Foreclosure Property definition

Foreclosure Property shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

Foreclosure Property. Any real property securing a Foreclosed Loan that has been acquired by the Servicer through foreclosure, deed in lieu of foreclosure or similar proceedings in respect of the related Home Loan.

Foreclosure Property means real property (including interests in real property), and any personal property incident to such real property, acquired by the real estate investment trust as a result of such trust having bid in such property at foreclosure, or having otherwise reduced such property to ownership or possession by agreement or process of law, after there was default (or default was imminent) on a lease of such property or on an indebtedness that such property secured;

Examples of Foreclosure Property in a sentence

• Income from Foreclosure Property Income from foreclosure property is treated as "qualifying income" for purposes of the 75 percent and 95 percent tests (although any net income from foreclosure property is taxed at the maximum corporate rate).

• The Servicer shall, either itself or through an agent selected by the Servicer, manage, conserve, protect and operate the Foreclosure Property in the same manner that it manages, conserves, protects and operates other foreclosure property for its own account.

• Scheduled Sale Date Dates of planned sales for properties in Foreclosure Property Sales Price Sales price if liquidation was short sale or REO sale.

• The REIT, the Finance Sub, and the Partnerships have not earned and will not earn fees for services performed, or other income (whether or not through a manager) not described in clauses (i) through (viii) of paragraph 13(a) above, other than with respect to (i) Foreclosure Property and (ii) income, if any attributable to reimbursements paid by the Operating Partnership and Finance Partnership to the REIT pursuant to the terms of the Partnership Agreements.

• The Servicer shall manage, conserve, protect and operate each Foreclosure Property for the Indenture Trustee and the Securityholders solely for the purpose of the prudent and prompt disposition and sale of such Foreclosure Property.

More Definitions of Foreclosure Property

Foreclosure Property means a “REO Property” as defined in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

Foreclosure Property means real property (including interests in real property), and any personal property incident thereto, which is acquired by the Fund as the result of a bid in foreclosure, or by agreement or legal process, following a default (or where a default was imminent) on a lease of the property or on an indebtedness secured by such property.

Foreclosure Property means assets acquired by foreclosure (or sale in lieu of foreclosure) of any Investment (other than Investments in a Consolidated Subsidiary) of Borrower or any of its Subsidiaries.

Foreclosure Property means a property that is (1) under a current notice of default and/or notice of trustee’s sale; (2) the subject of a pending tax assessor’s lien sale; (3) the subject of a foreclosure sale where the title was retained by the beneficiary of a deed of trust involved in the foreclosure; (4) a property title to which has been transferred under a deed in lieu of foreclosure/sale, or (5) subject to a contract forfeiture. Property acquired by Spokane County at a tax foreclosure sale under chapter 84.64 RCW is not "Foreclosure Property" within the meaning of this section. For purposes of this section, a property remains a Foreclosure Property until it is sold at an arms’-length transaction to a non-related bona fide purchaser or until the foreclosure action has been dismissed and any default has been cured.

Foreclosure Property any real property (including Interests in Real Property), and personal property incident to such real property, acquired by the Company and/or its affiliates as a result of the Company and/or its affiliates having bid in such property at foreclosure, or having otherwise reduced such property to ownership or possession by agreement or process of law, after there was default (or default was imminent) on a lease of such property or on an indebtedness which such property secured; provided that an election for foreclosure property status under Section 856(e)(5) of the Code is in effect with respect to such property and such election has not been terminated under Section 856(e)(4) of the Code. Such term does not include property acquired by the Company and/or its affiliates as a result of indebtedness arising from the sale or other disposition of property of the Company and/or its affiliates which is Section 1221(1) Property which was not originally acquired as foreclosure property.

Foreclosure Property within the meaning of section 860G(a)(8) of the Code or (ii) subject any REMIC to the imposition of any federal, state or local income taxes on the income earned from such Mortgaged Property under Section 860G(c) of the Code or otherwise, unless the Servicer has agreed to indemnify and hold harmless the Purchaser, or its designee, with respect to the imposition of any such taxes."

Foreclosure Property. Any real property securing a Foreclosed Loan that has been acquired by the Servicer through foreclosure, deed in lieu of foreclosure or similar proceedings in respect of the related Loan if such Foreclosed Loan is a Mortgage Loan or personalty securing a Foreclosed Loan acquired by the Servicer pursuant to a foreclosure or other appropriate procedure in accordance with applicable law if such Foreclosed Loan is an Equipment Loan. GAAP: Generally accepted accounting principles as in effect in the United States.