Sale of Foreclosed Property. (a) In the event that title to the Property or other collateral securing the Mortgage Loan is acquired by the Special Servicer in the name of the Trustee or its nominee for the benefit of the Trust for the benefit of the Trust Interest Owners and the Companion Loan Holders in foreclosure or by deed-in-lieu of foreclosure or otherwise, the deed, certificate of sale or other comparable document shall be taken in the name of the Trustee, or its nominee (which shall not include the Special Servicer), on behalf of the Trust and the Companion Loan Holders or as otherwise contemplated pursuant to Section 8.10. The Special Servicer shall be empowered, subject to the Code and the specific requirements and prohibitions of this Agreement, to do any and all things in connection with the management and operations of the Foreclosed Property in accordance with Accepted Servicing Practices and in the best interest of the Trust Interest Owners. The Special Servicer, on behalf of the Trust and the Companion Loan Holders, shall sell any Foreclosed Property as expeditiously as appropriate in accordance with Accepted Servicing Practices, but in no event later than the time period set forth in Section 12.2 hereof in a manner provided under this Section 3.15.
Sale of Foreclosed Property. (a) In the event that title to the Property is acquired by the Special Servicer for the benefit of the Certificateholders and the Companion Loan Holders in foreclosure or by deed in lieu of foreclosure or otherwise, the deed, certificate of sale or other comparable document shall be taken in the name of the Trustee, or its nominee (which shall not include the Special Servicer), on behalf of the Trust Fund and the Companion Loan Holders or as otherwise contemplated pursuant to Section 8.10. The Special Servicer, on behalf of the Trust Fund and the Companion Loan Holders, shall sell any Foreclosed Property as expeditiously as appropriate in accordance with Accepted Servicing Practices and the REMIC Provisions in a manner designed to preserve the capital of the Certificateholders and not with a view to the maximization of profit, but in no event later than the Rated Final Distribution Date in a manner provided under this Section 3.15.
Sale of Foreclosed Property. (a) The Special Servicer, on behalf of the Trust and the Companion Loan Holders, shall sell the Foreclosed Property on a servicing released basis in accordance with Accepted Servicing Practices, in no event later than the Rated Final Distribution Date in a manner provided under this Section 3.15 and Section 12.2(b) and subject to Section 12.2(c).
Sale of Foreclosed Property. (a) In the event that title to the Property or other collateral securing the Mortgage Loan is acquired by the Special Servicer in the name of the Trustee or its nominee for the benefit of the Trust for the benefit of the Certificateholders and the Companion Loan Holder(s) in foreclosure or by deed-in-lieu of foreclosure or otherwise, the deed, certificate of sale or other comparable document shall be taken in the name of the Trustee, or its nominee (which shall not include the Special Servicer), on behalf of the Trust and the Companion Loan Holder(s) or as otherwise contemplated pursuant to Section 8.10. The Special Servicer shall be empowered, subject to the Code and the specific requirements and prohibitions of this Agreement, to do any and all things in connection with the management and operations of any Foreclosed Property in accordance with Accepted Servicing Practices and in the best interest of the Certificateholders and the Companion Loan Holder(s), as a collective whole as if such Certificateholders and the Companion Loan Holder(s) constituted a single lender. The Special Servicer, on behalf of the Trust and the Companion Loan Holder(s), shall sell any Foreclosed Property as expeditiously as appropriate in accordance with Accepted Servicing Practices, but in no event later than the time period set forth in Section 12.2 hereof in a manner provided under this Section 3.15.
Sale of Foreclosed Property. (a) In the event that title to the Property is acquired by the Special Servicer for the benefit of the Certificateholders and the Senior Pari Passu Companion Loan Holders in foreclosure or by deed in lieu of foreclosure or otherwise, the deed, certificate of sale or other comparable document shall be taken in the name of the Trustee, or its nominee (which shall not include the Special Servicer), on behalf of the Trust and the Senior Pari Passu Companion Loan Holders or as otherwise contemplated pursuant to Section 8.10. The Special Servicer, on behalf of the Trust and the Senior Pari Passu Companion Loan Holders, shall sell any Foreclosed Property in accordance with Accepted Servicing Practices and the REMIC Provisions, in no event later than the Rated Final Distribution Date in a manner provided under this Section 3.15.
Sale of Foreclosed Property. If the County prevails in an in rem property tax foreclosure action against a subject property, the County shall diligently proceed to sell the subject property pursuant to the procedures set forth in Wis. Stat. § 75.69, as amended.
