Common use of Effect of Foreclosure Clause in Contracts

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. It is agreed by the parties that SellerBroker'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 SellerBroker’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, Oak its successors, successors or 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 Broker under this Agreement, including, without limitation, the obligations of Seller Broker to repurchase and indemnify Angel Oak as provided herein.