Additional Provisions Regarding Power of Sale Clause Samples

Additional Provisions Regarding Power of Sale. (1) In exercising the power of sale herein conferred, after having been instructed by the Lender to do so, the Trustee shall comply with all applicable laws in effect with respect to the exercise of powers of sale contained in deeds of trust as of the date of the commencement of the proceeding. The Borrower agrees that in the event of a sale under the power of sale hereunder, the Lender shall have the right to bid thereat. The Trustee may require that the successful bidder at any sale deposit immediately with the Trustee cash or certified check in an amount not to exceed ten percent (10%) of the bid, provided notice of such requirement is contained in the advertisement of sale. The bid may be rejected if the deposit is not immediately made, and thereupon the next highest bidder may be declared to be the purchaser. Such deposit shall be refunded in case a resale is had; otherwise, it shall be applied to the purchase price. If personal property is sold hereunder, it need not be at the place of sale; the published notice, however, shall state the time and place where such personal property may be inspected prior to sale. (2) Notwithstanding the provisions of Section 11 of this Security Instrument, the proceeds of any sale of the Property pursuant to the power of sale contained herein shall be applied first to the costs and expenses of foreclosure, including, but not limited to a Trustee's commission and to all costs, expenses and reasonable attorney's fees incurred by the Lender in connection with such sale, with the remaining proceeds to be applied as provided in Section 11 of this Security Instrument.
View SourceView Similar (5)
Additional Provisions Regarding Power of Sale. (i) In exercising the power of sale herein conferred, the Grantee shall comply with all applicable laws in effect with respect to the exercise of powers of sale contained in deeds of trust as of the date of the commencement of the proceeding. Upon the occurrence of an Enforcement Event, Grantee may sell the Mortgaged Property or any part of the Mortgaged Property at one or more public sale or sales at the usual place for conducting sales of the county in which the Mortgaged Property or any part of the Mortgaged Property is situated, to the highest bidder for cash, in order to pay all or a portion of the Secured Obligations, and all expenses of sale and of all proceedings in connection therewith, including reasonable attorneys' fees actually incurred without regard to statutory presumption, after advertising the time, place and terms of sale once a week for four (4) weeks immediately preceding such sale (but without regard to the number of days) in a newspaper in which sheriff's sales are advertised in said county, all other notice being hereby waived by Grantor. At any such public sale, Grantee may execute and deliver to the purchaser a conveyance of the Mortgaged Property (including, without limitation, Grantor's leasehold estate in the Land, if any) or any part of the Mortgaged Property in fee simple or leasehold, as applicable, with full warranties of title, and to this end Grantor hereby constitutes and appoints Grantee the agent and attorney-in-fact of Grantor to make such sale and conveyance, and thereby to divest Grantor of all right, title and equity that Grantor may have in and to the Mortgaged Property and to vest the same in the purchaser or purchasers at such sale or sales, and all the acts and doings of said agent and attorney-in-fact are hereby ratified and confirmed, and any recitals in said conveyance or conveyances as to facts essential to a valid sale shall be binding upon Grantor. The aforesaid power of sale and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, and shall not be exhausted by one exercise thereof but may be exercised until the conditions set forth in Section 5.3 of the Intercreditor Agreement are satisfied. In the event of any sale under this Instrument by virtue of the exercise of the powers herein granted, or pursuant to any order in any judicial proceeding or otherwise, the Mortgaged Property may be sold as an entirety or in separate parcels and in such manner or order as Gran...
View Source

