Receivership Action definition
Examples of Receivership Action in a sentence
If Seller is prohibited under Legal Requirements to assign its rights with respect to the Foreclosure Action or the Receivership Action, as applicable, Seller shall dismiss the Foreclosure Action and the Receivership Action without prejudice promptly after Closing.
In the event that the Foreclosure Action or the Receivership Action is pending and a foreclosure sale is not held with respect to the Foreclosure Action prior to the Closing Date, Seller shall assign its rights with respect to the Foreclosure Action and Receivership Action, as applicable, and any Foreclosure Judgment to Buyer at Closing unless prohibited by Legal Requirements.
The U.S. District Court presiding over the Receivership Action shall have original and exclusive jurisdiction over any such disputes.
In addition, to the extent a Receiver is owed any fees or costs with respect to any Receivership Action that have not been paid as of the Closing Date, Buyer and not Seller shall be responsible for the payment of any such fees and costs.
Seller has disclosed to Buyer and Buyer acknowledges the existence of any Foreclosure Action and/or Receivership Action.
If the Loan or Foreclosure Judgment (if any) is or becomes subject to any claim, action, order, lawsuit or other proceeding, administrative or otherwise, including but not limited to, the Foreclosure Action, the Receivership Action, or other foreclosure or similar action or any bankruptcy filed by or against any Borrower Party (collectively, “Litigation”), Buyer shall accept the Loan and the Foreclosure Judgment (if any) subject to such Litigation without any reduction to the Purchase Price.
For these purposes, Borrower hereby grants to Lender its limited power of attorney authorizing Lender to represent their consent to the entry of any order appointing a receiver that Lender may present in the Receivership Action, which order shall include such terms and provisions agreeable to Lender in its sole and absolute discretion.
Until such time as the payments required in paragraph 12(a)-(c) have been made or until the General Receiver has disbursed all of the Receivership Property and the Receivership Action is finally closed, whichever occurs first, NWTS, by and through its General Receiver, shall in good faith use commercially reasonable efforts to retain all records relating to compliance activities under this Agreement.
Borrower herewith waives any and all defenses that it may have with respect to such Receivership Action, and herewith agrees that it shall not assert any such defenses in such Receivership Action.
The duration of this Agreement shall be until the General Receiver has paid all compensation provided for in Paragraph 12, or until the General Receiver has disbursed all of the Receivership Property to creditors and the Receivership Action is finally closed, whichever occurs first.