Foreclosed Property Sample Clauses

Foreclosed Property. (a) The parties hereto acknowledge and understand that if the Trust Fund were to acquire the Property as Foreclosed Property and were to own and operate the Property in a manner consistent with the manner in which the Property is currently owned and operated by the Loan Parties, through a Successor Manager, some portion or all of the income derived in the Lower-Tier REMIC from such Foreclosed Property may be considered “net income from foreclosure property” for purposes of Section 860G(c) of the Code and subject to tax at normal corporate income tax rates. In determining whether to acquire and hold any Foreclosed Property, the Special Servicer, acting on behalf of the Trustee hereunder, shall take these circumstances into account and shall only acquire such Foreclosed Property if it determines, in its reasonable judgment (after, consultation with counsel, at the expense of the Trust Fund), that either (i) there is a commercially feasible alternative method of administering such Foreclosed Property that would not result in such tax, e.g., a net lease that results in Rents from Real Property or (ii) the likely recovery with respect to operating the Foreclosed Property on behalf of the Trust Fund, after taking into account any such taxes that might be imposed on either the Lower-Tier REMIC or the Upper-Tier REMIC, will exceed the likely recovery to the Trust Fund if the Trust Fund were to net lease the Foreclosed Property or were not to acquire and hold the Foreclosed Property. If the Trust Fund acquires any Foreclosed Property, the Special Servicer, acting on behalf of the Trustee, if the Manager would not be considered an Independent Contractor, shall either renegotiate the applicable Management Agreement or replace the Manager with a Successor Manager (as appropriate and to the extent permitted under such Management Agreement) so that the Foreclosed Property would be considered to be operated by an Independent Contractor. If, after making the foregoing reasonable efforts, the Special Servicer determines that it is in the best interests of Certificateholders on a net after-tax basis to operate the Foreclosed Property in a manner such that the Lower-Tier REMIC or Upper-Tier REMIC shall receive, based upon an Opinion of Counsel, “net income from foreclosure property” under the REMIC Provisions, the Special Servicer shall maintain or cause to be maintained such records of income and expense as to enable such amounts to be computed accurately, and shall pay or ...
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Foreclosed Property. The Property if acquired by the Indenture Trustee or by any nominee of the Indenture Trustee by foreclosure or acceptance of a deed in lieu of foreclosure or otherwise. FORECLOSURE PROCEEDS: Proceeds received by the Indenture Trustee in respect of the Foreclosed Property (including, without limitation, proceeds from the rental or operation of such Foreclosed Property) prior to the final liquidation of the Foreclosed Property.
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Foreclosed Property. Borrower will, and will cause each of its Subsidiaries and Servicer to, promptly upon acquisition of any Foreclosed Property, execute such Instruments evidencing the Trustee’s Liens other documentation as Agent may request in connection therewith, and deliver or cause to be delivered to Agent, a current FIRREA-Compliant Appraisal, a mortgagee policy of title insurance, environmental report, engineering report and other documentation as Agent may request in connection therewith.
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Foreclosed Property. “Foreclosed Property” shall mean an Affected Property that is owned by a Mortgagee.
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Foreclosed Property. 91 Section 10.3
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Foreclosed Property. Any real property which was previously mortgaged to the Company to secure a loan made by the Company, and title to which real property was acquired by the Company pursuant to enforcement of its deed of trust against such property, either through foreclosure (whether judicial or non-judicial) or pursuant to a deed in lieu of foreclosure.
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Foreclosed Property. (a) Notwithstanding any other provision of this Agreement, the Servicer, acting on behalf of the Trustee hereunder, shall not rent, lease, or otherwise earn income on behalf of the Trust Fund with respect to the Foreclosed Property which might cause the Foreclosed Property to fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code or result in the receipt by the Trust REMIC of any "income from nonpermitted assets" within the meaning of Section 860F(a)(2) of the Code or any "net income from foreclosure property" which is subject to tax under the REMIC Provisions unless the Trustee and Servicer have been furnished with an Opinion of Counsel (at the Trust Fund's expense) to the effect that under the REMIC Provisions, any income generated for the Trust REMIC by the Foreclosed Property in the manner contemplated would not result in the imposition of a tax upon the Trust REMIC. The Trustee and Servicer shall be entitled to rely on such opinion and neither shall have liability hereunder for adopting any course of action consistent with such opinion. 161 Without limiting the generality of the foregoing, neither the Servicer nor the Trustee shall, to the extent within its power:
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Foreclosed Property. 133 Section 10.03. Modifications of Mortgage Loan........................135 Section 10.04. Prohibited Transactions and Activities.....................136 Section 10.05. Indemnification with Respect to Certain Taxes and Loss of REMIC Status..........................136 Section 10.06. Grantor Trust Reporting....................................137 ARTICLE ELEVEN
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Related to Foreclosed Property

