Duration of Covenants. The provisions of this Deed of Trust shall remain in full force and effect at all times with respect to the Property so long as this Loan is outstanding. Notwithstanding anything to the contrary, all restrictions relating to any occupancy or resale covenants contained herein shall automatically and permanently terminate upon foreclosure, deed-in-lieu of foreclosure, or, if applicable, any assignment of the insured mortgage to the Department of Housing and Urban Development (HUD). Any and all restrictions permanently terminated through actions listed in this paragraph shall be permanently extinguished and as such shall not be available for enforcement upon subsequent resale by the mortgagee, the County or HUD.
Appears in 4 contracts
Samples: Purchase Dpcca Regulatory Agreement, Purchase Dpcca Regulatory Agreement, Purchase Dpcca Regulatory Agreement
Duration of Covenants. The provisions of this Deed of Trust shall remain in full force and effect at all times with respect to the Property so long as this Loan is outstanding. Notwithstanding anything to the contrary, all restrictions relating to any the occupancy or resale covenants contained herein shall automatically and permanently terminate upon foreclosure, deed-in-lieu of foreclosure, or, if applicable, any assignment of the insured mortgage to the Department of Housing and Urban Development (HUD). Any and all restrictions permanently terminated through actions listed in this paragraph shall be permanently extinguished and as such shall not be available for enforcement upon subsequent resale by the mortgagee, the County or HUD.
Appears in 1 contract
Samples: Purchase Money
