REO Properties. (a) In the event that title to a Mortgaged Property is acquired in foreclosure, redemption, ratification or by deed in lieu of foreclosure, the deed or certificate of sale shall be taken in the name of the Investor, or its designee (or as otherwise required by the applicable Servicing Agreement); provided that, in no event shall the Subservicer have title to the Mortgaged Property conveyed in the name of the Owner/Servicer without the Owner/Servicer’s prior written consent not to be unreasonably withheld or delayed.
REO Properties. The term “REO Properties” means real properties owned by Residential but not active in Residential’s rental program.
REO Properties. As to each REO Property, the Seller hereby represents and -------------- warrants to the Purchaser that as of the Closing Date;
REO Properties. (a) Each REO Property constitutes real property owned by the Seller or an Affiliate thereof, none of which is used in the operation of Seller’s business.
REO Properties. Within 30 days after Lender’s request therefor at any time, the applicable Loan Party or such other Subsidiary having any REO Property shall grant to Lender a first Lien Mortgage on such Person’s REO Properties to secure the Advances pursuant to Loan Documents and other closing documents as are satisfactory to Lender; provided, however, to the extent any such transfer would require the payment of any material transfer tax or similar tax, such Loan Party and Lender may make other arrangements satisfactory to Lender. In addition, at all times after the Original Forbearance Effective Date, upon any acquisition of each REO Property, each Loan Party shall transfer all such REO Properties to a designated Loan Party or other Subsidiary satisfactory to Lender and shall provide to Lender a first and exclusive Lien on the stock of such Subsidiary and a negative pledge on all of the assets of such Subsidiary; provided, however, to the extent any such transfer would require the payment of any material transfer tax or similar tax, such Loan Party and Lender may make other arrangements satisfactory to Lender.
REO Properties. In the event that title to a Mortgaged Property is acquired in foreclosure, redemption, ratification or by deed in lieu of foreclosure, the deed or certificate of sale shall be taken in the name of Investor, or its designee (or as otherwise required by applicable Agency Guidelines); provided that, in no event shall the Subservicer have title to the Mortgaged Property conveyed in the name of the Owner/Servicer without the Owner/Servicer's prior written consent. The Subservicer shall transfer REO Properties to the Investor in such manner and at such time as required under Applicable Requirements; provided that, in no event shall the Subservicer have title to the Mortgaged Property transferred to the name of the Owner/Servicer without the Owner/Servicer's prior written consent. Prior to transferring any REO Property to the Investor, the Subservicer shall comply with all Applicable Requirements related to the maintenance of such property. The Subservicer shall maintain on each REO Property monthly fire and hazard insurance with extended coverage in an amount that is at least equal to the maximum insurable value of the improvements that are a part of such property and, to the extent required and available under the national flood insurance program, flood insurance, all in the amounts and with such coverage as required under Applicable Requirements. The Owner/Servicer shall be responsible for obtaining and maintaining any liability coverage insuring the Owner/Servicer. The Subservicer shall be entitled to the monthly servicing fee with respect to REO Property indicated in Exhibit B to the extent servicing responsibilities with respect to such REO Property is not transferred to the Investor or another party.
REO Properties. Except to the extent that the Applicable Requirements provide otherwise, the following provisions shall apply to the management and disposition of REO Properties:
REO Properties. Within 30 days after Lender’s request therefor at any time, Guarantor, the applicable Borrower or such other Subsidiary having any REO Property shall grant to Lender a first Lien Mortgage on such Person’s REO Properties to secure the Advances pursuant to Loan Documents and other closing documents as are satisfactory to Lender; provided, however, to the extent any such transfer would require the payment of any material transfer tax or similar tax, such Borrower and Lender may make other arrangements satisfactory to Lender. In addition, at all times after the Forbearance Effective Date, upon any acquisition of each REO Property, each Borrower shall transfer all REO Properties to a designated Borrower or other Subsidiary satisfactory to Lender and shall provide to Lender a first and exclusive Lien on the stock of such Subsidiary, and a negative pledge on all of the assets of such Subsidiary; provided, however, to the extent any such transfer would require the payment of any material transfer tax or similar tax, such Borrower and Lender may make other arrangements satisfactory to Lender.
REO Properties. (i) Section 3.14(b)(i) of the Company Disclosure Letter sets forth a true and complete list of (A) all real properties (including name and location) for which the Company, any Subsidiary or any of the Company’s controlled Affiliates, as of the date hereof, owns an interest in, controls, or manages or controls the general partner of the property-owning partnership which has fee simple ownership of such real properties (each, a “REO Property”), (B) the general partner, managing member or other fiduciary or governing body of each property-owning partnership that holds REO Property (each, a “REO Property GP”), (C) each Person having an ownership interest in each REO Property GP (each, a “REO Property GP Member”) and each such REO Property GP Member’s ownership percentage in such REO Property GP, (D) the non-equity managing member or manager or general partner of each REO Property GP (each, a “REO Property GP Manager”), (E) the written agreement(s) pursuant to which each REO Property GP Manager is (A) designated as the manager of the REO Property GP, and (B) entitled to receive the fees payable to the REO Property GP pursuant to the applicable governing documents of the REO Property (collectively, the “REO Property Management Agreements”),
REO Properties. Not later than June 30, 2008, Guarantor, the applicable Borrower or such other Subsidiary having any REO Property shall grant to Lender a first Lien Mortgage on such Person’s REO Properties to secure the Advances pursuant to Loan Documents and deliver such other closing requirements or documents as are satisfactory to Lender. In addition, at all times on and after March 31, 2008, upon any acquisition of each REO Property, each Borrower will assign the rights to bid on or purchase such REO Property so that all REO Properties will be owned by a designated Borrower or other Subsidiary satisfactory to Lender and shall provide to Lender a first and exclusive Lien on the stock of such Subsidiary, and a negative pledge on all of the assets of such Subsidiary, except for Liens in favor of Lender.
