BANKRUPTCY/FORECLOSURE Clause Samples

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 Landlord terminate this Lease at the end of the month within which ▇▇▇▇▇▇▇▇ 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.
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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, ▇▇▇▇▇▇'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 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
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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. 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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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. 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. 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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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 Borrower, the Servicer, the Agents and each Committed Lender hereby covenants and agrees that, prior to the date that is one year and one day after the payment in full of all outstanding senior indebtedness of any Conduit, it will not institute against, or join any other Person in instituting against, such Conduit 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 Upon the occurrence of an Event of Default, the entire unpaid Indebtedness shall, at the option of Mortgagee (to be exercised at any time that said Event of Default continues to exist), become immediately due and payable for all purposes without any notice or demand, except as required by law (ALL OTHER NOTICE OF THE EXERCISE OF SUCH OPTION, OR OF THE INTENT TO EXERCISE SUCH OPTION, BEING HEREBY EXPRESSLY WAIVED), and Mortgagee may, in addition to exercising any rights it may have with respect to the Personal Property under the Uniform Commercial Code of the jurisdiction in which the Property is located, institute proceedings in any court of competent jurisdiction to foreclose this instrument as a mortgage, or to enforce any of the covenants hereof, or Mortgagee may, either personally or by agent or attorney in fact, enter upon and take possession of the Property and may manage, rent or lease the Property or any portion thereof upon such terms as Mortgagee may deem expedient, and collect, receive and receipt for all rentals and other income therefrom and apply the sums so received as hereinafter provided in case of sale. Mortgagee is hereby further authorized and empowered, as agent or attorney in fact, either after or without such entry, to sell and dispose of the Property en masse or in separate parcels (as Mortgagee may think best), and all the right, title and interest of Mortgagor therein, by advertisement or in any manner provided by the laws of the jurisdiction in which the Property is located (MORTGAGOR HEREBY EXPRESSLY WAIVES ANY RIGHT TO A HEARING PRIOR TO SUCH SALE), and to issue, execute and deliver a deed of conveyance, all as then may be provided by law; and Mortgagee shall, out of the proceeds or avails of such sale, after first paying and retaining all fees, charges, costs of advertising the Property and of making said sale, and attorneys' fees as herein provided, apply such proceeds to the Indebtedness, including all sums advanced or expended by Mortgagee or the legal holder of the Indebtedness, with interest from date of advance or expenditure at the Default Rate (as defined in the Note), rendering the excess, if any, as provided by law; such sale or sales and said deed or deeds so made shall be a perpetual bar, both in law and equity, against Mortgagor, the heirs, successors and assigns of Mortgagor, and all other persons claiming the Property aforesaid, or any part thereof, by, from, through or under Mortgagor. The legal holder of the Indebtedness may purchase the Property or any part thereof, and it shall not be obligatory upon any purchaser at any such sale to see to the application of the purchase money.

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