Common use of Default and Foreclosure Clause in Contracts

Default and Foreclosure. A request for notice of default and any notice of sale under any deed of trust or mortgage with power of sale encumbering said premises shall name the City, and its designated administrator, if applicable, as the recipient of said notice and shall be recorded by the Owner in the Office of the Recorder of the County of Monterey, CA. Any notice of default given pursuant to California Civil Code Section 2924b shall constitute a "Notice of Intent to Sell" hereunder, and the City or its assignee, may exercise its preemptive right to purchase pursuant to the provisions of this Agreement, provided however, that, notwithstanding any language contained in this Agreement to the contrary with regard to the rights of the lien holder, the City, or its assignee, must complete such purchase no later than the end of the period established by California Civil Code Section 2924c for reinstatement of a monetary default under the deed of trust or mortgage. In the event of default and foreclosure, the City, or its assignee, shall have the same right as the Owner to cure defaults and redeem the Residence prior to foreclosure sale. Such redemption shall be subject to the same fees, charges and penalties which would otherwise be assessed against the Owner. Nothing herein shall be construed as creating any obligation on the part of the City to cure any such default, nor shall this right to cure and redeem operate to extend any time limitations in the default provisions of the underlying deed of trust or mortgage. In the event the City, or its assignee, elects not to exercise its right to purchase upon default, and a foreclosure sale is consummated, any surplus proceeds to which the Owner may be entitled following foreclosure under California State law shall be paid as follows: After any required payment of encumbrances, that portion of surplus, if any, up to but not exceeding the net amount that the Owner would have received after any required payment of encumbrances under the formula set forth in Section 9 of this Agreement had the City exercised its right to purchase the Residence on the date of the foreclosure sale, shall be paid to the Owner on the date of the foreclosure sale; the balance of surplus, if any, shall be paid to the City, or its successors or assigns. In the event that the City, or its assignee, does not elect to purchase the Residence pursuant to the provisions of this Section and the Residence is transferred through foreclosure, deed-in-lieu of foreclosure to the primary lender, or assigned to the Secretary of HUD under 24 CFR 203.650 et. seq., the subsequent bona fide purchaser for value shall take title to the Residence free from any and all restrictions contained in this Agreement.

Default and Foreclosure. A request for notice of default and any notice of sale under any deed of trust or mortgage with power of sale encumbering said premises shall name the City, and its designated administrator, if applicable, as the recipient of said notice and Residence shall be recorded by the Owner in the Office of the Recorder of the County of Monterey, CACity. Any notice of default given pursuant to California Civil Code Section 2924b 2924b, as amended, shall constitute a "Owner’s Notice of Intent to Sell" hereunderTransfer under Section 8 of this Agreement, and the City or its assignee, may exercise any of its preemptive right to purchase remedies pursuant to the provisions of this Agreement; provided, provided however, that, notwithstanding any language contained in this Agreement to the contrary with regard to the rights of the lien holderlienholder, the City, or its assignee, City must complete any such purchase actions no later than the end of the period established by California Civil Code Section 2924c for reinstatement of a monetary default under the deed of trust or mortgage. In the event of default and foreclosure, the City, or its assignee, City shall have the same right as the Owner to cure defaults and redeem the Residence prior to foreclosure sale. Such redemption shall be subject to the same fees, charges and penalties which that would otherwise be assessed against the Owner. Nothing herein shall be construed as creating any obligation on the part of the City to cure any such default, nor shall this right to cure and redeem operate to extend any time limitations in the default provisions of the underlying deed of trust or mortgage. In the event the City, or its assignee, elects not to exercise its right to purchase upon default, and a foreclosure sale is consummated, any surplus proceeds to which the Owner may be entitled following foreclosure under California State state law shall be paid as follows: After any required payment of encumbrances, that portion of surplus, if any, up to but not exceeding the net amount that the Owner would have received after any required payment of encumbrances under the formula set forth in Section 9 of this Agreement had the City exercised its right to purchase the Residence Purchase Option on the date of the foreclosure sale, sale shall be paid to the Owner on the date of the foreclosure sale; the balance of the surplus, if any, shall be paid to the City, or its successors or assigns. In the event that the City, or its assignee, does not elect to purchase the Residence pursuant to the provisions of this Section and the Residence is transferred through foreclosure, deed-in-lieu of foreclosure to the primary lender, or assigned to the Secretary of HUD under 24 CFR 203.650 et. seq., the subsequent bona fide purchaser for value shall take title to the Residence free from any and all restrictions contained in this Agreement.

