Common use of Rights Under Uniform Commercial Code Clause in Contracts

Rights Under Uniform Commercial Code. In addition to the rights available to a mortgagee of real property, Mortgagee shall also have all the rights, remedies and recourse available to a secured party under the UCC, including the right to proceed under the provisions of the UCC governing default as to any Collateral or to proceed as to such Collateral in accordance with the procedures and remedies available pursuant to a foreclosure of real estate. Mortgagor further understands that Mortgagee may take possession of the Collateral under the UCC and dispose of the same by sale or otherwise. If notice to any party of the intended disposition of the Collateral is required by law in a particular instance, such notice shall be deemed commercially reasonable if given at least ten (10) days prior to such intended disposition and may be given by advertisement in a newspaper accepted for legal publications either separately or as part of a notice given to foreclose the real property or may be given by private notice if such parties are known to Mortgagee.