Discontinuance of Proceedings definition

Discontinuance of Proceedings. To the extent permitted by applicable Legal Requirements, in case Trustee or Beneficiary, as the case may be, shall have proceeded to invoke any right, remedy or recourse permitted under the Loan Documents and shall thereafter elect to discontinue or abandon same for any reason, Trustee or Beneficiary, as the case may be, shall have the unqualified right so to do and, in such an event, Grantor, Trustee and Beneficiary shall be restored to their former positions with respect to the Loan Documents, the Mortgaged Property and otherwise, and the rights, remedies, recourses and powers of Trustee and Beneficiary shall continue as if same had never been invoked. _ Application of Proceeds: To the extent permitted by applicable Legal Requirements, all proceeds received from the sale or other dispositions of the Mortgaged Property, including but not limited to, the Rents and other income generated by the holding, leasing, operating or other use of the Mortgaged Property, pursuant to Article 6 of this Deed of Trust shall be applied by the Trustee and/or Beneficiary (or the receiver, if one is appointed), as applicable, to the extent that funds are so available therefrom, in accordance with the following priorities: First: to the costs and expenses of the sale or possession of the Mortgaged Property including the Trustee's or receiver's reasonable fee or commission, if any, title and abstracting charges, reasonable attorneys' fees and a reasonable auctioneer's fee if such expense has been incurred;
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Examples of Discontinuance of Proceedings in a sentence

  • Section 9.1. Events of Default 85 Section 9.2. Remedies on Default 86 Section 9.3. Remedies Cumulative 87 Section 9.4. No Additional Waiver Implied by One Waiver 88 Section 9.5. Effect on Discontinuance of Proceedings 88 Section 9.6. Agreement to Pay Fees and Expenses of Attorneys and Other Consultants.

  • Discontinuance of Proceedings by Trustee........................................45 Section 11.05.

  • Position of Parties Restored Upon Discontinuance of Proceedings 31 Section 7.11.

  • Section 9.1. Events of Default 76 Section 9.2. Remedies 78 Section 9.3. Rights of Set-Off 80 Section 9.4. Remedies Cumulative, Concurrent and Non-Exclusive 80 Section 9.5. No Conditions Precedent to Exercise Remedies 80 Section 9.6. Release of and Resort to Collateral 81 Section 9.7. Waivers 81 Section 9.8. Discontinuance of Proceedings 81 Section 9.9. Power of Attorney 82 Section 9.10.

  • Discontinuance of Proceedings on Default; Position of Parties Restored 45 Section 7.09.

  • Discontinuance of Proceedings 30 Article VIII Miscellaneous 31 Section 8.01.

  • Discontinuance of Proceedings 71 ARTICLE VIII - DAMAGE, DESTRUCTION AND CONDEMNATION 72 Section 8.01.

  • Section 6.1. Events of Default 28 Section 6.2. Consequences of an Event of Default 30 Section 6.3. Remedies Cumulative; Solely for the Benefit of Bank 31 Section 6.4. Waivers or Omissions 31 Section 6.5. Discontinuance of Proceedings 31 Section 6.6. Injunctive Relief.

  • Discontinuance of Proceedings 35 Article VIII Indemnification 35 Section 8.01.

  • Effect of Discontinuance of Proceedings..........................

Related to Discontinuance of Proceedings

  • winding-up proceedings means collective proceedings involving realisation of the assets and distribution of the proceeds among the creditors, shareholders or members as appropriate, which involve any intervention by administrative or judicial authorities, including where the collective proceedings are terminated by a composition or other analogous measure, whether or not they are founded on insolvency or are voluntary or compulsory;

  • Informal proceedings means proceedings for probate of a will or appointment of a personal representative conducted by the probate register without notice to interested persons.

  • criminal proceedings means criminal proceedings in relation to which the strict rules of evidence apply;

  • Formal proceedings means proceedings conducted before a judge with notice to interested persons.

  • Legal Proceedings means any judicial, administrative or arbitral actions, suits, proceedings (public or private) or governmental proceedings.