Foreclosure Properties definition
Examples of Foreclosure Properties in a sentence
The Termination Price and any amounts then on deposit in the Collection Account (other than any amounts withdrawable pursuant to Section 5.01(c)(1) hereof) shall be distributed by the Indenture Trustee pursuant to Section 5.01(c)(3) of this Agreement and Section 9.1 of the Trust Agreement on the next succeeding Payment Date; and any amounts received with respect to the Loans and Foreclosure Properties subsequent to the final Payment Date shall belong to the purchaser thereof.
The Servicer covenants to the Trustee, each Holder and the Bank that there shall be no adverse selection by Servicer or its Affiliates in the remarketing of Foreclosure Properties.
Seller shall have had its bid accepted as the highest bid pursuant to the Sale and receive a duly executed and acknowledged Substitute Trustee Deed covering the Foreclosure Properties.
If the Majority Residual Interestholders do not exercise such purchase option within three calendar months of the date in which they are first entitled to do so, the Note Insurer shall have the option, at its sole cost and expense, upon 20 days' prior notice to the Indenture Trustee, to purchase all of the outstanding Home Loans and Foreclosure Properties and other property of the Trust for the Termination Price.
If ING acquires the Foreclosure Properties at the Foreclosure Sale, ING agrees to consummate the sale to PrimeEnergy under the Purchase Agreement.
In the event that Seller does not acquire the Foreclosure Properties at the sale and the other Interests pursuant to the Settlement Agreement, this Agreement will terminate.
The Venture or each applicable subsidiary of the Venture has good and marketable title to each applicable Property as set forth on Exhibit D hereto, with the exception of those certain properties acquired in connection with foreclosure sales (“Foreclosure Properties”) wherein the Venture or its applicable subsidiary acquired the equitable interest in such Foreclosure Properties at the point of sale but is still awaiting judicial or other approval to obtain marketable title thereof.
To the extent that any foreclosure and remarketing expenses are incurred in the remarketing of the Foreclosure Properties, such foreclosure and remarketing expenses shall be reasonably consistent with those expenses historically incurred by the Servicer or Affiliates of Servicer in the marketing of Timeshare Interests.
The Termination Price and any amounts then on deposit in the Collection Account (other than any amounts withdrawable pursuant to Section 7.01(c)(1) hereof) shall be distributed by the Owner Trustee pursuant to Section 7.01(c)(3) of this Agreement on the next succeeding Distribution Date; and any amounts received with respect to the Loans and Foreclosure Properties subsequent to the final Distribution Date shall belong to the purchaser thereof.
The purchase and sale of the Interests shall be held and consummated promptly following the acquisition of the Foreclosure Properties, and contemporaneously with the delivery of documents under the Settlement Agreement (hereinafter called the "Closing Date").