Foreclosure Property Sample Clauses
The 'Foreclosure Property' clause defines what constitutes a property that has been acquired through foreclosure proceedings. Typically, this clause outlines the criteria for a property to be considered as such, such as being repossessed by a lender due to the owner's default on mortgage payments. It may also specify the rights and obligations of parties involved in transactions concerning these properties, such as disclosure requirements or special conditions of sale. The core function of this clause is to clearly identify and regulate the treatment of foreclosed properties within the agreement, ensuring all parties understand their status and any associated legal or financial implications.
Foreclosure Property. Notwithstanding any other provision of this Agreement, the Servicer, shall not rent, lease, or otherwise earn income on behalf of the REMIC with respect to any REO which might cause such REO to fail to qualify as "foreclosure" property within the meaning of section 860G(a)(8) of the Code (e.g., rent based upon the earnings of the lessee) or result in the receipt by the REMIC of any "income from non-permitted assets" within the meaning of section 860F(a)(2) of the Code (e.g., income attributable to any asset which is not a qualified mortgage, a cash flow or reserve fund investment, or personal property not incidental to the REO) or any "net income from foreclosure property" which is subject to tax under the REMIC Provisions unless the Master Servicer has received an Opinion of Counsel (at the Servicer's expense) to the effect that, under the REMIC Provisions and (where appropriate, any relevant proposed legislation) any income generated for the REMIC by the REO would not result in the imposition of a tax upon the REMIC. In general, the purpose of this Section 3.2 and the REMIC Provisions (which this section is intended to implement) is to ensure that the income earned by the REMIC is passive type income such as interest on mortgages and passive type rental income on real property.
Foreclosure Property. Seller is not selling any Mortgage Loan as part of a plan to transfer the underlying Mortgaged Property to Purchaser, and Seller does not know or, to Seller's knowledge, have reason to know that any Mortgage Loan will default. The representations in this paragraph 48 are made solely for the purpose of determining whether the Mortgaged Property, if acquired by the Trust, would qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code, and may not be relied upon or used for any other purpose. Such representations shall not be construed as a guarantee to any degree that defaults or losses will not occur.
Foreclosure Property. Seller is not selling any Mortgage Loan as part of a plan to transfer the underlying Mortgaged Property to Purchaser, and Seller does not know or, to Seller's knowledge, have reason to know that any Mortgage Loan will default. The representations in this paragraph 43 are being made solely for the purpose of determining whether the Mortgaged Property, if acquired by the Trust, would qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code, and may not be relied upon or used for any other purpose. Such representations shall not be construed as a guarantee to any degree that defaults or losses will not occur. EXHIBIT 3 PRICING FORMULATION Bear Stearns:
3-1 Schedule A Exceptions to Representations and Warranties Schedule B List of Mortgagors that are Third-Party Beneficiaries Under Section 5.2 Schedule C List of Mortgage Loans Subject to Secured Creditor Impaired Property Policies EXHIBIT 4 BILL OF SALE
1. Parties. The parties to this Bill of Sale are the fo▇▇▇▇ing: Seller: Bear Stearns Commercial Mortgage, Inc. Purchaser: ▇▇ar Stearns Commercial Mortgage Securities Inc.
Foreclosure Property. The Partnership will not acquire any real property by foreclosure, deed in lieu of foreclosure, or otherwise as a result of a default with respect to a lease of property or a default on indebtedness that such property secures.
Foreclosure Property. Seller is not selling any Mortgage Loan as part of a plan to transfer the underlying Mortgaged Property to Purchaser, and Seller does not know or, to Seller's knowledge, have reason to know that any Mortgage Loan will default. The representations in this paragraph 43 are being made solely for the purpose of determining whether the Mortgaged Property, if acquired by the Trust, would qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code, and may not be relied upon or used for any other purpose. Such representations shall not be construed as a guarantee to any degree that defaults or losses will not occur. Schedule A Exceptions to Representations and Warranties Principal Commercial Funding, LLC Schedule B Schedule C List of Mortgage Loans Subject to Secured Creditor Impaired Property Policies EXHIBIT 3 PRICING FORMULATION Principal: _________________ EXHIBIT 4 BILL OF SALE
1. Parties. The parties to this Bill of Sale are the foll▇▇▇▇g: Seller: Principa▇ ▇▇mmercial Funding, LLC Purchaser: Bear Stearns Commercial Mortgage Securities Inc.
