Effect of Foreclosure Clause Samples

Effect of Foreclosure. In the event of a Foreclosure Transfer, the Encumbrance Holder shall forthwith give notice to County in writing of such transfer setting forth the name and address of the Foreclosure Transferee and the effective date of such transfer, together with a copy of the document by which such transfer was made. 13.3.1 Any Encumbrance Holder which is an Institutional Lender, shall, upon becoming a Foreclosure Transferee (other than an Equity Foreclosure Transferee), become liable to perform the full obligations of Lessee under this Lease (other than Excluded Defaults) accruing during its period of ownership of the leasehold. Upon a subsequent transfer of the leasehold in accordance with Subsection 13.2.3 above, such Institutional Lender shall be automatically released of any further liability with respect to this Lease, other than for (a) rent payments, property tax payments, reserve account payments and other monetary obligations under specific terms of the Lease that accrue solely during such Institutional Lender’s period of ownership of the leasehold, and (b) Lessee’s indemnification obligations under this Lease with respect to matters pertaining to or arising during such Institutional Lender’s period of ownership of leasehold title.‌ 13.3.2 Any other Foreclosure Transferee (i.e., other than an Institutional Lender as provided in Subsection 13.3.1 above) shall, upon becoming a Foreclosure Transferee (other than an Equity Foreclosure Transferee), become liable to perform the full obligations of Lessee under this Lease (other than Excluded Defaults). 13.3.3 Following any Foreclosure Transfer which is a transfer of the leasehold interest under the Lease, County shall recognize the Foreclosure Transferee as the Lessee under the Lease and shall not disturb its use and enjoyment of the Property, and the Foreclosure Transferee shall succeed to all rights of Lessee under this Lease as a direct lease between County and such Foreclosure Transferee, provided that the Foreclosure Transferee cures any pre-existing Event of Default other than any such pre-existing Event of Default that (a) is an incurable non- monetary default, (b) is a non-monetary default that can only be cured by a prior lessee, (c) is a non-monetary default that is not reasonably susceptible of being cured by such transferee, or (d) relates to any obligation of a prior lessee to pay any Percentage Share (collectively, “Excluded Defaults”), and thereafter performs the full obligations of Lessee under this L...

Effect of Foreclosure. It is agreed by the parties that TPO's Repurchase Obligation with respect to a Loan shall not be obviated by the fact that the property securing the Loan has been foreclosed upon and said property has been acquired by UHMC or a third party, it being understood that TPO's Repurchase Obligation encompasses the repurchase of the property from UHMC if UHMC has acquired the property, or, if a third party has acquired the property, reimbursing UHMC as set forth herein. Notwithstanding anything to the contrary, in no event shall a full credit bid made by UHMC its successors or assigns any related party at a foreclosure sale of any Loan affect in any way the rights and remedies of UHMC or the obligations of TPO under this Agreement, including, without limitation, the obligations of TPO to repurchase and indemnify UHMC as provided herein.

Effect of Foreclosure. In the event of a transfer under subsection 34.1.2., the Encumbrance Holder shall forthwith give notice to County in writing of any such transfer setting forth the name and address of the transferee and the effective date of such transfer, together with a copy of the document by which such transfer was made. 34.1.3.1. Any transferee under the provisions of subsection

