Foreclosure Documents Sample Clauses

Foreclosure Documents. If a Default shall occur and remain outstanding after the expiration of any applicable notice and cure periods, in the event that Lender elects to acquire the Project or Other Collateral by foreclosure, Borrower will not object to Lender or any court or any sheriff, marshal or special master publishing a Notice of Foreclosure Sale of the Project MIAMI 3859485.10 72496/43267 EXECUTION COPY and Other Collateral and, upon request, shall execute (i) in respect of any judicial foreclosure, a Stipulation waiving defenses and agreeing to the entry of a Final Judgment and Decree of Foreclosure, and (ii) in respect of any judicial foreclosure or foreclosure by power of sale, a conveyance in form and substance reasonably acceptable to Lender, conveying to Lender or its designee or assignee, after the foreclosure sale, all statutory rights of redemption of Borrower in and to the Project and Other Collateral (collectively, the "Foreclosure Documents"). Borrower further agrees, upon request of Lender following the occurrence and continuation of a Default, to authorize the Escrow Agent to deliver to Lender's or Lender's designee or assignee the duly and properly executed originals of the Deed in Lieu Documents and the deliveries described in Sections 3.7(e).
Sample 1
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Foreclosure Documents. If a Default shall occur and remain outstanding after the expiration of any applicable notice and cure periods, in the event that Lender elects to acquire the Project or Other Collateral by foreclosure, Borrower will not object to Lender or any court or any sheriff, marshal or special master publishing a Notice of Foreclosure Sale of the Project MIAMI 3859485.10 72496/43267 EXECUTION COPY 12 and Other Collateral and, upon request, shall execute (i) in respect of any judicial foreclosure, a Stipulation waiving defenses and agreeing to the entry of a Final Judgment and Decree of Foreclosure, and (ii) in respect of any judicial foreclosure or foreclosure by power of sale, a conveyance in form and substance reasonably acceptable to Lender, conveying to Lender or its designee or assignee, after the foreclosure sale, all statutory rights of redemption of Borrower in and to the Project and Other Collateral (collectively, the "Foreclosure Documents"). Borrower further agrees, upon request of Lender following the occurrence and continuation of a Default, to authorize the Escrow Agent to deliver to Lender's or Lender's designee or assignee the duly and properly executed originals of the Deed in Lieu Documents and the deliveries described in Sections 3.7(e). (c) Lender's Deed in Lieu Conditions. Provided that (i) no Default shall have occurred and be outstanding after the expiration of any applicable notice and cure periods, on the last day of the Marketing Period (the "Deed in Lieu Date"), and (ii) on the Deed in Lieu Date, (A) there are no circumstances present at the Project relating to the use, management or disposal of any Hazardous Substances (as that term is defined in the Environmental Indemnity described in Exhibit A attached hereto) for which investigation, testing, monitoring, containment, clean‑up or remediation could be required under any then effective federal, state or local law or regulation dealing with environmental matters, including the Environmental Laws defined in the Environmental Indemnity (collectively, "Environmental Laws") that would prevent Lender or its designee or assignee from taking title to the Project pursuant to the terms of that certain Pooling and Servicing Agreement dated as of February 12, 2007 among Structured Asset Securities Corporation II, as Depositor, KeyCorp Real Estate Capital Markets, Inc., as Master Servicer, Midland Loan Services, Inc., as Special Servicer and LaSalle Bank National Association, as Trustee, (as amended...
Sample 1

Related to Foreclosure Documents

  • 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.

  • Foreclosure Enforce any security interest or lien given or provided for under this Agreement or under any security agreement, mortgage, deed of trust or other document, in such manner and such order, as to all or any part of the properties subject to such security interest or lien, as the Bank, in its sole judgment, deems to be necessary or appropriate and the Borrower hereby waives any and all rights, obligations or defenses now or hereafter established by law relating to the foregoing. In the enforcement of its security interest or lien, the Bank is authorized to enter upon the premises where any Collateral is located and take possession of the Collateral or any part thereof, together with the Borrower's records pertaining thereto, or the Bank may require the Borrower to assemble the Collateral and records pertaining thereto and make such Collateral and records available to the Bank at a place designated by the Bank. The Bank may sell the Collateral or any portions thereof, together with all additions, accessions and accessories thereto, giving only such notices and following only such procedures as are required by law, at either a public or private sale, or both, with or without having the Collateral present at the time of the sale, which sale shall be on such terms and conditions and conducted in such manner as the Bank determines in its sole judgment to be commercially reasonable. Any deficiency which exists after the disposition or liquidation of the Collateral shall be a continuing liability of the Borrower to the Bank and shall be immediately paid by the Borrower to the Bank.

  • Mortgage Loan Documents 2. Residential loan application.

  • Mortgage Filings Attached hereto as Schedule 11 is a schedule setting forth, with respect to each Mortgaged Property, (i) the exact corporate name of the corporation that owns such property as such name appears in its certificate of incorporation, (ii) if different from the name identified pursuant to clause (i), the exact name of the current record owner of such property reflected in the records of the filing office for such property identified pursuant to the following clause and (iii) the filing office in which a Mortgage with respect to such property must be filed or recorded in order for the Collateral Agent to obtain a perfected security interest therein.

  • Senior Loan Documents The executed Senior Loan Documents are the same forms as approved by HUD prior to the date of this Agreement. Upon execution and delivery of the Senior Loan Documents, Borrower shall deliver to Subordinate Lender an executed copy of each of the Senior Loan Documents, certified to be true, correct and complete.

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