REO Clause Samples

The REO (Real Estate Owned) clause defines the rights and obligations of parties when a property involved in a transaction is owned by a lender, typically as a result of foreclosure. This clause outlines procedures for the sale or transfer of such properties, including disclosures about the property's condition, limitations on warranties, and any special terms that may apply due to the lender's ownership. Its core function is to clarify the unique circumstances and responsibilities associated with REO properties, ensuring both parties understand the risks and limitations inherent in these transactions.
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REO. A Mortgaged Property that is acquired by the Trust in foreclosure or by deed in lieu of foreclosure.
REO. As of the date hereof, neither the Company nor any Company Subsidiary holds any REO and does not own or lease real property other than as disclosed in Schedule 2.17(s). As of the date hereof, no Collateral securing an Owned Mortgage Loan is in foreclosure by the Company or any Company Subsidiary on behalf of itself or on behalf of any Investor other that as disclosed in Schedule 2.17(s).
REO. (a) The Company and its Subsidiaries have held each REO solely for the purpose of its orderly disposition and have used commercially reasonable efforts to dispose of REO in a manner that is reasonably necessary for the orderly liquidation of the property. (b) All title to any REO acquired by the Company and its Subsidiaries has been acquired in foreclosure or by deed in lieu of foreclosure and such deed or certificate of sale has been taken in the name of the Company or one of its Subsidiaries. (c) The Company has maintained a global fire and hazard policy and liability insurance policy covering its REO with extended coverage in an amount which is at least equal to the unpaid principal balance of the relevant REO Loans.
REO. A Channel Based Coordination Language
REO. A Mortgaged Property that is acquired by or on behalf of the Issuer in full or partial satisfaction of the related Mortgage.
REO. Republic Energy Operating, LLC, a Texas limited liability company. Republic Documents: (a) the Republic AJDA, (b) each Republic Operating Agreement and (c) each New Republic Document.
REO. If an Investment Mortgage Loan is foreclosed, the --- resulting REO will remain an Eligible Mortgage Loan if the following documents are delivered to the Agent: (a) if the purchaser at foreclosure is the Borrower and a redemption period is applicable to the sale: (i) a certified copy of the certificate of sale; (ii) an assignment of the certificate of sale from the Borrower, in blank; and (iii) a copy of a recent appraisal (i.e., not more than 60 days old) of the REO. (b) if the purchaser at foreclosure is the Borrower and either no redemption period is applicable to the sale or such redemption period has expired: (i) a certified copy of the deed conveying the REO to the Borrower; (ii) a deed conveying the REO, executed in blank by the Borrower; (iii) an original owner's title insurance policy showing the Borrower as owner, subject only to such exceptions as may be acceptable to the Agent; (iv) a copy of a recent appraisal (i.e., not more than 60 days old) of the REO; and (v) if requested by the Agent, a Mortgage on the REO in favor of the Agent, executed by the Borrower.
REO. As of the date of Schedule 4.23(s), neither the Borrower nor any Subsidiary of the Borrower holds any REO and does not own or lease real property related to a Mortgage Loan other than as disclosed in Schedule 4.23(s). As of the date hereof, no Mortgage Collateral securing an Owned Mortgage Loan is in foreclosure by the Borrower or any Subsidiary of the Borrower on behalf of itself or on behalf of any Investor other that as disclosed in Schedule 4.23(s).
REO. ABN AMRO GREENWICH CAPITAL COMMERCIAL FUNDING CORP., Statement Date: LaSalle Bank N.A. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES Payment Date: SERIES 2003-C1 Prior Payment: Next Payment: ABN AMRO ACCT: Record Date: SPECIALLY SERVICED LOAN DETAIL (PART II) ~ SERVICER COMMENTS (End of Period) ------------------------------------------------------------------------------------------------------------------------------------ Disclosure Resolution Control # Strategy Comments ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ABN AMRO GREENWICH CAPITAL COMMERCIAL FUNDING CORP., Statement Date: LaSalle Bank N.A. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES Payment Date: SERIES 2003-C1 Prior Payment: Next Payment: ABN AMRO ACCT: Record Date: MODIFIED LOAN DETAIL ------------------------------------------------------------------------------------------------------------------------------------ Disclosure Modification Cutoff Maturity Modified Maturity Modification Control # Date Date Date Description ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ABN AMRO GREENWICH CAPITAL COMMERCIAL FUNDING CORP., Statement Date: LaSalle Bank N.A. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES Payment Date: SERIES 2003-C1 Prior Payment: Next Payment: ABN AMRO ACCT: Record Date: REALIZED LOSS DETAIL ------------------------------------------------------------------------------------------------------------------------------------ Gross Net Proceeds Proceeds Beginning as a % of Aggregate Net as a % of Distribution Disclosure Appraisal Appraisal Scheduled Gross Sched Liquidation Liquidation Sched. Realized Period Control # Date Value Balance Proceeds Principal Expenses* Proceeds Balance Loss ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ Current Total Cumulative -------------------------------------------------------------------------------...
REO. (a) Sale proceeds, liquidation expenses and Net REO proceeds to date, by parcel and in the aggregate (b) Identification of unsold REO parcels Please contact the Bondholder Relations Department of U.S. Bank Trust National Association at (▇▇▇) ▇▇▇-▇▇▇▇ with any questions regarding this Statement or your Distribution. EXHIBIT G FORM OF REPRESENTATION LETTER U.S. Bank Trust National Association ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇. ▇▇▇▇, Minnesota 55101 Conseco Finance Corp. 1100 Landmark Towers ▇▇▇ ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇ St. ▇▇▇▇, Minnesota 55102-1639 Re: Class [B-2][C] Certificate; Conseco Finance Trust HE/HI 2001-B-2 The undersigned purchaser (the "Purchaser") understands that the purchase of the above-referenced certificate (the "Certificate") may be made only pursuant to the exemption from registration under Section 4(2) of the Securities Act of 1933, as amended (the "1933 Act"). The Purchaser is urged to review carefully the responses, representations and warranties it is making herein.