Foreclosed Property Sample Clauses

Foreclosed Property. (a) The parties hereto acknowledge and understand that if the Trust 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 Borrower Related Parties, through a Successor Manager, some portion or all of 242 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 or hold such Foreclosed Property if it determines, in its reasonable judgment (after, consultation with counsel, at the expense of the Trust), 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, after taking into account any such taxes that might be imposed on either the Lower-Tier REMIC or the Upper-Tier REMIC, shall exceed the likely recovery to the Trust if the Trust were to net lease the Foreclosed Property or were not to acquire and hold the Foreclosed Property. If the Trust acquires any Foreclosed Property, the Special Servicer, acting on behalf of the Trustee, if a Property Manager would not be considered an Independent Contractor, shall either renegotiate the applicable Management Agreement or replace such Property 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 the Trust Interest Owners 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...
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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. 91 Section 10.3
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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
Sample 1
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. “Foreclosed Property” shall mean an Affected Property that is owned by a Mortgagee.
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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.
Sample 1
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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.
Sample 1

Related to Foreclosed Property

  • Mortgaged Property The real property securing repayment of the debt evidenced by a Mortgage Note.

  • Occupancy of the Mortgaged Property As of the date of origination, the Mortgaged Property was lawfully occupied under applicable law;

  • Mortgaged Property Undamaged; No Condemnation Proceedings There is no proceeding pending or threatened for the total or partial condemnation of the Mortgaged Property. The Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended and each Mortgaged Property is in good repair. There have not been any condemnation proceedings with respect to the Mortgaged Property and the Seller has no knowledge of any such proceedings in the future;

  • B8 Property B8.1 Where the Client issues Property free of charge to the Contractor such Property shall be and remain the property of the Client and the Contractor irrevocably licences the Client and its agents to enter upon any premises of the Contractor during normal business hours on reasonable notice to recover any such Property. The Contractor shall not in any circumstances have a lien or any other interest on the Property and the Contractor shall at all times possess the Property as fiduciary agent and bailee of the Client. The Contractor shall take all reasonable steps to ensure that the title of the Client to the Property and the exclusion of any such lien or other interest are brought to the notice of all sub-contractors and other appropriate persons and shall, at the Client’s request, store the Property separately and ensure that it is clearly identifiable as belonging to the Client.

  • Qualified Property Applicant’s Qualified Property is described in Schedule 2.3, which is incorporated herein by reference. The Parties expressly agree that the location of the Qualified Property shall be within the Reinvestment Zone as set out in Schedule 2.1.

  • Mortgaged Property Undamaged The Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended;

  • Foreclosure In the event that the Trust obtains, through foreclosure on a Mortgage or otherwise, the right to receive title to a Mortgaged Property, the Special Servicer, as its agent, shall direct the appropriate party to deliver title to the REO Property to the Trustee or its nominee. The Special Servicer may consult with counsel to determine when an Acquisition Date shall be deemed to occur under the REMIC Provisions with respect to the Mortgaged Property, the expense of such consultation being treated as a Servicing Advance related to the foreclosure, subject to the provisions of Section 4.4 hereof. The Special Servicer, on behalf of the Trust (and the holder of the related B Note if in connection with an A/B Mortgage Loan and the holder of the related Serviced Companion Mortgage Loan if in connection with a Loan Pair), shall sell the REO Property expeditiously, but in any event within the time period, and subject to the conditions, set forth in Section 9.15. Subject to Section 9.15, the Special Servicer shall manage, conserve, protect and operate the REO Property for the holders of beneficial interests in the Trust (and the holder of the related B Note if in connection with an A/B Mortgage Loan and the holder of the related Serviced Companion Mortgage Loan if in connection with a Loan Pair) solely for the purpose of its prompt disposition and sale.

  • Real Property Collateral The Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent:

  • The Property The Landlord agrees to lease the described property below to the Tenant: (enter the property information)

  • Photograph of the Mortgaged Property 9. Survey of the Mortgaged Property, unless a survey is not required by the title insurer.

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