Foreclosure Rights Sample Clauses

Foreclosure Rights. (a) For so long as the Seller is the Majority Certificateholder, the Servicer shall not commence foreclosure proceedings with respect to a Mortgage Loan unless (i) no later than five Business Days prior to its commencement of such foreclosure proceedings, it provides written notice to the Master Servicer and the Majority Certificateholder of its intention to do so, and (ii) the Majority Certificateholder consents in writing to such action; provided, however, if the Majority Certificateholder does not consent in writing within five Business Days of receipt of written notice from the Servicer of its intention to foreclose, consent shall be deemed to have been given by the Majority Certificateholder.
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Foreclosure Rights. (a) For so long as (i) the Certificateholder holds all of the Classes of Privately Offered Notes (other than any such Notes with respect to which a “will be debt” opinion has been rendered by nationally recognized tax counsel and furnished to the Master Servicer) and the Certificates and (ii) has not forfeited its rights set forth in Section 4.02 of the Xxxxx Fargo Servicing Agreement, the Master Servicer (A) shall promptly notify the Certificateholder of its receipt of any Foreclosure Notice and any Non-Foreclosure Notice and (B) shall promptly notify the Certificateholder of the Fair Value Prices (as defined in the Xxxxx Fargo Servicing Agreement) and related calculations of the purchase price of the Mortgage Loans determined pursuant to Section 4.02 of the Xxxxx Fargo Servicing Agreement. In the event that the Certificateholder has notified the Master Servicer in writing that the Investor no longer holds all of the Privately Offered Notes (other than any such Note with respect to which a “will be debt” opinion has been rendered by nationally recognized tax counsel and furnished to the Master Servicer) and the Certificates and the Servicer, as applicable, has notified the Master Servicer that the Certificateholder has forfeited its rights set forth in Section 4.02 of the Xxxxx Fargo Servicing Agreement, the Master Servicer shall provide the Servicer with an Expiration Notice indicating such event.
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Foreclosure Rights. (a) For so long as the Certificateholder also holds all of the Subordinate Notes and has not previously breached its obligation to purchase a Mortgage Loan as set forth herein, neither of the Initial Sub-Servicers shall commence foreclosure proceedings with respect to a Mortgage Loan unless (i) no later than five Business Days prior to its commencement of such foreclosure proceedings, it notifies the Master Servicer of its intention to do so, and (ii) the Certificateholder, either directly or through the Master Servicer, does not, within such five-Business-Day period, affirmatively object to such action.
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Foreclosure Rights. Borrower may not commence any Enforcement Action with respect to the Mortgage Loan Collateral for any Mortgage Loan. In the event a default or event of default exists under any Mortgage Loan which gives rise to Borrower's right to commence any Enforcement Action with respect to the Mortgage Loan Collateral for such Mortgage Loan, prior to commencing any such Enforcement Action, Borrower shall assign to a Foreclosure Subsidiary, and such Foreclosure Subsidiary shall assume, the applicable Mortgage Loan and all Mortgage Loan Documents related thereto and the exercise of all rights and remedies shall thereafter be conducted through such Foreclosure Subsidiary only. Such Foreclosure Subsidiary may only commence an Enforcement Action under the applicable Mortgage Loan Documents in Loan and Security Agreement (Ashford) accordance with the terms and conditions of Section 2.17(a). Prior to such Foreclosure Subsidiary's exercise of an Enforcement Action, Lender may elect to cause Borrower or such Foreclosure Subsidiary to engage an accredited environmental firm to perform a Phase I environmental study on the underlying Mortgage Loan Collateral constituting real property. In the event said Phase I demonstrates that such real property has potential environmental issues, in the sole determination of Lender, Lender may prohibit the exercise of any Enforcement Action in respect of such Mortgage Loan Collateral, such Foreclosure Subsidiary shall not pursue the exercise of any such Enforcement Action in respect of such Mortgage Loan Collateral and Borrower shall comply with the mandatory prepayment provisions set forth in Section 2.8(f) with respect to such Mortgage Loan.
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Foreclosure Rights. Pursuant to the Funding Agreement, the Trust has granted one or more parties the right, upon the occurrence of specified adverse events, to foreclose upon and sell a portion of the Transferred Receivables, and related Finance Charge Receivables, not to exceed the Specified Retailer Receivables and the Lender Collateral Interest Percentage of all other Transferred Receivables and all Finance Charge Receivables relating to both. Pursuant to the Indenture Security Agreement, the Indenture and one or more indenture supplements, the Note Trust may similarly grant to the indenture trustee under the Indenture the right, upon the occurrence of specified events of default, to foreclose upon and sell various portions of the Transferred Receivables (other than Specified Retailer Receivables), and related Finance Charge Receivables, not to exceed, in the aggregate, Principal Receivables in an amount equal to the “Collateral Amount” (as defined in an applicable supplement to the Indenture) and related Finance Charge Receivables. The Trustee shall cooperate with the indenture trustee under the Indenture in the exercise of any such right.
