Real Estate Owned. Title, Management and Disposition of REO Property. In the event that ------------------------------------------------- title to the Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be taken in the name of the Owner or its designee. The Owner agrees to cooperate with Servicer and take such actions as shall be necessary for the Servicer to take title to the Mortgaged Property in the name of the Owner or its designee. Notwithstanding the generality of the foregoing provisions, the Servicer shall manage, conserve, protect and operate each REO Property for the Owner solely for the purpose of its prompt disposition and sale. Pursuant to its efforts to sell such REO Property, the Servicer shall either itself or through an agent selected by the Servicer 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, but shall not be obligated to, incident to its conservation and protection of the interests of the Owner, rent the same, or any part thereof, as the Servicer deems to be in the best interests of the Owner for the period prior to the sale of such REO Property. The Servicer shall attempt to sell the same on such terms and conditions as the Servicer deems to be in the best interest of the Owner, provided that the Servicer shall not sell an REO Property for less than 90% of the Book Value of such REO Property without the consent of the Owner. The Servicer shall cause to be deposited within two (2) Business Days of receipt in the Collection Account all revenues received with respect to the conservation and disposition of each REO Property and shall be permitted to retain from such revenues funds necessary for the proper operation, management and maintenance of the REO Property, including reimbursement for its Servicing Advances and fees of any managing agent acting on behalf of the Servicer.
Real Estate Owned. (a) Schedule 4.23 hereto is a true, complete and correct list of all Real Estate Owned of the Company and the Bank, stating with respect to each its type, originating unit and carrying value and listing, for each such property, all buildings and other structural and material improvements located on such property or any portion thereof. The Company has delivered to the Manager true, correct and complete copies of all deeds relating to the property referred to in this Section 4.23(a).
(b) All Real Estate Owned is booked, as of the date of this Agreement, and was booked, as of the date of foreclosure or in-substance foreclosure and in the Bank Financial Statements or the Company Financial Statements, as the case may be, at or lower than the lower of (i) net realizable value (which valuation takes into account disposition costs) and (ii) Fair Value less anticipated disposition costs.
(c) Each of the Company and the Bank has good and marketable title to, or a valid and enforceable leasehold interest in, all of their respective Real Estate Owned, and such interest is free and clear of all Liens, charges or other encumbrances, except those related to real property taxes, local improvement district assessments, easements, covenants, restrictions and other matters of record which do not individually or in the aggregate have a Material Adverse Effect on the use and enjoyment of the relevant real property.
(d) The specific valuation reserves in the Company Financial Statements or Bank Financial Statements, as the case may be, for all Real Estate Owned are adequate in relation to the assets in question in accordance with GAAP and applicable regulatory accounting principles.
Real Estate Owned. (a) Except for liens, security interests, claims, charges, or such other encumbrances as have been appropriately reserved for in the Progressive Financial Statements or are not material and are in the process of being cleared, title to the REO is good and marketable, and there are no adverse claims or encumbrances on the REO.
(b) All title, hazard and other insurance claims and mortgage guaranty claims with respect to the REO have been timely filed and neither Progressive nor Pawling has received any notice of denial of any such claim.
(c) Progressive and Pawling are in possession of all of the REO or, if any of the REO remains occupied by the mortgagor, eviction or summary proceedings have been commenced or rental arrangements providing for market rental rates have been agreed upon and Progressive and/or Pawling are diligently pursuing such eviction or summary proceedings or such rental arrangements.
(d) Except as Previously Disclosed, no legal proceeding or quasi-legal proceeding is pending or, to the knowledge of Progressive and Pawling, threatened concerning any REO or any servicing activity or omission to provide a servicing activity with respect to any of the REO.
Real Estate Owned. (a) Except for liens, security interests, claims, charges, or such other encumbrances as have been appropriately reserved for in the Xxxxxx Chartered Financial Statements or are not material and are in the process of being cleared, title to the REO is good and marketable, and there are no adverse claims or encumbrances on the REO.
(b) All title, hazard and other insurance claims and mortgage guaranty claims with respect to the REO have been timely filed and neither Xxxxxx Chartered nor any Xxxxxx Chartered Subsidiary has received any notice of denial of any such claim.
(c) Except as Previously Disclosed, Xxxxxx Chartered and each Xxxxxx Chartered Subsidiary are in possession of all of the REO or, if any of the REO remains occupied by the mortgagor, eviction or summary proceedings have been commenced or rental arrangements providing for market rental rates have been agreed upon and Xxxxxx Chartered and/or each Xxxxxx Chartered Subsidiary are diligently pursuing such eviction or summary proceedings or such rental arrangements.
(d) Except as Previously Disclosed, no legal proceeding or quasi-legal proceeding is pending or, to the knowledge of Xxxxxx Chartered and each Xxxxxx Chartered Subsidiary, threatened concerning any REO or any servicing activity or omission to provide a servicing activity with respect to any of the REO.
