Common use of DEFAULT OF MORTGAGE Clause in Contracts

DEFAULT OF MORTGAGE. Landlord/Optionor acknowledges that all payments are current and in good standing with the mortgage company, and agrees to make all payments to the mortgage company during the lease period of the Agreement in a timely manner and keep the mortgage current. Landlord/Optionor agrees to provide documentation of mortgage payments at the request of the Tenant/Optionee. It: during the lease period the Landlord/Optionor fails to keep the payments on the property current, and the property is foreclosed upon, the Tenant/Optionee retains the right to seek damages from the Landlord/Optionor as allowed by law. If, however the mortgage payment lapses due to the fault of the Tenant/Optionee's non-payment or late payment according to the terms set forth in the lease agreement, then the Tenant/Optionee shall forfeit any and all remedies or claims.

DEFAULT OF MORTGAGE. Landlord/Optionor acknowledges that all payments are current and in good standing with the mortgage company, and agrees to make all payments to the mortgage company during the lease period of the Agreement in a timely manner and keep the mortgage current. Landlord/Optionor agrees to provide documentation of mortgage payments at the request of the Tenant/Optionee. It: If, during the lease period the Landlord/Optionor fails to keep the payments on the property current, and the property is foreclosed upon, the Tenant/Optionee retains the right to seek damages from the Landlord/Optionor as allowed by law. If, however the mortgage payment lapses due to the fault of the Tenant/Optionee's ’s non-payment or late payment according to the terms set forth in the lease agreement, then the Tenant/Optionee shall forfeit any and all remedies or claims.