Acceptance/Awarding of Winning Bid. 1. On behalf of the Trust, the Servicer shall select and award the Successful Bid for each private auction in the following manner: a. If the highest qualifying bid received is greater than 85% of the TRA and the tax debt is less than $500,000, awarding of the sale of the foreclosure bid to the proposed purchaser requires the approval of a designated Key Employee of the Servicer. b. If the highest, qualifying bid received is less than 85% of the TRA, or the tax debt is greater than $500,000, awarding of the sale of the foreclosure bid to the proposed purchaser requires the approval of the Foreclosure Committee. c. If the highest, qualifying bid for a foreclosure bid is deemed unacceptable by a Key Employee or the Foreclosure Committee, then the Servicer must, within a reasonable timeframe, offer the foreclosure bid for sale via a new private auction or cause the Trust, or its designated subsidiary, to take title to the property. d. Approval by the Foreclosure Committee shall be required for the rejection of any qualifying bid that is higher than the bid awarded.
Appears in 4 contracts
Samples: Servicing Agreement, Servicing Agreement, Servicing Agreement
