REO Mortgage definition

REO Mortgage means, with respect to each REO Property, a mortgage, deed of trust, trust deed or deed to secure debt securing the Secured Obligations in form suitable for recording in the appropriate public records and otherwise in form and substance satisfactory to the Collateral Agent (which REO Mortgage may, if the Underlying Mortgage on the applicable REO Property has not been discharged and if the Collateral Agent agrees, consist of such Underlying Mortgage, as assigned to the Collateral Agent and including such modifications thereto as the Collateral Agent may require).

REO Mortgage means a First Mortgage in form and substance approved by Lender covering an REO Property which has been executed and delivered by Borrower for the benefit of Lender.

REO Mortgage. A mortgage or deed of trust, as applicable, on an REO Property, given by an REO Owner to Agent in the form and substance reasonably acceptable to Agent, in accordance with Article 4 hereof.

Examples of REO Mortgage in a sentence

• In the event that a Servicer is unable to dispose of any REO Mortgage Loan within the period mandated by each of the Servicing Agreements, the Master Servicer shall monitor such Servicer to verify that such REO Mortgage Loan is auctioned to the highest bidder within the period so specified.

• The Master Servicer shall ensure that each REO Mortgage Loan is administered by the related Servicer at all times so that it qualifies as "foreclosure property" under the REMIC Provisions and that it does not earn any "net income from foreclosure property" which is subject to tax under the REMIC Provisions.

• Neither the Trustee, the Master Servicer nor any Servicer, acting on behalf of the Trust Estate, shall provide financing from the Trust Estate to any purchaser of an REO Mortgage Loan.

• Seller agrees that any substitution shall be completed in accordance with the terms, conditions and requirements of the Pooling and Servicing Agreement, including the payment of a substitution shortfall amount equal to the excess, if any, of the applicable Purchase Price for the Mortgage Loan or REO Mortgage Loan to be replaced, over the Stated Principal Balance of the applicable Qualifying Substitute Mortgage Loan (together with any additional amounts specified in the Pooling and Servicing Agreement).

• Upon receipt of an Officer's Certificate of the Master Servicer or such Servicer stating that such Mortgage Loan was liquidated and that all amounts received or to be received in connection with such liquidation which are required to be deposited into the Certificate Account have been so deposited, or that such Mortgage Loan has become an REO Mortgage Loan, the Request for Release shall be released by the Trustee to the Master Servicer or such Servicer, as appropriate.

• In addition, if under the terms of an Other Servicing Agreement, the applicable Servicer is not required to make Periodic Advances on a Mortgage Loan or REO Mortgage Loan through the liquidation of such Mortgage Loan or REO Mortgage Loan, the Master Servicer to the extent provided hereby shall make the Periodic Advances thereon during the period the Servicer is not obligated to do so.

• The fact that a Material Document Defect or Material Breach is not discovered until after foreclosure (but in all instances prior to the sale of the related REO Property or Mortgage Loan) shall not prejudice any claim against the Seller for repurchase of the REO Mortgage Loan or REO Property.

• Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).

• To the extent attributable to a Mortgage Loan, the Master Servicing Fee with respect to any Mortgage Loan or any REO Mortgage Loan shall cease to accrue (but not as to any Replacement Mortgage Loan with respect thereto) if a Liquidation Event occurs in respect of such Mortgage Loan.

• Neither the Trust Administrator, the Master Servicer nor any Servicer, acting on behalf of the Trust Estate, shall provide financing from the Trust Estate to any purchaser of an REO Mortgage Loan.

More Definitions of REO Mortgage

REO Mortgage means the deed of mortgage, substantially in the form of Exhibit S-3 hereto, as amended, modified or supplemented from time to time.

REO Mortgage. Has the meaning set forth on Exhibit A-1.

REO Mortgage means a mortgage or deed of trust on a REO Property in recordable form and in form and substance acceptable to Purchaser in its sole discretion, in each case executed by the applicable Permitted Subsidiary in favor of Purchaser.”

REO Mortgage means, with respect to each Acquired REO Property, a mortgage, deed of trust, trust deed, deed to secure debt, or other recordable document granting a security interest in such Acquired REO Property as security for the Secured Obligations.

REO Mortgage means, with respect to any REO Property, a first priority Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing or Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing, substantially in the form attached hereto as EXHIBIT C (or a substantially similar agreement as modified to meet legal requirements of any jurisdiction in which an REO Property is located), dated as of the applicable Advance Closing Date, granted by the Borrower to the Agent on behalf of the Lenders (or, in the case of a Deed of Trust, to Deed of Trust Trustee for the benefit of Agent) with respect to such REO Property as security for the Loan, as same may hereafter from time to time be supplemented, amended, modified or extended.

REO Mortgage means, with respect to any REO Property, a first priority Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing or Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing, substantially in the form attached hereto as Exhibit B, dated as of the Closing Date, granted by Borrower to or for the benefit of Agent (or, in the case of a Deed of Trust, to Deed of Trust Trustee for the benefit of Agent) with respect to such REO Property as security for the Loan, as same may thereafter from time to time be supplemented, amended, modified or extended by one or more agreements supplemental thereto.