Effect of Foreclosure. (a) The Parties hereby acknowledge and agree that $80 million of the net proceeds from the foreclosure (the "Net Foreclosure Proceeds") of the NonRecourse Note and Mortgage upon delivery to MLI shall reduce the Reference Amount under the Secured Adjustment Agreement in accordance with the provisions of Section 3.3 of the Secured Adjustment Agreement and that such NonRecourse Note and Mortgage shall, upon foreclosure, terminate. i. The Net Foreclosure Proceeds, after payment of $80 million to MLI, shall be payable to, and for the account of, the Companies; provided, however, that the ▇▇▇▇▇▇▇ ▇▇▇▇▇ Parties shall retain that amount of Net Foreclosure Proceeds (if any) in excess of the amount of any federal, state or local income taxes of the Companies directly attributable to such foreclosure (or the grant of the underlying mortgage) reasonably determined by the Companies (the "Tax Remittance"). To accomplish the foregoing, the Companies shall notify the ▇▇▇▇▇▇▇ ▇▇▇▇▇ Parties of the amount of such Tax Remittance, and shall deliver to the ▇▇▇▇▇▇▇ ▇▇▇▇▇ Parties a schedule displaying the calculation of such Tax Remittance, and the ▇▇▇▇▇▇▇ ▇▇▇▇▇ Parties shall promptly remit, or cause to be remitted, to the Companies, such amount; provided, however, that in no event shall the ▇▇▇▇▇▇▇ ▇▇▇▇▇ Parties be required to remit amounts as a Tax Remittance if such remittance would cause the ▇▇▇▇▇▇▇ ▇▇▇▇▇ Parties to retain less than $80 million of Net Foreclosure Proceeds (including the amount of such proceeds applied to the NonRecourse Note and Mortgage). The excess (if any) of such Net Foreclosure Proceeds after payment of such $80 million and the delivery of such Tax Remittance (subject to the proviso in the foregoing sentence) shall reduce the Reference Amount under the Unsecured Adjustment Agreement in accordance with the provisions of Section 3.3 of the Unsecured Adjustment Agreement.

Effect of Foreclosure. It is agreed by the parties that Seller's Repurchase Obligation with respect to a Loan shall not be obviated by the fact that the property securing the Loan has been foreclosed upon and said property has been acquired by Angel Oak or a third party, it being understood that Seller’s Repurchase Obligation encompasses the repurchase of the property from Angel Oak if Angel Oak has acquired the property, or, if a third party has acquired the property, reimbursing Angel Oak as set forth herein. Notwithstanding anything to the contrary, in no event shall a full credit bid made by Angel Oak, its successors, assigns or any related party at a foreclosure sale of any Loan affect in any way the rights and remedies of Angel Oak or the obligations of Seller under this Agreement, including, without limitation, the obligations of Seller to repurchase and indemnify Angel Oak as provided herein.

Effect of Foreclosure. Upon a foreclosure of this Mortgage or other transfer of title to the Mortgaged Property in full or partial payment of the Loan, all right, title, and interest of Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee or other person designated by the holder of the Note, and ▇▇▇▇▇▇▇▇▇ hereby irrevocably and unconditionally appoints Mortgagee as ▇▇▇▇▇▇▇▇▇'s true and lawful attorney-in- fact, coupled with an interest, in ▇▇▇▇▇▇▇▇▇'s name and stead, with full power of substitution, to assign and transfer all such policies and the proceeds thereof to such purchaser, grantee or other person.

Effect of Foreclosure. Foreclosure of a superior lien extinguishes the PUD’s claim against the Lot for unpaid Assessments that became due before the sale but does not extinguish the PUD’s claim against the former Owner. The purchaser at the foreclosure sale is liable for Assessments coming due from and after the date of the sale, and for the Owner’s pro rata share of the pre-foreclosure deficiency as a PUD expense. If an owner fails to pay Assessments due to the PUD, the Owner may lose title to the Lot if the PUD forecloses its Assessment lien against the Lot.

Effect of Foreclosure. At such time as the Lessee's interest in the Leasehold has been finally divested by the exercise of remedies under of the Deed of Trust, the rights of the Mezzanine Lender under this Certificate shall inure to the benefit of the purchaser of the Leasehold as a result of such exercise of remedies or its designee, and all rights of the Mezzanine Lender named herein shall terminate.

Effect of Foreclosure. In the event of foreclosure, the City shall make the payment of any Tax Rebate, assuming all preconditions therefor have been met and that the lender has complied with all terms of this Tax Rebate Agreement, to such lender. The Company agrees that, in the event of foreclosure or other action that would require the City to respond to preserve its rights in a court of law or other tribunal, to reimburse the City for its reasonable attorneys’ fees in responding to such matter.