Assessment Lien and Foreclosure Sample Clauses

Assessment Lien and Foreclosure. Notwithstanding any provision to the contrary herein provided, if any, all sums assessed in the manner herein provided but unpaid, shall, together with interest, costs, expenses, and attorneys' fees, become a continuing lien and charge on the Parcel covered by such assessment, or in the case of a lien arising out of unpaid Restricted Use Area assessments, a lien on the Parcel benefited by such Restricted Use Area, which shall bind such Parcel in the hands of the Owner(s), his heirs, devisees, personal representatives, successors and assigns. The aforesaid lien shall take precedence over and be superior to all other liens and charges against the said Parcel, including, but not limited to any and all mortgages and deeds of trust, except the lien of assessments under the Riverport Indenture. Sale or transfer shall not affect any lien created pursuant hereto. To evidence the aforesaid assessment lien, the Trustees shall prepare a written notice of assessment lien setting forth the amount of the unpaid indebtedness, the name of the Owner(s) of the Parcel covered by such lien and a description of the Parcel. Such notice shall be signed by one of the Trustees and shall be filed and recorded in the offices of the Circuit Clerk of St. Louis County, Missouri and the Recorder of Deeds of St. Louis County, Missouri. A copy of said notice shall be sent by certified mail, return receipt requested, to the last known record address of each Owner of the affected Parcel, of each tenant with a lease of record affecting said Parcel, and of each person or entity having a mortgage lien of record affecting said Parcel. Such lien for payment of assessments may be enforced by foreclosing on the defaulting Owner's Parcel by the Trustees in like manner as a mortgage on real property subsequent to the recording of a notice of assessment lien as provided above, or the Trustees may institute suit against the Owner(s) personally obligated to pay the assessment and/or for foreclosure of the aforesaid lien judicially. In any foreclosure proceeding, whether judicial or non-judicial, the Owner(s) shall be required to pay the costs, expenses, and reasonable attorney's fees incurred. The Trustees shall have the power to bid on the Parcel at foreclosure or other legal or equitable sale and to acquire, hold, lease, mortgage, convey or otherwise deal with the same. Upon payment of such assessment so recorded, together with interest, costs, expenses and attorneys' fees, satisfaction thereof shall...
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Assessment Lien and Foreclosure. All sums assessed in the manner provided for in this Article which remain unpaid, together with late charges, interest thereon and on such late charges and the costs of collection (including, without limitation, reasonable attorneys' fees as provided above), shall become a continuing charge and shall constitute and be secured by a separate valid and subsisting lien, which is hereby created and fixed, on the Lotto which they relate, together with all Improvements thereon, forthe benefit of the Association (and all Ground Lessees of other Lots), which lien shall bind such property in the hands of the Ground Lessee and such Ground Lessee's heirs, devisees, personal representatives, successors and assigns (including, without limitation, the First Mortgagee or any other Person who obtains leasehold title to a Lot as a result of foreclosure, trustee's sale or deed in lieu thereof, but only, in the case of a First Mortgagee, where such First Mortgage was Recorded subsequent to the date when payment of any such Assessment became due and payable). Subject to the condition that the Association be made a party to any legal proceeding to enforce any lien hereinafterpr ovided to be superior thereto, the lien hereby created shall be subordinate and inferiorto (a) all liens for 14 BN 32866176vl2 taxes or special assessments levied by any governments with jurisdiction, or any political subdivision or special district thereof, and (b) all liens securing amounts due or to become due under any First Mortgage Recorded with the Recorder prior to the date an Assessment lien is Recorded; and any foreclosure of any such superior lien ( or exercise of any power of sale contained in any such prior First Mortgage or other security instrument), or through other legal proceedings in which the Association has been made a party, shall cut offand extinguish the liens securing the Annual and Special Assessments which became due and payable prior to the date upon which such foreclosure or sale has been completed or final judgment shall have been entered in such other legal proceedings (and all rights of appeal therefrom shall have expired), but no such foreclosure shall free any portion of the Lot or the Improvements thereon from the lien securing Assessments thereafter becoming due and payable, nor shall the liability of any Ground Lessee personally obligated to pay any such Annual or Special Assessments which become due prior to such foreclosure be extinguished by any such foreclosure. S...
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Related to Assessment Lien and Foreclosure

  • Reports of Foreclosures and Abandonment of Mortgaged Property The Master Servicer or the Subservicers shall file information returns with respect to the receipt of mortgage interests received in a trade or business, the reports of foreclosures and abandonments of any Mortgaged Property and the information returns relating to cancellation of indebtedness income with respect to any Mortgaged Property required by Sections 6050H, 6050J and 6050P, respectively, of the Code, and deliver to the Trustee an Officers' Certificate on or before March 31 of each year stating that such reports have been filed. Such reports shall be in form and substance sufficient to meet the reporting requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

  • Collection; Foreclosure Upon the occurrence and during the continuance of any Event of Default, Lender may, at any time or from time to time, apply, collect, liquidate, sell in one or more sales, lease or otherwise dispose of, any or all of the Collateral, in its then condition or following any commercially reasonable preparation or processing, in such order as Lender may elect. Any such sale may be made either at public or private sale at its place of business or elsewhere. Borrower agrees that any such public or private sale may occur upon ten (10) calendar days’ prior written notice to Borrower. Lender may require Borrower to assemble the Collateral and make it available to Lender at a place designated by Lender that is reasonably convenient to Lender and Borrower. The proceeds of any sale, disposition or other realization upon all or any part of the Collateral shall be applied by Lender in the following order of priorities: First, to Lender in an amount sufficient to pay in full Lender’s costs and professionals’ and advisors’ fees and expenses as described in Section 11.11; Second, to Lender in an amount equal to the then unpaid amount of the Secured Obligations (including principal, interest, and the Default Rate interest), in such order and priority as Lender may choose in its sole discretion; and Finally, after the full, final, and indefeasible payment in Cash of all of the Secured Obligations, to any creditor holding a junior Lien on the Collateral, or to Borrower or its representatives or as a court of competent jurisdiction may direct. Lender shall be deemed to have acted reasonably in the custody, preservation and disposition of any of the Collateral if it complies with the obligations of a secured party under the UCC.

