Repo Property definition

Repo Property. A Manufactured Home (and any related Real Property) acquired by the Servicer in the name of the Trust on behalf of the Trust pursuant to a repossession, foreclosure, or similar proceeding in connection with a Defaulted Contract.
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Examples of Repo Property in a sentence

  • The Servicer shall advise the Trustee and the Certificate Registrar of the final payment or other liquidation of the last Asset remaining in the Trust or the disposition of the last Repo Property or REO Property remaining in the Trust at least two Business Days prior to the Remittance Date in the month in which the Trust will terminate as a result thereof.

  • The Servicer shall either sell any Repo Property or REO Property remaining after such date in an Auction or purchase such Repo Property or REO Property (at the price set forth in this paragraph) before the end of the Extended Holding Period.

  • The Servicer shall, in accordance with Section 3.09(a), use its reasonable efforts to sell any Repo Property or REO Property as expeditiously as possible, but in all events within the time period, and subject to the conditions set forth in Section 3.09(a) hereof.

  • Pursuant to its efforts to sell such Repo Property or REO Property, the Servicer shall either itself or through an agent selected by the Servicer protect and conserve such Repo Property or REO Property in the same manner and to such extent as it customarily does in connection with its own repossessed manufactured homes or mortgaged properties (as applicable), incident to its conservation and protection of the interests of the Certificateholders.

  • Neither the Trustee nor the Servicer, acting on behalf of the Trust, shall provide financing from such Trust to any purchaser of a Repo Property or REO Property.

  • If one or more REMIC elections are made with respect to the assets of the Trust, the Servicer shall use its best efforts to dispose of such Repo Property or REO Property for its fair market value within 22 months after its acquisition by the Trust pursuant to the Servicer's ordinary commercial practices.

  • If one or more REMIC elections are made with respect to the assets of the Trust, the Servicer shall use its best efforts to dispose of such Repo Property or REO Property for its fair market value by the end of the tenth month of the third calendar year following the end of the calendar year in which the Repo Property or REO Property was acquired by the Trust (the "REO Holding Period"), pursuant to the Servicer's ordinary commercial practices.

  • If no REMIC election has been made or is to be made with respect to the assets of the Trust, the REO Holding Period for disposing of any Repo Property or REO Property as described in the preceding two sentences shall be an eleven-month period.

  • Any notice or other correspondence required or permitted to be given pursuant to this Agreement will be in writing and will be deemed to have been given if: (a) served personally, (b) sent by facsimile with confirmation of receipt, or (c) sent by first class mail, postage prepaid, to the addresses set forth below or to such other addresses as either party hereto may designate by notice to the other party.

  • If the Servicer is unable to sell such Repo Property or REO Property in the course of its ordinary commercial practices within that 12-month period, the Servicer shall (i) purchase such Repo Property or REO Property at a price equal to such Repo Property's or REO Property's fair market value or (ii) auction such Repo Property or REO Property to the highest bidder in an auction reasonably designed to produce a fair price (an "Auction") that takes place within one month after the end of the 12-month period.

Related to Repo Property

  • Unimproved Real Property means Property in which the Company has an equity interest that was not acquired for the purpose of producing rental or other operating income, that has no development or construction in process and for which no development or construction is planned, in good faith, to commence within one (1) year.

  • Operating Property means any property owned, leased, or operated by the Party in question or by any of its Subsidiaries or in which such Party or Subsidiary holds a security interest or other interest (including an interest in a fiduciary capacity), and, where required by the context, includes the owner or operator of such property, but only with respect to such property.

  • Hotel Property means a Property on which there is located an operating hotel.

  • Mortgaged Real Property means (a) each Real Property identified on Schedule 1.01(a) hereto and (b) each Real Property, if any, which shall be subject to a Mortgage delivered after the Original Closing Date pursuant to Section 5.11(d) or pursuant to Section 5.11(d) of the Original Credit Agreement or the Prior Credit Agreement.

  • Unimproved Land means land on which no development (other than improvements that are not material and are temporary in nature) has occurred.

  • Real Property Assets means as to any Person as of any time, the real property assets (including, without limitation, interests in participating mortgages in which such Person’s interest therein is characterized as equity according to GAAP) owned directly or indirectly by such Person at such time.

