Common use of Effect of Foreclosure Clause in Contracts

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.