Related to Additional Provisions Regarding Power of Sale

  • General Provisions Regarding Payments (a) All payments by Borrower of principal, interest, fees and other Obligations shall be made in Dollars in same day funds, without defense, recoupment, set-off or counterclaim, free of any restriction or condition, and delivered to Administrative Agent not later than (x) 12:00 p.m. (New York City time) on the date due at the Principal Office designated by Administrative Agent for the account of Lenders; for purposes of computing interest and fees, funds received by Administrative Agent after that time on such due date shall be deemed to have been paid by Borrower on the next succeeding Business Day. (b) All payments in respect of the principal amount of any Loan (other than voluntary prepayments of Revolving Loans that are Base Rate Loans) shall be accompanied by payment of accrued interest on the principal amount being repaid or prepaid, and all such payments (and, in any event, any payments in respect of any Loan on a date when interest is due and payable with respect to such Loan) shall be applied to the payment of interest then due and payable before application to principal. (c) Administrative Agent (or its agent or sub-agent appointed by it) shall promptly distribute to each Lender at such address as such Lender shall indicate in writing, such Lender’s applicable Pro Rata Share of all payments and prepayments of principal and interest due hereunder, together with all other amounts due thereto, including, all fees payable with respect thereto, to the extent received by Administrative Agent. (d) Notwithstanding the foregoing provisions hereof, if any Conversion/Continuation Notice is withdrawn as to any Affected Lender or if any Affected Lender makes Base Rate Loans in lieu of its Pro Rata Share of any Eurodollar Rate Loans, Administrative Agent shall give effect thereto in apportioning payments received thereafter. (e) Subject to the provisos set forth in the definition of “Interest Period” as they may apply to Revolving Loans, whenever any payment to be made hereunder with respect to any Loan shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and, with respect to Revolving Loans only, such extension of time shall be included in the computation of the payment of interest hereunder or of the Revolving Commitment fees hereunder. (f) Except as otherwise expressly provided herein, all payments by Borrower hereunder shall be made to Administrative Agent, for the account of the respective Lenders to which such payment is owed, in Dollars and otherwise in the manner set forth in clause (a) of this Section 2.16. (g) Administrative Agent shall deem any payment by or on behalf of Borrower hereunder that is not made in same day funds prior to 12:00 p.m. (New York City time) to be a non-conforming payment. Any such payment shall not be deemed to have been received by Administrative Agent until the later of (i) the time such funds become available funds, and (ii) the next succeeding Business Day. Administrative Agent shall give prompt telephonic notice to Borrower and each applicable Lender (confirmed in writing) if any payment is non-conforming. Any non-conforming payment may constitute or become a Default or Event of Default in accordance with the terms of Section 8.1(a). Interest shall continue to accrue on any principal as to which a non-conforming payment is made until such funds become available funds (but in no event less than the period from the date of such payment to the next succeeding applicable Business Day) at the rate determined pursuant to Section 2.10 from the date such amount was due and payable until the date such amount is paid in full. (h) If an Event of Default shall have occurred and not otherwise been waived, and the maturity of the Obligations shall have been accelerated pursuant to Section 8.1, all payments or proceeds received by Agents hereunder in respect of any of the Obligations, shall be applied in accordance with the application arrangements described in Section 9.2 of the Second Amended and Restated Pledge and Security Agreement and the analogous sections of any other Collateral Documents.

  • General Provisions Regarding Accounts (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested by the Indenture Trustee at the written direction of the Servicer in Permitted Investments as provided in Sections 4.1 and 4.7 of the Sale and Servicing Agreement; provided, that, funds on deposit in the Reserve Account shall be invested in Permitted Investments meeting the requirements of 17 CFR Part 246.4(b)(2), as determined by the Servicer. All income or other gain (net of losses and investment expenses) from investments of monies deposited in the Trust Accounts shall be withdrawn by the Indenture Trustee from such accounts and distributed (but only under the circumstances set forth in the Sale and Servicing Agreement) as provided in Sections 4.1 and 4.7 of the Sale and Servicing Agreement; provided, that amounts released from the Reserve Account shall meet the requirements of 17 CFR Part 246.4(b)(3)(i), as determined by the Servicer. The Servicer shall not direct the Indenture Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. (b) Subject to Section 6.1(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Permitted Investment included therein, except for losses attributable to the Indenture Trustee’s failure to make payments on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. (c) If (i) the Servicer shall have failed to give written investment directions for any funds on deposit in the Trust Accounts to the Indenture Trustee by 11:00 A.M. (New York City time) (or such other time as may be agreed upon by the Issuer and Indenture Trustee), on the Business Day preceding each Distribution Date, (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared immediately due and payable pursuant to Section 5.2 or (iii) the Notes shall have been declared immediately due and payable following an Event of Default, and amounts collected or receivable from the Trust Estate are being applied in accordance with Section 5.4(c) as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in one or more Permitted Investments in accordance with the standing instructions most recently given by the Servicer; provided, however, that if no standing instructions shall have been given to the Indenture Trustee, the funds shall remain uninvested.

