Agenda - 01-24-2006-8a - Laserfiche WebLink

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41A (D (b) Proceed by appropriate court action to enforce the County's performance of the applicable covenants of this Agreement or to recover for the breach thereof, (c) Avail itself of all available remedies under this Agreement, including foreclosure as provided in Section 7.03, and recovery of attorneys' fees and other expenses. Notwithstanding any other provision of this Agreement, County, the Deed of Trust Trustee and Sellers intend to comply with Section 160A-20, No deficiency judgment may be entered against the County in violation of Section 160A-20. 7.03. Foreclosure; Sale under Power of Sale. (aa) Right to foreclosure or sale. Upon the occurrence and continuation of an Event of Default, at Sellers' request, the Deed of Trust Trustee shall foreclose Mortgaged Property by judicial proceedings or, at Sellers' option, the Deed of Trust Trustee shall sell (and is hereby empowered to sell) all or any part of the Mortgaged Property (and if in part, any such sale shall in no way adversely affect the lien created hereby against the remainder) at public sale to the last and highest bidder for cash (free of any equity of redemption, homestead, dower, curtesy or other exemption, all of which the County expressly waives to the extent permitted by law) after compliance with applicable State laws relating to foreclosure sales under power of sale, The Deed of Trust Trustee shall, at Sellers' request, execute a proper deed or deeds to the successful purchaser at such sale. (b) Seller's bid. Sellers may bid and become the purchaser at any sale under this Agreement, and in lieu of paying cash therefore may make settlement for the purchase price by crediting against the Required Payments the proceeds of sale net of sale expenses, including the Deed of Trust Trustee's commission, and after payment of such taxes and assessments as may be a lien on the Mortgaged Property superior to the lien of this Agreement (unless the Mortgaged Property is sold subject to such liens and assessments, as provided by State law). (c) County's bid. The County may bid for all or any part of the Mortgaged Property at any foreclosure sale; provided, however, that the price bid by the County may not be less than an amount sufficient to provide for full payment of the Required Payments. (d) Successful bidder's deposit. At any such sale the Deed of Trust Trustee may, at its option, require any successful bidder (other than Sellers) immediately to deposit with the Deed of Trust Trustee cash or a certified check in an amount equal to all or any part of the successful bid, and notice of any such requirement need not be included in the advertisement of the notice of such sale, 12 finagreemttweeter