Governmental Lender. Notwithstanding anything contained in Section 14 to the contrary, neither the consent of the Governmental Lender nor the delivery of items (i) through (v) of the first paragraph of Section 14 (the “Transfer Conditions”) shall be required in the case of a transfer by foreclosure or deed in lieu of foreclosure, whereby the Funding Lender becomes the owner of the Project, and nothing contained in this Section 15 shall otherwise affect the right of the Funding Lender to foreclose on the Project or accept a deed in lieu of foreclosure. The Transfer Conditions shall be applicable to any subsequent transfer by the Funding Lender.
Appears in 4 contracts
Samples: Regulatory Agreement and Declaration of Restrictive Covenants, Regulatory Agreement and Declaration of Restrictive Covenants, Regulatory Agreement and Declaration of Restrictive Covenants
