Common use of CODE VIOLATION MANAGEMENT AND MITIGATION Clause in Contracts

CODE VIOLATION MANAGEMENT AND MITIGATION. Where code violations exist and Altisource has been provided notice of violations, Altisource will manage the mitigation of such code violations and negotiate code violation fines on behalf of Residential. Residential authorizes to Altisource to expend up to $[***] on any item on Residential’s behalf to mitigate any code violation without any further approval from Residential, including paying such amount as a fine, expending such amount in repair work or offering up to such amount as a seller concession to a buyer at closing. Any fine, remediation work item or a seller concession anticipated to exceed $[***] shall require Residential’s approval. Notwithstanding the foregoing, if any fine is the result of Altisource’s failure to timely mitigate a violation for which Altisource was aware and could have reasonably cured such violation prior to accruing the fine, then Altisource shall be responsible for payment of such fine.