Common use of ASSIGNMENT, SALE OR FORECLOSURE Clause in Contracts

ASSIGNMENT, SALE OR FORECLOSURE. (a) The Owner agrees that it has not made and will not make any sale, assignment, or conveyance or transfer in any fashion, of this Contract, without the prior written consent of Grantee which shall not be unreasonably withheld. (b) The Owner and the party signing this Contract on behalf of the Owner represent that they have the authority of all of the parties having ownership interests in the Owner to agree to this provision on their behalf and to bind them with respect to it. (c) Except where otherwise approved by Grantee, this Contract shall continue in effect and Rental Assistance Payments will continue in accordance with the terms of the Contract in the event: (1) Of assignment, sale, or other disposition of the project or this Contract, (2) Of foreclosure, including foreclosure by HUD, (3) Of assignment of the mortgage or deed in lieu of foreclosure, (4) The Grantee or HUD takes over possession, operation or ownership,

ASSIGNMENT, SALE OR FORECLOSURE. (a) The Owner agrees that it has not made and will not make any sale, assignment, or conveyance or transfer in any fashion, of this Contract, without the prior written consent of Grantee which shall not be unreasonably withheld. (b) The Owner and the party signing this Contract on behalf of the Owner represent that they have the authority of all of the parties having ownership interests in the Owner to agree to this provision on their behalf and to bind them with respect to it. (c) Except where otherwise approved by Grantee, this Contract shall continue in effect and Rental Assistance Payments will continue in accordance with the terms of the Contract in the event: (1) Of assignment, sale, or other disposition of the project or this Contract, (2) Of foreclosure, including foreclosure by HUD, (3) Of assignment of the mortgage or deed in lieu of foreclosure, (4) The Grantee or HUD takes over possession, operation or ownership,