Foreclosed definition

Foreclosed means a residential, commercial or industrial property, placed as security for a real estate loan, as to which all rights of the mortgagor or his grantee in the property have been terminated as a result of a default of the loan.

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Foreclosed means a Property, placed as security for a loan, as to which all rights of the mortgagor

Foreclosed means property for which the foreclosure process has begun with the filing of a notice of default.

Examples of Foreclosed in a sentence

• All net income and gain realized from investment of funds deposited in the Foreclosed Property Account shall be for the benefit of the Special Servicer.

• The Special Servicer shall notify the Certificate Administrator in writing of the location and account number of each Foreclosed Property Account and shall notify the Certificate Administrator in writing prior to any subsequent change thereof.

• On or before the Business Day following the last day of each Collection Period, the Special Servicer shall withdraw the funds in any Foreclosed Property Account received through the end of such Collection Period, net of certain expenses and/or reserves (the amount of such reserves determined in the Special Servicer’s reasonable discretion), and deposit them into the Collection Account in accordance with Section 3.4(a).

• To the extent that amounts on deposit in the Foreclosed Property Account are insufficient for the purposes set forth in clauses (i) through (iii) above (and all similar amounts or expenses), the Special Servicer shall direct the Servicer to, and the Servicer shall, make a Property Protection Advance unless the Servicer or the Special Servicer determines, in accordance with Accepted Servicing Practices, that such Advance would constitute a Nonrecoverable Advance.

• Each Foreclosed Property Account shall be an Eligible Account maintained with an Eligible Institution.

More Definitions of Foreclosed

Foreclosed occurs when (i) an Event of Default (as defined in the MHR Loan Documents) has occurred, (ii) with respect to all or any portion of the Licensed IP, MHR forecloses on, conducts, controls or substantially directs a foreclosure sale, or is granted ownership or legal or equitable title to under or in connection with a plan of reorganization or similar arrangement, and (iii) MHR takes possession of, acquires, is granted ownership rights as the holder of legal or equitable title to all or any portion of the Licensed IP, or such Licensed IP is sold to a third party pursuant to a foreclosure sale.

Foreclosed occurs when all of the following events have occurred: (i) an Event of Default (as defined in either the Loan Agreement, Convertible Notes or the Bridge Notes) has occurred, (ii) with respect to all or any portion of the Licensed IP, MHR or any of its affiliated funds forecloses on, conducts, controls or substantially directs a foreclosure sale, or is granted ownership or legal or equitable title to under or in connection with a plan of reorganization or similar arrangement, and (iii) MHR or any of its affiliated funds takes possession of, acquires, is granted ownership rights as the holder of legal or equitable title to all or any portion of the Licensed IP, or such Licensed IP is sold to a third party pursuant to a foreclosure sale.

Foreclosed means that pursuant to applicable state and local laws, the mortgage or tax foreclosure process has been completed. Title must have been transferred from the former homeowner. Funds may not be used for foreclosure prevention activities or for acquisition of properties that have not been foreclosed upon.

Foreclosed means a property, placed as security for a real estate loan, as to which all rights of the mortgagor or his grantee in the property have been terminated as a

Foreclosed or “Foreclosed Upon” shall mean that a property has been Foreclosed or Foreclosed Upon if any of the following conditions apply: (a) the property’s current delinquency status is at least sixty (60) days delinquent under the Mortgage Banker’s of America delinquency calculation and the owner has been notified; (b) the property owner is over ninety (90) days or more delinquent on tax payments; (c) under and in compliance with Illinois law, the mortgage or tax foreclosure has been initiated or completed; or (d) foreclosure proceedings have been completed and title for the property has been transferred to an intermediary aggregator or servicer that is not an NSP grantee, contractor, Subreceipient, Developer or end user.

Foreclosed means a Mortgage Loan with respect to which foreclosure proceedings have been, or, under Seller's standard procedures or FHA/VA guidelines, should have been, referred to an attorney or have been instituted and are pending or have been completed, or a deed in lieu of foreclosure has been accepted or is pending. For purposes of this Agreement, a Mortgage Loan will be deemed to be In Foreclosure when the first action required by state law to be taken to commence proceedings in foreclosure, or a sale under power of sale, or other acquisition of title to the Mortgaged Property based upon a default by the Mortgagor under the Mortgage Note or Mortgage, under the law of the State wherein the Mortgage Loan is to be enforced, has been taken or should have been taken.

Foreclosed refers to a property that is at least 60 days delinquent on its mortgage and the owner has been notified; or the property owner is 90 days or more delinquent on tax payments; or under state or local law, foreclosure proceedings have been initiated or completed; or foreclosure proceedings have been completed and title has been transferred to an intermediary aggregator or servicer that is not an NSP grantee, subrecipient, developer, or end user.