Trustee’s Responsibilities Regarding Foreclosed Properties Sample Clauses

Trustee’s Responsibilities Regarding Foreclosed Properties. The Trustee is responsible for the administration and disposition of any Mortgaged Properties acquired by it on behalf of any of the REMIC Trusts as a result of trustee’s sale, foreclosure or otherwise. In this connection, the Trustee shall sell any Mortgaged Property acquired by it on behalf of any of the REMIC Trusts as soon as practicable in a manner that maximizes the Liquidation Proceeds thereof, but in no event later than the close of the third taxable year following the taxable year in which title to such Mortgaged Property is acquired by such REMIC Trust, at such price as the Trustee deems necessary to comply with the foregoing limitation, unless the Trustee obtains an opinion of counsel experienced in federal income tax matters to the effect that the holding by such REMIC Trust of such Mortgaged Property for any greater period will not result in the imposition of taxes on “Prohibited Transactions” of such REMIC Trust as defined in section 860F of the Code, or cause such REMIC Trust to fail to qualify as a “real estate mortgage investment conduit” under the REMIC Provisions at any time that any REMIC Certificates remain outstanding. Notwithstanding the generality of the foregoing provisions, the Trustee shall manage, conserve, protect and operate each Mortgaged Property acquired by the Trustee on behalf of any of the REMIC Trusts for such REMIC Trust solely for the purpose of its prompt disposition and sale in a manner that does not cause such Mortgaged Property to fail to qualify as “foreclosure property” within the meaning of section 860G(a)(8) of the Code or result in the receipt by such REMIC Trust of any “income from non-permitted assets” within the meaning of section 860F(a)(2)(B) of the Code or any “net income from foreclosure property” that is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such Mortgaged Property, the Trustee shall either itself or through an agent selected by the Trustee protect and conserve such Mortgaged Property in the same manner and to such extent as is customary in the locality where such Mortgaged Property is located and may, incident to its conservation and protection of the interests of any of the REMIC Trusts, rent the same, or any part thereof, as the Trustee deems to be in the best interest of such REMIC Trust for the period prior to the sale of such Mortgaged Property.
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