Security Agreement Page 8
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(c) Receipt to Purchaser. Upon any sale, whether made under the power of
sale herein granted and conferred or by judicial proceedings, the receipt
of the Secured Party, or of the officer making sale under judicial pro-
ceedings, shall be sufficient to discharge the purchaser or purchasers at
any sale for his or their purchase money, and such purchaser or pur-
chasers, his or their assigns or personal representatives, shall not, after
paying such purchase money and receiving such receipt to the Secured
Party or of such officer therefor, be obligated to see the application of
such purchase money, or be in any way answerable for any loss, misap-
plication or non-application thereof.
(d) Effect of Sale. Any sale or sales of the Collateral, whether under the
power of sale herein granted and conferred or by virtue of judicial pro-
ceedings, shall operate to divest all right, title, interest, claim and demand
whatsoever either at law or in equity, of the Debtor of, in and to the
premises and the property sold, and shall be a perpetual bar, both at law
and in equity, against the Debtor, Debtor’s successors or assigns and
against any and all persons claiming or who shall thereafter claim all or
any of the property sold from, through or under the Debtor or Debtor’s
successors or assigns; nevertheless, the Debtor, if so requested by the
Secured Party, shall join in the execution and delivery of all property con-
veyances, assignments and transfers of the properties so sold.
(e) Application of Proceeds. The proceeds of any sale of the Collateral or
any part thereof, whether under and conferred or by virtue of judicial
proceedings, shall be applied as follows:
i)
To the payment of all expenses incurred by the Secured Party in
any entry or taking of possession, of any sale, of advertisement
thereof, and of conveyances, and court costs, compensation of
agents and employees and attorneys’ fees;
ii)
To the payment of the Indebtedness with interest to the date of such
payment;
iii) Any surplus thereafter remaining shall be paid to the Debtor or
Debtor’s successors or assigns, as their interests shall appear.
(f)
Debtor’s Waiver of Appraisement, Marshaling, Etc., Rights. The Debtor
agrees, to the full extent that the Debtor may lawfully so agree, that the
Debtor will not at any time insist upon or plead or in any manner whatever
claim the benefit of any appraisement, valuation, stay, extension or
redemption law now or hereafter in force, in order to prevent or hinder the
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