Delivery of Possession After Foreclosure. In the event there is a foreclosure sale hereunder and at the time of such sale Grantor or Grantor's heirs, devisees, representatives, successors or assigns or any other persons claiming any interest in the Mortgaged Property by, through or under Grantor are occupying or using the Mortgaged Property, or any part thereof, each and all shall immediately become the tenant of the purchaser at such sale, which tenancy shall be a tenancy from day-to-day, terminable at the will of either landlord or tenant, at a reasonable rental per day based upon the value of the property occupied, such rental to be due daily to the purchaser. In the event the tenant fails to surrender possession of said property upon demand, the purchaser shall be entitled to institute and maintain an action for forcible entry and detainer of said property in the appropriate court having jurisdiction.
Appears in 3 contracts
Samples: Deed to Secure Debt, Security Agreement and Assignment of Leases and Rents (MRS Fields Financing Co Inc), Deed of Trust, Security Agreement and Assignment of Rents and Leases (Independent Research Agency for Life Insurance Inc), Deed of Trust, Security Agreement and Assignment of Rents and Leases (International Isotopes Inc)
Delivery of Possession After Foreclosure. In the event there is a foreclosure sale hereunder and at the time of such sale Grantor or Grantor's heirs, devisees, representatives, successors or assigns or any other persons claiming any interest in the Mortgaged Property Premises by, through or under Grantor are occupying or using the Mortgaged PropertyPremises, or any part thereof, each and all shall immediately become the tenant of the purchaser at such sale, which tenancy shall be a tenancy from day-to-day, terminable at the will of either landlord or tenant, at a reasonable rental per day based upon the value of the property occupied, such rental to be due daily to the purchaser. In the event the tenant fails to surrender possession of said property upon demand, the purchaser shall be entitled to institute and maintain an action for forcible entry and detainer of said property in the appropriate court having jurisdiction.
Appears in 2 contracts
Samples: Deed of Trust and Security Agreement (Behringer Harvard Short Term Opportunity Fund I Lp), Deed of Trust and Security Agreement (Behringer Harvard Reit I Inc)
