REO Conversion definition
REO Conversion shall have the meaning specified in Article 29(a).
REO Conversion means, with respect to any Purchased Asset, an event that will be deemed to occur and be continuing if the related Purchased Asset becomes a REO Property.”
REO Conversion means when the Borrower as the Mortgage Lender becomes the owner of the Mortgaged Property through foreclosure or deed in lieu of foreclosure.
Examples of REO Conversion in a sentence
Any such REO Conversion shall be required to occur upon and simultaneous with the Foreclosure Event.
Simultaneously with the REO Conversion, Buyer and Seller shall execute an amended and restated Confirmation reflecting, among other items, such updated Purchase Price and Purchase Price Percentage and the updated Applicable Spread with respect to such Purchased Asset.