Common use of Foreclosure Property Qualification Restrictions Clause in Contracts

Foreclosure Property Qualification Restrictions. Without limiting the generality of the foregoing, the Servicer shall not: (a) permit the REMIC to enter into, renew or extend any lease with respect to any REO, if the lease by its terms will give rise to any income that does not constitute Rents from Real Property; (b) permit any amount to be received or accrued under any lease other than amounts that will constitute Rents from Real Property; (c) authorize or permit any construction on any REO, other than the completion of a building or other improvement thereon, and then only if more than ten percent of the construction of such building or other improvement was completed before default on the related Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or (d) Directly Operate or allow any other Person to Directly Operate, any REO on any date more than 90 days after its acquisition date, other than through an "independent contractor," within the meaning of Section 856(e) of the Code; unless, in any such case, the Servicer has requested and received an Opinion of Counsel (at the Servicer's expense) to the effect that such action will not cause such REO to fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code at any time that it is held by the REMIC, in which case the Servicer may take such actions as are specified in such Opinion of Counsel.

Foreclosure Property Qualification Restrictions. Without limiting the generality of the foregoing, the Servicer shall not: (a) permit the REMIC to enter into, renew or extend any lease with respect to any REO, if the lease by its terms will give rise to any income that does not constitute Rents from Real Property; (b) permit any amount to be received or accrued under any lease other than amounts that will constitute Rents from Real Property; (c) authorize or permit any construction on any REO, other than the completion of a building or other improvement thereon, and then only if more than ten percent of the construction of such building or other improvement was completed before default on the related Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B856(e) (4) (B) of the Code; or (d) Directly Operate or allow any other Person to Directly Operate, any REO on any date more than 90 days after its acquisition date, other than through an "independent contractor," within the meaning of Section 856(e) of the Code; unless, in any such case, the Servicer has requested and received an Opinion of Counsel (at the Servicer's expense) to the effect that such action will not cause such REO to fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8860G(a) (8) of the Code at any time that it is held by the REMIC, in which case the Servicer may take such actions as are specified in such Opinion of Counsel.

Foreclosure Property Qualification Restrictions. Without limiting the generality of the foregoing, the Servicer shall not: (a) permit the REMIC to enter into, renew or extend any lease with respect to any REO, if the lease by its terms will give rise to any income that does not constitute Rents from Real Property; (b) permit any amount to be received or accrued under any lease other than amounts that will constitute Rents from Real Property; (c) authorize or permit any construction on any REO, other than the completion of a building or other improvement thereon, and then only if more than ten percent of the construction of such building or other improvement was completed before default on the related Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or (d) Directly Operate or allow any other Person to Directly Operate, any REO on any date more than 90 days after its acquisition date, other than through an "“independent contractor," ” within the meaning of Section 856(e) of the Code; unless, in any such case, the Servicer has requested and received an Opinion of Counsel (at the Servicer's ’s expense) to the effect that such action will not cause such REO to fail to qualify as "“foreclosure property" ” within the meaning of Section 860G(a)(8) of the Code at any time that it is held by the REMIC, in which case the Servicer may take such actions as are specified in such Opinion of Counsel.

Foreclosure Property Qualification Restrictions. Without limiting the generality of the foregoing, the Servicer shall not: (ai) permit the REMIC to enter into, renew or extend any lease with respect to any REO, if the lease by its terms will give rise to any income that does not constitute Rents from Real Property; (bii) permit any amount to be received or accrued under any lease other than amounts that will constitute Rents from Real Property; (ciii) authorize or permit any construction on any REO, other than the completion of a building or other improvement thereon, and then only if more than ten percent of the construction of such building or other improvement was completed before default on the related Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or (div) Directly Operate or allow any other Person to Directly Operate, any REO on any date more than 90 days after its acquisition date, other than through an "independent contractor," within the meaning of Section 856(e) of the Code; unless, in any such case, the Servicer has requested and received an Opinion of Counsel (at the Servicer's expense) to the effect that such action will not cause such REO to fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code at any time that it is held by the REMIC, in which case the Servicer may take such actions as are specified in such Opinion of Counsel.