Real Estate Owned. (a) Except for liens, security interests, claims, charges, or such other encumbrances as have been appropriately reserved for in the Progressive Financial Statements or are not material and are in the process of being cleared, title to the REO is good and marketable, and there are no adverse claims or encumbrances on the REO.
Real Estate Owned. (a) Upon the completion of a foreclosure proceeding, or in cases of a voluntary deed in lieu of foreclosure, and purchase by Investor or Owner/Servicer for its account, Subservicer will protect the REO while so owned. These operations shall be on terms as determined and directed by Investor or Owner/Servicer from time to time. Subservicer will service the same until completely liquidated. Subservicer shall be entitled to the Subservicing fee with respect to REO as provided for by Exhibit II attached hereto.
Real Estate Owned. Title, Management and Disposition of REO Property. In the event that title ------------------------------------------------- to the Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be taken in the name of the Owner. The Owner agrees to cooperate with Servicer and take such actions as shall be necessary for the Servicer to take title to the Mortgaged Property in the name of the Owner. Notwithstanding the generality of the foregoing provisions, the Servicer shall manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale. Pursuant to its efforts to sell such REO Property, the Servicer shall either itself or through an agent selected by the Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, but shall not be obligated to, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof as the Servicer deems to be in the best interests of the Owners for the period prior to the sale of such REO Property. The Servicer shall attempt to sell the same on such terms and conditions as the Servicer deems to be in the best interest of the Owner. The Servicer shall cause to be deposited within two (2) Business Days of receipt in the Collection Account all revenues received with respect to the conservation and disposition of each REO Property and shall be permitted to retain from such revenues funds necessary for the proper operation, management and maintenance of the REO Property, including reimbursement for its Servicing Advances and fees of any managing agent acting on behalf of the Servicer.
Real Estate Owned. In the event Company or any Subsidiary proposes to acquire the real estate or other collateral underlying any Investment (“REO Property”) during the existence of a default thereunder (an “REO Event”), a Subsidiary of the Company shall acquire such REO Property in a manner consistent with Section 13.01 herein and such other terms as the Program Representatives shall determine. If any REO Property is not sold in accordance with the terms hereof within ninety (90) days following its acquisition by the Company or any Subsidiary, the value of such REO Property shall be determined by a national, reputable M.A.I. appraisal firm retained by Investor. Such appraiser shall have more than ten (10) years’ experience in appraising the value of real estate and other collateral securing investments of the nature of the applicable REO Property to determine the value thereof. The value of any such REO Property, as so determined, shall be deemed distributed in-kind by the Company to its Members pursuant to Section 4.03(b) in respect of the related Investment and recontributed to the Company by the Members as a new Investment (a “REO Investment”) with the percentage interests of the Members in such REO Investment based on the relative amounts of each Member in the value of the REO Property as determined by the appraiser (the “REO Investment 34 Percentages”) and any Current Income or Disposition Proceeds in respect of such REO Investment distributed in accordance with such REO Investment Percentages. Any amount deemed recontributed by a Member to the Company shall not reduce such Member’s Unfunded Capital Commitment. The original Investment resulting in an REO Property shall be removed from the calculations under Section 4.02 for purposes of calculating the Ashford Promote, and the Members shall determine the ongoing economic terms applicable to each REO Investment prior to the acquisition thereof
Real Estate Owned. (a) Schedule 4.23 hereto is a true, complete and correct list of all Real Estate Owned of the Company and the Bank, stating with respect to each its type, originating unit and carrying value and listing, for each such property, all buildings and other structural and material improvements located on such property or any portion thereof. The Company has delivered to the Manager true, correct and complete copies of all deeds relating to the property referred to in this Section 4.23(a).
Real Estate Owned. The Company does not hold any REO and does not own or lease real property other than as disclosed in Schedule 3.28 of the Disclosure Letter. No properties are in foreclosure by the Company on behalf of itself or on behalf of any Investor other that as disclosed in Schedule 3.28 of the Disclosure Letter.
Real Estate Owned. Set forth on Exhibit 2.15 is a complete and correct list of all real estate owned by each Borrower or any of their Subsidiaries.
Real Estate Owned. Except as set forth on Schedule 3.15, neither the Borrower nor any ------------- Subsidiary owns any real property.
Real Estate Owned. The term “Properties”, as used in Paragraphs 8(v)(i)-(iii) hereof, inclusive, shall include all of the following: (y) all real property owned and/or operated by Seller and/or any of the Affiliated Seller Entities, and (z) all Real Estate Owned (as such term is commonly understood in regard to bank regulatory and accounting matters) by Seller and/or any of the Affiliated Seller Entities as of the date hereof:
Real Estate Owned. In the event that title to a Mortgaged Property is acquired in foreclosure, redemption, ratification or by deed in lieu of foreclosure, the deed or certificate of sale shall be taken in the name of Investor or its designee. Subservicer shall also maintain on each REO monthly fire and hazard insurance with extended coverage in an amount which is at least equal to the maximum insurable value of the improvements which are a part of such property and, to the extent required and available under the national flood insurance program, flood insurance, all in the amounts required under Applicable Requirements. Owner/Servicer shall be responsible for obtaining and maintaining any standalone liability coverage insuring Owner/Servicer. Subservicer shall be entitled to the monthly subservicing fee with respect to REO indicated in Exhibit II. If Owner/Servicer requests Subservicer in writing to do so, Subservicer shall, for the additional fee (the “Marketing REO Fee” set forth on Exhibit II), use reasonable efforts to dispose of the REO as soon as possible. Each REO Disposition shall be carried out by Subservicer at such price and upon such terms and conditions as are approved in writing by Owner/Servicer. The proceeds from the sale of the REO shall be promptly deposited in the Custodial Account. As soon as practical thereafter, the expenses of such sale shall be paid and Subservicer shall reimburse itself for any outstanding Servicing Advances related to the REO. The Marketing REO Fee shall be payable to Subservicer by Owner/Servicer at the time of REO Disposition or upon transfer of servicing responsibilities for an REO prior to REO Disposition.
