General Servicing Obligations. The Company shall sell any REO Property within two years after its acquisition by the REMIC unless (i) the Company applies for an extension of such two-year period from the Internal Revenue Service pursuant to the REMIC Provisions and Code Section 856(e)(3), in which event such REO Property shall be sold within the applicable extension period, or (ii) the Company obtains for the Purchaser an Opinion of Counsel, addressed to the Purchaser and the Company, to the effect that the holding by the REMIC of such REO Property subsequent to such two year period will not result in the imposition of taxes on "prohibited transactions" as defined in Section 860F of the Code or cause the REMIC to fail to qualify as a REMIC under the REMIC Provisions or comparable provisions of relevant state laws at any time. The Company shall manage, conserve, protect and operate each REO Property for the Purchaser solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) or result in the receipt by the REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under Section 860G(a)(1) of the Code. Pursuant to its efforts to sell such REO Property, the Company shall either itself or through an agent selected by the Company protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Purchaser, rent the same, or any part thereof, as the Company deems to be in the best interest of the Company and the Purchaser for the period prior to the sale of such REO Property; provided, however, that any rent received or accrued with respect to such REO Property qualifies as "rents from real property" as defined in Section 856(d) of the Code.
Appears in 36 contracts
Samples: Assumption and Recognition Agreement (Bear Stearns ALT-A Trust II 2007-1), Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-16), Warranties and Servicing Agreement (Lehman Sarm 2005-5)
General Servicing Obligations. The Company shall sell any REO Property within two years after its acquisition by the REMIC unless (i) the Company applies for an extension of such two-year period from the Internal Revenue Service pursuant to the REMIC Provisions and Code Section 856(e)(3), in which event such REO Property shall be sold within the applicable extension period, or (ii) the Company obtains for the Purchaser an Opinion of Counsel, addressed to the Purchaser and the Company, to the effect that the holding by the REMIC of such REO Property subsequent to such two year period will not result in the imposition of taxes on "“prohibited transactions" ” as defined in Section 860F of the Code or cause the REMIC to fail to qualify as a REMIC under the REMIC Provisions or comparable provisions of relevant state laws at any time. The Company shall manage, conserve, protect and operate each REO Property for the Purchaser solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "“foreclosure property" ” within the meaning of Section 860G(a)(8) or result in the receipt by the REMIC of any "“income from non-permitted assets" ” within the meaning of Section 860F(a)(2)(B) of the Code or any "“net income from foreclosure property" ” which is subject to taxation under Section 860G(a)(1) of the Code. Pursuant to its efforts to sell such REO Property, the Company shall either itself or through an agent selected by the Company protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Purchaser, rent the same, or any part thereof, as the Company deems to be in the best interest of the Company and the Purchaser for the period prior to the sale of such REO Property; provided, however, that any rent received or accrued with respect to such REO Property qualifies as "“rents from real property" ” as defined in Section 856(d) of the Code.
Appears in 34 contracts
Samples: Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-9), Warranties and Servicing Agreement (Lehman XS Trust Series 2006-16n), Assignment and Assumption (Structured Adjustable Rate Mortgage Loan Trust Series 2006-10)
General Servicing Obligations. The Company shall sell any REO Property within two three years after its acquisition by the REMIC unless (i) the Company applies for an extension of such twothree-year period from the Internal Revenue Service pursuant to the REMIC Provisions and Code Section 856(e)(3), in which event such REO Property shall be sold within the applicable extension period, or (ii) the Company obtains for the Purchaser an Opinion of Counsel, addressed to the Purchaser and the Company, to the effect that the holding by the REMIC of such REO Property subsequent to such two three year period will not result in the imposition of taxes on "“prohibited transactions" ” as defined in Section 860F of the Code or cause the REMIC to fail to qualify as a REMIC under the REMIC Provisions or comparable provisions of relevant state laws at any time. The Company shall manage, conserve, protect and operate each REO Property for the Purchaser solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "“foreclosure property" ” within the meaning of Section 860G(a)(8) or result in the receipt by the REMIC of any "“income from non-permitted assets" ” within the meaning of Section 860F(a)(2)(B) of the Code or any "“net income from foreclosure property" ” which is subject to taxation under Section 860G(a)(1) of the Code. Pursuant to its efforts to sell such REO Property, the Company shall either itself or through an agent selected by the Company protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Purchaser, rent the same, or any part thereof, as the Company deems to be in the best interest of the Company and the Purchaser for the period prior to the sale of such REO Property; provided, however, that any rent received or accrued with respect to such REO Property qualifies as "“rents from real property" ” as defined in Section 856(d) of the Code.