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Foreclosure Rights. In the event of any default hereunder, then and in each such event, Beneficiary may declare all sums secured hereby immediately due and payable either by commencing an action to foreclose this Deed of Trust as a mortgage, or by the delivery to Trustee of a written declaration of default and demand for sale and of written notice of default and of election to cause the Trust Property to be sold, which notice Trustee shall cause to be duly filed for record in case of foreclosure by exercise of the power of sale herein. Should Beneficiary elect to foreclose by exercise of the power of sale, Beneficiary shall also deposit with Trustee this Deed of Trust and the Note and such receipts and evidence of expenditures made and secured hereby as Trustee may require, and notice of sale having been given as then required by law and after lapse of such time as may then be required by law after recordation of such notice of default, Trustee, without demand on Trustor, shall sell the Trust Property at the time and place of sale fixed by Trustee in its notice of sale, either as a whole or in separate parcels, and in such order as Trustee may determine, at public auction to the highest bidder upon any terms and conditions specified by Beneficiary and permitted by applicable law. Trustee may postpone sale of all or any portion of the Trust Property by public announcement at the designated time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser at the sale a Trustee’s deed or deeds conveying the Trust Property, or any portion thereof, so sold, but without any covenant or warranty, express or implied. The recitals in such deed or deeds of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee or Beneficiary, may purchase at any sale. The power of sale under this Deed of Trust shall not be exhausted by any one or more sales (or attempts to sell) as to all or any portion of the Trust Property remaining unsold, but shall continue unimpaired until all of the Trust Property has been sold by exercise of the power of sale and all indebtedness of Trustor to Beneficiary under this Deed of Trust, the Note or any other Loan Document has been paid in full.
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Foreclosure Rights. The Indenture Trustee agrees to give, or to cause an agent acting on its behalf to give, the Lessee notice of the Indenture Trustee's, or such agent's, intent to foreclose or exercise a comparable remedy against the Estate pursuant to the Security Documents, or a portion thereof, solely as a result of an Event of Default not arising as a result of a Lease Event of Default, at least 25 days prior to the exercise of such foreclosure or remedy. In the case of such an Event of Default, the Lessee will be permitted to bid at any foreclosure sale, or to bid at any private sale, for the Estate or the portion being foreclosed and the Indenture Trustee will sell or cause its agent to sell to the Lessee if it is the highest bidder. If prior to the expiration of such 25-day period the Lessee notifies the Indenture Trustee or its agent that the Lessee desires to purchase (which purchase shall be for the Required Payment (as defined in Section 20.01 of the Indenture) but without Redemption Premium) or assume all of the Notes and if such notice states that (x) Lessee agrees to so purchase or assume on a date set forth therein not later than 25 days after such notice and (y) Lessee agrees that the Lessee will consummate the purchase on such date or assume the obligations under all of the Notes in accordance with Section 10.1 hereof, the Indenture Trustee or its agent shall forbear and shall cause any such agent to forbear exercising such foreclosure or remedy until such date thereby scheduled. If the purchase does not occur by such date or the Lessee fails on such date to satisfy the conditions set forth in Section 10.1 hereof to assume all of the Notes, the Indenture Trustee or its agent may proceed to exercise remedies under the Security Documents (free of any obligation arising under Section 9.1 hereof as to any sale by the Indenture Trustee or its agent, it being understood that future owners of interests in the Properties will be bound by Section 9.1). If all of the Notes are so assumed, the Lessee shall cure any Events of Default still continuing to the extent curable (it being understood that (a) Events of Default resulting from a failure to make payments in accordance with the Notes or the Indenture must be cured by the Lessee, (b) the Lessee must cure Events of Default arising from non-monetary performance obligations under the Notes, the Maryland Security Documents or Indenture within the grace period applicable thereto under the Lease, as if such grace period ...
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Foreclosure Rights. (a) The Majority Class CX Xxxxxx shall have the right to consult with the Servicer with respect to any such Mortgage Loan in order to determine whether to foreclose, workout or proceed otherwise with respect to such Mortgage Loan.
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Related to Foreclosure Rights

