Eligible REO Property definition

Eligible REO Property means an REO Property that satisfies the applicable representations and warranties set forth on Schedule 1-B with respect thereto.

Eligible REO Property means an Eligible Mortgage Loan converted to an Underlying REO Property that satisfies the criteria set forth below:

Eligible REO Property means an REO Property that satisfies the Acquisition Guidelines and the applicable representations and warranties set forth on Schedule 1-B with respect thereto.

Examples of Eligible REO Property in a sentence

• From time to time, each Seller may request Purchase Price Increases for the Transaction involving the Purchased Certificates in conjunction with the transfer of an Eligible REO Property, an Eligible Mortgage Loan or an Eligible Rental Property to a Seller Party Subsidiary as a result of the increase in Asset Value of the Purchased Certificates.

• In addition to other rights and remedies of Buyer under any Repurchase Document, each Seller shall immediately repurchase (i) any Purchased Asset that no longer qualifies as an Eligible Asset and any Underlying Asset that no longer qualifies as an Eligible Mortgage Loan or Eligible REO Property, in each case as determined by Buyer, and (ii) any Purchased Asset or Underlying Asset the Market Value of which is determined by Buyer to be zero.

• In the event of a Representation Breach regarding any representations and warranties set forth in Schedule 1-A, 1-B or 1-C related to any Underlying Asset or Purchased Asset, or any Underlying Asset is no longer an Eligible Mortgage Loan or Eligible REO Property, as applicable, the related Seller shall immediately repurchase such Underlying Asset or Purchased Asset in accordance with Section 3.05.

• For the avoidance of doubt, there is no Eligible REO Property as of the Closing Date or as of the Restatement Effective Date.

• Each Eligible REO Property is entitled to the benefits of the FHA insurance policy with respect to the FHA Buyout Loan it was related to prior to foreclosure.

More Definitions of Eligible REO Property

Eligible REO Property means a REO Property owned by Borrower (i) which consists of a single parcel of REO Property that can be classified as one of the following: a detached single family residence; a two- to four-family dwelling (including “duets”); an individual town home; a Condominium; or an individual unit in a planned unit development or a de minimus planned unit development, (ii) as to which Lender is holding all required documents in the REO Property File unless otherwise waived by Agent and (iii) which is a stabilized property for which the Borrower does not intend to make any additional repairs or improvements and which is subject to a Lease Agreement (under which no default or event of default has occurred). Unless approved by Agent in its reasonable discretion, no REO Property shall be an Eligible REO Property:

Eligible REO Property as defined in Section 2.24(c).

Eligible REO Property. Any REO Property that has been transferred to a Master Series Trust, on behalf of itself and an Underlying Series Trust and for which bare legal title is now wholly owned by an Underlying Series Trust and (a) as to which each of the representations and warranties in Schedule 1-B are true and correct in all material respects, (b) as to which the related deed or other title document is titled in the name of such Master Series Trust or such deed is in the process of being recorded, and the recordation status of such REO Property is included in the related REO Property Summary, and (c) which satisfies the following eligibility requirements:

Eligible REO Property means REO Property meeting the criteria set forth on Exhibit J hereto.

Eligible REO Property. Any REO Property wholly owned by a Trust and (a) as to which each of the representations and warranties in Schedule 1-B are true and correct in all material respects, (b) as to which the related deed or other title document is titled in the name of such Trust or such deed is in the process of being recorded, and the recordation status of such REO Property is included in the related REO Property Summary, and (c) which satisfies the following eligibility requirements:

Eligible REO Property means an REO Property owned by an Eligible REO Entity (or, in the case of a Wet Funded Property, to be owned by an Eligible REO Entity upon deployment of the related Advance to the transferor thereof) which consists of a single parcel of real REO Property that can be classified as one of the following: a detached single family residence; a two- to four-family dwelling (including “duets”); an individual condominium unit in a low-rise or high-rise condominium project; an individual town home; or an individual unit in a planned unit development or a de minimus planned unit development and (i) as to which the representations and warranties in Section 6 and Schedule 1 hereto are correct as of each day on which a related Advance is outstanding and (ii) except for Wet Funded Properties, as to which the Custodian is holding all required documents in the REO Property File without Exceptions except as otherwise approved by Lender in writing. For the avoidance of doubt, notwithstanding anything to the contrary set forth in an Exception Report delivered to Lender by the Custodian, no Exception shall be deemed to exist with respect to an REO Property for the purposes of determining whether such REO Property is an Eligible REO Property so long as the related REO Property File for such REO Property otherwise contains all of the REO Documents required to be delivered by Borrower pursuant to Sections 2(a) or 2(b) of the Custodial Agreement and such REO Documents are delivered within the applicable time periods set forth in Sections 2(a) or 2(b) of the Custodial Agreement. No REO Property shall be an Eligible REO Property:

Eligible REO Property. An REO Property that was either acquired by the Seller under a Purchase Agreement and transferred to Titling Trust pursuant to an Assignment and Contribution Agreement or is the result of a foreclosure on an Eligible Mortgage Loan and as to which (a) bare legal title is wholly owned by the applicable Titling Trust and 100% of the economic and beneficial interests therein is evidenced by the Participation Interests issued to the Pass-Through Trust, (b) each of the representations and warranties in Sections 7.06, 7.10, 7.11, and 7.12 and Schedule 1-B are true and correct in all material respects, (c) all required Underlying Asset Documents have been delivered to the Custodian without exceptions unless otherwise waived by Buyer as described below, (d) the related REO Deed has been recorded or sent for recordation, in either case, in the name of the Titling Trust, and (e) each of the following eligibility requirements are satisfied unless otherwise waived in writing by Buyer as described below: