Common use of Assignment of Mortgage to the Secretary of HUD Clause in Contracts

Assignment of Mortgage to the Secretary of HUD. In the event a Mortgage recorded in the first position against a For Sale Affordable Unit is assigned to the Secretary of HUD, the following shall occur upon the date of assignment: (a) the District’s right to purchase, whether or not such right has been triggered, shall automatically expire and (b) the terms of this Covenant applicable to such unit shall be automatically terminated pursuant to Section 8.3.3, except that upon sale of such unit by the For Sale Affordable Owner or foreclosure or deed in lieu thereof, the proceeds of such sale shall be apportioned as provided in Section 8.3.4.

Assignment of Mortgage to the Secretary of HUD. In the event a Mortgage recorded in the first position against a For Sale Affordable Unit is assigned to the Secretary of HUD, the following shall occur upon the date of assignment: (a) the District’s right to purchase, whether or not such right has been triggered, shall automatically expire and (b) the terms of this Covenant applicable to such unit shall be automatically terminated terminate pursuant to Section 8.3.3, except that upon sale of such unit by the For Sale Affordable Owner or foreclosure or deed in lieu thereof, the proceeds of such sale shall be apportioned as provided in Section 8.3.4.

Assignment of Mortgage to the Secretary of HUD. In the event a Mortgage recorded in the first position against a For Sale Affordable Housing Unit is assigned to the Secretary of HUD, the following shall occur upon the date of assignment: (ai) the District’s right to purchase, whether or not such right has been triggered, shall automatically expire and (bii) the terms of this Covenant applicable to such unit shall be automatically terminated pursuant to Section 8.3.310.3.3, except that upon sale of such unit by the For Sale Affordable Housing Unit Owner or foreclosure or deed in lieu thereof, the proceeds of such sale shall be apportioned as provided in Section 8.3.410.3.4.

Assignment of Mortgage to the Secretary of HUD. In the event a Mortgage recorded in the first position against a For Sale Affordable Unit or the Property is assigned to the Secretary of HUD, the following shall occur upon the date of assignment: (a) the District’s right to purchasepurchase the For-Sale Unit or the First Mortgage Note, whether or not such right has been triggered, shall automatically expire and (b) the terms of this Covenant applicable to such unit or the Property shall be automatically terminated terminate pursuant to Section 8.3.3, except that upon sale of such unit or the Property by the For Sale Affordable Owner or foreclosure or deed in lieu thereof, the proceeds of such sale shall be apportioned as provided in Section 8.3.4.