Power of Sale means a provision in a lien instrument authorizing, in the event of a specified default, a sale of the property subject to the lien.
Power of Sale means the right, power and authority of Mortgagee to sell or cause the sale of the Mortgaged Property and/or a part or parts thereof, at a public sale or auction, after any Event of Default and in accordance with and pursuant to Article 14 of the Real Property Actions and Proceedings Law of the State of New York, as the same may hereafter be modified or amended, or any successor statute or statutes, and/or under and pursuant to any other laws or regulations now in effect and/or hereafter enacted, which provides for and/or enables the property encumbered by a mortgage to be sold by a mortgagee and/or its agents and/or representatives in a public and/or private non-judicial sale.
Power of Sale means any Law which permits the holder of this Mortgage to foreclose this Mortgage by power of sale and/or to sell any portion of the Property through either judicial or non-judicial means or at a judicial or non-judicial sale. If the Property is located in the State of New York, the meaning of such term shall also include the power to sell pursuant Article 14 of the Real Property Actions and Proceeding Law of New York and similar Laws.
Examples of Power of Sale in a sentence
If the money remaining, after paying all costs and expenses, does not pay the loan amount in full, you must pay us the difference.▪ Power of sale.
More Definitions of Power of Sale
Power of Sale means a provision in a lien instrument pre-authorizing a person to sell the property upon a specified default. Md. Rule 14-201(b)(6). An “assent to decree” means a provision in a lien instrument declaring consent to the entry of an order in court for the sale of the property subject to the lien upon a specified default. Simard, 383 Md. at 287. Both types of mortgage provisions are governed by the Maryland Rules as authorized by Section 7-105 of the Real Property Article. For the three basic types of mortgages described, each involves varying degrees of court supervision of the foreclosure process including the requirement for a formal hearing or not.