Common use of Applicability; Exceptions Clause in Contracts

Applicability; Exceptions. The Residential Real Property Disclosure Act “applies to any transfer by sale . . . of residential real property.” 765 ILL. COMP. STAT. XXX. 77/10. The seller disclosure requirements of the Residential Real Property Disclosure Act do NOT however apply to, among other types of transfers, “a transfer by a mortgagee or a successor in interest to the mortgagee's secured position or a beneficiary under a deed in trust who has acquired the real property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale.” 765 ILL. COMP. STAT. XXX. 77/15(2). Moreover, and as a matter of federal law, 12 U.S.C. § 1821(d)(2)(A)(i), if Seller is the FDIC in either capacity named in the Contract, it succeeded to all of the rights, titles, powers, and privileges of a failed insured depository institution who was a mortgagee or a successor in interest to the mortgagee's secured position or a beneficiary under a deed in trust and who acquired the Property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale, including, without limitation, the benefit of the exception set forth in § 77/15(2).

Applicability; Exceptions. The Residential Real Property Disclosure Act “applies to any transfer by sale . . . ... of residential real property.” 765 ILL. COMP. STAT. XXX. 77/10. The seller disclosure requirements of the Residential Real Property Disclosure Act do NOT however apply to, among other types of transfers, “a transfer by a mortgagee or a successor in interest to the mortgagee's secured position or a beneficiary under a deed in trust who has acquired the real property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale.” 765 ILL. COMP. STAT. XXX. 77/15(2). Moreover, and as a matter of federal law, 12 U.S.C. § 1821(d)(2)(A)(i), if Seller is the FDIC in either capacity named in the Contract, it succeeded to all of the rights, titles, powers, and privileges of a failed insured depository institution who was a mortgagee or a successor in interest to the mortgagee's secured position or a beneficiary under a deed in trust and who acquired the Property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure salesale (for the purposes of this Article 8, a “Mortgagee”), including, without limitation, the benefit of the exception set forth in § 77/15(2).