Common use of Dispositions of and Limitations on Acts Relating to REO Property Clause in Contracts

Dispositions of and Limitations on Acts Relating to REO Property. The Master Servicer will commence the process of disposition of REO Property immediately after (i) completion of the acquisition of the REO Property, (ii) resolution of any title issues, including conclusion of any applicable redemption period and (iii) completion of all improvements it deems necessary to address deferred maintenance, life safety and similar property conditions and to repair and restore the REO Property. Any REO Property may remain in a Trust for so long as that REO Property would qualify as “foreclosure property” (within the meaning of Section 860G(a)(8) of the Internal Revenue Code and applicable Treasury Regulations) had it been held in a REMIC (as defined in Section 860D of the Internal Revenue Code). As provided in clause (d) of Subsection 2.5(3), the Guarantor may purchase any REO Property that is acquired as an asset of the Trust. While any REO Property is being marketed for sale or is being held during a redemption period, the Direct Servicer or the Master Servicer, as applicable, may renew existing leases or enter into new leases for units within the REO Property on terms similar to those then available in the relevant market area as a means of preserving and protecting the REO Property while it remains an asset of the Trust. To the extent provided in the applicable Servicing Contract, the Direct Servicer may contract with an independent contractor for all or any portion of the management, maintenance, marketing and disposition of REO Property, provided that any such contractor will be required to conform its actions to the requirements of this Section 5.11 for so long as the REO Property is an asset of the Trust.

Dispositions of and Limitations on Acts Relating to REO Property. The Master Servicer will commence the process of disposition of REO Property immediately after (i) completion of the acquisition of the REO Property, (ii) resolution of any title issues, including conclusion of any applicable redemption period and (iii) completion of all improvements it deems necessary to address deferred maintenance, life safety and similar property conditions and to repair and restore the REO PropertyProperty or stabilize its operations. Any REO Property may remain in a Trust for so long as that REO Property would qualify as “foreclosure property” (within the meaning of Section 860G(a)(8) of the Internal Revenue Code and applicable Treasury Regulations) had it been held in a REMIC (as defined in Section 860D of the Internal Revenue Code). As provided in clause (d) of Subsection 2.5(3), the Guarantor may purchase any REO Property that is acquired as an asset of the Trust. While any REO Property is being marketed for sale or is being held during a redemption period, the Direct Primary Servicer or the Master Servicer, as applicable, may renew existing leases or enter into new leases for units within the REO Property on terms similar to those then available in the relevant market area as a means of preserving and protecting the REO Property while it remains an asset of the Trust. To the extent provided in the applicable Servicing Contract, the Direct Primary Servicer may contract with an independent contractor for all or any portion of the operations, management, maintenance, marketing and disposition of REO Property, provided that any such contractor will be required to conform its actions to the requirements of this Section 5.11 for so long as the REO Property is an asset of the Trust.

Dispositions of and Limitations on Acts Relating to REO Property. The Master Servicer will commence the process of disposition of REO Property immediately after (i) completion of the acquisition of the REO Property, (ii) resolution of any title issues, including conclusion of any applicable redemption period and (iii) completion of all improvements it deems necessary to address deferred maintenance, life safety and similar property conditions and to repair and restore the REO PropertyProperty or stabilize its operations. Any REO Property may remain in a Trust for so long as that REO Property would qualify as “foreclosure property” (within the meaning of Section 860G(a)(8) of the Internal Revenue Code and applicable Treasury Regulations) had it been held in a REMIC (as defined in Section 860D of the Internal Revenue Code). As provided in clause (de) of Subsection 2.5(3), the Guarantor may purchase any REO Property that is acquired as an asset of the Trust. While any REO Property is being marketed for sale or is being held during a redemption period, the Direct Primary Servicer or the Master Servicer, as applicable, may renew existing leases or enter into new leases for units within the REO Property on terms similar to those then available in the relevant market area as a means of preserving and protecting the REO Property while it remains an asset of the Trust. To the extent provided in the applicable Servicing Contract, the Direct Primary Servicer may contract with an independent contractor for all or any portion of the operations, management, maintenance, marketing and disposition of REO Property, provided that any such contractor will be required to conform its actions to the requirements of this Section 5.11 for so long as the REO Property is an asset of the Trust.Trust.‌‌