Applicable HOA State means (i) a state in which, pursuant to applicable Legal Requirements, (A) a Lien in favor of a homeowner’s association may be created through the non-payment of fees assessed against a residential property by such homeowner’s association and (B) any such Lien would extinguish the Lien of a mortgage upon the valid and proper foreclosure of such Lien for homeowner’s association fees or (ii) a state designated as an Applicable HOA State pursuant to Section 4.3.
Applicable HOA State means (i) a state in which, pursuant to applicable Legal Requirements, (A) a Lien in favor of an HOA may be created through the non-payment of HOA Fees assessed against a Property by such HOA and (B) any such Lien would have Priority or (ii) a state designated as an Applicable HOA State pursuant to Section 4.3.16(b). For the avoidance of doubt, if any reported decision of a state appellate court would result in the foregoing clauses (i)(A) and (i)(B) applying in such state or if the legal opinion described in clause (B)(x) of the definition of “Applicable HOA Properties” in respect of a state is conditioned on the presence of subordination language or the absence of provisions which would otherwise allow a Lien for HOA Fees to extinguish the Lien of a mortgage upon the valid and proper foreclosure of such Lien for HOA Fee, then such state shall constitute an Applicable HOA State.
Applicable HOA State means (a) a state in which, pursuant to applicable Legal Requirements, (i) a Lien in favor of an HOA may be created through the non-payment of amounts assessed against a Property by such HOA, (ii) any such Lien would have Priority over the lien applicable to the related Mortgage and (iii) any such Lien if foreclosed upon by such HOA would result in an extinguishment of the Lien of the Mortgage on such Property and (b) a state designated as an Applicable HOA State pursuant to Section 5.02(f)(i). For the avoidance of doubt, if a reported decision of a state appellate court would result in the foregoing clauses (a)(i) through (iii) applying in such state, then such state shall constitute an Applicable HOA State.
Examples of Applicable HOA State in a sentence
In addition, if Lender believes in good faith that any provisions for the subordination of Liens for HOA Fees to the Lien of the Mortgages are unenforceable under the laws of an Applicable HOA State or that such Lien for HOA Fees would be entitled to Priority, Lender may redesignate all affected HOA Properties in such Applicable HOA State as Applicable HOA Properties.
For the avoidance of doubt, if any reported decision of a state appellate court would result in the foregoing clauses (i)(A), (i)(B and (i)(C) applying in such state, then such state shall constitute an Applicable HOA State.
In addition, if, as a result of any such differences the Administrative Agent believes in good faith that any provisions for subordination of Liens for HOA Fees to the Lien of the Mortgages are unenforceable under the laws of an Applicable HOA State or that such Lien for HOA Fees would be entitled to Priority, the Administrative Agent may redesignate all affected HOA Properties in such Applicable HOA State as Applicable HOA Properties.
If at any time Lender believes in good faith that HOA Fees due and payable to an HOA in an Applicable HOA State have become delinquent, Lender may in its sole and absolute discretion apply the HOA Funds to pay such HOA Fees.
For the avoidance of doubt, if any reported decision of a state appellate court would result in the foregoing clauses (i)(A), (i)(B) and (i)(C) applying in such state, then such state shall constitute an Applicable HOA State.
More Definitions of Applicable HOA State
Applicable HOA State means (i) a state in which, pursuant to applicable Legal Requirements, (A) a Lien in favor of an HOA may be created through the non-payment of HOA Fees assessed against a Property by such HOA and (B) any such Lien would have Priority or (ii) a state designated as an Applicable HOA State pursuant to Section 4.3.16(b). For the avoidance of doubt, if any reported decision of a state appellate court would result in the foregoing clauses (i)(A) and (i)(B) applying in such state, then such state shall constitute an Applicable HOA State.
