Acquisition of REO Property. If an Underlying Entity acquires any REO Property by acquiring any Mortgage Note in connection with the foreclosure of the related Purchased Mortgage Loan or Contributed Asset, transferring the real property underlying the Mortgage Note in lieu of foreclosure or otherwise transferring of such real property, such Underlying Entity shall cause such real property to be taken by deed, or by means of such instruments as is provided by the Governmental Authority governing the transfer, or right to request transfer and issuance of the deed, or such instrument as is provided by the related Governmental Authority, or to be acquired through foreclosure sale in the jurisdiction in which the REO Property is located.
Acquisition of REO Property. With respect to each such REO Property, (i) such REO Property is a Mortgaged Property acquired by REO Subsidiary through foreclosure or by deed in lieu of foreclosure or otherwise, which was, prior to such foreclosure or deed in lieu of foreclosure, subject to the lien of a Mortgage Loan, and (ii) with respect to each such REO Property, upon the consummation of the related Transaction, the applicable Custodian shall have received the related Asset File and such Asset File shall not have been released from the possession of the applicable Custodian for longer than the time periods permitted under the related Custodial Agreement.
Acquisition of REO Property. With respect to each such REO Property, (i) such REO Property is a Mortgaged Property acquired by Underlying Entity through foreclosure or by deed in lieu of foreclosure or otherwise, and (ii) with respect to each such REO Property, upon the consummation of the related Transaction, the applicable Custodian shall have received the related Asset File and such Asset File shall not have been released from the possession of the applicable Custodian for longer than the time periods permitted under the related Custodial Agreement.
Acquisition of REO Property. With respect to any REO Property, except to the extent otherwise required for Government Mortgage Loans or to comply with any applicable program of Mortgage Insurance, the deed or certificate of sale will be taken in, or following foreclosure put into, the name of the Trustee for the benefit of Holders (or the Trustee’s nominee, which may be the Master Servicer, the related Primary Servicer, or another Person on behalf of Holders). The Trustee’s (or its nominee’s) name will be placed on the title to the REO Property. The REO Property will be held solely by the Trustee or its nominee in that capacity. Prior to the removal of the REO Property from the Trust pursuant to Section 2.5, the Master Servicer will, either itself or through an agent or independent contractor (which may be the Primary Servicer), manage, conserve, protect (including making capital expenditures, as necessary, to repair or restore the REO Property or to stabilize the REO Property’s operations) and operate the REO Property.
Acquisition of REO Property. If the Sellers shall acquire, or contemplate the acquisition of, any REO Property, or desire to extinguish any Mortgage Note in connection with the foreclosure of the related Mortgage Loan, a transfer of the real property underlying the Mortgage Note in lieu of foreclosure or other transfer of such real property, the Sellers shall cause such real property to be taken by deed, or by means of such instruments as is provided by the Governmental Authority governing the transfer, or right to request transfer and issuance of the deed, or such instrument as is provided by the related Governmental Authority, or to be acquired through foreclosure sale in the jurisdiction in which the REO Property is located, in the name of the REO Subsidiary; provided that each Seller or the applicable Servicer may achieve this by initially taking such REO Property in its own name or in the name of any prior owner or prior servicer for whom the applicable Servicer is contractually permitted to act, and then transferring (and hereby covenants to transfer) such REO Property to the REO Subsidiary by deed within the period of time generally necessary in the applicable jurisdiction for the applicable Servicer.
Acquisition of REO Property. With respect to any REO Property, except to the extent otherwise required for Government Mortgage Loans or to comply with any applicable program of Mortgage Insurance, the deed or certificate of sale will be taken in, or following foreclosure put into, the name of the Trustee for the benefit of Holders (or the Trustee’s nominee, which may be the Master Servicer, the related Direct Servicer, or another Person, on behalf of Holders). The Trustee’s (or its nominee’s) name will be placed on the title to the REO Property. The REO Property will be held solely by the Trustee or its nominee in that capacity. Prior to the removal of the REO Property from the Trust pursuant to Section 2.5, the Master Servicer will, either itself or through an agent or independent contractor (which may be the Direct Servicer), manage, conserve, protect and operate the REO Property.
Acquisition of REO Property. With respect to each such Underlying REO Property, (i) such Underlying REO Property is a Mortgaged Property acquired by the REO Subsidiary through foreclosure or by deed in lieu of foreclosure or otherwise, which was, prior to such foreclosure or deed in lieu of foreclosure, subject to the lien of a Purchased Mortgage Loan, and (ii) with respect to each such Underlying REO Property, upon the consummation of the related Transaction, Custodian shall have received the related Asset File and such Asset File shall not have been released from the possession of the Custodian for longer than the time periods permitted under the Custodial Agreement.
Acquisition of REO Property. Exception for Mortgaged Property Acquired by Deed in Lieu of Foreclosure.
Acquisition of REO Property. If the Seller shall cause the Trust Subsidiary to acquire, or contemplate the acquisition by Trust Subsidiary of, any REO Property, or desire to extinguish any Mortgage Note in connection with the foreclosure of the related Mortgage Loan, a transfer of the real property underlying the Mortgage Note in lieu of foreclosure or other transfer of such real property, the Seller shall cause such real property to be taken by Deed, or by means of such instruments as is provided by the Governmental Authority governing the transfer, or right to request transfer and issuance of the Deed, or such instrument as is provided by the related Governmental Authority, or to be acquired through foreclosure sale in the jurisdiction in which the REO Property is located, in the name of the Trust Subsidiary and in accordance with the terms of the Trust Agreement; provided that Seller or the applicable Servicer may achieve this by initially taking such REO Property in the name of the Seller or its nominee pursuant to a nominee agreement, and then transferring (and hereby covenants to transfer) such REO Property to the Trust Subsidiary by Deed within the period of time generally necessary in the applicable jurisdiction for the applicable Servicer.
Acquisition of REO Property. With respect to each such Contributed REO Property, (i) such Contributed REO Property either (x) is a Mortgaged Property acquired by the REO Subsidiary through foreclosure or by deed in lieu of foreclosure or otherwise, which was, prior to such foreclosure or deed in lieu of foreclosure, subject to the lien of an Mortgage Loan that is a Purchased Asset or (y) has been approved as an Eligible Asset by Agent in its sole and absolute discretion, and (ii) upon the consummation of the related Transaction, Custodian shall have received the related Asset File and such Asset File shall not have been released from the possession of the Custodian for longer than the time periods permitted under the Custodial Agreement. SCHEDULE 1-D
