Deed-in-Lieu. For the purposes hereof, a deed in lieu of condemnation shall be deemed a taking.
Deed-in-Lieu. If Servicer pursues a deed in lieu of foreclosure pursuant to the authority granted to Servicer by the terms and provisions of Section 3.1 above, Servicer will retain counsel to prepare appropriate documentation, execute and deliver such documentation on behalf of Owner and may enter into an agreement with Obligor regarding payment of any deficiency. The actions described herein shall be taken by Servicer in accordance with Accepted Servicing Practices or otherwise with the consent of Owner. Title to such Property may be taken in the name of Owner or its designee. Notwithstanding anything to the contrary contained herein, in connection with a deed in lieu of foreclosure, in the event Servicer has reasonable cause to believe that a Property is an Environmental Problem Property as described in Section 4.2 hereof, Servicer shall notify Owner of the existence of the Environmental Problem Property, describe such problem, make a recommendation to, Owner regarding handling the Property and carry out the recommendation unless otherwise directed by Owner in writing within five (5) days after Owner's receipt (or deemed receipt) of such notice in accordance with the term and provisions of Section 11.3 below. In no event will Servicer be required to acquire record tide to an Environmental Problem Property. Servicer will provide the services described in Section 4.1 with respect to each Property for which a deed in lieu of foreclosure is received by Servicer.
Deed-in-Lieu. Borrower shall not, nor shall it permit any Senior Loan Party to, enter into any deed-in-lieu or consensual foreclosure with or for the benefit of any Senior Lender or any of its Affiliates. Without the express prior written consent of Lender, Borrower shall not, nor shall it permit any Senior Loan Party to, enter into any consensual sale or other transaction in connection with any Senior Loan which could diminish, modify, terminate, impair or otherwise adversely affect the interests of Lender or such Senior Loan Party in the Collateral or any portion thereof or any interest therein or of such Senior Loan Party in any Property or any portion thereof or any interest therein.
Deed-in-Lieu. If the Servicer pursues a deed in lieu of foreclosure pursuant to the authority granted to the Servicer by the terms and provisions of Section 3.1 above, the Servicer will retain counsel to prepare appropriate documentation, execute and deliver such documentation on behalf of the related Owner and may enter into an agreement with Obligor regarding payment of any deficiency. The actions described herein shall be taken by the Servicer in accordance with Accepted Servicing Practices or otherwise with the consent of the related Owner. Title to such Property may be taken in the name of the related Owner or its designee. Notwithstanding anything to the contrary contained herein, in connection with a deed in lieu of foreclosure, in the event the Servicer has reasonable cause to believe that a Property is an Environmental Problem Property as described in Section 4.2 hereof, the Servicer shall notify the related Owner in writing within three (3) Business Days of the Servicer's discovery thereof of the existence of the Environmental Problem Property, describe such problem, make a recommendation to such Owner regarding handling the Property and carry out the recommendation unless otherwise directed by such Owner in writing within five (5) Business Days after such Owner's receipt (or deemed receipt) of such notice in accordance with the terms and provisions of Section 11.3 below. In no event will the Servicer be required to acquire record title to an Environmental Problem Property. The Servicer will provide the services described in Section 4.1 with respect to each Property for which a deed in lieu of foreclosure is received by the Servicer.
