Foreclosed Property definition

Foreclosed Property. The Property or other Collateral securing the Mortgage Loan, title to which has been acquired by the Special Servicer on behalf of the Trust and the Companion Loan Holders through foreclosure, deed in lieu of foreclosure or otherwise in the name of the Trustee or its nominee.

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Foreclosed Property means residential property where foreclosure proceedings have been initiated or have been completed and title transferred or where title is transferred in lieu of foreclosure.

Foreclosed Property. Any portion of the Property, title to which has been acquired by the Special Servicer on behalf of the Trust and the Companion Loan Holders through foreclosure, deed-in-lieu of foreclosure or otherwise in the name of the Trustee or its nominee.

Examples of Foreclosed Property 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.

• Notwithstanding any such delegation, the Servicer and the Special Servicer shall remain obligated and liable for the performance of their respective obligations and duties under this Agreement in accordance with the provisions hereof to the same extent and under the same terms and conditions as if each alone were servicing and administering the Mortgage Loan, the Companion Loans or the Foreclosed Property, as applicable, as required hereby.

• The Special Servicer shall deposit or cause to be deposited into the Foreclosed Property Account within two (2) Business Days of receipt all properly identified funds collected and received in connection with the operation or ownership of such Foreclosed Property.

• The Servicer shall be entitled to receive the Master Servicing Fee with respect to the Mortgage Loan and the Primary Servicing Fee with respect to the Whole Loan and any Foreclosed Property payable monthly from the Collection Account or otherwise in accordance with and subject to Section 3.4(c).

• The Mortgage Loan or Foreclosed Property allocable to the Mortgage Loan, as applicable, is deemed distributed to the Sole Certificateholder in liquidation of the Trust Fund pursuant to this Section 11.

More Definitions of Foreclosed Property

Foreclosed Property means a property which “has been foreclosed upon” at the point that, under state or local law, the mortgage or tax foreclosure is complete. Foreclosure is deemed complete after the title of the property has been transferred from the former property owner under some type of foreclosure proceeding or transferred in lieu of foreclosure after foreclosure proceedings have been initiated, in accordance with state or local law.

Foreclosed Property means Related Property acquired by the Issuer or a subsidiary thereof for the benefit of the Noteholders in foreclosure or by other legal process.

Foreclosed Property. As described in Section 5.10.

Foreclosed Property means a home or residential property for which any mortgage or tax foreclosure with respect to such property is complete, and the title of such property has transferred to the appropriate person as determined under the mortgage or tax foreclosure proceeding.

Foreclosed Property means Collateral acquired by the Issuer for the benefit of the Securityholders and the Hedge Counterparties in foreclosure or by deed in lieu of foreclosure or by other legal process.

Foreclosed Property. With respect to any Mortgage Loan, any Property acquired by the Trust as a result of:

Foreclosed Property means real estate or interest therein, or other property used in connection therewith acquired through foreclosure or similar action, deed of trust sales, or by deed in lieu of any thereof.