Common use of Acquisition of REO Property Clause in Contracts

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.