Common use of Exceptions to Right of First Refusal and Option Clause in Contracts

Exceptions to Right of First Refusal and Option. Notwithstanding any other provision in this Agreement, if a mortgagee of a Canada Mortgage and Housing Corporation (“CMHC”) insured mortgage or any other lender who may or may not have an insured mortgage (the “Lender”) of a Designated Unit has commenced foreclosure proceedings (the “Proceedings”) against the Designated Unit Owner under the terms of a mortgage (the “Mortgage”) registered against title to the Designated Unit and the Lender has obtained a court order (the “Conduct of Sale Order”) providing the Lender conduct of sale of the Designated Unit and the Lender has for ninety (90) days made commercially reasonable efforts to sell the Designated Unit, or if CMHC has taken possession of the Designated Unit as loan insurer, and if the Lender or CMHC has been unable to enter into a bona fide offer or to sell the Designated Unit to a Qualified Purchaser, the Lender or CMHC may after that time sell the Designated Unit to a purchaser who is not a Qualified Purchaser for any price, and this Agreement shall no longer apply and BIM shall discharge this Agreement from title to the Designated Unit under foreclosure. In the event the Designated Unit is sold by the Lender and such sale generates funds in excess of the balance owing under the Mortgage and related costs, including without limiting the generality of the foregoing, charges, taxes, commissions, and utilities regarding the Designated Unit (collectively the “Mortgage Amount(s)”), such excess funds shall forthwith be paid to the Designated Unit Owner up to the amount equal to the Discount Price Resale (including the Mortgage Amount(s) as monies which have been paid to the Designated Unit Owner) and the balance to ▇▇▇▇▇ Island Municipality for its own use absolutely, subject to applicable laws and priorities.

Exceptions to Right of First Refusal and Option. 6. Notwithstanding any other provision in this Agreement, if the Owner is a mortgagee of a Canada Mortgage and Housing Corporation (“CMHC”) insured mortgage or any other lender who may or may not have an insured mortgage (the “Lender”) of a Designated Unit has commenced foreclosure proceedings (the “Proceedings”) against the Designated Unit Owner under the terms of a mortgage (the “Mortgage”) registered against title to the Designated Unit and the Lender has obtained a court order (the “Conduct of Sale Order”) providing the Lender conduct of sale of the Designated Unit and the Lender has for ninety (90) between 90 days and 119 days made commercially reasonable efforts Efforts to sell the Designated Unit, or if CMHC has taken possession of the Designated Unit as loan insurerSell, and if the Lender or CMHC has been unable to enter into a bona fide offer Bona Fide Offer or to sell the Designated Employee Unit to a Qualified Purchaserthe Municipality, the Lender or CMHC may after that time sell the Designated Unit Interest to a purchaser who is not an Employee or Retiree, but the purchase price for the Interest must not exceed the Maximum Price and the Employee Unit may only be used, occupied, re-sold or leased by that new owner in accordance with the Housing Agreement and this Agreement. 7. Notwithstanding any other provision in this Agreement, if the Owner is a Qualified Purchaser Lender and the Lender has for at least 120 days made Efforts to Sell, and if the Lender has been unable to enter into a Bona Fide Offer or sell the Employee Unit to the Municipality, the Lender may after that time sell the Interest to a purchaser who is not an Employee or Retiree for any price, and the Employee Unit may be used and occupied subject only to all enactments applicable to the use of the Employee Unit but the Housing Agreement and this Agreement shall no longer apply will not apply. 8. Notwithstanding any other provision in this Agreement, if the Owner is not a Lender and BIM shall discharge the Owner has for at least 120 days made Efforts to Sell, and if the Owner has been unable to enter into a Bona Fide Offer or sell the Employee Unit to the Municipality, the Owner may after that time sell the Interest to a purchaser who is not an Employee or Retiree, but the purchase price for the Interest must not exceed the Maximum Price and the Employee Unit may be used and occupied subject only to all Municipal zoning enactments applicable to the use of the Employee Unit but the Housing Agreement and this Agreement from title to the Designated Unit under foreclosure. In the event the Designated Unit is sold by the Lender and such sale generates funds in excess of the balance owing under the Mortgage and related costs, including without limiting the generality of the foregoing, charges, taxes, commissions, and utilities regarding the Designated Unit (collectively the “Mortgage Amount(s)”), such excess funds shall forthwith be paid to the Designated Unit Owner up to the amount equal to the Discount Price Resale (including the Mortgage Amount(s) as monies which have been paid to the Designated Unit Owner) and the balance to ▇▇▇▇▇ Island Municipality for its own use absolutely, subject to applicable laws and prioritieswill not apply.