Common use of Covenants and Agreements by Seller Clause in Contracts

Covenants and Agreements by Seller. Payment by the Agency under this Agreement will cure payment default under the Contract. While this Agreement remains in effect, the Seller will not declare the indebtedness secured by the Contract to be accelerated, nor will the Seller cancel or exercise any right of forfeiture under the Contract, without giving 90-day prior written notice to the Agency. If the Contract prohibits the Buyer from granting a security interest without the Seller's consent, the Seller hereby consents to the Agency taking a security interest in the Contract if payment has been made by the Agency under this Agreement. Should the Agency obtain the Buyer's interest in the real estate conveyed in the Contract either by foreclosure or voluntary conveyance, the Seller grants consent to the Agency to transfer the property subject to the Contract if the Contract prohibits such transfer without the Seller's consent.

Covenants and Agreements by Seller. Payment by the Agency under this Agreement will cure payment default under the Contract. While this Agreement remains in effect, the Seller will not declare the indebtedness secured by the Contract to be accelerated, nor will the Seller cancel or exercise any right of forfeiture under the Contract, without giving 90-day prior written notice to the Agency. If the Contract prohibits the Buyer from granting a security interest without the Seller's consent, the Seller hereby consents to the Agency taking a security interest in the Contract if loss payment has been made by the Agency under this Agreement. Should the Agency obtain the Buyer's interest in the real estate conveyed in the Contract either by foreclosure or voluntary conveyance, the Seller grants consent to the Agency to transfer the property subject to the Contract if the Contract prohibits such transfer without the Seller's consent.