Common use of Acquisition of Title to the Mortgaged Property Clause in Contracts

Acquisition of Title to the Mortgaged Property. Seller shall not elect to acquire the Mortgaged Property in the event of a default in a Mortgage Loan, but instead shall file a claim on the applicable Agency guaranty or insurance of the Mortgage Loan as herein provided. In the event however, that title to the Mortgaged Property is to be acquired, title shall be taken in the name of the Participant or its designee, which may be Seller. Following acquisition of title to the Mortgaged Property, Seller shall, either itself or through an agent of its choosing, manage and operate the Mortgaged Property for the benefit of Participant. Seller shall maintain the Mortgaged Property pursuant to such practices as are customary in the locality where the Mortgaged Property is located, and in accordance with procedures employed by prudent property owners acting for their own account. Seller shall collect all rents for the benefit of Participant and remit to Participant on the fifteenth (15th) day of each month all Mortgaged Property income after expenses, including reimbursement of Seller advances, including but not limited to advances of principle and interest, third party fees and legal fees incurred with respect to the enforcement of Section 3.8 herein, and payment of Seller’s management fee described below. Seller shall cooperate with Participant in the sale of the Mortgaged Property. Any such sale shall be pursuant to terms and conditions acceptable to Participant in its sole discretion. The proceeds of any such sale shall be paid to Seller and remitted to Participant pursuant to Section 3.2(f) of this Agreement. In the event that Participant shall elect to accept a note or other noncash compensation in the sale of the Mortgaged Property, Participant agrees to pay to Seller upon such sale any amounts then owing to Seller pursuant to this Agreement.

Acquisition of Title to the Mortgaged Property. Seller shall not elect for it or Warehouse Borrower to acquire the Mortgaged Property in the event of a default in on a Mortgage Loan, but instead shall file a claim on the applicable Agency guaranty or insurance of the Mortgage Loan as herein provided. In the event event, however, that title to the Mortgaged Property is to be acquired, title shall be taken in the name of the Participant or its designee, which may be SellerSeller or Warehouse Borrower. Following acquisition of title to the Mortgaged Property, Seller shall, either itself or through an agent of its choosing, manage and operate the Mortgaged Property for the benefit of Participant. Seller or Warehouse Borrower shall maintain the Mortgaged Property pursuant to such practices as are customary in the locality where the Mortgaged Property is located, and in accordance with procedures employed by prudent property owners acting for their own account. Seller or Warehouse Borrower shall collect all rents for the benefit of Participant and remit to Participant pursuant to Section 3.1(b) on the fifteenth (15th) day of each month all Mortgaged Property income after expenses, including reimbursement of Seller or Warehouse Borrower advances, including but not limited to advances of principle and interest, third party fees and legal fees incurred with respect to the enforcement of Section 3.8 herein, and payment of Seller’s or Warehouse Borrower’s management fee described below. Seller shall cooperate with Participant in the sale of the Mortgaged Property. Any such sale shall be pursuant to terms and conditions acceptable to Participant in its sole reasonable discretion. The proceeds of any such sale shall be paid to Seller or Warehouse Borrower and promptly remitted to Participant pursuant to Section 3.2(f3.1(b) of this Agreement. In the event that Participant shall elect to accept a note or other noncash compensation in the sale of the Mortgaged Property, Participant agrees to pay to Seller or Warehouse Borrower upon such sale any amounts then owing to Seller pursuant to this Agreement.

Acquisition of Title to the Mortgaged Property. Seller shall not elect to acquire the Mortgaged Property in the event of a default in a Mortgage Loan but shall instead, in the case of an Agency Loan, but instead shall file a claim on the applicable Agency guaranty or insurance of the Mortgage Loan as herein provided. In the event however, that title to the Mortgaged Property is to be acquired, title shall be taken in the name of the Participant or its designee, which may be Seller. Following acquisition of title to the Mortgaged Property, Seller shall, either itself or through an agent of its choosing, manage and operate the Mortgaged Property for the benefit of Participant. Seller shall maintain the Mortgaged Property pursuant to such practices as are customary in the locality where the Mortgaged Property is located, and in accordance with procedures employed by prudent property owners acting for their own account. Seller shall collect all rents for the benefit of Participant and remit to Participant on the fifteenth (15th) day of each month all Mortgaged Property income after expenses, including reimbursement of Seller advances, including but not limited to advances of principle and interest, third party fees and legal fees incurred with respect to the enforcement of Section 3.8 herein, and payment of Seller’s management fee described below. Seller shall cooperate with Participant in the sale of the Mortgaged Property. Any such sale shall be pursuant to terms and conditions acceptable to Participant in its sole discretion. The proceeds of any such sale shall be paid to Seller and remitted to Participant pursuant to Section 3.2(f) of this Agreement. In the event that Participant shall elect to accept a note or other noncash compensation in the sale of the Mortgaged Property, Participant agrees to pay to Seller upon such sale any amounts then owing to Seller pursuant to this Agreement.