BANKRUPTCY/FORECLOSURE Sample Clauses

BANKRUPTCY/FORECLOSURE. 21.1 If bankruptcy proceedings, whether voluntary or involuntary, are commenced against either Owner or Agent, either party may terminate this Agreement by giving ten (10) days’ written notice to the other party. 21.2 Owner agrees to keep all mortgage obligations, property taxes, association fees, or any other obligations which could lead to a foreclosure action against the property current and paid in full as required. Should Agent be notified that a foreclosure action has been initiated against the property, such shall be deemed a material breach by Owner. At Agent’s option Agent may terminate this contract as provided in Section 18; or, Agent may require Owner to correct and make current the obligation that initiated the foreclosure action within a reasonable amount of time in Agent’s sole discretion. Nothing herein shall preclude Agent from terminating this contract per Section 18 at any point when a foreclosure action is pending. Owner and Agent agree that nothing in this paragraph shall limit Agent’s other legal remedies to collect from Owner any unpaid amounts due to Agent.
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BANKRUPTCY/FORECLOSURE. If the Tenant shall become insolvent, or if bankruptcy proceedings shall be initiated by or against the Tenant during the above tenancy, the Owner/Agent is hereby irrevocably authorized at their option to immediately terminate this Lease Agreement. No receiver, trustee or other judicial officer shall have any right, title or interest in to the above- described property by virtue of this Lease Agreement. If the Owner shall become insolvent or if the Owner shall initiate bankruptcy proceedings during the above tenancy, Tenant's responsibility to comply with this Lease Agreement is not affected until the bankruptcy court or representative notifies them of any termination. If the property goes into foreclosure, the Lease Agreement remains in effect until the issuance of the Public Trustees deed. At that point, the Lease Agreement is voided and continued occupancy is subject to the directives of the new Owner. In the event the leased Premises should become involved in foreclosure proceedings, Tenant affirms and agrees that neither Agent nor Owner shall be held responsible or liable for any expenses incurred by Tenant due to foreclosure of the leased Premises described herein. (rev 03/27/15) X X X X X Page 9 of 11 Tenant Tenant Tenant Tenant Agent
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BANKRUPTCY/FORECLOSURE. If the Tenant shall become insolvent, or if bankruptcy proceedings shall be initiated by or against the Tenant during the above tenancy, the Owner/Agent is hereby irrevocably authorized at their option to immediately terminate this Rental Contract. No receiver, trustee or other judicial officer shall have any right, title or interest in to the above- described property by virtue of this Rental Contract. If the Owner shall become insolvent or if the Owner shall initiate bankruptcy proceedings during the above tenancy, Xxxxxx's responsibility to comply with this Rental Contract is not affected until the bankruptcy court or representative notifies them of any termination. If the property goes into foreclosure, the Rental Contract remains in effect until the issuance of the Public Trustees deed. At that point, the Rental Contract is voided and continued occupancy is subject to the directives of the new Owner.
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BANKRUPTCY/FORECLOSURE. If the Tenant shall become insolvent, or if bankruptcy proceedings shall be initiated by or against the Tenant during the above tenancy, the Landlord terminate this Lease at the end of the month within which Landlord receives notice of tenant’s bankruptcy filing. No receiver, trustee, or other judicial officer shall have any right, title or interest in the above-described property by virtue of this Lease. If the Owner shall become insolvent or it the Owner shall initiate bankruptcy proceedings during the above tenancy, Tenant shall continue to comply with this Lease until the bankruptcy court or trustee notifies them of any termination. If the property falls into foreclosure, this Lease shall remain in effect until the issuance of the Public Trustee’s deed. At that point, the Lease becomes null and void and any continued occupancy is subject to the discretion of the new owner. In the event the lease Premises should become involved in a foreclosure proceeding, Tenant affirms and agrees that Landlord shall not be held responsible or liable for any expense incurred by Tenant due to foreclosure of the leased Premises. Tenant shall be liable for all terms of this Lease as long as Tenant remains in said property.
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BANKRUPTCY/FORECLOSURE. 21.1 If bankruptcy proceedings, whether voluntary or involuntary, are commenced against either Owner or Agent, either party may terminate this Agreement by giving ten (10) days’ written notice to the other party. 21.2 Owner agrees to keep all mortgage obligations, property taxes, association fees, or any other obligations which could lead to a foreclosure action against the property current and paid in full as required. Should Agent be notified that a foreclosure action has been initiated against the property, such shall be deemed a material breach by Owner. At Agent’s option Agent may terminate this contract as provided in Section 18; or, Agent may require Owner to correct and make current the obligation that initiated the foreclosure action within a reasonable amount of time in Agent’s sole discretion. Nothing herein shall preclude Agent from terminating this contract per Section 18 at any point when a foreclosure action is pending. Owner and Agent
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BANKRUPTCY/FORECLOSURE. With respect to the Mortgage Loan, the Mortgaged Property has not been subject to any bankruptcy proceeding or foreclosure proceeding and Seller has no knowledge nor has it received any notice that any Mortgagor in respect of the Mortgage Loan is a debtor in any state or federal bankruptcy or insolvency proceeding.
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BANKRUPTCY/FORECLOSURE. Lessee's rights under this Agreement may be affected by a bankruptcy of Lessor or foreclosure of a lender's interest in the Property. Lessee has been advised to obtain legal advice from Lessee's attorneys regarding Lessee's rights in the event of a bankruptcy or foreclosure. Lessor represents there is not presently a notice of default recorded against the Property and the Property is not an asset of any bankruptcy proceeding. Lessor further agrees to inform Lessee immediately in the event a notice of default is recorded against the Property or the Property becomes an asset of any bankruptcy proceeding during the term of this Agreement or any extension or renewal. LESSEE ACKNOWLEDGES THAT LESSEE IS NOT RELYING ON ANY REPRESENTATIONS OR STATEMENTS MADE BY BROKER REGARDING THESE MATTERS.
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BANKRUPTCY/FORECLOSURE. A Mortgage does not qualify as an A Minus Matrix Mortgage if any Borrower experienced one of the following credit events: (a) within 2 years of the Mortgage application date, the Borrower and/or the Borrower’s assets were subject to the jurisdiction of a bankruptcy court, or the Borrower was discharged from bankruptcy (a “Bankruptcy Event”); or (b) within 3 years of the Mortgage application date, the Borrower owned any property (and signed a promissory note secured by such property) against which foreclosure proceedings were initiated or which was conveyed by a deed in lieu of foreclosure (a “Foreclosure Event”).
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BANKRUPTCY/FORECLOSURE. If, during the term of this Agreement, a bankruptcy petition involving Owner is filed or a foreclosure proceeding against the Property is instituted, Owner agrees to immediately notify Firm, and Firm shall have the right to terminate this Agreement immediately.
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Related to BANKRUPTCY/FORECLOSURE

