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.
Unless an Event of Default has occurred and is continuing hereunder, any foreclosure of an FHA Buyout Loan, and the resulting Eligible REO Property, shall be taken in the name of the Seller.