Foreclosure Profits Sample Clauses
The Foreclosure Profits clause defines how any financial gains resulting from the foreclosure and subsequent sale of a property are to be distributed among relevant parties. Typically, this clause outlines the order of payment, ensuring that outstanding debts, legal fees, and other associated costs are settled before any remaining profits are allocated to the lender or other stakeholders. Its core function is to provide a clear and fair process for handling proceeds from foreclosure, thereby reducing disputes and ensuring all parties understand their entitlements in the event of a foreclosure sale.
Foreclosure Profits. The foregoing requirements for deposit in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges and assumption fees, to the extent permitted by Section 7.01, need not be deposited by the Servicer in the Collection Account and shall be retained by the Servicer as additional compensation.
Foreclosure Profits. 11 GAAP...........................................................11
Foreclosure Profits. 21 Freddie ▇▇▇............................................................................21
Foreclosure Profits. As to any Distribution Date, the excess, if any, of (i) Net Liquidation Proceeds in respect of each Mortgage Loan that became a Liquidated Mortgage Loan during the related Due Period over (ii) the sum of the unpaid principal balance of each such Liquidated Mortgage Loan plus accrued and unpaid interest at the applicable Mortgage Interest Rate on the unpaid principal balance thereof from the Due Date to which interest was last paid by the Mortgagor (or, in the case of a Liquidated Mortgage Loan that had been an REO Mortgage Loan, from the Due Date to which interest was last deemed to have been paid pursuant to Section 5.06 to the first day of the month following the month in which such Mortgage Loan became a Liquidated Mortgage Loan). GAAP: Generally accepted accounting principles, consistently applied.