  • 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.

  • Cure Rights In the event any monetary default beyond applicable notice and grace periods or non-monetary default beyond applicable notice and grace periods shall exist with respect to the Mortgage Loan, then, upon notice from the Lead Securitization Note Holder (or the Servicer on its behalf) (a “Cure Option Notice”) of the occurrence of such default beyond applicable notice and grace periods (which notice the Lead Securitization Note Holder (or the Servicer on its behalf) shall promptly give to the Note B Holder upon receipt of knowledge thereof), each Note B Holder shall have the right, exercisable by each Note B Holder giving written notice of its intent to cure a default within five (5) Business Days after receipt of the Cure Option Notice, to cure such default (and if each of the Note B-1 Holder, the Note B-2 Holder, the Note B-3 Holder or the Note B-4 Holder, or any combination thereof, provide such notice, then such Note B Holders collectively, on a pro rata basis shall have the right to cure such default); provided, in the event a Note B Holder has elected to cure any default, the default must be cured by such Note B Holder within, in the case of a monetary default, ten (10) Business Days after receipt of such Cure Option Notice and, in the case of a non-monetary default, thirty (30) days after receipt of such Cure Option Notice. If a Note B Holder is attempting to cure a non-monetary default, the foregoing cure period of thirty (30) days may be extended for an additional sixty (60) days (for a total of up to ninety (90) days), but only for so long as (i) such Note B Holder is diligently and expeditiously proceeding to cure such non-monetary default, (ii) such Note B Holder makes all Cure Payments that it is permitted to make in accordance with this Section, (iii) such non-monetary default is not the result of a bankruptcy of the Borrower or other insolvency related event, and no bankruptcy commences or other insolvency related event occurs during the period that such Note B Holder is otherwise permitted to cure a non-monetary default in accordance with this Section and (iv) there is no material adverse effect on the Borrower, the Property or the value of the Mortgage Loan as a result of such non-monetary default or the attempted cure thereof. If a Note B Holder elects to cure a default that can be cured by the payment of money (each such payment, a “Cure Payment”), such Note B Holder shall make such Cure Payment as directed by the Lead Securitization Note Holder (or the Servicer on its behalf) and each such Cure Payment shall include all costs, expenses, losses, liabilities, obligations, damages, penalties, and disbursements imposed on, incurred by or asserted against each Note A Holder (including, without limitation, all unreimbursed Advances (without regard to whether such Advance would be a “nonrecoverable advance”) and any interest charged thereon at the Advance Rate, and any unpaid Special Servicing Fees with respect to the Mortgage Loan, but excluding any default interest and Penalty Charges) related to the default and incurred during the period of time from the expiration of the grace period for such default under the Mortgage Loan until such Cure Payment is made or such other cure is otherwise effected. The right of a Note B Holder to reimbursement of any Cure Payment shall be as set forth in Section 5 and Section 6, as applicable. So long as a default exists that is being cured by a Note B Holder pursuant to this Section 11(b) and the cure period has not expired and such Note B Holder is permitted to cure under the terms of this Section 11(b), the Lead Securitization Note Holder (or the Servicer on its behalf) and the Trustee shall not treat such default as a default or a Triggering Event of Default (i) for purposes of Section 5 or Section 6; (ii) for purposes of accelerating the Mortgage Loan, modifying, amending or waiving any

