Common use of Disclosure Required Clause in Contracts

Disclosure Required. If, however, Xxxxxx was not a mortgagee or a successor in interest to the mortgagee's secured position or a beneficiary under a deed in trust who has acquired the real property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale, or, if Seller is the FDIC in either capacity named in the Contract and the failed insured depository institution through which it holds title was not a mortgagee or a successor in interest to the mortgagee's secured position or a beneficiary under a deed in trust who has acquired the real property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale, then Seller has delivered the Illinois Residential Real Property Disclosure Report required by the Residential Real Property Disclosure Act simultaneously with Purchaser’s execution of this Addendum, and Xxxxxxxxx’s execution of this Addendum shall evidence Purchaser’s receipt thereof. Under 765 ILL. COMP. STAT. XXX. 77/40, if a material defect is disclosed in the Report, then Purchaser may, within 3 business days after receipt of the Report, terminate the Contract and receive the return of the Xxxxxxx Money. The right to so terminate the Contract expires upon Closing.  Seller either (i) was a mortgagee or a successor in interest to the mortgagee's secured position or a beneficiary under a deed in trust who has acquired the real property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale, or (ii) succeeded to the benefit of the § 77/15(2) exception, under 12 U.S.C. § 1821(d)(2)(A)(i), and therefore Section 8.2 above is applicable. OR  Neither Seller nor, if Seller is the FDIC in either capacity named in the Contract, the failed insured depository institution through which it holds title, was a mortgagee or a successor in interest to the mortgagee's secured position or a beneficiary under a deed in trust who has acquired the real property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale, and therefore Section 8.3 above is applicable.

Disclosure Required. If, however, Xxxxxx was not a mortgagee or a successor in interest to the mortgagee's secured position or a beneficiary under a deed in trust who has acquired the real property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale, or, if Seller is the FDIC in either capacity named in the Contract and the failed insured depository institution through which it holds title was not a mortgagee or a successor in interest to the mortgagee's secured position or a beneficiary under a deed in trust who has acquired the real property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale, then Seller has delivered the Illinois Residential Disclosure of Information on Radon Hazards and the IEMA pamphlet entitled “Radon Testing Guidelines for Real Property Disclosure Report Estate Transactions” (or an equivalent pamphlet approved for use by IEMA) required by the Residential Real Property Disclosure Radon Awareness Act simultaneously with Purchaser’s execution of this Addendum, and Xxxxxxxxx’s execution of this Addendum shall evidence Purchaser’s (i) receipt thereofand review of same, and (ii) decision not to amend its offer to purchase the Property as set forth in the Contract. Under 765 420 ILL. COMP. STAT. XXX. 77/4046/10(a), if a material defect Seller must provide these items to Purchaser before Purchaser is disclosed in obligated under the Report, then Purchaser may, within 3 business days after receipt of the Report, terminate the Contract and receive the return of the Xxxxxxx Money. The right to so terminate the Contract expires upon ClosingContract.  Seller either (i) was a mortgagee or a successor in interest to the mortgagee's secured position or a beneficiary under a deed in trust who has acquired the real property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale, or (ii) succeeded to the benefit of the § 77/15(246/20(2) exceptionexclusion, under 12 U.S.C. § 1821(d)(2)(A)(i), and therefore Section 8.2 6.2 above is applicable. OR  Neither Seller nor, if Seller is the FDIC in either capacity named in the Contract, the failed insured depository institution through which it holds title, was a mortgagee or a successor in interest to the mortgagee's secured position or a beneficiary under a deed in trust who has acquired the real property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale, and therefore Section 8.3 6.3 above is applicable.