Common use of Notification of Foreclosure or Condemnation Proceedings Clause in Contracts

Notification of Foreclosure or Condemnation Proceedings. The Owner shall notify OHFA in the event that foreclosure, forfeiture or condemnation proceedings are initiated against the Development or if any lender has requested a deed in lieu of foreclosure or forfeiture. For purposes of the Article Five such notice must be delivered to OHFA within five (5) business days of the Owner receiving notice of same. OHFA may intervene in such foreclosure proceedings and/or take such other actions(s) as OHFA deems appropriate.