Real Estate Owned. (a) Upon the completion of a foreclosure proceeding, or in cases of a voluntary deed in lieu of foreclosure, and purchase by Investor or Owner/Servicer for its account, Subservicer will protect the REO while so owned. These operations shall be on terms as determined and directed by Investor or Owner/Servicer from time to time. Subservicer will service the same until completely liquidated. Subservicer shall be entitled to the Subservicing fee with respect to REO as provided for by Exhibit II attached hereto.
(b) When Subservicer shall advance funds to pay taxes, assessments, hazard or flood insurance premiums, or other items necessary to protect the security of the Investor or Owner/Servicer in the REO, Subservicer will xxxx Owner/Servicer for any such advances made. Owner/Servicer agrees to reimburse Subservicer for such advances in accordance with Section 9.1 hereof.
Real Estate Owned. In the event Company or any Subsidiary proposes to acquire the real estate or other collateral underlying any Investment (“REO Property”) during the existence of a default thereunder (an “REO Event”), a Subsidiary of the Company shall acquire such REO Property in a manner consistent with Section 13.01 herein and such other terms as the Program Representatives shall determine. If any REO Property is not sold in accordance with the terms hereof within ninety (90) days following its acquisition by the Company or any Subsidiary, the value of such REO Property shall be determined by a national, reputable M.A.I. appraisal firm retained by Investor. Such appraiser shall have more than ten (10) years’ experience in appraising the value of real estate and other collateral securing investments of the nature of the applicable REO Property to determine the value thereof. The value of any such REO Property, as so determined, shall be deemed distributed in-kind by the Company to its Members pursuant to Section 4.03(b) in respect of the related Investment and recontributed to the Company by the Members as a new Investment (a “REO Investment”) with the percentage interests of the Members in such REO Investment based on the relative amounts of each Member in the value of the REO Property as determined by the appraiser (the “REO Investment Percentages”) and any Current Income or Disposition Proceeds in respect of such REO Investment distributed in accordance with such REO Investment Percentages. Any amount deemed recontributed by a Member to the Company shall not reduce such Member’s Unfunded Capital Commitment. The original Investment resulting in an REO Property shall be removed from the calculations under Section 4.02 for purposes of calculating the Ashford Promote, and the Members shall determine the ongoing economic terms applicable to each REO Investment prior to the acquisition thereof
Real Estate Owned. The Company does not hold any REO and does not own or lease real property other than disclosed in Section 3.28 of the Disclosure Letter.
Real Estate Owned. Except as set forth on Schedule 3.15, neither the Borrower nor any ------------- Subsidiary owns any real property.
Real Estate Owned. In the event that title to a Mortgaged Property is acquired in foreclosure, redemption, ratification or by deed in lieu of foreclosure, the deed or certificate of sale shall be taken in the name of Investor or its designee. Subservicer shall also maintain on each REO monthly fire and hazard insurance with extended coverage in an amount which is at least equal to the maximum insurable value of the improvements which are a part of such property and, to the extent required and available under the national flood insurance program, flood insurance, all in the amounts required under Applicable Requirements. Owner/Servicer shall be responsible for obtaining and maintaining any standalone liability coverage insuring Owner/Servicer. Subservicer shall be entitled to the monthly subservicing fee with respect to REO indicated in Exhibit II. If Owner/Servicer requests Subservicer in writing to do so, Subservicer shall, for the additional fee (the “Marketing REO Fee” set forth on Exhibit II), use reasonable efforts to dispose of the REO as soon as possible. Each REO Disposition shall be carried out by Subservicer at such price and upon such terms and conditions as are approved in writing by Owner/Servicer. The proceeds from the sale of the REO shall be promptly deposited in the Custodial Account. As soon as practical thereafter, the expenses of such sale shall be paid and Subservicer shall reimburse itself for any outstanding Servicing Advances related to the REO. The Marketing REO Fee shall be payable to Subservicer by Owner/Servicer at the time of REO Disposition or upon transfer of servicing responsibilities for an REO prior to REO Disposition.
Real Estate Owned. [ ] If this box is checked, Servicer is also Investor’s agent to liquidate any real estate acquired by Investor in foreclosure of the Loan (the “Property”). Servicer’s pre-foreclosure servicing fee shall continue as if the Loan was unpaid. An additional contract shall be signed at that time outlining terms and fees of retaining IOHL to manage the real estate. Servicer shall: (a) arrange appropriate Property insurance, (b) manage the Property, including arranging maintenance, tenant relations, repair and security, (c) arrange for valuation and resale of the Property, including hiring a realtor or broker, at customary commission rates, to list, show and sell the Property, (d) accept reasonable purchase offers on the Property, at the price and terms approved by Investor (or Majority on a Multi-Investor Loan) and execute all necessary and appropriate documentation to carry out the sale. Advances by Investor or Servicer are subject to the terms of paragraph 4.
