Resale of Property Following Recordation of Reversionary Quitclaim Deed Sample Clauses

Resale of Property Following Recordation of Reversionary Quitclaim Deed. Following recordation of the Reversionary Quitclaim Deed and either (i) the expiration of the Reversionary Contest Period without Developer or any affected Mortgagee having contested the Agency’s right to record the Reversionary Quitclaim Deed or (ii) if such contest is filed, the entry of a final, non-appealable judgment upholding such recordation or the expiration of any relevant appeal periods without an appeal having been filed, the Agency shall diligently market and sell the property acquired pursuant to the Reversionary Quitclaim Deed to any Qualified Buyer for not less than the fair market value of such property, as determined by the Agency Director after due inquiry. The proceeds of any such sale shall be distributed in the following order of priority: (1) to the Agency to the extent of its actual costs and expenses incurred in connection with the Reversionary Default; (2) to pay any Project Special Taxes and Maintenance Special Taxes due and owing with respect to such property, up to the date of sale; (3) to repay the amounts due under each Mortgage applicable to such property in the priority of their liens on such property before the recordation of the Reversionary Quitclaim Deed; (4) to the Agency to the extent of any unpaid Agency Costs; (5) with respect to property acquired from State Parks under the State Parks Agreement, to Developer to the extent of any consideration paid by or on behalf of Developer for such property (including any cash contributions or the cost of any improvements) but not previously reimbursed; and (6) the remainder, if any, to the Agency for use within the Project Site.
Sample 1
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Resale of Property Following Recordation of Reversionary Quitclaim Deed. Following recordation of the Reversionary Quitclaim Deed and either (i) the expiration of the Reversionary Contest Period without Developer or any affected Mortgagee having contested the Agency’s right to record the Reversionary Quitclaim Deed or (ii) if such contest is filed, the entry of a final, non-appealable judgment upholding such recordation or the expiration of any relevant appeal periods without an appeal having been filed, the Agency shall diligently market and sell the property acquired pursuant to the Reversionary Quitclaim Deed to any Qualified Buyer for not less than the fair market value of such property, as determined by the Agency Director after due inquiry. The proceeds of any such sale shall be distributed in the following order of priority: (1) to the Agency to the extent of its actual costs and expenses incurred in connection with the Reversionary Default; (2) to pay any Project Special Taxes and Maintenance Special Taxes due and owing with respect to such property, up to the date of sale;
Sample 1

Related to Resale of Property Following Recordation of Reversionary Quitclaim Deed

  • Deed; Xxxx of Sale; Assignment To the extent required and permitted by applicable law, this Agreement shall also constitute a “deed,” “xxxx of sale” or “assignment” of the assets and interests referenced herein.

  • Completion and Recordation of Assignments of Mortgage As soon as practicable after the Closing Date, the Servicing Transfer Date or the date on which a Qualifying Substitute Mortgage Loan is delivered pursuant to Section 2.05 of the Trust Agreement, as applicable (but in no event more than 90 days thereafter except to the extent delays are caused by the applicable public recording office), the Servicer shall cause the endorsements on the Mortgage Note (if applicable), and the Assignments of Mortgage (subject to Section 3.01(a)) to be completed in the name of the Trustee (or MERS, as applicable).

  • ASSIGNMENT AND XXXX OF SALE This ASSIGNMENT AND XXXX OF SALE is made, delivered and effective as of March 9, 2021, by Xxxx Wealth, Inc., a Delaware corporation (the “Transferor”), in favor of Series Gallery Drop 087, a Series of Xxxx Gallery LLC, a Delaware series limited liability company (the “Transferee”).

  • Assignment of Leases The Assignment of Leases creates a valid assignment of, or a valid security interest in, certain rights under the Leases, subject only to a license granted to Borrower to exercise certain rights and to perform certain obligations of the lessor under the Leases, including the right to operate the Property. No Person other than Lender has any interest in or assignment of the Leases or any portion of the Rents due and payable or to become due and payable thereunder.

  • Subordination and Attornment Requirements All Non-Residential Leases, regardless of whether Lender’s consent or approval is required, will specifically include the following provisions:

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