REO Acquisition Clause Samples
The REO Acquisition clause outlines the terms and conditions under which a party acquires real estate owned (REO) properties, typically after foreclosure. It specifies the process for transferring ownership, including due diligence requirements, purchase price determination, and any representations or warranties made by the seller regarding the property’s condition. This clause ensures a clear and structured process for acquiring foreclosed properties, reducing uncertainty and allocating risk between the buyer and seller.
REO Acquisition. The acquisition by the Master Servicer on behalf of the Trustee for the benefit of the Certificateholders of any REO Property pursuant to Section 3.14.
REO Acquisition. All Monthly Payments (other than a Balloon Payment), Assumed Monthly Payments and other amounts due and owing in respect of the predecessor Mortgage Loan as of the date of the related REO Acquisition shall be deemed to continue to be due and owing in respect of an REO Loan. All amounts payable or reimbursable to the Master Servicer, the Special Servicer or the Trustee in respect of the predecessor Mortgage Loan as of the date of the related REO Acquisition, including, without limitation, any unreimbursed Advances, together with any Advance Interest accrued and payable in respect of such Advances, shall continue to be payable or reimbursable to the Master Servicer, the Special Servicer or the Trustee, as the case may be, in respect of an REO Loan.