Tenancy at Sufferance. If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the purchaser of the Property and shall, at Lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the Property immediately upon the demand of Lender.
Appears in 3 contracts
Samples: Mortgage and Security Agreement (Shepherd's Finance, LLC), Mortgage and Security Agreement (Shepherd's Finance, LLC), Business Loan Agreement (Scotts Liquid Gold Inc)
Tenancy at Sufferance. If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise becomes entitled to possession of the Property upon default as a result of Grantorthe occurrence of an Event of Default, Grantor shall become a tenant at sufferance of Lender or the purchaser of the Property and shall, shall at Lender's option, ’s option either (1a) pay a reasonable rental for the use of the Property, or (2b) vacate the Property immediately upon the written demand of Lender.
Appears in 1 contract
Samples: Asset Purchase Agreement (Nevada Gold & Casinos Inc)
Tenancy at Sufferance. If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the purchaser of the Property and shall, at Lender's ’s option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the Property immediately upon the demand of Lender.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Shepherd's Finance, LLC)
