The one good thing about such a provision is that it allows the senior lender to start foreclosure (or notice of default/cure period) immediately.      

Newest update is that the buyer is threatening to sue and place a lien on the property.

Update for Chicago investors : As of right now the ordinance takes effect 11/9 but any property under contract before then is exempt.

Electrical as well but needs updating.

I would rather rent at a slight loss than to be vacant for an extended period of time.

Recommend cash for keys here (like you already tried) and getting them to sign a termination of lease.If the lease period ended and they are on month-to-month typically you have leverage (depending on what your lease says, or local laws) to end the lease at the end of the month given prior notification.

Instead, he recommended that I update the Trust first.

The fact that you agreed to update his flooring is very nice of you in the first place.

We begin to work with the future tenant and made specific updates and changes to suit this tenant.

Let's assume there is no CO obtained immediately after the sale (will do later after repairs are done), and no township or local-level inspections requested.Is the township automatically notified by the county of the sale or is there some mechanism by which they would learn about the sale and update their records, other than by the buyer telling them about it, or applying for a CO?