Common use of Assignment of Trust Assets Clause in Contracts

Assignment of Trust Assets. If a defaulted Mortgage Loan is covered by Mortgage Insurance, the Direct Servicer will assign the Mortgage Loan or the related REO Property to the insurer, guarantor or other third-party provider of the Mortgage Insurance, if such Person so requires, within the time required to obtain the benefits of the Mortgage Insurance. Consistent with Section 2.5, the defaulted Mortgage Loan or related REO Property will be conveyed out of the Trust as soon as practicable by assigning the Mortgage Loan or related REO Property to the Person providing the Mortgage Insurance.

Assignment of Trust Assets. If a defaulted Mortgage Loan is covered by Mortgage Insurance, the Direct Primary Servicer will assign the Mortgage Loan or the related REO Property to the insurer, guarantor or other third-party provider of the Mortgage Insurance, if such Person so requires, within the time required to obtain the benefits of the Mortgage Insurance. Consistent with Section 2.5, the defaulted Mortgage Loan or related REO Property will be conveyed out of the Trust as soon as practicable by assigning the Mortgage Loan or related REO Property to the Person providing the Mortgage Insurance.Insurance.‌

Assignment of Trust Assets. If a defaulted Mortgage Loan is covered by Mortgage Insurance, the Direct Primary Servicer will assign the Mortgage Loan or the related REO Property to the insurer, guarantor or other third-party provider of the Mortgage Insurance, if such Person so requires, within the time required to obtain the benefits of the Mortgage Insurance. Consistent with Section 2.5, the defaulted Mortgage Loan or related REO Property will be conveyed out of the Trust as soon as practicable by assigning the Mortgage Loan or related REO Property to the Person providing the Mortgage Insurance.