Deed-in-Lieu. If Servicer reasonably determines that a deed-in-lieu of foreclosure may be appropriate with respect to a Mortgage Loan, Servicer shall notify Owner of such determination in writing. If, after Owner’s review of applicable Requirements and the Mortgaged Property’s title, Owner agrees in writing to such determination, at Owner’s expense and acceptance of responsibility for any Liabilities either directly or indirectly related to such determination, Servicer will prepare appropriate documentation, execute and deliver such documentation on behalf of Owner and may enter into an agreement with Mortgagor regarding payment or forgiveness of any payment. Title to such Mortgaged Property may be taken in the name of Owner or its designee. Servicer shall not take property in its own name. Notwithstanding anything to the contrary contained herein, in connection with a deed-in-lieu of foreclosure, in the event Servicer has reasonable cause to believe that a Property is an Environmental Problem Property as described in Section 4.02 hereof, Servicer shall notify Owner of the existence of the Environmental Problem Property, describe such problem, make a recommendation to Owner regarding handling the Property and carry out the recommendation unless otherwise directed by Owner in writing within five (5) days after Owner's receipt (or deemed receipt) of such notice in accordance with the terms and provisions of Section 11.03 below. In no event will Servicer be required to acquire record title to an Environmental Problem Property. The Servicer will provide the services described in Section 4.01 with respect to each Property for which a deed-in-lieu of foreclosure is received by Servicer.
Deed-in-Lieu. Borrower shall not, nor shall it permit any Senior Loan Obligor to, enter into any deed-in-lieu or consensual foreclosure with or for the benefit of the Senior Lender or any of its Affiliates. Without the express prior written consent of Lender, Borrower shall not, nor shall it permit any Senior Loan Obligor to, enter into any consensual sale or other transaction in connection with any Senior Loan which could diminish, modify, terminate, impair or otherwise adversely affect the interests of Lender or such Senior Loan Obligor in the Collateral or any portion thereof or any interest therein or of such Senior Loan Obligor in the Property or any portion thereof or any interest therein.
Deed-in-Lieu. Without the prior written consent of the Requisite Lenders, Borrower shall not, and shall not cause, cause or permit the SHP Subsidiaries to, enter into any deed-in-lieu or consensual foreclosure with or for the benefit of Senior Lender or any of Senior Lender’s Affiliates. Without the express prior written consent of the Requisite Lenders, Borrower shall not, and shall not cause, cause or permit the SHP Subsidiaries to, enter into any consensual sale or other transaction in connection with the Senior Loan which could diminish, modify, terminate, impair or otherwise adversely affect the interests of the Administrative Agent or any Lender in the Collateral or any portion thereof or any interest therein.
Deed-in-Lieu. A duly executed deed in lieu of foreclosure, in recordable form, to the Ship, legally sufficient to convey and transfer to the Trustee or its designee all right, title and interest of the Debtors in and to the Ship (the "Deed in Lieu"), absolutely and free and clear of any Liens, rights of redemption or other rights or interests whatsoever of the Debtors and any other Persons, together with such other instruments, assignments, bills of sale, affidavits and other documents as may be necessary or advisable to assign, transfer and convey to the Trustee or its designee all property (real and personal, tangible and intangible), rights, permits and approvals related to the operation of the Ship as a going concern, all of which shall be reasonably mutually satisfactory in form and substance to the Trustee and the Debtors, and all of which shall be held and delivered to the Trustee pursuant to the Escrow Agreement and shall be subject to Section 13 of this Agreement;
Deed-in-Lieu. If Seller receives title to a Mortgaged Property during the Interim Period as a result of foreclosure, deed-in-lieu of foreclosure, power of sale or otherwise, such Mortgaged Property shall be a REO Property and shall be sold to Purchaser pursuant to the representations and warranties contained in Section 5 and such other provisions of this Agreement as relate to the sale of REO Property that is an Offered Asset. Seller shall be responsible for delivering to Purchaser a recorded Deed with respect to such REO Property, together with the other documents in the Property File on the Closing Date.
Deed-in-Lieu. If Xxxxxx accepts a deed in lieu of foreclosure of the Property, then the estate so conveyed shall not merge with the estate under the Mortgage. The interests of Lender as holder of the Mortgage and holder of the estate transferred by the deed in lieu of foreclosure shall remain forever separate and distinct except as Xxxxxx agrees otherwise in writing. To reiterate the parties’ intent, a deed in lieu of foreclosure shall constitute a Foreclosure Event and shall (subject to the option of Lender or Successor to retain the Lease as described in Section 8) result in the automatic termination of the Lease as this Agreement provides.
