Common use of Foreclosure Procedures Clause in Contracts

Foreclosure Procedures. (a) No delay or omission by Secured Party to exercise any right or remedy accruing upon any Event of Default shall (i) impair any right or remedy, (ii) waive any default or operate as an acquiescence to the Event of Default, or (iii) affect any subsequent default of the same or of a different nature. (b) Secured Party shall give Debtor such notice of any private or public sale as may be required by the UCC. (c) Secured Party has no obligation to repair, clean-up or otherwise prepare the Collateral for sale. (d) Secured Party has no obligation to attempt to satisfy the Obligations by collecting them from any other person liable for them and Secured Party may release, modify or waive any collateral provided by any other person to secure any of the Obligations, all without affecting Secured Party's rights against Debtor. Debtor waives any right it may have to require Secured Party to pursue any third person for any of the Obligations. (e) Secured Party may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral. (f) Secured Party may sell the Collateral without giving any warranties as to the Collateral and may specifically disclaim any warranties of title or the like. This procedure will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral. (g) If Secured Party sells any of the Collateral upon credit, Debtor will be credited only with payments actually made by the purchaser, received by Secured Party and applied to the indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, Secured Party may resell the Collateral and Debtor shall be credited with the proceeds of the sale as and when received, less expenses. (h) In the event Secured Party purchases any of the Collateral being sold, Secured Party may pay for the Collateral by crediting some or all of the Obligations. (i) Secured Party has no obligation to marshal any assets in favor of Debtor, or against or in payment of: (i) the Note; (i) any of the other Obligations; or (ii) any other obligation owed to Secured Party or any other person.

Foreclosure Procedures. (a) No delay or omission by Secured Party to exercise any right or remedy accruing upon any Event of Default shall (i) impair any right or remedy, (ii) waive any default or operate as an acquiescence to the Event of Default, or (iii) affect any subsequent default of the same or of a different nature. (b) Secured Party shall give Debtor such notice of any private or public sale as may be required by the UCC. (cii) Secured Party has no obligation to repair, clean-up or otherwise prepare the Collateral for sale. (diii) Secured Party has no obligation to attempt to satisfy the Obligations by collecting them it from any other person liable for them and Secured Party may release, modify or waive any collateral provided by any other person to secure any of the Obligations, all without affecting Secured Party's rights against Debtor. Debtor waives any right rights it may have to require Secured Party to pursue any third person for any of the Obligations. (eiv) Secured Party may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral. (fv) Secured Party may sell the Collateral without giving any warranties as to the Collateral and Collateral. Secured Party may specifically disclaim any warranties of title or the like. This procedure will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral. (gvi) If Secured Party sells any of the Collateral upon credit, Debtor will be credited only with payments actually made by the purchaser, received by Secured Party and applied to the indebtedness of the purchaserDebtor. In the event the purchaser fails to pay for the Collateral, Secured Party may resell the Collateral and Debtor shall be credited with the proceeds of the sale as and when received, less expensessale. (hvii) In the event Secured Party purchases any of the Collateral being sold, Secured Party may pay for the Collateral by crediting some or all of the ObligationsObligations of the Debtor. (iviii) Secured Party has no obligation to marshal any assets in favor of Debtor, or against or in payment of: : (ia) the Note; , (ib) any of the other Obligations; , or (iic) any other obligation owed to Secured Party by Debtor or any other person.