Common use of Sale of REO Properties and Tax Liens Clause in Contracts

Sale of REO Properties and Tax Liens. (a) The Servicer shall use all commercially reasonable efforts to sell any REO Property as soon as possible taking into account the goal of maximizing the proceeds of sale of the REO Property. The Servicer may sell any REO Property to a Person that is not an Affiliate of the Servicer and who is a Responsible Purchaser. (b) The Servicer may offer to sell to any other Person any Tax Lien for an amount not less than the Adjusted Redemptive Value thereof, if and when the Servicer determines, consistent with the servicing standard set forth in Section 2.01(a) hereof, that such a sale would be appropriate. The Servicer may sell Tax Liens only with the permission of the Issuer, only to Independent Persons and only after the second anniversary of the First Sale Date. The Servicer shall give the Indenture Trustee, the Owner and the Issuer not less than thirty days’ prior written notice of its intention to sell any Tax Lien to such Person. The Servicer shall comply with the provisions of paragraph d. of Section 11-321.1 of the City Admin. Code in effecting any sale of a Tax Lien. Neither the Servicer nor any Affiliate of the Servicer may purchase any Tax Lien. (c) In determining whether any bid constitutes a fair price for any Tax Lien or any REO Property, the Servicer shall take into account, among other factors, the period and amount of any delinquency on the affected Tax Lien, the physical condition of the Property or REO Property and the state of the local economy. (d) In the event that the Servicer shall, after the exercise of due diligence, determine that it is unable to dispose of any REO Property for the price required pursuant to subsection (c) hereof, the Servicer shall be permitted to dispose of such REO Property at a price determined by it to be commercially reasonable. (e) Subject to the provisions of Section 9.02 hereof and the servicing standard set forth in Section 2.01(a) hereof, the Servicer shall negotiate and take any other action necessary or appropriate in the Servicer’s judgment in connection with the sale of any REO Property or any Tax Lien, including the collection of all amounts payable in connection therewith. Any sale of any REO Property or any Tax Lien shall be without recourse to, or representation or warranty by (other than representations as to ownership), the Indenture Trustee, the Issuer or the Servicer (including its directors, officers, employees, agents, Affiliates, successors or shareholders) and, if consummated in accordance with the terms of this Servicing Agreement, and, if Bonds have been issued, none of the Servicer (including its directors, officers, employees, agents, Affiliates, successors or shareholders), the Issuer or the Indenture Trustee shall have any liability to the Bondholders with respect to the purchase price therefor accepted by the Servicer, the Issuer or the Indenture Trustee. Any contract for the sale of an REO Property may provide for a sum to be deducted from the purchase price and held in escrow by a Person acceptable to the Servicer pending the satisfaction of conditions intended to be satisfied or undertakings intended to be accomplished after the closing of title to such REO Property. (f) The Servicer may act as a broker or co-broker, and collect reasonable and customary fees resulting therefrom, in connection with the sale of any REO Property provided that (i) such party has all appropriate licenses permitting it to so act, (ii) advertises the availability of such REO Property for sale and (iii) agrees to entertain bids from all brokers operating in the area in which such Property is located. (g) Gross REO Proceeds related to the sale of any REO Property and all proceeds from the sale of any Tax Lien shall be promptly deposited, or caused to be deposited, by the Servicer in the Tower REO Lockbox in accordance with Section 7.02 hereof.

