Exercise of Power of Sale Sample Clauses
The Exercise of Power of Sale clause grants a lender the right to sell a mortgaged property if the borrower defaults on their loan obligations. In practice, this means that after certain conditions are met—such as missed payments or breach of contract—the lender can initiate the sale of the property, often through a public auction or private sale, to recover the outstanding debt. This clause is essential for protecting the lender’s interests by providing a clear legal mechanism to recoup losses without lengthy court proceedings.
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Exercise of Power of Sale. Exercise the power of sale contained in this Deed of Trust and deliver to Trustee a written statement of breach, notice of default and election to cause Grantor’s interest in the Property to be sold, all in accordance with applicable law.
(i) If Beneficiary elects to exercise the power of sale contained in this Deed of Trust, Beneficiary shall notify Trustee and shall deposit with Trustee copies of this Deed of Trust and the Notes and such receipts and evidence of expenditures made and secured hereby as Trustee may require.
(ii) Upon receipt of such notice from Beneficiary and at the direction of Beneficiary, Trustee shall cause to be recorded, published or delivered such notices of default and notices of sale as may then be required by law or this Deed of Trust. Trustee shall, only at the direction of Beneficiary and without demand on Grantor, after such time as may then be required by law and after recordation of such notice of default and after notice of sale having been given as required by law, sell Grantor’s interest in the Property at the time and place of sale fixed by it in such notice of sale, either as a whole, or in separate lots or parcels or items as Beneficiary shall deem expedient, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States payable at the time of sale, or as otherwise may then be required by law. Trustee shall deliver to such purchaser or purchasers thereof its good and sufficient deed or deeds conveying the property so sold, without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including, without limitation, Grantor, Trustee, Beneficiary, or any Lender, may purchase at such sale, and Grantor covenants to warrant and defend the title of such purchaser or purchasers. Beneficiary and Lenders shall have the right to credit bid at any such sale.
(iii) Trustee or Beneficiary may sell not only the real property but also the personal property and other interests which are a part of the Property, or any part thereof, as a unit and as a part of a single sale, or may sell any part of the Property separately from the remainder of the Property. Neither Trustee nor Beneficiary shall be required to take possession of any part of the Property or to have any of the personal property present at any sale of the Property. Trustee or Beneficiary may appoint or dele...
Exercise of Power of Sale. Upon receipt of such notice from the Beneficiary, the Trustee shall cause to be recorded, published and delivered to the Grantor such Notice of Default and Election to Sell as then required by Chapter 107 of the Nevada Revised Statutes ("NRS"), or any successor statutes. The Trustee shall, without demand on the Grantor, after lapse of such time as may be required by law and after recordation of such Notice of Default and Election to Sell first give notice of the time and place of such sale, in the manner provided by the laws of the State of Nevada for the sale of real property under execution, and may from time to time postpone such sale by such advertisement as it may deem reasonable, or without further advertisement, by proclamation made to the persons assembled at the time and place previously appointed and advertised for such sale, and on the day of sale so advertised, or to which such sale may have been postponed, the Trustee may sell the Trust Property so advertised, at public auction, at the time and place specified in the notice, either in the county in which the Trust Property, or any part thereof, to be sold, is situated, or at the principal office of the Trustee located in ▇▇▇▇▇ County, State of Nevada, in its discretion, to the highest cash bidder (subject to the Beneficiary's right to credit upon the amount of the bid made therefor the amount payable to it). The Trustee shall execute and deliver to the purchaser a trustee's deed conveying the Trust Property so sold, but without any covenant of warranty, express or implied. The recitals in the trustee's deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including the Beneficiary, may bid at the sale, and Beneficiary shall have the right to credit upon the amount of the bid made therefor the amount payable to it out of the net proceeds of such sale. All other sales shall be, to the extent permitted by applicable law, on a cash basis. The Trustee shall apply the proceeds of the sale to payment of (a) the costs and expenses of exercising the power of sale and of the sale, including the payment of the Trustee's, and both the Trustee's and the Beneficiary's attorneys', fees and costs; (b) the cost of any evidence of title procured in connection with such sale; (c) all sums expended under the terms hereof in conjunction with any default provision hereunder, not then repaid, with accrued interest at the rate then provided for in the Note; (d) all sums then ...
Exercise of Power of Sale. The Trustee shall apply the proceeds of the Trustee’s sale, first to the costs and expenses the power of sale and of the sale, including the payment of the Trustee’s fees actually incurred not to exceed the amount which may be provided for in the Security Instrument, second, to the payment of the obligation secured by the Security Instrument, third, to the payment of junior deeds of trust, mortgages or other lienholders, and the balance, if any, to the person or persons legally entitled thereto.
