Common use of Delivery of Possession After Foreclosure Clause in Contracts

Delivery of Possession After Foreclosure. In the event there is a foreclosure sale, and, at the time of such sale, the Borrower or the Borrower’s heirs, devisees, representatives or successors as owners of the Property are occupying or using all or any part of the Property, 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 landlord, at a reasonable rental per day based upon the value of the property occupied, such rental to be due daily to the purchaser; and, to the extent permitted by applicable law, the purchaser at such sale shall have the sole option to demand immediate possession following the sale or to permit the occupants to remain as tenants at will. After such foreclosure, any leases to tenants or subtenants that are subject to this Mortgage (either by their date, their express terms, or by agreement of the tenant or subtenant) shall, at the sole option of the Lender or any purchaser at such sale, either (1) continue in full force and effect, and the tenant(s) or subtenant(s) will, upon request, attorn to and acknowledge in writing to the purchaser or

Delivery of Possession After Foreclosure. In the event there is a foreclosure sale, and, sale hereunder and at the time of such sale, the Borrower sale Grantor or the BorrowerGrantor’s heirs, devisees, representatives representatives, successors or successors as owners of assigns or any other persons claiming any interest in the Property by, through or under Grantor are occupying or using all the Property, or any part of the Propertythereof, each and all shall immediately become the tenant of the purchaser at such sale. Subject to the terms of any applicable non-disturbance and/or attornment agreement between the Beneficiary and any tenant(s) of the Property, which such tenancy shall be a tenancy from day to day-to-day, terminable at the will of landlordeither 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; and, . In the event the tenant fails to the extent permitted by applicable lawsurrender possession of said property upon demand, the purchaser at shall be entitled to institute and maintain an action for forcible entry and detainer of said property in the Justice of the Peace Court in the Justice Precinct in which such sale shall have the sole option to demand immediate possession following the sale or to permit the occupants to remain as tenants at will. After such foreclosure, any leases to tenants or subtenants that are subject to this Mortgage (either by their date, their express termsproperty, or by agreement of the tenant or subtenant) shallany part thereof, at the sole option of the Lender or any purchaser at such sale, either (1) continue in full force and effect, and the tenant(s) or subtenant(s) will, upon request, attorn to and acknowledge in writing to the purchaser oris situated.

Delivery of Possession After Foreclosure. In the event there is ---------------------------------------- a foreclosure sale, and, sale hereunder and at the time of such sale, the Borrower sale Grantor or the Borrower’s Grantor's heirs, devisees, representatives representatives, successors or successors as owners of assigns or any other persons claiming any interest in the Property by, through or under Grantor are occupying or using all the Property, or any part of the Propertythereof, each and all shall immediately become the tenant of the purchaser at such sale. Subject to the terms of any applicable non-disturbance and/or attornment agreement between the Noteholder and any tenant(s) of the Property, which such tenancy shall be a tenancy from day to day-to- day, terminable at the will of landlordeither 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; and, . In the event the tenant fails to the extent permitted by applicable lawsurrender possession of said property upon demand, the purchaser at shall be entitled to institute and maintain an action for forcible entry and detainer of said property in the Justice of the Peace Court in the Justice Precinct in which such sale shall have the sole option to demand immediate possession following the sale or to permit the occupants to remain as tenants at will. After such foreclosure, any leases to tenants or subtenants that are subject to this Mortgage (either by their date, their express termsproperty, or by agreement of the tenant or subtenant) shallany part thereof, at the sole option of the Lender or any purchaser at such sale, either (1) continue in full force and effect, and the tenant(s) or subtenant(s) will, upon request, attorn to and acknowledge in writing to the purchaser oris situated.

Delivery of Possession After Foreclosure. In Except as provided in any applicable subordination, nondisturbance and attornment agreement between the Collateral Agent and a tenant of the Mortgaged Property, in the event there is a foreclosure sale, and, sale hereunder and at the time of such sale, the Borrower sale Grantor or the BorrowerGrantor’s heirs, devisees, representatives representatives, successors or successors as owners of assigns or any other persons claiming any interest in the Mortgaged Property by, through or under Grantor are occupying or using all the Mortgaged Property, or any part of the Propertythereof, each and all shall immediately become the tenant of the purchaser at such sale, which tenancy shall be a tenancy from day to day-to-day, terminable at the will of landlordeither 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; and, . In the event the tenant fails to the extent permitted by applicable lawsurrender possession of said property upon demand, the purchaser at such sale shall have be entitled to institute and maintain an action for forcible entry and detainer of said property in the sole option to demand immediate possession following the sale or to permit the occupants to remain as tenants at will. After such foreclosure, any leases to tenants or subtenants that are subject to this Mortgage (either by their date, their express terms, or by agreement of the tenant or subtenant) shall, at the sole option of the Lender or any purchaser at such sale, either (1) continue in full force and effect, and the tenant(s) or subtenant(s) will, upon request, attorn to and acknowledge in writing to the purchaser orappropriate court having jurisdiction.