  • Bankruptcy; Insolvency The Lessee agrees that in the event all or a substantial portion of the Lessee’s assets are placed in the hands of a receiver or a Trustee, and such status continues for a period of 30 days, or should the Lessee make an assignment for the benefit of creditors or be adjudicated bankrupt; or should the Lessee institute any proceedings under the bankruptcy act or any amendment thereto, then such Lease or interest in and to the leased Premises shall not become an asset in any such proceedings and, in such event, and in addition to any and all other remedies of the Lessor hereunder or by law provided, it shall be lawful for the Lessor to declare the term hereof ended and to re-enter the leased land and take possession thereof and all improvements thereon and to remove all persons therefrom and the Lessee shall have no further claim thereon.

  • Bankruptcy Proceedings The commencement of any proceedings by or against Guarantor under any applicable bankruptcy, reorganization, liquidation, insolvency or other similar law now or hereafter in effect or of any proceeding in which a receiver, liquidator, trustee or other similar official is sought to be appointed for it;

  • Bankruptcy Petition Each party hereto hereby covenants and agrees that prior to the date which is one year and one day after the payment in full of all outstanding commercial paper notes or other indebtedness of each Conduit Purchaser, it will not institute against or join any other Person in instituting against such Conduit Purchaser any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States.

  • Foreclosure (a) Subordinate Lender shall not exercise any rights it may have under the Second Mortgage and the other Subordinate Loan Documents or applicable law with respect to a foreclosure or other realization upon the Premises (including, without limitation, obtaining title to the Premises or selling or otherwise transferring the Premises) without the prior written consent of Senior Lender (such consent not to be unreasonably withheld or delayed) unless (i) the transferee of title to the Premises is a Qualified Transferee, (ii) the Premises will be managed by a Qualified Manager promptly after the transfer of title to the Premises, and (iii) if not in place prior to the transfer of title to the Premises, hard cash management and adequate reserves for taxes, insurance, debt service, ground rents, capital repair and improvement expenses, tenant improvement expenses and leasing commissions and operating expenses will be implemented under the Senior Loan to the extent required under the Senior Loan Documents promptly after the transfer of title to the Premises. Prior to consummation of any transfer of the Premises pursuant to this Section 5(a), the Subordinate Lender shall provide to Senior Lender notice of the potential transfer. Upon consummation of any such transfer of the Premises pursuant to this Section 5(a), Subordinate Lender shall provide to the Senior Lender an officer’s certificate from an officer of Subordinate Lender certifying that all conditions set forth in this Section 5(a) have been satisfied. Senior Lender may request reasonable evidence that the foregoing requirements have been satisfied. (b) Nothing contained herein shall limit or restrict the right of Subordinate Lender to exercise its rights and remedies, in law or in equity, or otherwise, in order to realize on its second lien on the Premises. (c) In the event Subordinate Lender or any purchaser at a foreclosure sale obtains title to the Premises, Senior Lender hereby acknowledges and agrees that any transfer or assumption fee in the Senior Loan Commitment shall be waived as a condition to such transfer, any such transfer shall not constitute a breach or default under the Senior Loan Documents, provided the conditions in Section 5(a) are met. Senior Lender also acknowledges and agrees that it will not impose any unreasonable fees or delays in connection with such Transfer.