  • Additional Provisions Respecting Insurance (a) All insurance required by this Tenant Agency Compliance Agreement shall be procured and maintained in financially sound and generally recognized responsible insurance companies authorized to write such insurance in the State and selected by the entity required to procure the same. The company issuing the policies required by Section 2.1(a) hereof shall be rated “A” or better by A.M. Best Co., Inc. in Best’s Key Rating Guide. Such insurance may be written with deductible amounts comparable to those on similar policies carried by other companies engaged in businesses similar in size, character and other respects to those in which the procuring entity is engaged. All policies of insurance required by Section 2.1 hereof shall provide for at least thirty (30) days prior written notice to the Agency of the restriction, cancellation or modification thereof. The policy evidencing the insurance required by Section 2.1(c) hereof shall name the Agency as an additional insured. All policies evidencing the insurance required by Section 2.1 (d)(ii) and (iv) shall name the Agency and the Tenant as additional insureds. (b) The certificate of insurance required by Section 2.1(c) hereof shall be delivered to the Agency on or before the date hereof. A copy of the certificates of insurance required by Section 2.1(d)(ii) and (iv) hereof shall be delivered to the Agency on or before the commencement of any construction or renovation of the Demised Premises. The Tenant shall deliver to the Agency before the first Business Day of each calendar year thereafter a certificate dated not earlier than the immediately preceding month reciting that there is in full force and effect, with a term covering the current year of the Tenant’s insurance policy, insurance of the types and in the amounts required by Section 2.1 hereof and complying with the additional requirements of Section 2.2(a) hereof. Prior to the expiration of each such policy or policies, the Tenant shall furnish to the Agency and any other appropriate Person a new policy or policies of insurance or evidence that such policy or policies have been renewed or replaced or are no longer required by this Tenant Agency Compliance Agreement. The Tenant shall provide such further information with respect to the insurance coverage required by this Tenant Agency Compliance Agreement as the Agency may from time to time reasonably require.

  • Final Provisions Clause 16

  • Transitional Provisions As from the official date of entry into force of the 03 series of amendments to this Regulation, no Contracting Party applying this Regulation shall refuse to grant or refuse to accept type-approvals under this Regulation as amended by the 03 series of amendments. Transitional Provisions for Phase 1 (see paragraph 6.2.2. above) As from 1 July 2016, Contracting Parties applying this Regulation shall grant type-approvals only if the vehicle type to be approved meets the requirements of phase 1 (see paragraph 6.2.2. above) of this Regulation as amended by the 03 series of amendments. As from the official date of entry into force of the 03 series of amendments, Contracting Parties applying this Regulation shall grant type approvals to the vehicle type which meets the requirements of phase 2 or phase 3 of this Regulation as amended by the 03 series of amendments. Contracting Parties applying this Regulation shall not refuse to grant extensions of type approvals for existing types which have been granted according to the 02 series of amendments to this Regulation. Until 30 June 2022, no Contracting Party applying this Regulation shall refuse national or regional type approval of a vehicle type-approved to the 02 series of amendments to this Regulation. As from 1 July 2022, Contracting Parties applying this Regulation shall not be obliged to accept for the purpose of national or regional type approval, a vehicle type approved to the preceding series of amendments to this Regulation. Even after the date of entry into force of the 03 series of amendments to this Regulation, Contracting Parties applying this Regulation may continue for national or regional purposes granting type approvals and extensions of type approvals to the preceding series of amendments to this Regulation. Transitional Provisions for Phase 2 (see paragraph 6.2.2. above) As from 1 July 2020 for vehicle types other than N2 and as from 1 July 2022 for vehicles types of category N2, Contracting Parties applying this Regulation shall grant type approvals only if the vehicle type to be approved meets the requirements of phase 2 (see paragraph 6.2.2. above) of this Regulation as amended by the 03 series of amendments. Furthermore, as from the official date of entry into force of the 03 series of amendments, Contracting Parties applying this Regulation shall grant type approvals to the vehicle type which meets the requirements of phase 3 of this Regulation as amended by the 03 series of amendments. Contracting Parties applying this Regulation shall not refuse to grant extensions of type approvals for existing types which have been granted according to phase 1 (see paragraph 6.2.2. above) or the 02 series of amendments to this Regulation. Until 30 June 2022 for vehicle types other than N2 and until 30 June 2023 for vehicles types of category N2, no Contracting Party applying this Regulation shall refuse national or regional type approval of a vehicle type-approved to phase 1 (see paragraph 6.2.2. above) or the 02 series of amendments to this Regulation. As from 1 July 2022 for vehicle types other than N2 and as from 1 July 2023 for vehicles types of category N2, Contracting Parties applying this Regulation shall not be obliged to accept for the purpose of national or regional type approval, a vehicle type approved to phase 1 (see paragraph 6.2.2.1. above) or the preceding series of amendments to this Regulation. Even after the date of entry into force of the 03 series of amendments to this Regulation, Contracting Parties applying this Regulation may continue for national or regional purposes granting type approvals and extensions of type approvals to phase 1 (see paragraph 6.2.2. above) or the preceding series of amendments to this Regulation. Transitional Provisions for Phase 3 (see paragraph 6.2.2. above) As from 1 July 2024 for vehicle types other than N2, N3 and M3 and as from 1 July 2026 for vehicles types of category N2, N3 and M3, Contracting Parties applying this Regulation shall grant type-approvals only if the vehicle type to be approved meets the requirements of phase 3 (see paragraph 6.2.2. above) of this Regulation as amended by the 03 series of amendments. Contracting Parties applying this Regulation shall not refuse to grant extensions of type approvals for existing types which have been granted according to phase 2 according to paragraph 6.2.2. above.