Sale of REO Properties and Tax Liens. (a) The Servicer shall use all commercially reasonable efforts to sell any REO Property as soon as possible taking into account the goal of maximizing the proceeds of sale of the REO Property. The Servicer may sell any REO Property to a Person that is not an Affiliate of the Servicer and who is a Responsible Purchaser. (b) The Servicer may offer to sell to any other Person any Tax Lien for an amount not less than the Adjusted Redemptive Value thereof, if and when the Servicer determines, consistent with the servicing standard set forth in Section 2.01(a) hereof, that such a sale would be appropriate. The Servicer may sell Tax Liens only with the permission of the Issuer, only to Independent Persons and only after the second anniversary of the First Sale applicable Conveyance Date. The Servicer shall give the Indenture TrusteeCollateral Agent and Custodian, the Owner Owner, the Issuer and the Issuer PACE Program Administrator, if applicable, not less than thirty days’ prior written notice of its intention to sell any Tax Lien to such Person. The Servicer shall comply with the provisions of paragraph d. of Section 11-321.1 of the City Admin. Code in effecting any sale of a Tax Lien. Neither the Servicer nor any Affiliate of the Servicer may purchase any Tax Lien. (c) In determining whether any bid constitutes a fair price for any Tax Lien or any REO Property, the Servicer shall take into account, among other factors, the period and amount of any delinquency on the affected Tax Lien, the physical condition of the Property or REO Property and the state of the local economy. (d) In the event that the Servicer shall, after the exercise of due diligence, determine that it is unable to dispose of any REO Property for the price required pursuant to subsection (c) hereof, the Servicer shall be permitted to dispose of such REO Property at a price determined by it to be commercially reasonable. (e) Subject to the provisions of Section 9.02 hereof and the servicing standard set forth in Section 2.01(a) hereof, the Servicer shall negotiate and take any other action necessary or appropriate in the Servicer’s judgment in connection with the sale of any REO Property or any Tax Lien, including the collection of all amounts payable in connection therewith. Any sale of any REO Property or any Tax Lien shall be without recourse to, or representation or warranty by (other than representations as to ownership), the Indenture TrusteeCollateral Agent and Custodian, the Issuer or the Servicer (including its directors, officers, employees, agents, Affiliates, successors or shareholders) and, if consummated in accordance with the terms of this Servicing Agreement, and, if Bonds have been issued, none of the Servicer (including its directors, officers, employees, agents, Affiliates, successors or shareholders), the Issuer or the Indenture Trustee shall have any liability to the Bondholders with respect to the purchase price therefor accepted by the Servicer, the Issuer or the Indenture Trustee. Any contract for the sale of an REO Property may provide for a sum to be deducted from the purchase price and held in escrow by a Person acceptable to the Servicer pending the satisfaction of conditions intended to be satisfied or undertakings intended to be accomplished after the closing of title to such REO Property. (f) The Servicer may act as a broker or co-broker, and collect reasonable and customary fees resulting therefrom, in connection with the sale of any REO Property provided that (i) such party has all appropriate licenses permitting it to so act, (ii) advertises the availability of such REO Property for sale and (iii) agrees to entertain bids from all brokers operating in the area in which such Property is located. (g) Gross REO Proceeds related to the sale of any REO Property and all proceeds from the sale of any Tax Lien shall be promptly deposited, or caused to be deposited, by the Servicer in the Tower REO Lockbox in accordance with Section 7.02 hereof.

Sale of REO Properties and Tax Liens. (a) The Servicer shall use all commercially reasonable efforts to sell any REO Property as soon as possible taking into account the goal of maximizing the proceeds of sale of the REO Property. The Servicer may sell any REO Property to a Person that is not an Affiliate of the Servicer and who is a Responsible Purchaser. (b) The Servicer may offer to sell to any other Person any Tax Lien for an amount not less than the Adjusted Redemptive Value thereof, if and when the Servicer determines, consistent with the servicing standard set forth in Section 2.01(a) hereof, that such a sale would be appropriate. The Servicer may sell Tax Liens only with the permission of the Issuer, only to Independent Persons and only after the second anniversary of the First Sale Date. The Servicer shall give the Indenture Trustee, the Owner and the Issuer not less than thirty days’ prior written notice of its intention to sell any Tax Lien to such Person. The Servicer shall comply with the provisions of paragraph d. of Section 11-321.1 of the City Admin. Code in effecting any sale of a Tax Lien. Neither the Servicer nor any Affiliate of the Servicer may purchase any Tax Lien. (c) In determining whether any bid constitutes a fair price for any Tax Lien or any REO Property, the Servicer shall take into account, among other factors, the period and amount of any delinquency on the affected Tax Lien, the physical condition of the Property or REO Property and the state of the local economy. (d) In the event that the Servicer shall, after the exercise of due diligence, determine that it is unable to dispose of any REO Property for the price required pursuant to subsection (c) hereof, the Servicer shall be permitted to dispose of such REO Property at a price determined by it to be commercially reasonable. (e) Subject to the provisions of Section 9.02 hereof and the servicing standard set forth in Section 2.01(a) hereof, the Servicer shall negotiate and take any other action necessary or appropriate in the Servicer’s judgment in connection with the sale of any REO Property or any Tax Lien, including the collection of all amounts payable in connection therewith. Any sale of any REO Property or any Tax Lien shall be without recourse to, or representation or warranty by (other than representations as to ownership), the Indenture Trustee, the Issuer or the Servicer (including its directors, officers, employees, agents, Affiliates, successors or shareholders) and, if consummated in accordance with the terms of this Servicing Agreement, and, if Bonds have been issued, none of the Servicer (including its directors, officers, employees, agents, Affiliates, successors or shareholders), the Issuer or the Indenture Trustee shall have any liability to the Bondholders with respect to the purchase price therefor accepted by the Servicer, the Issuer or the Indenture Trustee. Any contract for the sale of an REO Property may provide for a sum to be deducted from the purchase price and held in escrow by a Person acceptable to the Servicer pending the satisfaction of conditions intended to be satisfied or undertakings intended to be accomplished after the closing of title to such REO Property. (f) The Servicer may act as a broker or co-broker, and collect reasonable and customary fees resulting therefrom, in connection with the sale of any REO Property provided that (i) such party has all appropriate licenses permitting it to so act, (ii) advertises the availability of such REO Property for sale and (iii) agrees to entertain bids from all brokers operating in the area in which such Property is located. (g) Gross REO Proceeds related to the sale of any REO Property and all proceeds from the sale of any Tax Lien shall be promptly deposited, or caused to be deposited, by the Servicer in the Tower MTAG REO Lockbox in accordance with Section 7.02 hereof.