Default and Foreclosure. A Owner covenants to cause to be filed for record in the Office of the Recorder of the County of San Mateo a request for a copy of any notice of default and of any notice of sale under any deed of trust or mortgage with power of sale encumbering said premises Premises pursuant to Section 2924(b) of the Civil Code of the State of California. Such request shall name the City, and its designated administrator, if applicable, as the recipient of said specify that any such notice and shall be recorded by mailed to the Owner in the Office City of the Recorder of the County of MontereyMenlo Park, CA000 Xxxxxx Xxxxxx, Xxxxx Xxxx, XX 00000. Any notice of default sale given pursuant to California Civil Code Section 2924b 2924(f) shall constitute a "Notice notice of Intent intent to Sell" hereunder, sell hereunder and the City or its assignee, may exercise its preemptive right prior to purchase pursuant to the provisions of this Agreementany trustee’s sale, provided however, that, notwithstanding any language contained in this Agreement to the contrary with regard to the rights of the lien holder, the Cityjudicial foreclosure sale, or its assignee, must complete such purchase no later than the end transfer by deed in lieu of the period established by California Civil Code Section 2924c for reinstatement of a monetary default under the deed of trust or mortgageforeclosure. In the event Owner fails to file such request for notice, City’s right to purchase shall run from the date City obtains actual knowledge of default and foreclosure, the City, a sale or proposed sale. City or its assignee, designee or assignee shall have the same right as the Owner to cure defaults and redeem the Residence prior to foreclosure sale. Such redemption shall be subject to the same fees, charges and penalties which would otherwise be assessed against the Owner. Nothing herein shall be construed as creating any obligation on the part of the City to cure any such notice of default, nor shall this . The exercise of such right to cure and redeem operate to extend any time limitations shall in no way affect the default provisions operation of the underlying deed notice of trust default as a notice of intent to sell by Owner. City, its designee or mortgageassignee, shall be entitled to recover all costs incurred in curing such default from Owner. Such costs shall be paid through escrow from the proceeds of sale if the sale is consummated. If the sale is not consummated and Owner retains ownership of the Premises, City, its designee or assignee, shall be entitled to recover its costs directly from Owner. None of the foregoing shall be interpreted to impair the right of the FNMA (Xxxxxx Xxx) to take legal action under the terms of its First Deed of Trust or to require FNMA to send default or foreclosure notice to any third party. In the event City fails to exercise its preemptive rights to purchase or prevent foreclosure or trustee’s sale, a completed action of foreclosure or trustee’s sale shall render this Agreement and the City, restrictions imposed thereby to be null and void and of no further force or its assignee, effect. In the event City elects not to exercise its right to purchase upon default, and a foreclosure sale is consummated, any surplus proceeds to which the Owner may be entitled following foreclosure under California State law pursuant to Code of Civil Procedure Section 727 shall be paid as follows: After any required That portion of surplus (after payment of encumbrances, that portion of surplus), if any, up to but not exceeding the net amount that the Owner would have received after any required payment of encumbrances under the formula set forth in Section 9 of this Agreement above had the City exercised its right to purchase the Residence Premises on the date of the foreclosure sale, shall be paid to the Owner on the date of the foreclosure sale; the balance of surplus, if any, shall be paid to the City, or its successors or assigns. In City in order to compensate the event that City for the loss of the BMR unit and to preserve the purposes of the City, or its assignee, does not elect to purchase the Residence pursuant to the provisions of this Section and the Residence is transferred through foreclosure, deed-in-lieu of foreclosure to the primary lender, or assigned to the Secretary of HUD under 24 CFR 203.650 et. seq’s Below Market Rate Housing Program., the subsequent bona fide purchaser for value shall take title to the Residence free from any and all restrictions contained in this Agreement.