Deed in Lieu definition
Examples of Deed in Lieu in a sentence
Where title is acquired by the acceptance of a deed in lieu of foreclosure, the Owner shall pay to the Servicer a Deed in Lieu Fee.
If the Servicer determines that the proceeds of such foreclosure would not exceed the costs and expenses of bringing such a proceeding, the Servicer will request the Purchaser to allow Servicer to pursue a Deed in Lieu of Foreclosure or recommend to the Purchaser to perform a charge-off of the remaining principal balance, delinquent interest and any and all fees and/or expenses the Servicer has advanced or incurred through Customary Servicing Procedures.
The SCHA or the Town may exercise its Option to Buy by tendering the Deed In Lieu Price (as defined below) to the First Mortgagee, within thirty (30) days from and after vesting of title to the Property in the First Mortgagee by deed in lieu of foreclosure ("Deed in Lieu Option Period").
The Deed in Lieu Price shall be equal to: (i) the amounts unpaid pursuant to the First Mortgage note; (ii) any other reasonable costs incurred by the First Mortgagee that directly relate to the deed in lieu of foreclosure; and (iii) any additional reasonable costs incurred by the First Mortgagee during the Deed in Lieu Option Period that are directly related to maintenance of the Property.
Exception for Mortgaged Property Acquired by Deed in Lieu of Foreclosure.
The First Mortgagee shall not be liable for any of the costs of conveyance of the Property to the SCHA, the Town, or its designee; however, the First Mortgagee shall cooperate with the SCHA or the Town in calculating the Deed in Lieu Price and in the execution of the Option to Buy.
Upon receipt of the Deed in Lieu Price, the First Mortgagee shall deliver to the SCHA or the Town a special warranty deed conveying fee simple title in and to the Property, in which event this Restriction and Agreement shall remain valid and in full force and effect.
The above debt is evidenced by the Loan Documents as described in that certain Deed in Lieu of Foreclosure Agreement executed concurrently herewith between the Grantor and the Grantee (the “Deed Agreement”).
In the event the Purchaser receives title to the secured property at a foreclosure sale, or Purchaser accepts a Deed in Lieu of Foreclosure, Purchaser agrees to give the Seller notice of same and afford Seller the option to purchase the Purchaser's interest herein by paying the Purchaser's Entitlement in full within thirty (30) days, including the costs of foreclosure incurred by Purchaser which further includes reasonable attorney's fees.
This Agreement, together with the exhibits and schedules hereto and the other Transaction 35 42 Agreements, supersedes all prior agreements and understandings between the parties with respect to such subject matter.