Common use of Title, Management and Disposition of REO Property Clause in Contracts

Title, Management and Disposition of REO Property. Subject to Subsection 11.02, in the event that title to a 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 Purchaser or its nominee. The Seller shall cause to be deposited on a daily basis in the Custodial Account all revenues received with respect to the conservation of the related REO Property. The Seller shall make distributions as required on each Remittance Date to the Purchaser of the net cash flow from the REO Property (which shall equal the revenues from such REO Property net of the expenses described below and of any reserves reasonably required from time to time to be maintained to satisfy anticipated liabilities for such expenses). The disposition of REO Property shall be carried out by the Seller, subject to Subsection 11.01. The Purchaser shall pay the Seller a fee of 1.5% of the sales price for such REO Property for services associated with managing the REO Property through its disposition. Upon the request of the Purchaser, and at the Purchaser’s expense, the Seller shall cause an appraisal of the REO Property to be performed for the Purchaser. The Seller shall either itself or through an agent selected by the Seller, manage, conserve, protect and operate the REO Property in the same manner that it manages, conserves, protects and operates other foreclosed property for its own account, and in the same manner that similar property in the same locality as the REO Property is managed. Any disbursement in excess of $15,000 shall be made only with the prior written approval of the Purchaser. The Seller shall deduct the costs of managing, conserving, protecting and operating the REO Property from the proceeds of the sale of the REO Property (providing documentary evidence of such costs). The Seller shall not accept any sale offer for an REO Property that is more than 10% below the Reconciled Market Value of the REO Property without the prior written consent of the Purchaser.

Title, Management and Disposition of REO Property. Subject to Subsection 11.02, in the event that title to a 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 Purchaser or its nominee. The Seller shall cause to be deposited on a daily basis in the Custodial Account all revenues received with respect to the conservation of the related REO Property. The Seller shall make distributions as required on each Remittance Date to the Purchaser of the net cash flow from the REO Property (which shall equal the revenues from such REO Property net of the expenses described below above and of any reserves reasonably required from time to time to be maintained to satisfy anticipated liabilities for such expenses). The disposition of REO Property shall be carried out by the Seller, subject to Subsection 11.01. The Purchaser shall pay the Seller a fee of 1.5% of the sales price for such REO Property for services associated with managing the REO Property through its disposition. Upon the request of the Purchaser, and at the Purchaser’s expense, the Seller shall cause an appraisal of the REO Property to be performed for the Purchaser. The Seller shall either itself or through an agent selected by the Seller, manage, conserve, protect and operate the REO Property in the same manner that it manages, conserves, protects and operates other foreclosed property for its own account, and in the same manner that similar property in the same locality as the REO Property is managed. Any disbursement in excess of $15,000 shall be made only with the prior written approval of the Purchaser. The Seller shall deduct the costs of managing, conserving, protecting and operating the REO Property from the proceeds of the sale of the REO Property (providing documentary evidence of such costs)) and shall not withdraw funds to cover such costs from the Custodial Account. The Seller shall not accept any sale offer for an REO Property that is more than 10% below the Reconciled Market Value of the REO Property without the prior written consent of the Purchaser.

Title, Management and Disposition of REO Property. Subject to Subsection 11.02, in the event that title to a 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 Purchaser Owner or its nominee. The Seller Servicer shall cause to be deposited on a daily basis in the Custodial Account all revenues received with respect to the conservation of the related REO Property. The Seller Servicer shall make distributions as required on each Remittance Date to the Purchaser Owner of the net cash flow from the REO Property (which shall equal the revenues from such REO Property net of the expenses described below and of any reserves reasonably required from time to time to be maintained to satisfy anticipated liabilities for such expenses). The disposition of REO Property shall be carried out by the SellerServicer, subject to Subsection 11.01. The Purchaser Owner shall pay the Seller Servicer a fee of 1.5% of the sales price for such REO Property for services associated with managing servicing the REO Property through its disposition. Upon the request of the PurchaserOwner, and at the PurchaserOwner’s expense, the Seller Servicer shall cause an appraisal of the REO Property to be performed for the PurchaserOwner. The Seller Servicer shall either itself or through an agent selected by the SellerServicer, manage, conserve, protect and operate the REO Property in the same manner that it manages, conserves, protects and operates other foreclosed property for its own account, and in the same manner that similar property in the same locality as the REO Property is managedProperty. Any disbursement in excess of $15,000 shall be made only with the prior written approval of the PurchaserOwner. The Seller Servicer shall deduct the costs of managing, conserving, protecting and operating the REO Property from the proceeds of the sale of the REO Property (providing documentary evidence of such costs). The Seller Servicer shall not accept any sale offer for an REO Property that is more than 10% below the Reconciled Market Value of the REO Property without the prior written consent of the PurchaserOwner.