Sale of Foreclosed Property. In the event the Construction Lender acquires the Development Parcel or any portion thereof or succeeds to the interest of the Developer in the Development Parcel or any portion thereof pursuant to a foreclosure sale, a deed-in-lieu of foreclosure, transfer, bankruptcy sale, or similar transfer (whether or not any rights of redemption of the Developer have expired), for a period of six (6) {28460/21/D1055494.DOC;2} 30 months after the date the Construction Lender acquires title to and possession of the Development Parcel or succeeds to the interest of the Developer in the Development Parcel, the DDA, or its assignee, shall have the right to purchase the interest acquired by the Construction Lender by paying the sum of the following amounts in immediately available funds: (a) all principal and interest due and owing to Construction Lender through the date of purchase, (b) the cost of any improvements, if any, made by the Construction Lender, provided such improvements were pursuant to the Plans, (c) any real estate taxes, special assessments and insurance premiums paid by the Construction Lender, and (d) all prepayment charges and other amounts due under the Loan documents. The Construction Lender shall transfer such interest to the DDA, or its assignee, without warranty or representation (except for warranties of title and certification of all amounts due to the Construction Lender) by covenant deed and bill of sale, free and clear of all liens and encumbrances created by the Construction Lender or Developer, other than the construction mortgage given to the Construction Lender if the DDA elects to have such mortgage not merged into the conveyance. In the event there has been no such merger, the Construction Lender shall, transfer and assign to the DDA, or its assignee, the Loan Documents executed in connection with the Construction Loan transaction.
Sale of Foreclosed Property. (a) In the event that title to the Property or other collateral securing the Mortgage Loan is acquired by the Special Servicer in the name of the Trustee or its nominee for the benefit of the Trust for the benefit of the Certificateholders and the Companion Loan Holders in foreclosure or by deed-in-lieu of foreclosure or otherwise, the deed, certificate of sale or other comparable document shall be taken in the name of the Trustee, or its nominee (which shall not include the Special Servicer), on behalf of the Trust and the Companion Loan Holders or as otherwise contemplated pursuant to Section 8.10. The Special Servicer, on behalf of the Trust and the Companion Loan Holders, shall sell any Foreclosed Property as expeditiously as appropriate in accordance with Accepted Servicing Practices, but in no event later than the time period set forth in Section 12.2 hereof in a manner provided under this Section 3.15.
Sale of Foreclosed Property. (a) Promptly after the acquisition of a Foreclosed Property by the Special Servicer in the name of and on behalf of the Trustee, the Special Servicer shall on behalf of the Trustee obtain a full narrative appraisal of such Foreclosed Property from an appraiser (unless there exists and is available to the Special Servicer a full narrative appraisal of such Mortgaged Property performed within the last twelve (12) months and the Special Servicer is not aware of any circumstance that would materially and adversely affect the value of such Mortgaged Property as set forth in such appraisal), the cost of which shall be paid and reimbursed as a Property Protection Advance in order to determine the fair market value of such Foreclosed Property and shall provide copies of such appraisal to the Trustee and the Issuer. The Special Servicer may offer to sell to any Person one or more of the Foreclosed Properties, if and when the Special Servicer determines, consistent with the Servicing Standards, that such a sale would be in the best economic interests of the Holders. The Special Servicer shall give the Trustee not less than five (5) days' prior written notice of its intention to sell any Foreclosed Property and shall accept the highest cash offer received from any Person (which Person shall certify in its offer as to whether it is an Interested Person) for the Foreclosed Property that at least equals the sum of (i) the Allocated Amount for such Foreclosed Property, plus (ii) all unpaid interest accrued on Notes (based on the weighted average interest rate of the Notes) representing a principal amount equal to the Allocated Amount (or in the event of the sale of more than one Foreclosed Property, the aggregate amount of the Allocated Amounts of all such Foreclosed Properties) from time to time through the date of sale, plus (iii) all amounts owed to the Servicer, the Special Servicer and the Trustee hereunder and the Manager with respect to such Foreclosed Property, and all reasonably estimated Liquidation Expenses. In the absence of any such offer, the Special Servicer shall accept the highest cash offer received from any Person that is not less than the fair market value of the Foreclosed Property as set forth in the most recent full narrative appraisal (prepared by a Qualified Appraiser) of such Foreclosed Property. In the absence of any such offer, the Special Servicer shall offer the Foreclosed Property for sale to any Person other than an Interested Person, in a...
Sale of Foreclosed Property. (a) In the event that title to the Property is acquired for the benefit of the Certificateholders and the Companion Loan Holders in foreclosure or by deed in lieu of foreclosure or otherwise, the deed, certificate of sale or other comparable document shall be taken in the name of the Trustee, as trustee for the Holders of the Houston Galleria Mall Trust 2015-HGLR, Commercial Mortgage Pass-Through Certificates, Series 2015-HGLR, and the Companion Loan Holders, or their nominee (which shall not include the Special Servicer), on behalf of the Trust Fund and the Companion Loan Holders or as otherwise contemplated pursuant to Section 8.10. The Special Servicer, on behalf of the Trust Fund and the Companion Loan Holders, shall sell any Foreclosed Property as expeditiously as appropriate in accordance with Accepted Servicing Practices in a manner designed to preserve the capital of the Certificateholders and the Companion Loan Holders (as a collective whole as if such Certificateholders and Companion Loan Holders constituted a single lender) and not with a view to the maximization of profit, but in no event later than the time period set forth in Section 12.2 in a manner provided under this Section 3.15.
