Common use of Lender Provisions Clause in Contracts

Lender Provisions. Nothing in this Agreement prohibits any holder of a mortgage or other lien against the Property or Project from foreclosing its lien or accepting a deed in lieu of foreclosure. Any lien holder shall give HUD, as a courtesy, written notice prior to declaring an event of default. Any lien holder shall provide HUD concurrent notice with any written filing of foreclosure filed in accordance with state law provided that the foreclosure sale shall not occur sooner than sixty days (60) days after such notice to HUD. The Notice to HUD may be personally delivered or sent by U.S. certified or registered mail, return receipt requested, first class postage prepaid, addressed as follows: If for PBRA transactions: U.S. Department of Housing and Urban Development 000 0xx Xxxxxx XX, Xxxx 0000 Washington, DC 20410 Attention: Office of the Assistant Secretary for Housing - Rental Assistance Demonstration If for PBV transactions: U.S. Department of Housing and Urban Development 000 0xx Xxxxxx XX, Xxxx 0000 Washington, DC 20410 Attention: Office of the Assistant Secretary for Public and Indian Housing - Rental Assistance Demonstration Notwithstanding any xxxx xxxxxx’x foreclosure rights, this Agreement survives foreclosure and any new owners of the Property or the Project take ownership subject to this Agreement. Transfer of title to the Property or the Project may be grounds for termination of assistance under the RAD HAP contract. However, HUD may permit, through prior written consent by HUD, the new owner of the Property or the Project to assume the RAD HAP contract, subject to the terms included therein, or enter into a new HAP contract. Any HUD consent to continued HAP assistance is subject to the RAD Statute and other RAD program requirements. Each entity interested in purchasing the Property in a foreclosure sale administered under state foreclosure law may submit a written request to HUD to continue RAD HAP contract assistance in the event of such entity’s successful acquisition at the foreclosure sale. Such request shall be submitted by the latter of ten business days after first publication of the foreclosure sale or 60 days prior to such foreclosure sale.

Lender Provisions. Nothing in this Agreement prohibits any holder of a mortgage or other lien against the Property or Project from foreclosing its lien or accepting a deed in lieu of foreclosureforeclosure or exercising other rights and remedies available to it. Any lien holder shall give HUD, as a courtesy, written notice prior to declaring an event of default. Any lien holder shall provide HUD concurrent notice with any written filing of foreclosure filed in accordance with state law provided that the foreclosure sale shall not occur sooner than sixty days (60) days after such notice to HUD. The Notice to HUD may be personally delivered or sent by U.S. certified or registered mail, return receipt requested, first class postage prepaid, addressed as follows: If for PBRA transactions: U.S. Department of Housing and Urban Development 000 0xx Xxxxxx XX, Xxxx 0000 Washington, DC 20410 Attention: Office of the Assistant Secretary for Housing - Rental Assistance Demonstration If for PBV transactions: U.S. Department of Housing and Urban Development 000 0xx Xxxxxx XX, Xxxx 0000 Washington, DC 20410 Attention: Office of the Assistant Secretary for Public and Indian Housing - Rental Assistance Demonstration Notwithstanding any xxxx xxxxxx’x foreclosure rights, this Agreement survives foreclosure and any new owners of the Property or the Project take ownership subject to this Agreement. Transfer of title to the Property or the Project may be grounds for termination of assistance under the RAD HAP contractContract. However, HUD may permit, through prior written consent by HUD, the new owner of the Property or the Project to assume the RAD HAP contractContract, subject to the terms included therein, or enter into a new HAP contractContract. Any HUD consent to continued HAP assistance is subject to the RAD Statute and other RAD program requirements. Each entity interested in purchasing the Property in a foreclosure sale administered under state foreclosure law may submit a written request to HUD to continue RAD HAP contract Contract assistance in the event of such entity’s successful acquisition at the foreclosure sale. Such request shall be submitted by the latter of ten business days after first publication of the foreclosure sale or 60 days prior to such foreclosure sale.