Termination Upon Foreclosure Sample Clauses

Termination Upon Foreclosure. The lien of the Subordinate Loan Documents will automatically terminate upon the acquisition by Senior Lender or by a third-party purchaser of title to the Mortgaged Property pursuant to a foreclosure of, deed in lieu of foreclosure, or trustee’s sale or other exercise of a power of sale or similar disposition under the Senior Mortgage.
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Termination Upon Foreclosure. Except for the existing lienholders, in the case of a foreclosure or other judicial sale of the plant, property and equipment of Franchisee, or any part thereof, including or excluding this franchise, the Franchising Authority may serve notice of termination upon Franchisee and the successful bidder at such sale, in which event said franchise agreement and all rights and privileges of Franchisee thereunder shall cease and terminate thirty (30) days after service of such notice, unless:
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Termination Upon Foreclosure. Tenant, at the direction of Mortgagee, or Mortgagee shall have the option to terminate this Agreement, subject to the rights of Management Company herein, upon ten (10) days’ prior written notice to Management Company in connection with a foreclosure or delivery of a deed in lieu thereof that is related to any Facility Mortgage, without any further obligation to Management Company (except for the obligations of Tenant to pay any Termination Fee under Section 6.6 above and any accrued Management Fees for previous periods which have not been paid, each of which shall be the obligation of Tenant but not Mortgagee). Upon the request of Tenant, Management Company shall enter into a written agreement acknowledging that its rights under the Agreement are subordinate to any Facility Mortgage.
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Termination Upon Foreclosure. Tenant, at the direction of Mortgagee, or Mortgagee shall have the option to terminate this Agreement, without fee or penalty subject to the rights of Management Company herein, upon ten (10) days’ prior written notice to Management Company in connection with a foreclosure or delivery of a deed in lieu thereof that is related to any Community Mortgage, without any further obligation to Management Company (except for any accrued Management Fees for previous periods which have not been paid which shall be the obligation of Tenant but not Mortgagee). Upon the request of Tenant, Management Company shall enter into a written agreement acknowledging that its rights under this Agreement are subordinate to any Community Mortgage.
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Termination Upon Foreclosure. Except during the first four Operating Years of the Term and as otherwise provided in a Non-Disturbance Agreement, a Mortgagee (including Trustee) shall have the right to terminate this Agreement upon the foreclosure of its Mortgage or upon acceptance of a deed-in-lieu of foreclosure, if (a) a monetary Event of Default exists under the Indenture, (b) an Event of Default exists under the Indenture which was the result of an action or inaction by Manager, (c) an Event of Default by Manager exists under this Agreement at the time of commencement, completion or during the process of the foreclosure proceeding or the process of the deed-in-lieu of foreclosure which would permit Owner to otherwise terminate this Agreement, including the obligation to repay Unamortized Key Money immediately if the Termination occurs during the first four Operating Years, (d) an uncured Performance Termination Event has occurred and is continuing beyond a cure right expressly permitted under Section 4.8.2 above or (e) this Agreement is subject to Termination as provided in the Subordination Agreement. Notwithstanding the foregoing, if the purchaser at the foreclosure sale (a “Foreclosure Purchaser”) is Owner or an Affiliate of Owner or if Owner or an Affiliate of Owner receives a deed-in-lieu of foreclosure and this Management Agreement is terminated in connection therewith, then Owner or such Affiliate shall pay to Manager the Termination Fee. Manager and Owner intend that Trustee and any such Foreclosure Purchaser and their respective affiliates be and is a third party beneficiary to the foregoing provisions. In the event Owner receives or retains cash on a foreclosure sale, or a deed in lieu, such Termination of this Agreement shall be treated as a breach of this Agreement (unless this Agreement was otherwise terminable by Owner or Trustee pursuant to the terms hereof), and Manager may, as its sole and exclusive remedy, make a claim against Owner to the extent Owner receives cash (in excess of any amount received by Owner with respect to Outstanding amounts under the Bonds and/or Reimbursement Obligations owed by the Owner from such foreclosure sale for damages for such breach in an amount equal to actual damages, but in no event shall damages exceed the calculation of the Termination Fee amount which would be payable to Manager hereunder at the applicable period of time assuming a Termination Fee were payable to Manager at such time; provided, however, the right, if any, of a ...
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Related to Termination Upon Foreclosure

  • Action Upon Termination (a) From and after the effective date of termination of this Agreement, pursuant to Sections 13, 14, or 15 of this Agreement, the Manager shall not be entitled to compensation for further services under this Agreement, but shall be paid all compensation accruing to the date of termination and, if terminated pursuant to Section 13 or Section 15(b), the applicable Termination Fee. Upon such termination, the Manager shall forthwith:

  • Termination Upon Notice Following thirty (30) days’ written notice, the State Entity may terminate the Contract in whole or in part without the payment of any penalty or incurring any further obligation to the Contractor. Following termination upon notice, the Contractor shall be entitled to compensation, upon submission of invoices and proper proof of claim, for goods and services provided under the Contract to the State Entity up to and including the date of termination.

  • TERMINATION UPON RETIREMENT Termination of Executive’s employment based on “

  • Termination Upon Death This entire Agreement will terminate immediately without further action of the parties upon the death of a natural person who is a party to this Agreement, or a general partner of a partnership that is a party to this Agreement.

  • Termination Upon Bankruptcy Either Party may terminate this Agreement if, at any time, the other Party shall (a) file in any court or agency pursuant to any statute or regulation of any state, country or jurisdiction, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of that Party or of its assets, (b) propose a written agreement of composition or extension of its debts, (c) be served with an involuntary petition against it, filed in any insolvency proceeding, and such petition has not been dismissed within sixty (60) days after the filing thereof, (d) propose or be a party to any dissolution or liquidation, (e) make an assignment for the benefit of its creditors or (f) admit in writing its inability generally to meet its obligations as they fall due in the general course.

  • Termination Upon a Change of Control If Executive’s employment by the Employer, or any Affiliate or successor of the Employer, shall be subject to a Termination within a Covered Period, then, in addition to Minimum Payments, the Employer shall provide Executive the following benefits:

  • Termination Upon Repurchase or Liquidation of All Mortgage Loans.............................................. SECTION 9.02

  • Termination Upon Breach Either the Corporation or the Consultant may terminate this Agreement in the event of the breach of any of the material terms or provisions of this Agreement by the other party, which breach is not cured within 10 business days after notice of the same is given to the party alleged to be in breach by the other party.

  • Resignation upon Termination Effective as of any Date of Termination under this Section 7 or otherwise as of the date of Executive's termination of employment with the Company, Executive shall resign, in writing, from all Board memberships and other positions then held by him with the Company and its Affiliates.

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