Termination of Land Restriction Sample Clauses

Termination of Land Restriction. If a lender acquires the Property by foreclosure or by deed in lieu of foreclosure under its mortgage, after giving the Tribe the required sixty (60) days’ notice, the right and restrictions contained in this Land Restriction shall terminate, and the Property shall become free from the rights and restrictions in this Land Restriction. Notwithstanding the foregoing, nothing shall prevent a lender from selling the Property subject to this Land Restriction to an eligible buyer in any foreclosure proceeding or after acquisition of title to the Property. The Tribe shall, upon request, provide a determination as to a purchaser’s qualifications as an eligible buyer. In such case, the lease shall indicate that the Property is being conveyed subject to this Land Restriction. In addition, if the Tribe, or its successors or assigns, purchases the Property at a foreclosure sale or from a lender, the Tribe, or its successors or assigns may resubject the Property to this Land Restriction by supplemental recording. Executed as of the date first written above. LESSOR: LESSEE: CONCURRED IN BY THE TRIBE (IF DIFFERENT FROM OWNER) Tribe: Signature: Name & Title: Date APPROVED: SECRETARY OF THE INTERIOR B Y : :ATTACHMENT A Legal Description of Portion of the Property Covered by Land Restriction
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