  • Bankruptcy Code Title 11 of the United States Code, as the same may be amended from time to time.

  • 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.

  • Bankruptcy or Insolvency (i) If Lessee shall become a debtor in a case filed under Chapter 7 or Chapter 11 of the Bankruptcy Code and Lessee or Lessee's trustee shall fail to elect to assume this Lease within 60 days after the filing of such petition or such additional time as provided by the court, this Lease shall be deemed to have been rejected. Immediately thereupon, Lessor shall be entitled to possession of the Premises without further obligation to Lessee or Lessee's trustee, and this Lease, upon the election of Lessor, shall terminate, but Lessor's right to be compensated for damages (including, without limitation, liquidated damages pursuant to any provision hereof) or the exercise of any other remedies in any such proceeding shall survive, whether or not this Lease shall be terminated. (ii) An assumption of this Lease in accordance with Section 7.02(f)(i) shall not limit Lessor's right to declare an Event of Default hereunder and exercise any and all remedies available to it if, at any time after such assumption, Lessee is liquidated or files or has filed against it a subsequent petition under Chapter 7 or Chapter 11 of the Bankruptcy Code. (iii) When, pursuant to the Bankruptcy Code, Lessee's trustee or the debtor-in-possession shall be obligated to pay reasonable use and occupancy charges for the use of the Premises, such charges shall not be less than the Basic Rent, Additional Rent and other sums payable by Lessee under this Lease. (iv) Neither the whole nor any portion of Lessee's interest in this Lease or its estate in the Premises shall pass to any trustee, receiver, assignee for the benefit of creditors or any other person or entity, by operation of law or otherwise under the laws of any state having jurisdiction of the person or property of Lessee, unless Lessor shall have consented to such transfer. No acceptance by Lessor of rent or any other payments from any such trustee, receiver, assignee, person or other entity shall be deemed to constitute such consent by Lessor nor shall it be deemed a waiver of Lessor's right to terminate this Lease for any transfer of Lessee's interest under this Lease without such consent. (v) In the event of an assignment of Lessee's interests pursuant to this Section, the right of any assignee to extend the Lease Term shall be extinguished.

  • Bankruptcy, Insolvency or Reorganization Proceedings If an Event of Default specified under Section 9.1.12 [Relief Proceedings] shall occur, the Lenders shall be under no further obligations to make Loans hereunder and the Issuing Lender shall be under no obligation to issue Letters of Credit and the unpaid principal amount of the Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Lenders hereunder and thereunder shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived; and

  • Bankruptcy, etc (a) So long as any Guaranteed Obligations remain outstanding, no Guarantor shall, without the prior written consent of Administrative Agent acting pursuant to the instructions of Requisite Lenders, commence or join with any other Person in commencing any bankruptcy, reorganization or insolvency case or proceeding of or against Borrower or any other Guarantor. The obligations of Guarantors hereunder shall not be reduced, limited, impaired, discharged, deferred, suspended or terminated by any case or proceeding, voluntary or involuntary, involving the bankruptcy, insolvency, receivership, reorganization, liquidation or arrangement of Borrower or any other Guarantor or by any defense which Borrower or any other Guarantor may have by reason of the order, decree or decision of any court or administrative body resulting from any such proceeding. (b) Each Guarantor acknowledges and agrees that any interest on any portion of the Guaranteed Obligations which accrues after the commencement of any case or proceeding referred to in clause (a) above (or, if interest on any portion of the Guaranteed Obligations ceases to accrue by operation of law by reason of the commencement of such case or proceeding, such interest as would have accrued on such portion of the Guaranteed Obligations if such case or proceeding had not been commenced) shall be included in the Guaranteed Obligations because it is the intention of Guarantors and Beneficiaries that the Guaranteed Obligations which are guaranteed by Guarantors pursuant hereto should be determined without regard to any rule of law or order which may relieve Borrower of any portion of such Guaranteed Obligations. Guarantors will permit any trustee in bankruptcy, receiver, debtor in possession, assignee for the benefit of creditors or similar Person to pay Administrative Agent, or allow the claim of Administrative Agent in respect of, any such interest accruing after the date on which such case or proceeding is commenced. (c) In the event that all or any portion of the Guaranteed Obligations are paid by Borrower, the obligations of Guarantors hereunder shall continue and remain in full force and effect or be reinstated, as the case may be, in the event that all or any part of such payment(s) are rescinded or recovered directly or indirectly from any Beneficiary as a preference, fraudulent transfer or otherwise, and any such payments which are so rescinded or recovered shall constitute Guaranteed Obligations for all purposes hereunder.

  • Involuntary Bankruptcy or Insolvency Proceedings Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency or other similar law or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within thirty (30) days of commencement.

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