Common use of Partnership Purpose Clause in Contracts

Partnership Purpose. The purpose of the Partnership, subject in each case to the terms hereof, shall be, directly or indirectly, through Subsidiaries or otherwise, to pursue, acquire and hold (a) pools or groups of mortgage loans (individually and collectively, the “Loans”) secured by residential real property (collectively, the “Collateral”), (b) residential real property which has been purchased by the Partnership (or a Subsidiary) or acquired through foreclosure, deed-in-lieu of foreclosure or other similar process or exercise of rights (the “REO”), and (c) to engage in all business activities of any nature relating to, or involving any or all of the foregoing, including without limitation, engaging in the business of acquiring, owning, operating, developing, renovating, repositioning, managing, leasing, selling, financing and refinancing all or any portion of the foregoing loans and other assets, and all other activities reasonably necessary to carry out such purpose.