Appears in 19 contracts
Samples: Assignment and Assumption (Structured Adjustable Rate Mortgage Loan Trust Series 2006-4), Reconstituted Servicing Agreement (LMT 2006-4), Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-8)
General Servicing Obligations. The Company shall sell any REO Property within two three years after its acquisition by the REMIC unless (i) the Company applies for an extension of such twothree-year period from the Internal Revenue Service pursuant to the REMIC Provisions and Code Section 856(e)(3), in which event such REO Property shall be sold within the applicable extension period, or (ii) the Company obtains for the Purchaser an Opinion of Counsel, addressed to the Purchaser and the Company, to the effect that the holding by the REMIC of such REO Property subsequent to such two three year period will not result in the imposition of taxes on "prohibited transactions" as defined in Section 860F of the Code or cause the REMIC to fail to qualify as a REMIC under the REMIC Provisions or comparable provisions of relevant state laws at any time. The Company shall manage, conserve, protect and operate each REO Property for the Purchaser solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) or result in the receipt by the REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under Section 860G(a)(1) of the Code. Pursuant to its efforts to sell such REO Property, the Company shall either itself or through an agent selected by the Company protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Purchaser, rent the same, or any part thereof, as the Company deems to be in the best interest of the Company and the Purchaser for the period prior to the sale of such REO Property; provided, however, that any rent received or accrued with respect to such REO Property qualifies as "rents from real property" as defined in Section 856(d) of the Code.
Appears in 16 contracts
Samples: Reconstituted Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Reconstituted Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-3), Warranties and Servicing Agreement (Structured Asset Sec Corp Mort Passthr Certs Ser 2003 40a)
General Servicing Obligations. The Company Seller shall sell any REO Property within two three years after its acquisition by the REMIC unless (i) the Company Seller applies for an extension of such twothree-year period from the Internal Revenue Service pursuant to the REMIC Provisions and Code Section 856(e)(3), in which event such REO Property shall be sold within the applicable extension period, or (ii) the Company Seller obtains for the Purchaser an Opinion of Counsel, addressed to the Purchaser and the CompanySeller, to the effect that the holding by the REMIC of such REO Property subsequent to such two three year period will not result in the imposition of taxes on "prohibited transactions" as defined in Section 860F of the Code or cause the REMIC to fail to qualify as a REMIC under the REMIC Provisions or comparable provisions of relevant state laws at any time. The Company Seller shall manage, conserve, protect and operate each REO Property for the Purchaser solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) or result in the receipt by the REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under Section 860G(a)(1) of the Code. Pursuant to its efforts to sell such REO Property, the Company Seller shall either itself or through an agent selected by the Company Seller protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Purchaser, rent the same, or any part thereof, as the Company Seller deems to be in the best interest of the Company Seller and the Purchaser for the period prior to the sale of such REO Property; provided, however, that any rent received or accrued with respect to such REO Property qualifies as "rents from real property" as defined in Section 856(d) of the Code.
