Foreclosure Sale. If the Mortgaged Property is transferred pursuant to a Foreclosure Event or Lender otherwise acquires title to the Mortgaged Property, Borrower acknowledges that Lender shall automatically succeed to all rights of Borrower in and to any insurance policies and unearned insurance premiums applicable to the Mortgaged Property and in and to the proceeds resulting from any damage to the Mortgaged Property prior to such Foreclosure Event or such acquisition.
Appears in 11 contracts
Samples: Multifamily Loan and Security Agreement, Multifamily Loan and Security Agreement, Multifamily Loan and Security Agreement
Foreclosure Sale. If the a Mortgaged Property is transferred pursuant to a Foreclosure Event or Lender otherwise acquires title to the a Mortgaged Property, Borrower acknowledges that Lender shall automatically succeed to all rights of Borrower in and to any insurance policies and unearned insurance premiums applicable to the such Mortgaged Property and in and to the proceeds resulting from any damage to the such Mortgaged Property prior to such Foreclosure Event or such acquisition.
Appears in 2 contracts
Samples: Master Credit Facility Agreement (Steadfast Apartment REIT, Inc.), Master Credit Facility Agreement (Brookdale Senior Living Inc.)