  • Reports of Foreclosures and Abandonments of Mortgaged Property Following the foreclosure sale or abandonment of any Mortgaged Property, the Servicer shall report such foreclosure or abandonment as required pursuant to Section 6050J of the Code.

  • Reports of Foreclosure and Abandonment of Mortgaged Properties The Master Servicer shall file information returns with respect to the receipt of mortgage interest received in a trade or business, reports of foreclosures and abandonments of any Mortgaged Property and cancellation of indebtedness income with respect to any Mortgaged Property as required by Sections 6050H, 6050J and 6050P of the Code, respectively. Such reports shall be in form and substance sufficient to meet the reporting requirements imposed by such Sections 6050H, 6050J and 6050P of the Code.

  • Releases of Mortgaged Property Except as described in the next sentence, no Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property that was included in the appraisal for such Mortgaged Property, and/or generates income from the lien of the related Mortgage except upon payment in full of all amounts due under the related Mortgage Loan or in connection with the defeasance provisions of the related Note and Mortgage. The Mortgages relating to those Mortgage Loans identified on Schedule A hereto require the mortgagee to grant releases of portions of the related Mortgaged Properties upon (a) the satisfaction of certain legal and underwriting requirements and/or (b) the payment of a predetermined or objectively determinable release price and prepayment consideration in connection therewith. Except as described in the first sentence hereof and for those Mortgage Loans identified on Schedule A, no Mortgage Loan permits the full or partial release or substitution of collateral unless the mortgagee or servicer can require the Borrower to provide an opinion of tax counsel to the effect that such release or substitution of collateral (a) would not constitute a "significant modification" of such Mortgage Loan within the meaning of Treas. Reg. ss.1.1001-3 and (b) would not cause such Mortgage Loan to fail to be a "qualified mortgage" within the meaning of Section 860G(a)(3)(A) of the Code.

  • Releases of Mortgaged Properties No Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property from the lien of the related Mortgage except upon (i) payment in full of all amounts due under the related Mortgage Loan or (ii) delivery of "government securities" within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the "Investment Company Act"), in connection with a defeasance of the related Mortgage Loan; provided that the Mortgage Loans that are Crossed Loans, and the other individual Mortgage Loans secured by multiple parcels, may require the respective mortgagee(s) to grant releases of portions of the related Mortgaged Property or the release of one or more related Mortgaged Properties upon (i) the satisfaction of certain legal and underwriting requirements or (ii) the payment of a release price in connection therewith; and provided, further, that certain Crossed Groups or individual Mortgage Loans secured by multiple parcels may permit the related Mortgagor to obtain the release of one or more of the related Mortgaged Properties by substituting comparable real estate property, subject to, among other conditions precedent, receipt of confirmation from each Rating Agency that such release and substitution will not result in a qualification, downgrade or withdrawal of any of its then-current ratings of the Certificates; and provided, further, that any Mortgage Loan may permit the unconditional release of one or more unimproved parcels of land to which the Seller did not give any material value in underwriting the Mortgage Loan.

  • Notice of Lien or Assessment A notice of Lien or assessment in excess of $25,000,000 which is not a Permitted Lien is filed of record with respect to all or any part of any of the Loan Parties’ or any of their Subsidiaries’ assets by the United States, or any department, agency or instrumentality thereof, or by any state, county, municipal or other governmental agency, including the PBGC, or any taxes or debts owing at any time or times hereafter to any one of these becomes payable and the same is not paid within thirty (30) days after the same becomes payable;

  • Conveyance of Mortgage Pool Assets; Security Interest Concurrently with the execution and delivery hereof, the Company does hereby irrevocably sell, transfer, assign, set over and otherwise convey to the Trust, without recourse, all the Company's right, title and interest in and to the Mortgage Pool Assets, including but not limited to all scheduled payments of principal and interest due after the Cut-Off Date and received by the Company with respect to the Mortgage Loans at any time, and all Principal Prepayments received by the Company after the Cut-Off Date with respect to the Mortgage Loans (such transfer and assignment by the Company to be referred to herein as the "Conveyance," and the assets so transferred and assigned to be referred to herein as the "Conveyed Assets"). It is the express intent of the parties hereto that the Conveyance of the Conveyed Assets to the Trust by the Company as provided in this Section 2.04 be, and be construed as, an absolute sale of the Conveyed Assets. It is, further, not the intention of the parties that such Conveyance be deemed the grant of a security interest in the Conveyed Assets by the Company to the Trust to secure a debt or other obligation of the Company. However, in the event that, notwithstanding the intent of the parties, the Conveyed Assets are held to be the property of the Company, or if for any other reason this Agreement is held or deemed to create a security interest in the Conveyed Assets, then

  • Default and Foreclosure 5 3.1 Remedies....................................................... 5 3.2

  • Real Property Collateral The Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent:

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