Common use of Effect of Foreclosure Clause in Contracts

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. 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 ▇▇▇▇▇▇▇▇▇ Mortgagor hereby irrevocably and unconditionally appoints Mortgagee as ▇▇▇▇▇▇▇▇▇Mortgagor's true and lawful attorney-in- in-fact, coupled with an interest, in ▇▇▇▇▇▇▇▇▇Mortgagor'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.