Meaning the bank would step in and re-possess the condo?  

Did I miss how you came into possession of the note (again, you are the bene or control it, correct)?

Sell the units.Only take offers from pre-qualified buyers and no restrictions on taking possession. 

Instead of the 3-day Quit, use the Change in Terms notice.Highlight the points:you have no written lease you have been living here under an oral agreement on a month-to-month basisEffective 1/1/2017, the terms of your tenancy will be changed as follows:Rent of $xxx will be due on the 1st of the month and considered late after 5 days,Your lease is attached for your signature and the term will be From ___ To ____If you elect to not sign the lease on or before 1/1/2017, I will file an Unlawful Detainer action against you in court to obtain possession and that will be public record against you.If you elect to move out on 1/1/2017, I will return your deposit of $xxx

Contract clauses were really a big help - principal only mortgage - that is NO INTEREST, installment down payments, money back, right of possession, many subject to offers, delayed settlement with possession - contract candy ( also known as buyer incentives) prime rate financing - money back from seller - discounting existing current and defaulted mortgages, early pay-off discounts, substitution of collateral (my favorite one)When there is NO equity - I offer --- Contract of sale (on a skinny), subject to existing financing, immediate possession, right to assign and release of liability -- This system works well when house lacks equity.

The judge has already mandated a date to return possession regardless of who the owner is.

You can see if the allowable rent increases were given, etc.If the old lease is substandard, or you only have the estoppel, I'd talk nicely with the tenant, once you take possession, and see if they are open to signing a new lease, so you guys have all your terms straight.

They won't owe you any money you can collect without court action, which you can't do.. and they won't owe new owner until date he takes possession. 

I've had to check it off a few times and so far I have never been denied possession.  

However they can be improved to be more succinct with something like "We can buy properties as is, and clear out the possessions as well with no need for repairs or deal with other problems on your behalf."