  • Reports of Foreclosures and Abandonment of Mortgaged Property The Master Servicer or the Subservicers shall file information returns with respect to the receipt of mortgage interests received in a trade or business, the reports of foreclosures and abandonments of any Mortgaged Property and the information returns relating to cancellation of indebtedness income with respect to any Mortgaged Property required by Sections 6050H, 6050J and 6050P, respectively, of the Code, and deliver to the Trustee an Officers' Certificate on or before March 31 of each year stating that such reports have been filed. Such reports shall be in form and substance sufficient to meet the reporting requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

  • Reports of Foreclosures and Abandonments of Mortgaged Property Following the foreclosure sale or abandonment of any Mortgaged Property, the Servicer shall report such foreclosure or abandonment as required pursuant to Section 6050J of the Code.

  • Foreclosure and Sale If an Event of Default shall occur and be continuing, Mortgagee shall have the right and option to take possession of the Mortgaged Property and/or proceed with foreclosure and to sell, to the extent and in the manner permitted by applicable law, all or any portion of the Mortgaged Property at one or more sales, as an entirety or in parcels, at such place or places, in such manner and upon such notice as may be required by applicable law, or, in the absence of any such requirement, as Mortgagee may deem appropriate, and to make conveyance to the purchaser or purchasers. Where the Mortgaged Property is situated in more than one county, notice as above provided shall be posted and filed in all such counties (if such notices are required by applicable law), and all such Mortgaged Property may be sold in any such county and any such notice shall designate the county where such Mortgaged Property is to be sold. Nothing contained in this Section 7.03 shall be construed so as to limit in any way Mortgagee's rights to sell the Mortgaged Property, or any portion thereof, by private sale if, and to the extent that, such private sale is permitted under the laws of the applicable jurisdiction or by public or private sale after entry of a judgment by any court of competent jurisdiction so ordering. Mortgagor hereby irrevocably appoints Mortgagee to be the attorney-in-fact of Mortgagor (coupled with an interest) and in the name and on behalf of Mortgagor to execute and deliver any deeds, transfers, conveyances, assignments, assurances and notices which Mortgagor ought to execute and deliver, and to do and perform any other acts or things which Mortgagor ought to do and perform under the covenants herein contained and, generally, to use the name of Mortgagor in the exercise of any of the powers hereby conferred on Mortgagee. At any such sale: (a) whether made under the power herein contained or any other legal enactment, or by virtue of any judicial proceedings or any other legal right, remedy or recourse, it shall not be necessary for Mortgagee to have physically present, or to have constructive possession of, the Mortgaged Property (Mortgagor hereby covenanting and agreeing to deliver to Mortgagee any portion of the Mortgaged Property not actually or constructively possessed by Mortgagee immediately upon demand by Mortgagee) and the title to and right of possession of any such property shall pass to the purchaser thereof as completely as if the same had been actually present and delivered to purchaser at such sale; (b) each instrument of conveyance executed by Mortgagee shall contain a general warranty of title, binding upon Mortgagor and its successors and assigns; (c) each and every recital contained in any instrument of conveyance made by Mortgagee shall conclusively establish the truth and accuracy of the matters recited therein, including, without limitation, nonpayment and/or nonperformance of the Senior Secured Note Obligations and advertisement and conduct of such sale in the manner provided herein and otherwise required by applicable law; (d) any and all prerequisites to the validity thereof shall be conclusively presumed to have been performed; (e) the receipt of Mortgagee, or of such other Person or officer making the sale, shall be a sufficient discharge to the purchaser for its purchase money and neither such purchaser nor its assigns or personal representatives shall thereafter be obligated to see to the application of such purchase money, or be in any way answerable for any loss, misapplication or non-application thereof; (f) to the fullest extent permitted by applicable law, Mortgagor shall be completely and irrevocably divested of all of its right, title, interest, estate, claim and demand whatsoever, either at law or in equity (including any statutory or common law right of redemption, which is hereby waived to the fullest extent permitted by applicable law), in and to the property sold in any such event, and such sale shall be a perpetual bar, both at law and in equity, against Mortgagor and any and all other Persons claiming by, through or under Mortgagor; and (g) to the extent and under such circumstances as are permitted by applicable law, Mortgagee may be a purchaser at any such sale, and shall have the right, after paying or accounting for all costs of said sale or sales, to credit the amount of the then unpaid Senior Secured Note Obligations to the amount of its bid (in the order of priority set forth in Section 7.16 hereof) in lieu of cash payment. Each remedy provided in this instrument is distinct from and cumulative with all other rights and remedies provided hereunder or afforded by applicable law or equity, and may be exercised concurrently, independently or successively, in any order whatsoever.

