REO Properties. (a) 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 the Investor, or its designee (or as otherwise required by the applicable Servicing Agreement); provided that, in no event shall the Subservicer have title to the Mortgaged Property conveyed in the name of the Owner/Servicer without the Owner/Servicer’s prior written consent not to be unreasonably withheld or delayed.
REO Properties. The term “REO Properties” means real properties owned by Residential but not active in Residential’s rental program.
REO Properties. As to each REO Property, the Seller hereby represents and -------------- warrants to the Purchaser that as of the Closing Date;
REO Properties. Within 30 days after Lender’s request therefor at any time, the applicable Loan Party or such other Subsidiary having any REO Property shall grant to Lender a first Lien Mortgage on such Person’s REO Properties to secure the Advances pursuant to Loan Documents and other closing documents as are satisfactory to Lender; provided, however, to the extent any such transfer would require the payment of any material transfer tax or similar tax, such Loan Party and Lender may make other arrangements satisfactory to Lender. In addition, at all times after the Original Forbearance Effective Date, upon any acquisition of each REO Property, each Loan Party shall transfer all such REO Properties to a designated Loan Party or other Subsidiary satisfactory to Lender and shall provide to Lender a first and exclusive Lien on the stock of such Subsidiary and a negative pledge on all of the assets of such Subsidiary; provided, however, to the extent any such transfer would require the payment of any material transfer tax or similar tax, such Loan Party and Lender may make other arrangements satisfactory to Lender.
REO Properties. Except to the extent that the Applicable Requirements provide otherwise, the following provisions shall apply to the management and disposition of REO Properties:
REO Properties. 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 (or as otherwise required by applicable Agency Guidelines); provided that, in no event shall the Subservicer have title to the Mortgaged Property conveyed in the name of the Owner/Servicer without the Owner/Servicer's prior written consent. The Subservicer shall transfer REO Properties to the Investor in such manner and at such time as required under Applicable Requirements; provided that, in no event shall the Subservicer have title to the Mortgaged Property transferred to the name of the Owner/Servicer without the Owner/Servicer's prior written consent. Prior to transferring any REO Property to the Investor, the Subservicer shall comply with all Applicable Requirements related to the maintenance of such property. The Subservicer shall maintain on each REO Property monthly fire and hazard insurance with extended coverage in an amount that is at least equal to the maximum insurable value of the improvements that 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 and with such coverage as required under Applicable Requirements. The Owner/Servicer shall be responsible for obtaining and maintaining any liability coverage insuring the Owner/Servicer. The Subservicer shall be entitled to the monthly servicing fee with respect to REO Property indicated in Exhibit B to the extent servicing responsibilities with respect to such REO Property is not transferred to the Investor or another party.
REO Properties. (a) Each REO Property constitutes real property owned by the Seller or an Affiliate thereof, none of which is used in the operation of Seller’s business.
REO Properties. (a) Borrower agrees that (i) it will not, and will not permit any Eligible REO Entity to sell, transfer or otherwise dispose of any REO Property other than in the ordinary course of business and in accordance with Accepted Servicing Practices and the Asset Management Standard, without the written consent of Lender and (ii) it will not and will not permit any Eligible REO Entity to create or suffer to exist any Lien upon any REO Property, or pledge, option or otherwise encumber any REO Property, whether now owned or hereafter acquired, other than pursuant to or permitted by the Loan Documents, including any Permitted Encumbrances. In addition, Borrower agrees that: (i) it will not and will not permit any Eligible REO Entity to create, incur, assume or suffer to exist any Indebtedness (other than pursuant to this Loan Agreement) or Guarantee obligation (other than pursuant to the Loan Documents); (ii) it will not and will not permit any Eligible REO Entity to create, incur or permit to exist, or permit or allow others to create, incur or permit to exist, any Lien, security interest or claim on or to any of its property, other than the Liens in favor of Lender and Permitted Encumbrances; (iii) it will not and will not permit any Eligible REO Entity to consummate any transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution) or sell all or substantially all of its assets other than pursuant to a transaction permitted under Section 7.04 or the proceeds of which are used to repay Advances as provided hereunder; (iv) it will not and will not permit any Eligible REO Entity to make any advance, loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets constituting a business unit of, or make any other investment in (any of the foregoing, an “Investment”), any Person; (v) it will not and will not permit any Eligible REO Entity to amend its certificate of formation or limited liability company agreement, limited partnership agreement, certificate of incorporation or by-laws or other similar organizational or constitutive documents without the prior written consent of Lender which consent shall not be unreasonably withheld; (vi) it will not form any Subsidiaries other than the Eligible REO Entities; or (vii) it will not and will not permit any Eligible REO Entity to engage in or transact any business or opera...
REO Properties. As to each REO Property that is subject to this Loan Agreement and is classified as an Eligible REO Property, Borrower shall be deemed to make the following representations and warranties to Lender as of each Funding Date and as of each date such REO Property is so classified:
REO Properties. Any amounts held for future distribution and so used shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer by deposit in the Collection Account on or before any future Master Servicer Remittance Date to the extent that the Available Distribution Amount for the related Distribution Date (determined without regard to Payment Advances to be made on the Master Servicer Remittance Date) shall be less than the total amount that would be distributed to the Classes of Certificateholders pursuant to Section 4.01 on such Distribution Date if such amounts held for future distributions had not been so used to make Payment Advances. The Trustee will provide, pursuant to Section 7.02, notice to the Master Servicer by telecopy by the close of business on any Master Servicer Remittance Date in the event that the amount remitted by the Master Servicer to the Trustee on such date is less than the Payment Advances required to be made by the Master Servicer for the related Distribution Date.