Appears in 8 contracts
Samples: Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-17), Servicing Agreement (Sturctured Asset Securities Corp Mort Pass Thru Ser 2004-1), Warranties and Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-34a)
General Servicing Obligations. The Company Seller shall sell any REO Property within two three years after its acquisition by the REMIC unless (i) the Company Seller applies for an extension of such twothree-year period from the Internal Revenue Service pursuant to the REMIC Provisions and Code Section 856(e)(3), in which event such REO Property shall be sold within the applicable extension period, or (ii) the Company Seller obtains for the Purchaser an Opinion of Counsel, addressed to the Purchaser and the CompanySeller, to the effect that the holding by the REMIC of such REO Property subsequent to such two three year period will not result in the imposition of taxes on "“prohibited transactions" ” as defined in Section 860F of the Code or cause the REMIC to fail to qualify as a REMIC under the REMIC Provisions or comparable provisions of relevant state laws at any time. The Company Seller shall manage, conserve, protect and operate each REO Property for the Purchaser solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "“foreclosure property" ” within the meaning of Section 860G(a)(8) or result in the receipt by the REMIC of any "“income from non-permitted assets" ” within the meaning of Section 860F(a)(2)(B) of the Code or any "“net income from foreclosure property" ” which is subject to taxation under Section 860G(a)(1) of the Code. Pursuant to its efforts to sell such REO Property, the Company Seller shall either itself or through an agent selected by the Company Seller protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Purchaser, rent the same, or any part thereof, as the Company Seller deems to be in the best interest of the Company Seller and the Purchaser for the period prior to the sale of such REO Property; provided, however, that any rent received or accrued with respect to such REO Property qualifies as "“rents from real property" ” as defined in Section 856(d) of the Code.
Appears in 5 contracts
Samples: Reconstituted Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates 2004-11xs), Reconstituted Servicing Agreement (Lehman Mortgage Trust 2007-10), Reconstituted Servicing Agreement (LXS 2007-3)
General Servicing Obligations. The Company Seller shall sell any REO Property within two three years after its acquisition by the REMIC unless (i) the Company Seller applies for an extension of such twothree-year period from the Internal Revenue Service pursuant to the REMIC Provisions and Code Section 856(e)(3), in which event such REO Property shall be sold within the applicable extension period, or (ii) the Company Seller obtains for the Purchaser an Opinion of Counsel, addressed to the Purchaser and the CompanySeller, to the effect that the holding by the REMIC of such REO Property subsequent to such two three year period will not result in the imposition of taxes on "“prohibited transactions" ” as defined in Section 860F of the Code or cause the REMIC to fail to qualify as a REMIC under the REMIC Provisions or comparable provisions of relevant state laws at any time. The Company Seller shall manage, conserve, protect and operate each REO Property for the Purchaser solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "“foreclosure property" ” within the meaning of Section 860G(a)(8) or result in the receipt by the REMIC of any "“income from non-permitted assets" ” within the meaning of Section 860F(a)(2)(B) of the Code or any "“net income from foreclosure property" ” which is subject to taxation under Section 860G(a)(1860F(a)(1) of the Code. Pursuant to its efforts to sell such REO Property, the Company Seller shall either itself or through an agent selected by the Company Seller protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Purchaser, rent the same, or any part thereof, as the Company Seller deems to be in the best interest of the Company Seller and the Purchaser for the period prior to the sale of such REO Property; provided, however, that any rent received or accrued with respect to such REO Property qualifies as "“rents from real property" ” as defined in Section 856(d) of the Code.
Appears in 2 contracts
Samples: Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Lehman XS Trust Series 2007-15n), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Lehman XS Trust Series 2007-7n)
General Servicing Obligations. The Company shall sell any REO Property within two three years after its acquisition by the REMIC unless (i) the Company applies for an extension of such twothree-year period from the Internal Revenue Service pursuant to the REMIC Provisions and Code Section 856(e)(3), in which event such REO Property shall be sold within the applicable extension period, or (ii) the Company obtains for the Purchaser an Opinion of Counsel, addressed to the Purchaser and the Company, to the effect that the holding by the REMIC of such REO Property subsequent to such two year period will not result in the imposition of taxes on "“prohibited transactions" ” as defined in Section 860F of the Code or cause the REMIC to fail to qualify as a REMIC under the REMIC Provisions or comparable provisions of relevant state laws at any time. The Company shall manage, conserve, protect and operate each REO Property for the Purchaser solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "“foreclosure property" ” within the meaning of Section 860G(a)(8) or result in the receipt by the REMIC of any "“income from non-permitted assets" ” within the meaning of Section 860F(a)(2)(B) of the Code or any "“net income from foreclosure property" ” which is subject to taxation under Section 860G(a)(1) of the Code. Pursuant to its efforts to sell such REO Property, the Company shall either itself or through an agent selected by the Company protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Purchaser, rent the same, or any part thereof, as the Company deems to be in the best interest of the Company and the Purchaser for the period prior to the sale of such REO Property; provided, however, that any rent received or accrued with respect to such REO Property qualifies as "“rents from real property" ” as defined in Section 856(d) of the Code.
