Repo Property definition

Repo Property. A Manufactured Home (and any related Real Property) acquired by the Servicer on behalf of the Trust pursuant to a repossession, foreclosure, or similar proceeding in connection with a Defaulted Contract.
View Source

Examples of Repo Property in a sentence

  • The Servicer shall advise the Trustee and the Certificate Registrar of the final payment or other liquidation of the last Asset remaining in the Trust or the disposition of the last Repo Property or REO Property remaining in the Trust at least two Business Days prior to the Remittance Date in the month in which the Trust will terminate as a result thereof.

  • The Servicer shall, in accordance with Section 3.09(a), use its reasonable efforts to sell any Repo Property or REO Property as expeditiously as possible, but in all events within the time period, and subject to the conditions set forth in Section 3.09(a) hereof.

  • The Servicer shall either sell any Repo Property or REO Property remaining after such date in an Auction or purchase such Repo Property or REO Property (at the price set forth in this paragraph) before the end of the Extended Holding Period.

  • Pursuant to its efforts to sell such Repo Property or REO Property, the Servicer shall either itself or through an agent selected by the Servicer protect and conserve such Repo Property or REO Property in the same manner and to such extent as it customarily does in connection with its own repossessed manufactured homes or mortgaged properties (as applicable), incident to its conservation and protection of the interests of the Certificateholders.

  • Neither the Trustee nor the Servicer, acting on behalf of the Trust, shall provide financing from such Trust to any purchaser of a Repo Property or REO Property.

  • If no REMIC election has been made or is to be made with respect to the assets of the Trust, the REO Holding Period for disposing of any Repo Property or REO Property as described in the preceding two sentences shall be an eleven-month period.

  • If one or more REMIC elections are made with respect to the assets of the Trust, the Servicer shall use its best efforts to dispose of such Repo Property or REO Property for its fair market value by the end of the tenth month of the third calendar year following the end of the calendar year in which the Repo Property or REO Property was acquired by the Trust (the "REO Holding Period"), pursuant to the Servicer's ordinary commercial practices.

  • If one or more REMIC elections are made with respect to the assets of the Trust, the Servicer shall use its best efforts to dispose of such Repo Property or REO Property for its fair market value within 22 months after its acquisition by the Trust pursuant to the Servicer's ordinary commercial practices.

  • If no REMIC election has been made or is to be made with respect to the assets of the Trust, the 22-month period for disposing of any Repo Property or REO Property as described in the preceding two sentences shall be an eleven-month period.

  • If no REMIC election has been made or is to be made with respect to the assets of the Trust, the 12-month period for disposing of any Repo Property or REO Property as described in the preceding two sentences shall be an eleven-month period.

Related to Repo Property

  • Unimproved Real Property means Property in which the Company has an equity interest that was not acquired for the purpose of producing rental or other operating income, that has no development or construction in process and for which no development or construction is planned, in good faith, to commence within one (1) year.

  • Operating Property means any property owned, leased, or operated by the Party in question or by any of its Subsidiaries or in which such Party or Subsidiary holds a security interest or other interest (including an interest in a fiduciary capacity), and, where required by the context, includes the owner or operator of such property, but only with respect to such property.

  • Hotel Property means a Property on which there is located an operating hotel.

  • Mortgaged Real Property means (a) each Real Property identified on Schedule 1.01(a) hereto and (b) each Real Property, if any, which shall be subject to a Mortgage delivered after the Closing Date pursuant to Section 5.11(c) or 4.02.

  • Unimproved Land means land on which no development (other than improvements that are not material and are temporary in nature) has occurred.