Common use of Bailee Clause in Contracts

Bailee. Lender appoints Company, and 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, (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 the Company's perfected, first priority Lien created by that mortgage, deed of trust, or trust deed, (C) the original insurance policies for each Pledged Mortgage, and (D) all other original documents relating to each Pledged Mortgage, including any promissory notes, any other loan documents, and supporting documentation, surveys, settlement statements, closing instructions, to the extent that any such documents are in the possession of the Company and (ii) deliver to Lender any of the foregoing items immediately upon Lender's request.

Bailee. Each Lender appoints Company, Company - and Company shall act, act - as its bailee to (i) hold in trust for such Lender (A) the original recorded copy of the mortgage, deed of trust, or trust deed securing each Pledged Mortgage, (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 the Company's ’s perfected, first priority Lien created by that mortgage, deed of trust, or trust deed, (C) the original insurance policies for each Pledged Mortgage, and (D) all other original documents relating to each Pledged Mortgage, including any promissory notes, any other loan documents, and supporting documentation, surveys, settlement statements, closing instructions, to the extent that any such documents are in the possession of the Company and Mortgage-backed Securities, and (ii) deliver to Lender Agent any of the foregoing items immediately as soon as reasonably practicable upon Lender's Agent’s request.