Exercise of Power of Sale. This Contract is subject to and conditional upon the Seller's power of sale under the Seller's mortgage being exercisable on or before the Settlement Date.
Exercise of Power of Sale. After the lapse of such time as may then be required by Utah Annotated Code § 57-1-24 or other applicable law following the recordation of the notice of default, and notice of default and notice of sale having been given as then required by Utah Annotated Code § 57-1-25 and § 57-1-26 or other applicable law, Trustee, without demand on Trustor, shall sell the Trust Estate on the date and at the time and place designated in the notice of sale, either as a whole or in separate parcels, and in such order as Beneficiary may determine (but subject to Trustor’s statutory right under Utah Annotated Code § 57-1-27 to direct the order in which the property, if consisting of several known lots or parcels, shall be sold), at public auction to the highest bidder, the purchase price payable in lawful money of the United States at the time of sale. The person conducting the sale may, for any cause deemed expedient, postpone the sale from time to time until it shall be completed and, in every such case, notice of postponement shall be given by public declaration thereof by such person at the time and place last appointed for the sale; provided, if the sale is postponed for longer than forty-five (45) days beyond the date designated in the notice of sale, notice of the time, date, and place of sale shall be given in the same manner as the original notice of sale as required by Utah Annotated Code § 57-1-27. Trustee shall execute and deliver to the purchaser a Trustee’s Deed, in accordance with Utah Annotated Code § 57-1-28, conveying the Property so sold, but without any covenant of warranty, express or implied. The recitals in the Trustee’s Deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Beneficiary, may bid at the sale. Trustee shall apply the proceeds of the sale as follows:
Exercise of Power of Sale. Sell Mortgagor’s interest in the Mortgaged Property pursuant to the power of sale conferred in this Mortgage. If Lender elects to sell Mortgagor’s interest in the Mortgaged Property by exercise of such power of sale, Lender shall have all of the rights and powers available pursuant to any Applicable Law in connection therewith, including the right to credit bid at the sale, and Lender shall give such notices and otherwise conduct the sale and apply the proceeds of the sale in the manner required by law or otherwise as Lender may determine.
Exercise of Power of Sale. The Security Agent may exercise the power of sale in any way and on such terms as it thinks fit including:
(a) by auction, public tender, private sale or another method;
(b) for cash or other valuable consideration;
(c) that payment of all or part of the purchase price is deferred or is paid in instalments spread over any period (with or without interest or security);
(d) in one lot or in parcels;
(e) whether or not in conjunction with the sale of other property;
(f) with or without special provisions as to title; or
(g) by sale to the Security Agent or any subsidiary of the Security Agent or any subsidiary of any holding body of the Security Agent.
Exercise of Power of Sale. Subject to the Enforcement Principles (provided that such Enforcement Principles are consistent with the Security Law), the Security Agent may exercise the power of sale in any way and on such terms as it thinks fit including:
(a) by auction, public tender, private sale or another method;
(b) for cash or other valuable consideration;
(c) that payment of all or part of the purchase price is deferred or is paid in instalments spread over any period (with or without interest or security);
(d) in one lot or in parcels;
(e) whether or not in conjunction with the sale of other property;
(f) with or without special provisions as to title; or
(g) by sale to the Security Agent or any Finance Party or any subsidiary of the Security Agent or any Finance Party or any subsidiary of any holding body of the Security Agent or any Finance Party.
Exercise of Power of Sale. If Junior Beneficiary elects to sell Grantor' s interest in the Mortgaged Premises by exercise of the power of sale herein contained, Junior Beneficiary shall notify Trustee in the manner then required by the Nebraska Trust Deeds Act (Neb. Rev.
Exercise of Power of Sale. Upon any sale of the Mortgaged Securities or any of them which the Board may make or purport to make under the provisions of this Agreement, a certificate made by any of the Board’s officers that the power of sale has become exercisable shall be prima facie evidence of such power of sale having become esercisable and, save for any error, be conclusive evidence of the fact in favour of any purchaser or other person to whom any of the Mortgaged Securities may be transferred under such sale and the Company will indemnify the Board and keep the Board indemnified against any claim or demand made against the Board by such purchaser or person, and any liability, loss, cost or expense that the Board may suffer or incur, by reason of any defect in the Company’s title to such Mortgaged Securities, except to the extent caused by the Board’s own negligence or wilful default.