Title, Management and Disposition of REO Property. Subject to Subsection 11.02, in the event that title to a 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 Purchaser or its nominee. The Seller Servicer shall cause to be deposited on a daily basis in the Custodial Account all revenues received with respect to the conservation of the related REO Property. The Seller Servicer shall make distributions as required on each Remittance Date to the Purchaser of the net cash flow from the REO Property (which shall equal the revenues from such REO Property net of the expenses described below above and of any reserves reasonably required from time to time to be maintained to satisfy anticipated liabilities for such expenses). The disposition of REO Property shall be carried out by the SellerServicer, subject to Subsection 11.01. The Purchaser shall pay the Seller Servicer a fee of 1.5% of the sales price for such REO Property for services associated with managing the REO Property through its disposition. Upon the request of the Purchaser, and at the Purchaser’s expense, the Seller Servicer shall cause an appraisal of the REO Property to be performed for the Purchaser. The Seller Servicer shall either itself or through an agent selected by the SellerServicer, manage, conserve, protect and operate the REO Property in the same manner that it manages, conserves, protects and operates other foreclosed property for its own account, and in the same manner that similar property in the same locality as the REO Property is managed. Any disbursement in excess of $15,000 shall be made only with the prior written approval of the Purchaser. The Seller Servicer shall deduct the costs of managing, conserving, protecting and operating the REO Property from the proceeds of the sale of the REO Property (providing documentary evidence of such costs)) and shall not withdraw funds to cover such costs from the Custodial Account. The Seller Servicer shall not accept any sale offer for an REO Property that is more than 10% below the Reconciled Market Value of the REO Property without the prior written consent of the Purchaser.

Title, Management and Disposition of REO Property. Subject to Subsection 11.02, in the event that title to a 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 Purchaser or its nominee. The Seller Servicer shall cause to be deposited on a daily basis in the Custodial Account all revenues received with respect to the conservation of the related REO Property. The Seller Servicer shall make distributions as required on each Remittance Date to the Purchaser of the net cash flow from the REO Property (which shall equal the revenues from such REO Property net of the expenses described below and of any reserves reasonably required from time to time to be maintained to satisfy anticipated liabilities for such expenses). The disposition of REO Property shall be carried out by the SellerServicer, subject to Subsection 11.01. The Purchaser shall pay the Seller Servicer a fee of 1.5% of the sales price for such REO Property for services associated with managing the REO Property through its disposition. Upon the request of the Purchaser, and at the Purchaser’s expense, the Seller Servicer shall cause an appraisal of the REO Property to be performed for the Purchaser. The Seller Servicer shall either itself or through an agent selected by the SellerServicer, manage, conserve, protect and operate the REO Property in the same manner that it manages, conserves, protects and operates other foreclosed property for its own account, and in the same manner that similar property in the same locality as the REO Property is managed. Any disbursement in excess of $15,000 shall be made only with the prior written approval of the Purchaser. The Seller Servicer shall deduct the costs of managing, conserving, protecting and operating the REO Property from the proceeds of the sale of the REO Property (providing documentary evidence of such costs). The Seller Servicer shall not accept any sale offer for an REO Property that is more than 10% below the Reconciled Market Appraised Value of the REO Property without the prior written consent of the Purchaser.

Title, Management and Disposition of REO Property. Subject to Subsection 11.02, in the event that title to a 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 Purchaser or its nominee. The Seller Servicer shall cause to be deposited on a daily basis in the Custodial Account all revenues received with respect to the conservation of the related REO Property. The Seller Servicer shall make distributions as required on each Remittance Date to the Purchaser of the net cash flow from the REO Property (which shall equal the revenues from such REO Property net of the expenses described below above and of any reserves reasonably required from time to time to be maintained to satisfy anticipated liabilities for such expenses). The disposition of REO Property shall be carried out by the SellerServicer, subject to Subsection 11.01. The Purchaser shall pay the Seller Servicer a fee equal to the lesser of (i) $1,200 and (ii) 1.5% of the sales price for such REO Property for services associated with managing the REO Property through its disposition. In addition, the Servicer shall receive the reimbursement for the Servicer’s costs from REO Disposition Proceeds as described in the next paragraph. Upon the request of the Purchaser, and at the Purchaser’s expense, the Seller Servicer shall cause an appraisal of the REO Property to be performed for the Purchaser. The Seller Servicer shall either itself or through an agent selected by the SellerServicer, manage, conserve, protect and operate the REO Property in the same manner that it manages, conserves, protects and operates other foreclosed property for its own account, and in the same manner that similar property in the same locality as the REO Property is managed. Any disbursement in excess of $15,000 shall be made only with the prior written approval of the Purchaser. The Seller Servicer shall deduct the costs of managing, conserving, protecting and operating the REO Property from the proceeds of the sale of the REO Property (providing documentary evidence of such costs)) and shall not withdraw funds to cover such costs from the Custodial Account. The Seller Servicer shall not accept any sale offer for an REO Property that is more than 10% below the Reconciled Market Value of the REO Property without the prior written consent of the Purchaser.

