Inst 2001428359 - Laserfiche WebLink

Home

reinstatement of a monetary default under the deed of trust or mortgage. In the event of default and foreclosure, the Agency, or its designee or assignee, shall have the same right as the Owner to cure defaults and redeem the Premises prior to foreclosure sale. Such redemption shall be subject to the same fees, charges and penalties which would otherwise be assessed against the Owner. Nothing herein shall be construed as creating any obligation on the part of the Agency to cure any such default, nor shall this right to cure and redeem operate to extend any time limitations in the default provisions of the underlying deed of trust or mortgage. In the event that no request for notice is filed, the right to purchase of the Agency, or its designee or assignee, shall run from the date the notice of default is given to the Owner, and any such purchase must be completed within the period established in this Paragraph 9. In the event the Agency, or its designee or assignee, elects not to exercise its rights to purchase upon default, and a foreclosure sale is consummated, any surplus proceeds to which the Owner may be entitled following foreclosure under California state law shall be paid as follows: After any required payment of encumbrances, that portion of surplus, if any, up to but not exceeding the net amount that the Owner would have received after any required payment of encumbrances under the formula set forth above had the Agency exercised its right to purchase the Premises on the date of the foreclosure sale, shall be paid to the Owner on the date of the foreclosure sale; the balance of surplus, if any, shall be paid to the Agency, or its successors or assigns. In the event that the Agency, or its designee or assignee, does not elect to purchase the Premises pursuant to the provisions of this Section and the Premises is sold through foreclosure, the provisions of paragraph 15 below pertaining to subordination shall apply. 9. Distribution of Insurance and Condemnation Proceeds In the event that the Premises consist of a unit in a condominium project and the condominium project is destroyed and insurance proceeds are distributed to Owner instead of being used to rebuild, or in the event of condemnation, if proceeds thereof are distributed to Owner, or in the event of termination of the condominium, liquidation of the association and distribution of the assets of the association to the members thereof, including Owner, any surplus proceeds so distributed remaining after payment of encumbrances of said Premises shall be distributed as follows: That portion of the surplus up to but not to exceed the net amount that Owner would have received under the formula set forth above had Agency exercised its right to purchase the property on the date of the destruction, condemnation valuation date, or liquidation, shall be distributed to Owner, and the balance of such surplus, if any, shall be distributed to Agency or its successors or assigns. 11. Notice of Prohibited Transfer Upon receiving notification of a Prohibited Transfer, Agency will give written notice to the Owner, specifying the nature of the Prohibited Transfer. If the violation is not corrected to the satisfaction of the Agency within ten (10) days after the date of the notice, or within such further time as Agency determines is necessary to correct the violation, Agency may declare a default under this Agreement. Upon the G