Sale of REO Properties and Tax Liens. (a) The Servicer shall use all commercially reasonable efforts to sell any REO Property as soon as possible taking into account the goal of maximizing the proceeds of sale of the REO Property. The Servicer may sell any REO Property to a Person that is not an Affiliate of the Servicer and who is a Responsible Purchaser. (b) The Servicer may offer to sell to any other Person any Tax Lien for an amount not less than the Adjusted Redemptive Value thereof, if and when the Servicer determines, consistent with the servicing standard set forth in Section 2.01(a) hereof, that such a sale would be appropriate. The Servicer may sell Tax Liens only with the permission of the Issuer, only to Independent Persons and only after the second anniversary of the First Sale applicable Conveyance Date. The Servicer shall give the Indenture TrusteeCollateral Agent and Custodian, the Owner Owner, the Issuer and the Issuer PACE Program Administrator, if applicable, not less than thirty days’ prior written notice of its intention to sell any Tax Lien to such Person. The Servicer shall comply with the provisions of paragraph d. of Section 11-321.1 of the City Admin. Code in effecting any sale of a Tax Lien. Neither the Servicer nor any Affiliate of the Servicer may purchase any Tax Lien. (c) In determining whether any bid constitutes a fair price for any Tax Lien or any REO Property, the Servicer shall take into account, among other factors, the period and amount of any delinquency on the affected Tax Lien, the physical condition of the Property or REO Property and the state of the local economy. (d) In the event that the Servicer shall, after the exercise of due diligence, determine that it is unable to dispose of any REO Property for the price required pursuant to subsection (c) hereof, the Servicer shall be permitted to dispose of such REO Property at a price determined by it to be commercially reasonable. (e) Subject to the provisions of Section 9.02 hereof and the servicing standard set forth in Section 2.01(a) hereof, the Servicer shall negotiate and take any other action necessary or appropriate in the Servicer’s judgment in connection with the sale of any REO Property or any Tax Lien, including the collection of all amounts payable in connection therewith. Any sale of any REO Property or any Tax Lien shall be without recourse to, or representation or warranty by (other than representations as to ownership), the Indenture TrusteeCollateral Agent and Custodian, the Issuer or the Servicer (including its directors, officers, employees, agents, Affiliates, successors or shareholders) and, if consummated in accordance with the terms of this Servicing Agreement, and, if Bonds have been issued, none of the Servicer (including its directors, officers, employees, agents, Affiliates, successors or shareholders), the Issuer or the Indenture Trustee shall have any liability to the Bondholders with respect to the purchase price therefor accepted by the Servicer, the Issuer or the Indenture Trustee. Any contract for the sale of an REO Property may provide for a sum to be deducted from the purchase price and held in escrow by a Person acceptable to the Servicer pending the satisfaction of conditions intended to be satisfied or undertakings intended to be accomplished after the closing of title to such REO Property. (f) The Servicer may act as a broker or co-broker, and collect reasonable and customary fees resulting therefrom, in connection with the sale of any REO Property provided that (i) such party has all appropriate licenses permitting it to so act, (ii) advertises the availability of such REO Property for sale and (iii) agrees to entertain bids from all brokers operating in the area in which such Property is located. (g) Gross REO Proceeds related to the sale of any REO Property and all proceeds from the sale of any Tax Lien shall be promptly deposited, or caused to be deposited, by the Servicer in the Tower MTAG REO Lockbox in accordance with Section 7.02 hereof.