Common use of Event of Foreclosure Clause in Contracts

Event of Foreclosure. In the event the Developer's interests in the Tract are extinguished by an act of foreclosure, and the foreclosing party has supplied sufficient evidence to the River Authority that they are the successor in interest to the Tract as a result of such foreclosure, and that there are no lawsuits pending concerning the Tract, the River Authority shall consider the foreclosing party a successor in interest if the foreclosing party executes a utility service agreement with the River Authority after the Manager determines that the execution of such an agreement will not be adverse to the River Authority’s interest.

Event of Foreclosure. In the event the Developer's interests in the Tract are extinguished by an act of foreclosure, and the foreclosing party has supplied sufficient evidence to the River Authority that they are the successor in interest to the Tract as a result of such foreclosure, and that there are no lawsuits pending concerning the Tract, the River Authority shall consider the foreclosing party a successor in interest if the foreclosing party executes a utility service agreement with the River Authority after the Utilities Manager determines that the execution of such an agreement will not be adverse to the River Authority’s interest.