Common use of Forced Sale Clause in Contracts

Forced Sale. Lessor or CLT may require the owner to sell the Residential Unit in accordance with the resale procedures set forth herein and in the guidelines adopted by CLT and amended from time to time as if such owner had delivered an Intent to Sell Notice to CLT. In the event of such a sale, all proceeds will be applied in the following order: FIRST, to the payment of any Qualified Mortgage; SECOND, to the payment of any unpaid taxes; THIRD, to assessments, claims and liens on the Residential Unit (not including any mortgage or lien purportedly affecting the Residential Unit which is not a Qualified Mortgage); FOURTH, to the payment of the closing costs and fees; FIFTH, to the Transfer Fee to CLT; SIXTH, to the payment of any penalties assessed against the owner by CLT; SEVENTH, to the repayment to CLT of any monies advanced by CLT in connection with a mortgage or other debt with respect to a Residential Unit, or any other payment made by CLT on owner’s behalf; EIGHTH, to any repairs needed for the Residential Unit; and NINTH, any remaining proceeds shall be paid to the Lessee. If there are insufficient proceeds to satisfy the foregoing, Lessee shall remain personally liable for such deficiency.

Forced Sale. Lessor or CLT may require the owner to sell the Residential Unit in accordance with the resale procedures set forth herein and in the guidelines adopted by CLT and amended from time to time as if such owner had delivered an Intent to Sell Notice to CLT. In the event of such a sale, all proceeds will be applied in the following order: FIRST, to the payment of any Qualified Mortgage; SECOND, to the payment of any unpaid taxes; THIRD, to assessments, claims and liens on the Residential Unit (not including any mortgage or lien purportedly affecting the Residential Unit which is not a Qualified Mortgage); FOURTH, to the payment of the closing costs and fees; FIFTH, to the Transfer Fee to CLT; SIXTH, to the payment of any penalties assessed against the owner by CLTCLT or Lessor; SEVENTH, to the repayment to CLT of any monies advanced by CLT in connection with a mortgage or other debt with respect to a Residential Unit, or any other payment made by CLT on owner’s behalf; EIGHTH, to any repairs needed for the Residential Unit; and NINTH, any remaining proceeds shall be paid to the Lessee. If there are insufficient proceeds to satisfy the foregoing, Lessee shall remain personally p ersonally liable for such deficiency.

Forced Sale. Lessor or CLT may require the owner to sell the Residential Unit in accordance with the resale procedures set forth herein and in the guidelines adopted by CLT and amended from time to time as if such owner had delivered an Intent to Sell Notice to CLT. In the event of such a sale, all proceeds will be applied in the following order: FIRST, to the payment of any Qualified Mortgage; SECOND, to the payment of any unpaid taxes; THIRD, to assessments, claims and liens on the Residential Unit (not including any mortgage or lien purportedly affecting the Residential Unit which is not a Qualified Mortgage); FOURTH, to the payment of the closing costs and fees; FIFTH, to the Transfer Fee to CLT; SIXTH, to the payment of any penalties assessed against the owner by CLTCLT or Lessor; SEVENTH, to the repayment to CLT of any monies advanced by CLT in connection with a mortgage or other debt with respect to a Residential Unit, or any other payment made by CLT on owner’s behalf; EIGHTH, to any repairs needed for the Residential Unit; and NINTH, any remaining proceeds shall be paid to the Lessee. If there are insufficient proceeds to satisfy the foregoing, Lessee shall remain personally liable for such deficiency.