  • Partnership Property means any property, real, personal or mixed, or any interest therein or appurtenant thereto which may be owned or acquired by the Partnership.

  • Transferred Real Property means (a) the Transferred Owned Real Property and (b) the premises that is subject to the Transferred Real Property Leases.

  • School property means in or within any building, structure, athletic playing field, playground, parking lot or land contained within the real property boundary line of a public elementary or secondary school, or in or on a school bus, as defined in Vehicle and Traffic Law §142.

  • Loan Property means any property in which the applicable party (or a subsidiary of it) holds a security interest and, where required by the context, includes the owner or operator of such property, but only with respect to such property.

  • Historic property means any prehistoric or historic site, district, building, object, or other real or personal property of historical, architectural, or archaeological value, and folklife resources. These properties or resources may include, but are not limited to, monuments, memorials, Indian habitations, ceremonial sites, abandoned settlements, sunken or abandoned ships, engineering works, treasure trove, artifacts, or other objects with intrinsic historical or archaeological value, or any part thereof, relating to the history, government, and culture of Florida.

  • New property means (i) the assessed value, after final

  • Common Property means any and all real and personal property and easements and other interests therein, together with the facilities and improvements located thereon, now or hereafter owned by the Association for the common use and enjoyment of the Owners.

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  • Release Property has the meaning set forth in Section 2.5.

  • Qualified Property has the meaning set forth in Section 313.021(2) of the TEXAS TAX CODE and as interpreted by the Comptroller’s Rules and the Texas Attorney General, as these provisions existed on the Application Review Start Date.

  • Excluded Properties the collective reference to the fee or leasehold interest in real properties owned by the Parent Borrower or any of its Subsidiaries not described in Schedule 5.8.

  • Public Property means any and all property owned by the City or held in the name of the City by any of the departments, commissions or agencies within the City government.

  • Mining Property means a property used for mining operations as defined in the Mineral and Petroleum Resources Development Act, 2002 (Act No. 28 of 2002);

  • Rental Property means a hotel room, vacation home, or other rental property You booked for Your stay during Your Trip.

  • Existing Property means all property against which ad valorem property taxes were levied by a local unit for its concluding fiscal year, minus all property that is considered losses for purposes of ad valorem property tax levies of the local unit for the ensuing fiscal year.

  • Common Properties means and refer to those areas of land shown on any recorded subdivision plat of The Properties and intended to be devoted to the common use and enjoyment of the owners of The Properties.

  • The Properties means and refer to all such existing properties, and additions thereto, as are subject to this Declaration or any Supplemental Declaration under the provisions of Article II hereof.

  • Real Properties means the real property owned by the Borrower or any of its Subsidiaries.

  • Excluded Real Property means (a) any fee-owned real property with a purchase price (in the case of real property acquired after the Effective Date) or Fair Market Value (in the case of real property owned as of the Effective Date, with Fair Market Value determined as of the Effective Date) of less than $3,500,000 individually, (b) any real property that is subject to a Lien permitted by Sections 6.02(iv), (xix), (xxii), (xxiii), (xxviii) or (xxxi), (c) any real property with respect to which, in the reasonable judgment of the Term Administrative Agent (confirmed by notice to the Borrower) the cost (including as a result of adverse tax consequences) of providing a Mortgage shall be excessive in view of the benefits to be obtained by the Lenders, (d) any real property to the extent providing a mortgage on such real property would (i) be prohibited or limited by any applicable law, rule or regulation (but only so long as such prohibition or limitation is in effect), (ii) violate a contractual obligation to the owners of such real property (other than any such owners that are the Borrower or Affiliates of the Borrower) that is binding on or relating to such real property (other than customary non-assignment provisions which are ineffective under the Uniform Commercial Code) but only to the extent such contractual obligation was not incurred in anticipation of this provision or (iii) give any other party (other than the Borrower or a wholly-owned Restricted Subsidiary of the Borrower) to any contract, agreement, instrument or indenture governing such real property the right to terminate its obligations thereunder (other than customary non-assignment provisions which are ineffective under the Uniform Commercial Code or other applicable law) and (e) any Leasehold.

  • Condominium Property means the lands, leaseholds, and personal property that are subjected to condominium ownership, whether or not contiguous, and all improvements thereon and all easements and rights appurtenant thereto intended for use in connection with the condominium.