Appears in 1 contract
Samples: Reconstituted Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 03 4)
General Servicing Obligations. The Company Seller shall use its best efforts to sell any REO Property within two three (3) years after its acquisition by the REMIC unless (i) the Company Seller applies for an extension of such twothree-year period from the Internal Revenue Service pursuant to the REMIC Provisions and Code Section 856(e)(3), in which event such REO Property shall be sold within the applicable extension period, or (ii) the Company Seller obtains for the Purchaser an Opinion of Counsel, addressed to the Purchaser and the CompanySeller, to the effect that the holding by the REMIC of such REO Property subsequent to such two three year period will not result in the imposition of taxes on "prohibited transactions" as defined in Section 860F of the Code or cause the REMIC to fail to qualify as a REMIC under the REMIC Provisions or comparable provisions of relevant state laws at any time. The Company Seller shall manage, conserve, protect and operate each REO Property for the Purchaser solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) or result in the receipt by the REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under Section 860G(a)(1) of the Code. Pursuant to its efforts to sell such REO Property, the Company Seller shall either itself or through an agent selected by the Company Seller protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Purchaser, rent the same, or any part thereof, as the Company Seller deems to be in the best interest of the Company Seller and the Purchaser for the period prior to the sale of such REO Property; provided, however, that any rent received or accrued with respect to such REO Property qualifies as "rents from real property" as defined in Section 856(d) of the Code.
Appears in 1 contract
Samples: Execution (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22)
General Servicing Obligations. The Company shall sell any REO Property within two years after its acquisition by the REMIC unless (i) the Company applies for an extension of such two-year two_year period from the Internal Revenue Service pursuant to the REMIC Provisions and Code Section 856(e)(3), in which event such REO Property shall be sold within the applicable extension period, or (ii) the Company obtains for the Purchaser an Opinion of Counsel, addressed to the Purchaser and the Company, to the effect that the holding by the REMIC of such REO Property subsequent to such two year period will not result in the imposition of taxes on "prohibited transactions" as defined in Section 860F of the Code or cause the REMIC to fail to qualify as a REMIC under the REMIC Provisions or comparable provisions of relevant state laws at any time. The Company shall manage, conserve, protect and operate each REO Property for the Purchaser solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) or result in the receipt by the REMIC of any "income from non-permitted non_permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under Section 860G(a)(1) of the Code. Pursuant to its efforts to sell such REO Property, the Company shall either itself or through an agent selected by the Company protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Purchaser, rent the same, or any part thereof, as the Company deems to be in the best interest of the Company and the Purchaser for the period prior to the sale of such REO Property; provided, however, that any rent received or accrued with respect to such REO Property qualifies as "rents from real property" as defined in Section 856(d) of the Code.
