REMIC Limitations on Servicing and Sale of REO Property. If the Mortgaged Property becomes an REO Property, the Lead Special Servicer, on behalf of the Noteholders, shall sell the REO Property in accordance with, and within the time periods provided for, in the Servicing Agreement. The Lead Special Servicer shall manage, conserve, protect and operate the REO Property for the Noteholders solely for the purpose of its prompt disposition and sale in a manner which does not cause the REO Property to fail to qualify as “foreclosure property” within the meaning of Code Section 860G(a)(8) or result in the receipt by a REMIC of any “income from non permitted assets” within the meaning of Code Section 860F(a)(2)(B) or (i) endanger the status of any REMIC or the Lead Securitization Trust as a REMIC or (ii) result in the imposition of a tax (other than the tax on “net income from foreclosure property” if the relevant conditions set forth in the Servicing Agreement are satisfied) upon any such REMIC or the Lead Securitization Trust .
Appears in 9 contracts
Sources: Agreement Between Noteholders (Bank5 2023-5yr3), Agreement Between Noteholders (BBCMS Mortgage Trust 2023-C21), Agreement Between Noteholders (BMO 2023-C6 Mortgage Trust)