Common use of Bailee Clause in Contracts

Bailee. Lender appoints each Borrower - and each Borrower shall act - as its bailee to (i) hold in trust for Lender (A) the original recorded copy of the mortgage, deed of trust, or trust deed securing each Pledged Mortgage pledged by it, (B) a mortgagee policy of title insurance (or binding unexpired and unconditional commitment to issue such insurance if the policy has not yet been delivered to Company) insuring such Borrower's perfected, first priority Lien created by that mortgage, deed of trust, or trust deed, (C) the original insurance policies for each Pledged Mortgage pledged by it, and (D) all other original documents relating to each Pledged Mortgage pledged by it, including any promissory notes, any other loan documents and supporting documentation, surveys, settlement statements, closing instructions, and Mortgage-backed Securities, and (ii) deliver to Lender any of the foregoing items as soon as reasonably practicable upon Lender's request.

Bailee. Lender appoints each Borrower - Company — and each Borrower Company shall act - — as its bailee to (i) hold in trust for Lender (A) the original recorded copy of the mortgage, deed of trust, or trust deed securing each Pledged Mortgage pledged by itMortgage, (B) a mortgagee policy of title insurance (or binding unexpired and unconditional commitment to issue such insurance if the policy has not yet been delivered to Company) insuring such Borrower's the Company’s perfected, first priority Lien (or second priority with respect to Second Mortgage Loans) created by that mortgage, deed of trust, or trust deed, (C) the original insurance policies for each Pledged Mortgage pledged by itMortgage, and (D) all other original documents relating to each Pledged Mortgage pledged by itMortgage, including any promissory notes, any other loan documents documents, and supporting documentation, surveys, settlement statements, closing instructions, and Mortgage-backed Securities, and (ii) deliver to Lender any of the foregoing items as soon as reasonably practicable upon Lender's ’s request.