Title, Management and Disposition of REO Property. Subject to Subsection 11.0210.02, in the event that title to a 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 Purchaser Owner or its nominee. The Seller Servicer shall cause to be deposited on a daily basis in the Custodial Account all revenues received with respect to the conservation of the related REO Property. The Seller Servicer shall make distributions as required on each Remittance Date to the Purchaser Owner of the net cash flow from the REO Property (which shall equal the revenues from such REO Property net of the expenses described below and of any reserves reasonably required from time to time to be maintained to satisfy anticipated liabilities for such expenses). The disposition of REO Property shall be carried out by the SellerServicer, subject to Subsection 11.0110.01. The Purchaser Owner shall pay the Seller Servicer a fee of 1.5[ ]% of the sales price for such REO Property for services associated with managing servicing the REO Property through its disposition. Upon the request of the PurchaserOwner, and at the PurchaserOwner’s expense, the Seller Servicer shall cause an appraisal of the REO Property to be performed for the PurchaserOwner. The Seller Servicer shall either itself or through an agent selected by the SellerServicer, manage, conserve, protect and operate the REO Property in the same manner that it manages, conserves, protects and operates other foreclosed property for its own account, and in the same manner that similar property in the same locality as the REO Property is managedProperty. Any disbursement in excess of $15,000 shall be made only with the prior written approval of the PurchaserOwner. The Seller Servicer shall deduct the costs of managing, conserving, protecting and operating the REO Property from the proceeds of the sale of the REO Property (providing documentary evidence of such costs). The Seller Servicer shall not accept any sale offer for an REO Property that is more than 10% below the Reconciled Market Value of the REO Property without the prior written consent of the PurchaserOwner.

Title, Management and Disposition of REO Property. Subject to Subsection 11.02, in the event that title to a 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 Purchaser or its nominee. The Seller Servicer shall cause to be deposited on a daily basis in the Custodial Account all revenues received with respect to the conservation of the related REO Property. The Seller Servicer shall make distributions as required on each Remittance Date to the Purchaser of the net cash flow from the REO Property (which shall equal the revenues from such REO Property net of the expenses described below and of any reserves reasonably required from time to time to be maintained to satisfy anticipated liabilities for such expenses). The disposition of REO Property shall be carried out by the SellerServicer, subject to Subsection 11.01. The Purchaser shall pay the Seller Servicer a fee of 1.5% of the sales price for such REO Property for services associated with managing the REO Property through its disposition. disposition Upon the request of the Purchaser, and at the Purchaser’s expense, the Seller Servicer shall cause an appraisal of the REO Property to be performed for the Purchaser. The Seller Servicer shall either itself or through an agent selected by the SellerServicer, manage, conserve, protect and operate the REO Property in the same manner that it manages, conserves, protects and operates other foreclosed property for its own account, and in the same manner that similar property in the same locality as the REO Property is managed. Any disbursement in excess of $15,000 25,000 shall be made only with the prior written approval of the Purchaser. The Seller Servicer shall deduct the costs of managing, conserving, protecting and operating the REO Property from the proceeds of the sale of the REO Property (providing documentary evidence of such costs). The Seller Servicer shall not accept any sale offer for an REO Property that is more than 10% below the Reconciled Market Value of the REO Property without the prior written consent of the Purchaser. Notwithstanding anything in this Agreement to the contrary, in no event shall the Servicer be obligated to make Servicing Advances for the repair of damages to any Mortgaged Property unless the Servicer determines that such Servicing Advances will be recoverable from the proceeds of the related Mortgage Loan or REO Property and that such repairs will increase the net proceeds to the Purchaser from the sale or other disposition of such Mortgaged Property.