  • Real Estate Collateral The Obligations shall be secured by Mortgages upon (x) all Real Estate owned by Obligors described on Schedule 7.3 and (y) all leasehold interests in Real Estate described on Schedule 7.3. The Agent may amend Schedule 7.3 from time to time to reflect thereon any Real Estate that constitutes Eligible Real Estate. The Mortgages shall be duly recorded, at Borrowers’ expense, in each office where such recording is required to constitute a fully perfected Lien on the Real Estate covered thereby. If any Obligor acquires (or otherwise desires to mortgage) any fee or leasehold interest in any Real Estate after the Fifth Amendment Closing Date, the Borrower Agent shall within ten (10) Business Days furnish to Agent a description of any such Real Estate in detail satisfactory to Agent and, upon written request of Agent (or the at the election of the Borrower Agent), the applicable Obligor shall forthwith (but in any event within sixty (60) days), (i), execute, deliver and record a Mortgage sufficient to create a first priority perfected Lien (or, where such Real Estate is subject to Permitted Purchase Money Debt and the documents evidencing such Debt permit Agent to hold a lien junior in priority on such Real Estate, a Lien junior in priority) in favor of Agent on such Real Estate and (ii) deliver all Related Real Estate Documents. Notwithstanding anything to the contrary in this Section 7.3, the Agent agrees that it shall not request that any Obligor mortgage to the Agent any Real Estate (i) encumbered by Permitted Purchase Money Debt, the terms of which expressly prohibit a Lien junior in priority on such Real Estate or (ii) having a value of less than (x) $5,000,000, individually or (y) $25,000,000, in the aggregate for all such Real Estate; provided that, for the avoidance doubt, the foregoing restriction shall not obligate the Agent to release any Lien on Real Estate or other Collateral in existence on the Fourth Amendment Closing Date. The Agent may amend Schedule 7.3 from time to time to reflect thereon any Real Estate that constitutes EligibleNotwithstanding anything in this Loan Agreement (including this Section 7.3) or any other Loan Document to the contrary, no Obligor shall deliver, execute or record any Mortgage pursuant to this Section 7.3 until the Agent and each Tranche A Lender shall have confirmed (such confirmation not to be unreasonably withheld, conditioned or delayed) that it has completed its flood insurance due diligence and flood insurance compliance with respect to such Real Estate.

  • Security Interests in Collateral To secure their Obligations under this Agreement and the other Loan Documents, the Loan Parties shall grant to the Collateral Agent, for its benefit and the ratable benefit of the other Secured Parties, a first-priority security interest in all of the Collateral pursuant to the Security Documents.

  • Exercise of Rights in Pledged Collateral (i) Without in any way limiting the foregoing and subject to clause (ii) below, such Grantor shall have the right to exercise all voting rights or other rights relating to the Pledged Collateral owned by it for all purposes not inconsistent with this Security Agreement, the Credit Agreement or any other Loan Document; provided however, that no vote or other right shall be exercised or action taken which would have the effect of impairing the rights of the Administrative Agent in respect of such Pledged Collateral.

  • Security Interests in Personal Property Section 3.01 Security Interest 11 Section 3.02 Representations and Warranties 13 Section 3.03 Covenants 14 ARTICLE IV

  • Management of REO Property (a) Prior to the acquisition of title to any Mortgaged Property securing a defaulted Mortgage Loan, the Special Servicer shall review the operation of such Mortgaged Property and determine the nature of the income that would be derived from such property if it were acquired by the Trust. If the Special Servicer determines from such review that:

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