Appears in 1 contract
Samples: Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-14)
General Servicing Obligations. The Company Seller shall sell any REO Property within two three years after its acquisition by the REMIC unless (i) the Company Seller applies for an extension of such twothree-year period from the Internal Revenue Service pursuant to the REMIC Provisions and Code Section 856(e)(3), in which event such REO Property shall be sold within the applicable extension period, or (ii) the Company Seller obtains for the Purchaser an Opinion of Counsel, addressed to the Purchaser and the CompanySeller, to the effect that the holding by the REMIC of such REO Property subsequent to such two three year period will not result in the imposition of taxes on "prohibited transactions" as defined in Section 860F of the Code or cause the REMIC to fail to qualify as a REMIC under the REMIC Provisions or comparable provisions of relevant state laws at any time. The Company Seller shall manage, conserve, protect and operate each REO Property for the Purchaser solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) or result in the receipt by the REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under Section 860G(a)(1) of the Code. Pursuant to its efforts to sell such REO Property, the Company Seller shall either itself or through an agent selected by the Company Seller protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Purchaser, rent the same, or any part thereof, as the Company Seller deems to be in the best interest of the Company Seller and the Purchaser for the period prior to the sale of such REO Property; provided, however, that any rent received or accrued with respect to such REO Property qualifies as "rents from real property" as defined in Section 856(d) of the Code.. 33
Appears in 1 contract
Samples: Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Rate)
General Servicing Obligations. The Company Seller shall use its best efforts to sell any REO Property within two three (3) years after its acquisition by the REMIC unless (i) the Company Seller applies for an extension of such twothree-year period from the Internal Revenue Service pursuant to the REMIC Provisions and Code Section 856(e)(3), in which event such REO Property shall be sold within the applicable extension period, or (ii) the Company Seller obtains for the Purchaser an Opinion of Counsel, addressed to the Purchaser and the CompanySeller, to the effect that the holding by the REMIC of such REO Property subsequent to such two three year period will not result in the imposition of taxes on "“prohibited transactions" ” as defined in Section 860F of the Code or cause the REMIC to fail to qualify as a REMIC under the REMIC Provisions or comparable provisions of relevant state laws at any time. The Company Seller shall manage, conserve, protect and operate each REO Property for the Purchaser solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "“foreclosure property" ” within the meaning of Section 860G(a)(8) or result in the receipt by the REMIC of any "“income from non-permitted assets" ” within the meaning of Section 860F(a)(2)(B) of the Code or any "“net income from foreclosure property" ” which is subject to taxation under Section 860G(a)(1) of the Code. Pursuant to its efforts to sell such REO Property, the Company Seller shall either itself or through an agent selected by the Company Seller protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Purchaser, rent the same, or any part thereof, as the Company Seller deems to be in the best interest of the Company Seller and the Purchaser for the period prior to the sale of such REO Property; provided, however, that any rent received or accrued with respect to such REO Property qualifies as "“rents from real property" ” as defined in Section 856(d) of the Code.
Appears in 1 contract
General Servicing Obligations. The Company shall sell any REO Property within two years after its acquisition by the REMIC unless (i) the Company applies for an extension of such two-year period from the Internal Revenue Service pursuant to the REMIC Provisions and Code Section 856(e)(3)856(e) (3) , in which event such REO Property shall be sold within the applicable extension period, or (ii) the Company obtains for the Purchaser an Opinion of Counsel, addressed to the Purchaser and the Company, to the effect that the holding by the REMIC of such REO Property subsequent to such two year period will not result in the imposition of taxes on "prohibited transactions" as defined in Section 860F of the Code or cause the REMIC to fail to qualify as a REMIC under the REMIC Provisions or comparable provisions of relevant state laws at any time. The Company shall manage, conserve, protect and operate each REO Property for the Purchaser solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8860G(a) (8) or result in the receipt by the REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B860F(a) (2) (B) of the Code or any "net income from foreclosure property" which is subject to taxation under Section 860G(a)(1860G(a) (1) of the Code. Pursuant to its efforts to sell such REO Property, the Company shall either itself or through an agent selected by the Company protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Purchaser, rent the same, or any part thereof, as the Company deems to be in the best interest of the Company and the Purchaser for the period prior to the sale of such REO Property; provided, however, that any rent received or accrued with respect to such REO Property qualifies as "rents from real property" as defined in Section 856(d) of the Code.
Appears in 1 contract
Samples: Warranties and Servicing Agreement (Lehman XS Trust Series 2005-5n)