Foreclosure Property. Seller is not selling any Mortgage Loan as part of a plan to transfer the underlying Mortgaged Property to Purchaser, and Seller does not know or, to Seller's knowledge, have reason to know that any Mortgage Loan will default. The representations in this paragraph 43 are being made solely for the purpose of determining whether the Mortgaged Property, if acquired by the Trust, would qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code, and may not be relied upon or used for any other purpose. Such representations shall not be construed as a guarantee to any degree that defaults or losses will not occur. Schedule A Exceptions to Representations and Warranties 2006-TOP25 - ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mortgage Capital Inc. Schedule A: Representation Exceptions REP. 2. Whole Loan; Ownership of Mortgage Loans,
Foreclosure Property. Seller is not selling any Mortgage Loan as part of a plan to transfer the underlying Mortgaged Property to Purchaser, and Seller does not know or, to Seller's knowledge, have reason to know that any Mortgage Loan will default. The representations in this paragraph 43 are being made solely for the purpose of determining whether the Mortgaged Property, if acquired by the Trust, would qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code, and may not be relied upon or used for any other purpose. Such representations shall not be construed as a guarantee to any degree that defaults or losses will not occur. EXHIBIT 3 PRICING FORMULATION MSCI 2006-TOP21 -------------------------------------------------------------------------------- ALLOCATION OF PROCEEDS Total Bond Proceeds $1,415,874,674 Less Expenses ($4,916,803) Net Proceeds $1,410,957,870 1,410,957,870 Less Purchase Price of BS Loans Discounted Value of BS Loans $ 644,724,553 Allocable Expense Amount for BS Loans ($1,744,890) -------------- Purchase Price of BS Loans $ 642,979,664 ($642,979,664) Less Purchase Price of WF Loans Discounted Value of WF Loans $ 271,761,223 Allocable Expense Amount for WF Loans ($1,182,585) -------------- Purchase Price of WF Loans $ 270,578,638 ($270,578,638) Less Purchase Price of PCF Loans Discounted Value of PCF Loans $ 163,354,946 Allocable Expense Amount for PCF Loans ($671,002) -------------- Purchase Price of PCF Loans $ 162,683,944 ($162,683,944) Less Purchase Price of MS Loans Discounted Value of MS Loans $ 337,608,789 Allocable Expense Amount for MS Loans ($1,318,327) -------------- Purchase Price of MS Loans $ 336,290,462 ($336,290,462) Remaining Proceeds ($1,574,837) BS Share of Remaining Proceeds ($716,331) WF Share of Remaining Proceeds ($301,930) PCF Share of Remaining Proceeds ($181,489) MS Share of Remaining Proceeds ($375,087) Total Proceeds Allocated to BS $ 642,263,332 Total Proceeds Allocated to WF $ 270,276,708 Total Proceeds Allocated to PCF $ 162,502,455 Total Proceeds Allocated to MS $ 335,915,375 EXHIBIT 4 BILL OF SALE
1. Parties. The parties to this Bill of Sale are ▇▇▇ following: Seller: Bear Stearns Commercial Mortgage, Inc. Purchaser: Morgan Stanley Capital I Inc.
Foreclosure Property. The Seller is not selling any Mortgage Loan as part of a plan to transfer the underlying Mortgaged Property to the Purchaser, and the Seller does not know or, to the Seller's knowledge, have reason to know that any Mortgage Loan will default. The representations in this paragraph 48 are made solely for the purpose of determining whether the Mortgaged Property, if acquired by the Trust, would qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code, and may not be relied upon or used for any other purpose. Such representations shall not be construed as a guarantee to any degree that defaults or losses will not occur. Schedule A to Exhibit 2 Exceptions to Representations and Warranties 2006-HQ10 - M▇▇▇▇▇ S▇▇▇▇▇▇ Mortgage Capital Inc. Schedule A: Representation Exceptions
Foreclosure Property. Seller is not selling any Mortgage Loan as part of a plan to transfer the underlying Mortgaged Property to Purchaser, and Seller does not know or, to Seller's knowledge, have reason to know that any Mortgage Loan will default. The representations in this paragraph 43 are being made solely for the purpose of determining whether the Mortgaged Property, if acquired by the Trust, would qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code, and may not be relied upon or used for any other purpose. Such representations shall not be construed as a guarantee to any degree that defaults or losses will not occur. EXHIBIT 3 PRICING FORMULATION MSCI 2006-TOP21 -------------------------------------------------------------------------------- ALLOCATION OF PROCEEDS $1,415,874,674 Total Bond Proceeds Less Expenses ($4,916,803) Net Proceeds $1,410,957,870 1,410,957,870 Less Purchase Price of BS Loans Discounted Value of BS Loans $ 644,724,553 Allocable Expense Amount for BS Loans ($1,744,890) -------------- Purchase Price of BS Loans $ 642,979,664 ($642,979,664) Less Purchase Price of WF Loans Discounted Value of WF Loans $ 271,761,223 Allocable Expense Amount for WF Loans ($1,182,585) -------------- Purchase Price of WF Loans $ 270,578,638 ($270,578,638) Less Purchase Price of PCF Loans Discounted Value of PCF Loans $ 163,354,946 Allocable Expense Amount for PCF Loans ($671,002) -------------- Purchase Price of PCF Loans $ 162,683,944 ($162,683,944) Less Purchase Price of MS Loans Discounted Value of MS Loans $ 337,608,789 Allocable Expense Amount for MS Loans ($1,318,327) -------------- Purchase Price of MS Loans $ 336,290,462 ($336,290,462) Remaining Proceeds ($1,574,837) BS Share of Remaining Proceeds ($716,331) WF Share of Remaining Proceeds ($301,930) PCF Share of Remaining Proceeds ($181,489) MS Share of Remaining Proceeds ($375,087) Total Proceeds Allocated to BS $ 642,263,332 Total Proceeds Allocated to WF $ 270,276,708 Total Proceeds Allocated to PCF $ 162,502,455 Total Proceeds Allocated to MS $ 335,915,375 EXHIBIT 4 BILL OF SALE
Foreclosure Property. Seller is not selling any Mortgage Loan as part of a plan to transfer the underlying Mortgaged Property to Purchaser, and Seller does not know or, to Seller's knowledge, have reason to know that any Mortgage Loan will default. The representations in this paragraph 43 are being made solely for the purpose of determining whether the Mortgaged Property, if acquired by the Trust, would qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code, and may not be relied upon or used for any other purpose. Such representations shall not be construed as a guarantee to any degree that defaults or losses will not occur. Schedule A Exceptions to Representations and Warranties Schedule B List of Mortgagors that are Third-Party Beneficiaries Under Section 5.2 Schedule C List of Mortgage Loans Subject to Secured Creditor Impaired Property Policies EXHIBIT 3 PRICING FORMULATION Morgan Stanley: _______________ EXHIBIT 4 BILL OF SALE
1. Parties. The parties to this Bill of Sale are the fo▇▇▇▇ing: Seller: Morgan Stanley Mortgage Capital Inc. Purchaser: ▇▇▇▇ Stearns Commercial Mortgage Securities Inc.