action and a reasonable opportunity, not less than sixty (60) days after receipt of such notice, to attempt to structure a work-out or other arrangement to avoid such foreclosure, assignment, transfer, or exercise of rights to the reasonable satisfaction of such Junior Lender. If, upon expiration of the foregoing sixty (60)-day period, the Lenders (other than the Sponsor) have not agreed upon a work-out or other arrangement to avoid foreclosure, assignment, transfer or exercise of rights and such Junior Lender intends to take possession of the Project, such Junior Lender shall first provide to the Senior Lender for its review and approval a plan for the completion and operation of the Project, such approval not to be unreasonably withheld. Senior Lender agrees to respond to such plan within fourteen (14) days of receipt. Notwithstanding the foregoing, if the Senior Lender elects by notice to the Junior Lenders and is diligently proceeding to either cure the "Eve nt of Default" under such Junior Lender's Loan Documents or foreclose its mortgage, such Junior Lender shall suspend any and all action to foreclose its mortgage. Notwithstanding the other provisions of this Section 4, the Sponsor shall not commence any proceeding to foreclose its mortgage, whether in the event of default or upon maturity, and whether by sale, possession, or otherwise or accept any assignment or transfer in lieu of foreclosure without the written consent of the other Lenders, which consent may be withheld in their sole discretion. The Senior Lender shall not commence any proceeding to foreclose the Senior Mortgage whether by sale, possession or otherwise or acce...
