Effect of Foreclosure. Any foreclosure of this Deed of Trust or any other lien securing payment of the Obligations, or the execution and delivery of any deed in lieu of any such foreclosure, shall not terminate any of the Leases, but rather such Leases shall remain in full force and effect; provided, however, the person or entity who acquires the Mortgaged Property (or any applicable portion thereof) at such foreclosure sale or by deed in lieu of such foreclosure shall have the right to terminate any or all of such Leases relating to the portion of the Mortgaged Property so acquired by giving written notice thereof to the applicable tenants within sixty (60) days after the date of such acquisition.
Effect of Foreclosure. In the event of a Foreclosure Transfer, the Encumbrance Holder shall forthwith give notice to County in writing of such transfer setting forth the name and address of the Foreclosure Transferee and the effective date of such transfer, together with a copy of the document by which such transfer was made.
Effect of Foreclosure. In the event of a transfer under Subsection 12.1.2, the Encumbrance Holder shall forthwith give notice to County in writing of any such transfer setting forth the name and address of the transferee and the effective date of such transfer, together with a copy of the document by which such transfer was made.
Effect of Foreclosure. It is agreed by the parties that TPO's Repurchase Obligation with respect to a Loan shall not be obviated by the fact that the property securing the Loan has been foreclosed upon and said property has been acquired by UHMC or a third party, it being understood that TPO's Repurchase Obligation encompasses the repurchase of the property from UHMC if UHMC has acquired the property, or, if a third party has acquired the property, reimbursing UHMC as set forth herein. Notwithstanding anything to the contrary, in no event shall a full credit bid made by UHMC its successors or assigns any related party at a foreclosure sale of any Loan affect in any way the rights and remedies of UHMC or the obligations of TPO under this Agreement, including, without limitation, the obligations of TPO to repurchase and indemnify UHMC as provided herein.
Effect of Foreclosure. It is agreed by the parties that Broker's Repurchase Obligation with respect to a Loan shall not be obviated by the fact that the property securing the Loan has been foreclosed upon and said property has been acquired by Angel Oak or a third party, it being understood that Broker’s Repurchase Obligation encompasses the repurchase of the property from Angel Oak if Angel Oak has acquired the property, or, if a third party has acquired the property, reimbursing Angel Oak as set forth herein. Notwithstanding anything to the contrary, in no event shall a full credit bid made by Angel Oak its successors or assigns any related party at a foreclosure sale of any Loan affect in any way the rights and remedies of Angel Oak or the obligations of Broker under this Agreement, including, without limitation, the obligations of Broker to repurchase and indemnify Angel Oak as provided herein.
Effect of Foreclosure. Upon a foreclosure of this Mortgage or other transfer of title to the Mortgaged Property in full or partial payment of the Loan, all right, title, and interest of Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee or other person designated by the holder of the Note, and Mortgagor hereby irrevocably and unconditionally appoints Mortgagee as Mortgagor's true and lawful attorney-in-fact, coupled with an interest, in Mortgagor's name and stead, with full power of substitution, to assign and transfer all such policies and the proceeds thereof to such purchaser, grantee or other person.
Effect of Foreclosure. (a) The Parties hereby acknowledge and agree that $80 million of the net proceeds from the foreclosure (the "Net Foreclosure Proceeds") of the NonRecourse Note and Mortgage upon delivery to MLI shall reduce the Reference Amount under the Secured Adjustment Agreement in accordance with the provisions of Section 3.3 of the Secured Adjustment Agreement and that such NonRecourse Note and Mortgage shall, upon foreclosure, terminate.
Effect of Foreclosure. Any right of Tenant to purchase the Property, --------------------- including any right of first refusal, shall not apply to a foreclosure sale.
Effect of Foreclosure. At such time as the Lessee's interest in the Leasehold has been finally divested by the exercise of remedies under of the Deed of Trust, the rights of the Mezzanine Lender under this Certificate shall inure to the benefit of the purchaser of the Leasehold as a result of such exercise of remedies or its designee, and all rights of the Mezzanine Lender named herein shall terminate.
Effect of Foreclosure. By consenting to this Proposal, the Credit Parties acknowledge and agree that (a) as a result of the Strict Foreclosure on the Litigation Claims and the acceptance of the Litigation Claims by Lateral Holdings, effective on the Effective Date the Credit Parties shall have no further interest, right, title or ownership in the Litigation Claims or right to initiate, advance or otherwise prosecute any or all of the Litigation Claims, and (b) from and after the Effective Date, Lateral Holdings shall have succeeded to all rights, titles and interests of the Credit Parties in and to the Litigation Claims, ownership of the Litigation Claims shall vest in Lateral Holdings, Lateral Holdings shall be the sole owner of the Litigation Claims and may take any and all actions in accordance with such rights, including without limitation to (i) initiate legal proceedings against any party related to the Litigation Claims and (ii) collect and keep for its own benefit all damages or other payments (including, without limitation, settlement payments) that it may collect from any party based on the Litigation Claims; provided, however, that any payments received after Lateral Holdings has received payments in an aggregate amount of $25.0 million (net of all costs and expenses, including attorneys’ fees and other professional fees, incurred in pursuing the Litigation Claims) shall be turned over to FTE by Lateral Holdings for FTE’s benefit.
