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.
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 Xxxxxxxx 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 becomes insolvent or if the Owner initiates 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.
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 01/12/14) X X X X X Page 9 of 11 Tenant Tenant Tenant Tenant Agent
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.
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
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”).
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.
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.
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.
