Title and Management of REO Properties Sample Clauses

Title and Management of REO Properties. (a) In the event that title to any Mortgaged Property (other than a Mortgaged Property with respect to an Outside Serviced Mortgage Loan) is acquired for the benefit of the applicable Certificateholders (or, with respect to a Serviced Loan Combination, for the benefit of the applicable Certificateholders and the related Serviced Companion Loan Holder(s)) (as a collective whole as if such Certificateholders and, if applicable, such Serviced Companion Loan Holder(s) constituted a single lender) (either by the Trust Fund or by a single member limited liability company established for that purpose) in foreclosure, by deed-in-lieu of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or certificate of sale shall be taken in the name of a nominee of the Trustee (which shall not include the Master Servicer), or a separate trustee or co-trustee, on behalf of the Trust Fund and any related Serviced Companion Loan Holders. The Special Servicer, on behalf of the Trust Fund, shall sell any REO Property prior to the close of the third calendar year following the year in which the Lower-Tier REMIC or the 000 Xxxxx Xxxxxx REMIC, as applicable, acquires ownership of such REO Property, within the meaning of Treasury Regulations Section 1.856-6(b)(1), for purposes of Code Section 860G(a)(8), unless (i) the IRS grants (or does not deny) an extension of time (an “REO Extension”) to sell such REO Property or (ii) the Special Servicer obtains an Opinion of Counsel for the Special Servicer, the Certificate Administrator and the Trustee, addressed to the Special Servicer, the Certificate Administrator and the Trustee, to the effect that the holding by the Lower-Tier REMIC or the 000 Xxxxx Xxxxxx REMIC, as applicable, of such REO Property subsequent to the close of the third calendar year following the year in which such acquisition occurred will not result in the imposition of taxes on “prohibited transactions” (as defined in Code Section 860F) of any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC under the Code at any time that any of the Lower-Tier Regular Interests, the 000 Xxxxx Xxxxxx Regular Interests or the Regular Certificates is outstanding. If the Special Servicer is granted (or is not denied) the REO Extension contemplated by clause (i) of the immediately preceding sentence or obtains the Opinion of Counsel contemplated by clause (ii) of the immediately preceding sentence, the Special Servicer shall sell such REO Property with...

Title and Management of REO Properties. (a) The Servicer shall maintain accurate records with respect to each related REO Property reflecting the status of taxes, assessments and other similar items that are or may become a lien on such REO Property and the status of insurance premiums payable with respect thereto. (b) The Servicer shall have full power and authority, subject only to the specific requirements and prohibitions of this Agreement, to do any and all things in connection with any REO Property as are consistent with the manner in which the Servicer manages and operates similar property owned or managed by the Servicer or any of its Affiliates, all on such terms and for such period as the Servicer deems to be in the best interests of the Owner (unless otherwise instructed, in writing, by the Owner), and, in connection therewith, the Servicer shall only agree to the payment of management fees that are consistent with general market standards. The Servicer shall segregate and hold all revenues received by it with respect to any REO Property separate and apart from its own funds and general assets and shall establish and maintain with respect to any REO Property a segregated custodial account (each, an "REO Account"), each of which shall be an Eligible Account and shall be entitled "Capital Lease Funding, L.P. and NationsBank, N.A., REO Account". The Servicer shall be entitled to any interest or investment income earned on funds deposited in an REO Account to the extent provided in Section 3.07(b). The Servicer shall deposit or cause to be deposited in the related REO Account within one Business Day after receipt all REO Proceeds received by it with respect to any REO Property, and shall withdraw therefrom funds necessary for the proper operation, management and maintenance of such REO Property and for other Property Protection Expenses with respect to such REO Property, including: (i) all insurance premiums due and payable in respect of such REO Property; (ii) all real estate taxes and assessments in respect of such REO Property that may result in the imposition of a lien thereon; and (iii) all costs and expenses reasonable and necessary to protect, maintain, manage, operate, repair and restore such REO Property, including any property management fees. To the extent that such REO Proceeds are insufficient for the purposes set forth in clauses (i) through (iii) above, the Servicer shall make a Property Advance equal to the amount of such shortfall. The Servicer shall be entitled to reimbu...

Title and Management of REO Properties. (1) In the event that title to any REO Property is acquired by the Servicer on behalf of the Issuer and the Indenture Trustee, the Servicer shall manage, conserve, protect and operate each REO Property for the Issuer and Indenture Trustee solely for the purpose of its prompt disposition and sale in a manner that is commercially reasonable and in the best interest of the Issuer and the Indenture Trustee in accordance with Section 2.11(g) and this Section 2.11(h). (2) The Servicer shall establish and maintain with respect to each REO Property a segregated account in the corporate trust department in the name of the Indenture Trustee which shall be an Eligible Account, and shall account separately for funds received or expended with respect to each REO Property (an "REO Account"). Each REO Account is under the lien of the Indenture and part of the Trust Estate. (3) The Servicer shall have full power and authority, subject only to this Agreement, to do any and all things in connection with any REO Property as are consistent with the servicing standards set forth in Section 2.11(a). In connection therewith, the Servicer shall deposit or cause to be deposited on a daily basis in the applicable REO Account all revenues received by the Servicer with respect to the related REO Property.