Sale of Foreclosed Property Clause Samples
Sale of Foreclosed Property. (a) In the event that title to the Property or other collateral securing the Mortgage Loan is acquired by the Special Servicer in the name of the Trustee or its nominee for the benefit of the Trust for the benefit of the Trust Interest Owners and the Companion Loan Holders in foreclosure or by deed-in-lieu of foreclosure or otherwise, the deed, certificate of sale or other comparable document shall be taken in the name of the Trustee, or its nominee (which shall not include the Special Servicer), on behalf of the Trust and the Companion Loan Holders or as otherwise contemplated pursuant to Section 8.10. The Special Servicer shall be empowered, subject to the Code and the specific requirements and prohibitions of this Agreement, to do any and all things in connection with the management and operations of the Foreclosed Property in accordance with Accepted Servicing Practices and in the best interest of the Trust Interest Owners. The Special Servicer, on behalf of the Trust and the Companion Loan Holders, shall sell any Foreclosed Property as expeditiously as appropriate in accordance with Accepted Servicing Practices, but in no event later than the time period set forth in Section 12.2 hereof in a manner provided under this Section 3.15.
(b) [Reserved.]
(c) Subject to the consent rights of any applicable Consenting Party and the consultation rights of any applicable Consulting Party, the Special Servicer shall accept the highest cash offer for Foreclosed Property received from any person. However, in no event may such offer be less than an amount at least equal to the portion of the Repurchase Price attributable to such Foreclosed Property. In the absence of any such offer, the Special Servicer shall accept the highest cash offer (other than from an Interested Person) that it determines is a fair price based on Appraisals obtained within the last nine (9) months. If the highest offeror is an Interested Person or any Certificateholder, then the Trustee shall determine the fairness of the highest offer based upon an independent appraisal obtained at the expense of the Trust; provided, that if the Trustee is required to determine whether a cash offer by an Interested Person or any Certificateholder constitutes a fair price, the Trustee may designate an independent third party expert in real estate or commercial mortgage loan matters with at least five (5) years’ experience in valuation of or investment in properties similar to the Foreclosed Property, which su...
Sale of Foreclosed Property. In the event that title to the Property is acquired by the Special Servicer for the benefit of the Certificateholders and the Companion Loan Holders in foreclosure or by deed in lieu of foreclosure or otherwise, the deed, certificate of sale or other comparable document shall be taken in the name of the Trustee, or its nominee (which shall not include the Special Servicer), on behalf of the Trust Fund and the Companion Loan Holders or as otherwise contemplated pursuant to Section 8.10. The Special Servicer, on behalf of the Trust Fund and the Companion Loan Holders, shall sell any Foreclosed Property as expeditiously as appropriate in accordance with Accepted Servicing Practices and the REMIC Provisions in a manner designed to preserve the capital of the Certificateholders and not with a view to the maximization of profit, but in no event later than the Rated Final Distribution Date in a manner provided under this Section 3.15.
Sale of Foreclosed Property. The Special Servicer, on behalf of the Trust and the Companion Loan Holders, shall sell the Foreclosed Property on a servicing released basis in accordance with Accepted Servicing Practices, in no event later than the Rated Final Distribution Date in a manner provided under this Section 3.15 and Section 12.2(b) and subject to Section 12.2(c).
Sale of Foreclosed Property. If the County prevails in an in rem property tax foreclosure action against a subject property, the County shall diligently proceed to sell the subject property pursuant to the procedures set forth in Wis. Stat. § 75.69, as amended.
Sale of Foreclosed Property. In the event the Construction Lender acquires the Development Parcel or any portion thereof or succeeds to the interest of the Developer in the Development Parcel or any portion thereof pursuant to a foreclosure sale, a deed-in-lieu of foreclosure, transfer, bankruptcy sale, or similar transfer (whether or not any rights of redemption of the Developer have expired), for a period of six (6) {28460/21/D1055494.DOC;2} 30 months after the date the Construction Lender acquires title to and possession of the Development Parcel or succeeds to the interest of the Developer in the Development Parcel, the DDA, or its assignee, shall have the right to purchase the interest acquired by the Construction Lender by paying the sum of the following amounts in immediately available funds: (a) all principal and interest due and owing to Construction Lender through the date of purchase, (b) the cost of any improvements, if any, made by the Construction Lender, provided such improvements were pursuant to the Plans, (c) any real estate taxes, special assessments and insurance premiums paid by the Construction Lender, and (d) all prepayment charges and other amounts due under the Loan documents. The Construction Lender shall transfer such interest to the DDA, or its assignee, without warranty or representation (except for warranties of title and certification of all amounts due to the Construction Lender) by covenant deed and bill of sale, free and clear of all liens and encumbrances created by the Construction Lender or Developer, other than the construction mortgage given to the Construction Lender if the DDA elects to have such mortgage not merged into the conveyance. In the event there has been no such merger, the Construction Lender shall, transfer and assign to the DDA, or its assignee, the Loan Documents executed in connection with the Construction Loan transaction.