1980-070 CRA - Laserfiche WebLink

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. 8 . . thereof and the property pledged pursuant to the Pledge Agreement. Bank and each subsequent holder hereof agree that upon the Occurrence of a default under any Borrower Note such holder will either: (a) Offer to purchase the property collater- alizing such Borrower Note at any foreclosure sale com- menced by the undersigned by making a bid of not less than the amount remaining due on such Borrower Note and the costs involved in such sale; or (b) Purchase such Borrower Note and the deed or deeds of trust and any other security therefor and any guaranties thereof from the undersigned at a price equal to the outstanding balance of such Borrower Note plus the undersigned's costs involved in such default and foreclosure; provided that, an offer or purchase pursuant to the foregoing clause (a) or (b) shall be without prejudice to any claim for damages referred to in the introductory clause of the first sentence of this paragraph. Bank or tHe subsequent holder making a purchase pursuant to the foregoing clause (a) or (b) is authorized to apply the purchase price (less any amounts attributable to costs of the undersigned in connection with the sale or default and foreclosure, as the case may be) in reduc- -, tion of principal and interest owing on this note in such order as it shall determine: Any holder hereof may add to the principal balance of this note, to ~he extent permitted by law, amounts required to indemnify and hold such holder harmless against, and reimburse such holder for, all costs, expenses, and liabilities, including legal expenses, of whatsoever kind or nature, arising from protec- tion of such holder's rights in the security for this note. -12- 77 5.E