  • Foreclosed Property Account The Special Servicer shall establish and maintain one or more deposit accounts (each, a “Foreclosed Property Account”) on behalf of the Trust for the benefit of the Trust Interest Owners in the name of either (A) “LNR Partners, LLC, as Special Servicer on behalf of Wilmington Trust, National Association, as Trustee for the benefit of the registered Holders of MAD Commercial Mortgage Trust 2019-650M, Commercial Mortgage Pass-Through Certificates, Series 2019-650M, the Uncertificated VRR Interest Owners and the Companion Loan Holders, as their interests may appear” related to the Foreclosed Property, if any, held in the name of the Special Servicer on behalf of the Trustee for the benefit of the Trust Interest Owners and the Companion Loan Holders or (B) a limited liability company wholly owned by the Trust and which is managed by the Special Servicer as provided in Section 3.14, related to each Foreclosed Property, if any, held in the name of such limited liability company. Each Foreclosed Property Account shall be an Eligible Account maintained with an Eligible Institution. The Special Servicer shall deposit into the Foreclosed Property Account within two (2) Business Days of receipt all properly identified funds collected and received in connection with the operation or ownership of such Foreclosed Property. On or before the Business Day following the last day of each Collection Period, the Special Servicer shall withdraw the funds in any Foreclosed Property Account received through the end of such Collection Period, net of certain expenses and/or reserves (the amount of such reserves determined in the Special Servicer’s reasonable discretion), and deposit them into the Collection Account in accordance with Section 3.4(a). The Special Servicer shall notify the Certificate Administrator in writing of the location and account number of each Foreclosed Property Account and shall notify the Certificate Administrator in writing prior to any subsequent change thereof.

  • Occupancy of the Mortgaged Property As of the related Closing Date the Mortgaged Property is lawfully occupied under applicable law. All inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to the use and occupancy of the same, including but not limited to certificates of occupancy and fire underwriting certificates, have been made or obtained from the appropriate authorities. The Mortgagor represented at the time of origination of the Mortgage Loan that the Mortgagor would occupy the Mortgaged Property as the Mortgagor's primary residence;

  • Sale of Foreclosed Property (a) In the event that title to the Property is acquired by the Special Servicer for the benefit of the Certificateholders and the Companion Loan Holders in foreclosure or by deed in lieu of foreclosure or otherwise, the deed, certificate of sale or other comparable document shall be taken in the name of the Trustee, or its nominee (which shall not include the Special Servicer), on behalf of the Trust Fund and the Companion Loan Holders or as otherwise contemplated pursuant to Section 8.10. Title may be taken in the name of a limited liability company wholly-owned by the Trust and that is managed by the Special Servicer (the costs of which shall be advanced by the Servicer, provided that such Advance would not be a Nonrecoverable Advance). The Special Servicer, on behalf of the Trust Fund (and the Companion Loan Holders), shall sell the Foreclosed Property as expeditiously as appropriate in accordance with Accepted Servicing Practices, but in no event later than the time period set forth in Section 13.2 hereof in a manner provided under this Section 3.15.