LD 1932
pg. 4
Page 3 of 7 An Act To Implement Model Time-share Foreclosure Procedures Page 5 of 7
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LR 2960
Item 1

 
Maine, being all and singular the premises described
in said mortgage (or mortgages, if more than one).
(For each mortgage, list the name and address of the
time-share owner, a general description of the time-
share estate and the book and page number of the
mortgage.)

 
TERMS OF SALE:__(State the deposit amount to be
paid by the purchaser at the time and place of the
sale and the times for payment of the balance or
the whole, as the case may be. The time-share
estates, if more than one, may be sold in
individual lots or as a group.)

 
Other terms to be announced at the sale.

 
Signed ........................

 
Holder of Mortgage or authorized agent.

 
(f)__The notice of sale in the forms described in
divisions (d) and (e), published in accordance
with the provisions of this section, together with
such other or further notice, if any, constitutes
sufficient notice of the sale.

 
(2)__The foreclosure sale must be conducted pursuant to
this subparagraph.

 
(a)__Unless the notice of sale otherwise provides,
the foreclosure sale must take place on the time-
share property.

 
(b)__The foreclosure sale must be by public
auction, conducted by an auctioneer or attorney
licensed to practice in the State.__At the
discretion of the auctioneer or attorney, the
reading of the names of the time-share owners, if
more than one, the description of time-share
estates, if more than one, and the recording
information, if more than one instrument, may be
dispensed with.

 
(c)__All rights of redemption of the time-share
owner are extinguished upon sale of a time-share
estate.

 
(d)__The managing entity, the foreclosing person or any time-
share owner may bid at the foreclosure sale.__The successful
buyer at the foreclosure sale takes title to the time-share
estate free and


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