Foreclosed Property Account definition

Foreclosed Property Account. As defined in Section 3.6.
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Foreclosed Property Account. The account or accounts established and maintained by the Special Servicer pursuant to Section 3.6 and Section 3.14.
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Examples of Foreclosed Property Account in a sentence

  • The Special Servicer shall deposit into the Foreclosed Property Account within two (2) Business Days of receipt all properly identified funds collected and received in connection with the operation or ownership of such Foreclosed Property.

  • The Special Servicer shall notify the Certificate Administrator in writing of the location and account number of each Foreclosed Property Account and shall notify the Certificate Administrator in writing prior to any subsequent change thereof.

  • Each Foreclosed Property Account shall be an Eligible Account maintained with an Eligible Institution.

  • On or before the Business Day following the last day of each Collection Period, the Special Servicer shall withdraw the funds in any Foreclosed Property Account received through the end of such Collection Period, net of certain expenses and/or reserves (the amount of such reserves determined in the Special Servicer’s reasonable discretion), and deposit them into the Collection Account in accordance with Section 3.4(a).

  • In connection with such management and subject to Section 3.4(c)(vii), the Successor Manager shall be entitled to the REO Management Fee solely from the Foreclosed Property Account or the Collection Account pursuant to Section 3.4(c)(vii).

Related to Foreclosed Property Account

  • Foreclosed Property The Property or other Collateral securing the Mortgage Loan, title to which has been acquired by the Special Servicer on behalf of the Trust and the Companion Loan Holders through foreclosure, deed in lieu of foreclosure or otherwise in the name of the Trustee or its nominee.

  • Mortgaged Property shall have the meaning assigned to such term in the recitals.

  • Mortgaged Properties the real properties listed on Schedule 1.1B, as to which the Administrative Agent for the benefit of the Lenders shall be granted a Lien pursuant to the Mortgages.

  • REO Property A Mortgaged Property acquired by the Trust Fund through foreclosure or deed-in-lieu of foreclosure in connection with a defaulted Mortgage Loan.

  • Custodial Account The separate account or accounts created and maintained pursuant to Section 4.04.