Foreclosed Property Clause Samples
Foreclosed Property. (a) The parties hereto acknowledge and understand that if the Trust were to acquire the Property as Foreclosed Property and were to own and operate the Property in a manner consistent with the manner in which the Property is currently owned and operated by the Borrower Related Parties, through a Successor Manager, some portion or all of the income derived in the Lower-Tier REMIC from such Foreclosed Property may be considered “net income from foreclosure property” for purposes of Section 860G(c) of the Code and subject to tax at normal corporate income tax rates. In determining whether to acquire and hold any Foreclosed Property, the Special Servicer, acting on behalf of the Trustee hereunder, shall take these circumstances into account and shall only acquire or hold such Foreclosed Property if it determines, in its reasonable judgment (after, consultation with counsel, at the expense of the Trust), that either (i) there is a commercially feasible alternative method of administering such Foreclosed Property that would not result in such tax, e.g., a net lease that results in Rents from Real Property or (ii) the likely recovery with respect to operating the Foreclosed Property on behalf of the Trust, after taking into account any such taxes that might be imposed on either the Lower-Tier REMIC or the Upper-Tier REMIC, shall exceed the likely recovery to the Trust if the Trust were to net lease the Foreclosed Property or were not to acquire and hold the Foreclosed Property. If the Trust acquires any Foreclosed Property, the Special Servicer, acting on behalf of the Trustee, if a Property Manager would not be considered an Independent Contractor, shall either renegotiate the applicable Management Agreement or replace such Property Manager with a Successor Manager (as appropriate and to the extent permitted under such Management Agreement) so that the Foreclosed Property would be considered to be operated by an Independent Contractor. If, after making the foregoing reasonable efforts, the Special Servicer determines that it is in the best interests of the Trust Interest Owners on a net after tax basis to operate the Foreclosed Property in a manner such that the Lower-Tier REMIC or Upper-Tier REMIC shall receive, based upon an Opinion of Counsel, “net income from foreclosure property” under the REMIC Provisions, the Special Servicer shall maintain or cause to be maintained such records of income and expense as to enable such amounts to be computed accurately, an...
Foreclosed Property. Borrower will, and will cause each of its Subsidiaries and Servicer to, promptly upon acquisition of any Foreclosed Property, execute such Instruments evidencing the Trustee’s Liens other documentation as Agent may request in connection therewith, and deliver or cause to be delivered to Agent, a current FIRREA-Compliant Appraisal, a mortgagee policy of title insurance, environmental report, engineering report and other documentation as Agent may request in connection therewith.
Foreclosed Property. Any real property which was previously mortgaged to the Company to secure a loan made by the Company, and title to which real property was acquired by the Company pursuant to enforcement of its deed of trust against such property, either through foreclosure (whether judicial or non-judicial) or pursuant to a deed in lieu of foreclosure.
Foreclosed Property. “Foreclosed Property” shall mean an Affected Property that is owned by a Mortgagee.
Foreclosed Property. The Insurer shall not be liable under Insuring Agreement A. to pay any Loss in connection with any Claim made against any Insured arising from, based upon, or attributable to any error, misstatement, misleading statement, act, omission, neglect or breach of duty arising out of the operation or control of any entity or property that the Company acquired as security or collateral for any loan, lease or extension of credit; provided, however, that this exclusion shall not apply to Claims resulting from Wrongful Acts in connection with the foreclosure process or the ownership, operation management or control of any one
Foreclosed Property. 133 Section 10.03. Modifications of Mortgage Loan........................135 Section 10.04. Prohibited Transactions and Activities.....................136 Section 10.05. Indemnification with Respect to Certain Taxes and Loss of REMIC Status..........................136 Section 10.06. Grantor Trust Reporting....................................137 ARTICLE ELEVEN
Foreclosed Property. 91 Section 10.3
Foreclosed Property. The Property if acquired by the Indenture Trustee or by any nominee of the Indenture Trustee by foreclosure or acceptance of a deed in lieu of foreclosure or otherwise. FORECLOSURE PROCEEDS: Proceeds received by the Indenture Trustee in respect of the Foreclosed Property (including, without limitation, proceeds from the rental or operation of such Foreclosed Property) prior to the final liquidation of the Foreclosed Property.