Section PRP.05.40 — Assignment Of Leasehold Interest In Lieu Of Foreclosure

At any time after a default, the Mortgagor may enter into a written assignment of Leasehold Interest in lieu of foreclosure, subject to the following provisions:

(a) Thirty (30) days shall have expired after the Mortgagee has given the Tribe written notice of the "Lessor's Option" and the Tribe, as Lessor, has not exercised the same.

(b) The assignment shall contain (i) the Mortgagor's warranty that the Mortgagor, in good faith, believes that the value of the Leasehold Interest is equal to or less than the amount currently due, or to become due after a foreclosure, under the Mortgage and (ii) the Mortgagee shall release of the Mortgagor from the obligation to repay the Note;

(c) The Mortgagee shall petition the Tribal Court to appoint a receiver, who shall be the Tribe unless otherwise agreed to by the Mortgagee and the Tribe, to receive title to the Leasehold Interest and to liquidate it in accordance with the provisions of this Ordinance;

(d) Such petition shall include a copy of the assignment and shall be served on the Mortgagor and the Tribe;

(e) The order appointing the receiver shall assign the Leasehold Interest to the receiver, with a right to sell the Leasehold Interest at private sale or rent the Leased Premises subject to the same conditions as provided in this Ordinance for a foreclosure.