Applicable HOA State means (i) a state in which, pursuant to applicable Legal Requirements, (A) a Lien in favor of an HOA may be created through the non-payment of HOA Fees assessed against a Property by such HOA and (B) any such Lien would have Priority or (ii) a state designated as an Applicable HOA State pursuant to Section 4.3.17(b). For the avoidance of doubt, if any reported decision of a state appellate court would result in the foregoing clauses (i)(A) and (i)(B) applying in such state or if the legal opinion described in clause (B)(x) of the definition of “Applicable HOA Properties” in respect of a state, is conditioned on the presence of subordination language or the absence of provisions which would otherwise allow a Lien for HOA Fees to extinguish the Lien of a mortgage upon the valid and proper foreclosure of such Lien for HOA Fees, then such state shall constitute an Applicable HOA State.
Applicable HOA State means (i) a state in which, pursuant to applicable Laws, (A) a Lien in favor of an HOA may be created through the non-payment of HOA Fees assessed against a Property by such HOA and (B) any such Lien would have Priority or (ii) a state designated, on or before the Closing Date, by the Lender pursuant to the terms of the Seller Financing Documents, as an Applicable HOA State. For the avoidance of doubt, if any reported decision of a state appellate court would result in the foregoing clauses (i)(A) and (i)(B) applying in such state, then such state shall constitute an Applicable HOA State.
Applicable HOA State means (a) a state in which, pursuant to applicable Legal Requirements, (i) a Lien in favor of an HOA may be created through the non-payment of amounts assessed against a Property by such HOA, (ii) any such Lien would have Priority over the lien applicable to the related Mortgage and (iii) any such Lien if foreclosed upon by such HOA would result in an extinguishment of the Lien of the Mortgage on such Property and (b) a state designated as an Applicable HOA State pursuant to Section 5.02(f)(i). For the avoidance of doubt, if a reported decision of a state appellate court would result in the foregoing clauses (a)(i) through (iii) applying in such state, then such state shall constitute an Applicable HOA State.
Applicable HOA State means (i) a state in which, pursuant to applicable Legal Requirements, (A) a Lien in favor of a homeowner’s association may be created through the non-payment of fees assessed against a residential property by such homeowner’s association and (B) any such Lien would extinguish the Lien of a mortgage upon the valid and proper foreclosure of such Lien for homeowner’s association fees or (ii) a state designated as an Applicable HOA State pursuant to Section 4.3.12(b). For the avoidance of doubt, if any reported decision of a state appellate court would result in the foregoing clauses (i)(A) and (i)(B) applying in such state or if the legal opinion described in clause (B)(x) of the definition of “Applicable HOA Properties” in respect of a state, is conditioned on the presence of subordination language or the absence of provisions which would otherwise allow a Lien for homeowner’s association fees to extinguish the Lien of a mortgage upon the valid and proper foreclosure of such Lien for homeowner’s association fees, then such state shall constitute an Applicable HOA State.
Applicable HOA State means (a) a state in which, pursuant to applicable Legal Requirements, (i) a Lien in favor of a HOA may be created through the non-payment of amounts assessed against a Property by such HOA, (ii) any such Lien would have priority over the lien of the Mortgage and (iii) any such Lien if foreclosed upon by such HOA would result in an extinguishment of the Lien of the Mortgage on such Property or (b) a state designated as an Applicable HOA State pursuant to Section 4.3.13
Applicable HOA State means (i) a state in which, pursuant to applicable Legal Requirements, (A) a Lien in favor of an HOA may be created through the non-payment of HOA Fees assessed against a Property by such HOA and (B) any such Lien would extinguish the Lien of a mortgage upon the valid and proper foreclosure of such Lien for HOA Fees or (ii) a state designated as an Applicable HOA State pursuant to Section 4.3.17(b). For the avoidance of doubt, if any reported decision of a state appellate court would result in the foregoing clauses (i)(A) and (i)(B) applying in such state or if the legal opinion described in clause (B)(x) of the definition of “Applicable HOA Properties” in respect of a state, is conditioned on the presence of subordination language or the absence of provisions which would otherwise allow a Lien for HOA Fees to extinguish the Lien of a mortgage upon the valid and proper foreclosure of such Lien for homeowner’s association fees, then such state shall constitute an Applicable HOA State.