Succession to Condemnation Proceeds. If the Mortgaged Property is sold at a foreclosure sale or Lender acquires title to the Mortgaged Property, Lender will Multifamily Loan and Security Agreement (CME) Page 30 automatically succeed to all rights of Borrower in and to any Condemnation proceeds and awards prior to such sale or acquisition.
Appears in 3 contracts
Samples: Multifamily Loan and Security Agreement (Preferred Apartment Communities Inc), Multifamily Loan and Security Agreement (Preferred Apartment Communities Inc), Multifamily Loan and Security Agreement (Preferred Apartment Communities Inc)
Succession to Condemnation Proceeds. If the Mortgaged Property is sold at a foreclosure sale or Lender acquires title to the Mortgaged Property, Lender will Multifamily Loan and Security Agreement (CME) Page 30 Page33 automatically succeed to all rights of Borrower in and to any Condemnation proceeds and awards prior to such sale or acquisition.
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (KBS Legacy Partners Apartment REIT, Inc.)
