|
highest bidder all or any part of the Mortgaged Property and all
<br /> right, title, interest, claim and demand therein, and the right of
<br /> redemption thereof, in one lot as an entirety, or in separate lots,
<br /> as the Trustee may elect, and in one sale or in any number of
<br /> separate sales held at one time or any number of times, which such
<br /> sale or lease shall be made at public auction at such place in the
<br /> county in which the Mortgaged Property to be sold is situated and at
<br /> such time and upon such terms as may be fixed by the Trustee and
<br /> briefly specified in the notice of such sale or sales. Any sale by
<br /> the Trustee may nevertheless, at its option, be made at such other
<br /> place or places, and in such other manner, as may now or hereafter
<br /> be authorized bylaw.
<br /> Section 7 . 3 . Sale a Bar. To the extent permitted by law, any
<br /> sale or sales pursuant to Section 7.2 hereof shall operate to divest
<br /> all estate, right, title, interest, claim or demand whatsoever,
<br /> whether at law or in equity, of the Borrower, in and to the
<br /> premises, property, privileges and rights so sold, and shall be a
<br /> perpetual bar both at law and in equity against the Borrower, its
<br /> successors and assigns, and against any and all persons claiming or
<br /> who may claim the same, or any part thereof, from, through or under
<br /> the Borrower, its successors or assigns.
<br /> Section 7.4. Receipt Sufficient Discharge for Purchaser. The
<br /> receipt of the Trustee or of the court officer conducting any such
<br /> sale for the purchase money paid at any such sale shall be a
<br /> sufficient discharge therefor to any purchaser of the property, or
<br /> any part thereof, sold as aforesaid; and no such purchaser or his
<br /> representatives, grantees or assigns, after paying such purchase
<br /> money and receiving such a receipt, shall be bound to see to the
<br /> application of such purchase money upon or for the purpose of this
<br /> Loan Agreement, or shall be answerable in any manner whatsoever for
<br /> any loss, misapplication or non-application of any such purchase
<br /> money or any part thereof, nor shall any such purchaser be bound to
<br /> inquire as to the necessity or expediency of any such sale.
<br /> Section 7 .5. Sale to Accelerate Notes. In the event of any
<br /> sale pursuant to Section 7.2 hereof, the principal of the Notes, if
<br /> not previously due, immediately thereupon shall become due and
<br /> payable, anything in the Notes or this Loan Agreement or the 1986
<br /> Loan Agreement to the contrary notwithstanding.
<br /> Section 7. 6. Application of Proceeds of Sales. The purchase
<br /> money proceeds or avails of any such sale, together with any other
<br /> sums which then may be held by the Trustee under this Loan Agreement
<br /> as part of the Mortgaged Property or the proceeds thereof, whether
<br /> under the provisions of this Article or otherwise, shall be paid to
<br /> the Trustee who shall apply such funds as follows:
<br /> FIRST: To the payment of the costs and expenses of such
<br /> sale, including reasonable compensation to the Issuer or the
<br /> Trustee, its or their agents, attorneys and counsel, and the
<br /> -37-
<br />
|