Common use of Time Share Interests Clause in Contracts

Time Share Interests. The Instrument and any security for the payment of the amount due under the Instrument are bona fide, are in form and substance satisfactory to Lender and are valid and enforceable in accordance with their terms; upon the obligor's default under the Instrument, subject only to notice and a reasonable grace period, payment of the balance of the indebtedness owing under the Instrument may be immediately accelerated and the lien of any security may be foreclosed or realized upon; and rights of the Purchaser to the purchased Time-Share Interest(s) is subject only to the Permitted Encumbrances.

Time Share Interests. The Instrument and any security for the payment of the amount due under the Instrument are bona fide, are in form and substance satisfactory to Lender and are valid and enforceable in accordance with their terms; upon the obligor's default under the Instrument, subject only to notice and a reasonable grace period, payment the purchase of the balance Time-Share Interest which is the subject matter of the indebtedness owing under the such Instrument may be immediately accelerated rescinded and the lien of any security may be foreclosed or realized uponTime-Share Interest resold; and the rights of the Purchaser to the purchased Time-Share Interest(s) is subject only to the Permitted Encumbrances.

Time Share Interests. The Instrument and any security for the payment of the amount due under the Instrument are bona fide, are in form and substance satisfactory to Lender and are valid and enforceable in accordance with their terms; upon the obligor's default under the Instrument, subject only to notice and a reasonable grace period, payment of the balance of the indebtedness owing under the Instrument may be immediately accelerated and the lien of any security may be foreclosed or realized upon; and rights title of the Purchaser to the purchased Time-Share Interest(s) is subject only to the Permitted Encumbrances.