Administration of Acquired REO Properties. In addition to any other terms and conditions set forth herein, in connection with any Acquired REO Properties, the Servicer must, in each case subject to applicable instructions from the Manager and the Servicing Obligations, comply with the following terms and conditions:
(a) The Servicer will cause the applicable Ownership Entity to maintain insurance in compliance with applicable requirements herein and in the Insurance Schedule.
(b) The Servicer will cause the applicable Ownership Entity to (i) perform the obligations that such Ownership Entity is required to perform under the leases to which it is a party in all material respects and (ii) enforce, in accordance with commercially reasonable practices for properties similar to the applicable Acquired REO Property, the material obligations to be performed by the tenants under such leases.
(c) The Servicer will not permit any Ownership Entity to initiate or consent to any zoning reclassification of any portion of the Acquired REO Property owned by such Ownership Entity, or use or permit the use of any portion of an Acquired REO Property in any manner that could result in such use (taking into account any applicable variance obtained in accordance with the Servicing Standard) becoming a non-conforming use under any zoning ordinance or any other applicable land use Law, without the prior consent of the Manager and the Initial Member.
(d) The Servicer will not permit any Ownership Entity to suffer, permit or initiate the joint assessment of Acquired REO Property (i) with any other real property constituting a Tax lot separate from such Acquired REO Property, and (ii) with any portion of an Acquired REO Property which may be deemed to constitute personal property, or any other procedure whereby the Lien of any Taxes which may be levied against such personal property will be assessed or levied or charged to such Acquired REO Property.
(e) From and after the completion of any buildings or other improvements at an Acquired REO Property, the Servicer will cause the applicable Ownership Entity to maintain such Acquired REO Property in a good and safe condition and repair (subject to such alterations as the Manager may from time to time determine to be appropriate in accordance with the Servicing Standard and applicable requirements herein and in the other Transaction Documents) and in accordance with applicable Law.
(f) With respect to any Acquired REO Property that is a Ground Lease, the Servicer will cause the ...
Administration of Acquired REO Properties. The following terms and conditions shall be binding on the Company and the Ownership Entities (and on the Manager’s performance of its obligations hereunder) with respect to any Acquired REO Properties, in addition to any other terms and conditions concerning the same subject matter set forth in this Agreement and any of the other Transaction Documents:
