Common use of Bondholders Clause in Contracts

Bondholders. The Trustee's name shall be placed on the title to such REO Property solely as the Trustee under the Indenture and not in its individual capacity. The Master Servicer shall ensure that the title to such REO Property references the Indenture and the Trustee's capacity thereunder. Pursuant to its efforts to sell such REO Property, the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Bondholders, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Bondholders for the period prior to the sale of such REO Property. The net monthly rental income, if any, from such REO Property shall be deposited in the Bond Account no later than the close of business on each Determination Date. The Master Servicer shall perform the tax reporting and withholding required by Sections 1445 and 6050J of the Code with respect to foreclosures and abandonments, the tax reporting required by Section 6050H of the Code with respect to the receipt of mortgage interest from individuals and, if required by Section 6050P of the Code with respect to the cancellation of indebtedness by certain financial entities, by preparing such tax and information returns as may be required, in the form required, and delivering the same to the Trustee for filing. The decision of the Master Servicer to foreclose on a defaulted Pledged Mortgage shall be subject to a determination by the Master Servicer that the proceeds of such foreclosure would exceed the costs and expenses of bringing such a proceeding. The income earned from the management of any REO Properties, net of reimbursement to the Master Servicer for expenses incurred (including any property or other taxes) in connection with such management and net of unreimbursed Master Servicing Fees, Servicing Fees, Advances, Servicer Advances and Servicing Advances, shall be applied to the payment of principal of and interest on the related defaulted Pledged Mortgages (with interest accruing as though such Pledged Mortgages were still current and adjustments, if applicable, to the Mortgage Rate were being made in accordance with the terms of the Mortgage Note) and all such income shall be deemed, for all purposes in this Agreement, to be payments on account of principal and interest on the related Mortgage Notes and shall be deposited into the Bond

Bondholders. The Trustee's name (a) At the determination of the Manager, a Person shall be placed admitted as a Bondholder and shall become bound by the terms of this Agreement if such Person purchases or otherwise lawfully acquires any Bond in accordance with the provisions of Sections 2, 8 and 9 hereof. A Person may not become a Bondholder without acquiring a Bond. The Bond price is $500.00 per bond. (b) The name and mailing address of each Bondholder shall be listed on the title to books and records of the Company maintained for such REO Property solely as purpose by the Trustee under Company (or the Indenture and not in its individual capacityTransfer Agent, if any). The Master Servicer Manager shall ensure that update the title books and records of the Company from time to such REO Property references time as necessary to reflect accurately the Indenture information therein (or shall cause the Transfer Agent to do so, as applicable). (c) Except as otherwise provided in the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and the Trustee's capacity thereunder. Pursuant to its efforts to sell Bondholders shall not be obligated personally for any such REO Propertydebt, the Master Servicer shall either itself obligation or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection liability of the interests Company solely by reason of being a Bondholder. (d) Unless otherwise provided herein (including, without limitation, in connection with any redemption or repurchase pursuant to Section 8 or enforcement of the Bondholderstransfer and ownership restrictions contained in Sections 8 and 9), rent Bondholders may not be expelled from or removed as Bondholders of the sameCompany. Except in connection with any Call of the Bond made at the discretion of the Manager established pursuant to Section 8.3, or Bondholders shall not have any part thereofright to resign from the Company; provided, as the Master Servicer deems that when a transferee of a Bondholder’s Bonds becomes a Bondholder, such transferring Bondholder shall cease to be in the best interest a Bondholder of the Bondholders for the period prior Company with respect to the sale Bonds so transferred. (e) Except to the extent expressly provided in this Agreement: (i) no Bondholder shall be entitled to the withdrawal or return of such REO Property. The net monthly rental incomeits Capital Contribution, except to the extent, if any, from such REO Property shall be deposited in the Bond Account no later than the close of business on each Determination Date. The Master Servicer shall perform the tax reporting and withholding required by Sections 1445 and 6050J that upon dissolution or termination of the Code with respect to foreclosures Company may be considered as such by law and abandonments, the tax reporting required by Section 6050H of the Code with respect then only to the receipt of mortgage interest from individuals and, if required by Section 6050P of the Code with respect to the cancellation of indebtedness by certain financial entities, by preparing such tax and information returns as may be required, in the form required, and delivering the same to the Trustee extent provided for filing. The decision of the Master Servicer to foreclose on a defaulted Pledged Mortgage shall be subject to a determination by the Master Servicer that the proceeds of such foreclosure would exceed the costs and expenses of bringing such a proceeding. The income earned from the management of any REO Properties, net of reimbursement to the Master Servicer for expenses incurred (including any property or other taxes) in connection with such management and net of unreimbursed Master Servicing Fees, Servicing Fees, Advances, Servicer Advances and Servicing Advances, shall be applied to the payment of principal of and interest on the related defaulted Pledged Mortgages (with interest accruing as though such Pledged Mortgages were still current and adjustments, if applicable, to the Mortgage Rate were being made in accordance with the terms of the Mortgage Note) and all such income shall be deemed, for all purposes in this Agreement; (ii) no Bondholder holding Bonds shall have priority over any other Bondholder; (iii) no Bondholder, in its capacity as such, shall participate in the operation or management of the business of the Company, transact any business in the Company’s name or have the power to be payments on account sign documents for or otherwise bind the Company by reason of principal and interest on being a Bondholder. (f) For the related Mortgage Notes and shall be deposited into avoidance of doubt, the BondManager is not a Bondholder of the Company by virtue of its position as “Manager” of the Company.