Common use of BANKRUPTCY/FORECLOSURE Clause in Contracts

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. 21.1 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) 10 days’ written notice to the other party. 21.2 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 action 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.