Foreclosure Actions Sample Clauses

Foreclosure Actions. Servicer shall act to institute foreclosure or similar proceedings for and on behalf of Purchaser as to obligations in the Mortgage Loans which are in default but only upon the written direction of Purchaser, and if so directed shall promptly institute such proceedings or cause such proceedings to be instituted. Servicer shall provide Purchaser with information necessary for Purchaser to make an informed decision with respect to the foregoing.
Sample 1Sample 2Sample 3See All (5)
AutoNDA by SimpleDocs
Foreclosure Actions. In accordance with the criteria for proceeding against the Mortgaged Property set forth in Section 4.10(a) hereof, unless otherwise prohibited by applicable law or court or administrative order, the Servicer, on behalf of the Grantor Trust Holders, may, at any time, institute foreclosure proceedings to the extent permitted by law, exercise any power of sale to the extent permitted by law, obtain a deed in lieu of foreclosure, or otherwise acquire possession of or title to the related Mortgaged Property, by operation of law or otherwise. In accordance with Section 4.10(a) hereof, and (i) in the case of any Mortgage in a first lien position the Servicer shall, or (ii) in the case of any Mortgage in a subordinate lien position the Servicer shall have the option to, institute foreclosure proceedings, repossess, exercise any power of sale to the extent permitted by law, obtain a deed in lieu of foreclosure or otherwise acquire possession of or title to any Mortgaged Property, by operation of law or otherwise; provided, however, that in each case the Servicer shall have determined there is a reasonable likelihood of (A) recovering an economically significant amount attributable to the outstanding interest and principal owing on such Home Loan as a result of such actions, in excess of (B) the costs and expenses to obtain such recovery (including without limitation any Servicing Advances and, if applicable, the outstanding indebtedness of all Superior Liens), and in relation to (C) the expected timing of such recovery therefrom. Prior to acquiring any Foreclosure Property, however, the Servicer shall cause a review to be performed, in accordance with the Accepted Servicing Procedures, on the related Mortgaged Property by a company such as Equifax, Inc. or Toxicheck, and the scope of such review shall be limited to the review of public records and documents for indications that such Mortgaged Property has on it, has under it, or is near hazardous or toxic material or waste. If such review reveals that the Mortgaged Property has on it, under it or is near hazardous or toxic material or waste or reveals any other environmental problem, and the Servicer decides to proceed with the acquisition of such Mortgaged Property, then the Servicer shall provide to the Grantor Trustee and the Indenture Trustee an Officer's Certificate with a copy of the related report that substantiates such decision. Such Officer's Certificate shall provide that based on an analysis of all avai...
Sample 1Sample 2See All (4)
Foreclosure Actions. Notwithstanding anything to the contrary, any foreclosure action pending at the time of the related Servicing Transfer Date of any Mortgage Loan may be dismissed by the Seller in its sole discretion. Purchaser understands that neither Seller, its affiliates nor its agents will be liable for any foreclosure expenses incurred or billed, with respect to any Mortgage Loan after the related Cut-Off Date; and Purchaser agrees to transfer into its name, or restart if required, the foreclosure action of any Mortgage Loan in process as of the related Closing Date. Purchaser shall notify the appropriate court that it is assuming such foreclosure action as soon as reasonably practical after the Closing Date and promptly provide to Seller evidence of such notice. Purchaser and Seller shall cooperate and assist each other, as requested, to ensure an orderly transfer of the responsibilities with respect to the handling of any such foreclosed Mortgage Loan.
Sample 1
Foreclosure Actions 
Sample 1

Related to Foreclosure Actions

  • Litigation and Proceedings There are no actions, suits, -------------------------- proceedings or investigations pending or, to the knowledge of the Company after reasonable investigation, threatened by or against the Company or affecting the Company or its properties, at law or in equity, before any court or other governmental agency or instrumentality, domestic or foreign, or before any arbitrator of any kind. The Company has no knowledge of any default on its part with respect to any judgment, order, writ, injunction, decree, award, rule or regulation of any court, arbitrator, or governmental agency or instrumentality, or any circumstance which after reasonable investigation would result in the discovery of such default.

  • Interim Actions In the case of a Material Default that causes continuing damages to the Sellers for which indemnification by the Purchasers pursuant to Article 8 of the Agreement would not be sufficient to remedy all such damages, the Sellers and the Purchasers shall cooperate in good faith to implement appropriate interim actions to mitigate such damages until the Corrective Action Plan is finalized. The parties shall develop and implement such interim actions on timelines that are commensurate with the severity of the harm and that take into account the risks to the Sellers of delay. The Purchasers shall use reasonable best efforts to mitigate the adverse consequences on the Sellers of the Material Default until the Correction Action Plan is finalized.

  • Suits and Proceedings To Seller’s Knowledge, except as listed in Exhibit H, there are no legal actions, suits or similar proceedings pending and served, or threatened in writing against Seller or the Property which (i) are not adequately covered by existing insurance and (ii) if adversely determined, would materially and adversely affect the value of the Property, the continued operations thereof, or Seller’s ability to consummate the transactions contemplated hereby.

  • Condemnation Proceedings 15.5.1. District covenants and agrees, but only to the extent that it may lawfully do so, that so long as this Site Lease remains in effect, the District will not seek to exercise the power of eminent domain with respect to the Project so as to cause a full or partial termination of this Site Lease and the Facilities Lease.

  • Foreclosure Property Notwithstanding any other provision of this Agreement, the Servicer, shall not rent, lease, or otherwise earn income on behalf of the REMIC with respect to any REO which might cause such REO to fail to qualify as "foreclosure" property within the meaning of section 860G(a)(8) of the Code (e.g., rent based upon the earnings of the lessee) or result in the receipt by the REMIC of any "income from non-permitted assets" within the meaning of section 860F(a)(2) of the Code (e.g., income attributable to any asset which is not a qualified mortgage, a cash flow or reserve fund investment, or personal property not incidental to the REO) or any "net income from foreclosure property" which is subject to tax under the REMIC Provisions unless the Master Servicer has received an Opinion of Counsel (at the Servicer's expense) to the effect that, under the REMIC Provisions and (where appropriate, any relevant proposed legislation) any income generated for the REMIC by the REO would not result in the imposition of a tax upon the REMIC. In general, the purpose of this Section 3.2 and the REMIC Provisions (which this section is intended to implement) is to ensure that the income earned by the REMIC is passive type income such as interest on mortgages and passive type rental income on real property.

  • Actions, Suits and Proceedings There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority now pending against or, to the knowledge of the Borrower, threatened against or affecting any Group Member that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or that involve this Agreement or the Transactions.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!