Retitling; Security Interests Clause Samples
Retitling; Security Interests. (a) If, at any time, a Service Transfer has occurred and Conseco Finance Corp. is no longer the Servicer and the new Servicer is unable to foreclose upon a Manufactured Home because the title document for such Manufactured Home does not show such Servicer or the Trustee as the holder of the first priority security interest in the Manufactured Home, such Servicer shall take all necessary steps to apply for a replacement title document showing it or the Trustee as the secured party.
(b) In order to facilitate the Servicer's actions, as described in subsection (a) of this section, Conseco Finance Corp. will provide the Servicer with any necessary power of attorney permitting it to retitle the Manufactured Home.
(c) If the Servicer is still unable to retitle the Manufactured Home, Conseco Finance Corp. will take all actions necessary to act with the Servicer to foreclose upon the Manufactured Home, including, as appropriate, the filing of any UCC-1 or UCC-2 financing statements necessary to perfect the security interest in any Manufactured Home that constitutes a fixture under the laws of the jurisdiction in which it is located and all actions necessary to perfect the security interest in any Manufactured Home that is considered or classified as part of the real estate on which it is located under the laws of the jurisdiction in which it is located.
(d) The Originator shall
(i) deliver to the Trustee an Opinion of Counsel to the effect that assignment and recordation of the Mortgages, securing Land-and-Home Contracts relating to real estate located in any state other than those states specified in such Opinion of Counsel (the "recordation states"), is not necessary to effect the assignment to the Trustee of the Originator's lien on the real property securing such Land-and-Home Contracts, and
(ii) file in the appropriate recording offices within 60 days after the Closing Date (or within 30 days after receipt of the recorded Mortgage, if later) the assignments to the Trustee on behalf of the Trust of the Mortgages securing all Land-and-Home Contracts secured by Mortgages relating to real estate located in the recordation states.
Retitling; Security Interests. (a) If, at any time, a Service Transfer has occurred and the new Servicer is unable to repossess or foreclose upon a Manufactured Home because the title document for such Manufactured Home does not show such Servicer or the Indenture Trustee as the holder of the first priority security interest in the Manufactured Home, such Servicer shall take all necessary steps to apply for a replacement title document showing it or the Indenture Trustee as the secured party; provided that the new Servicer shall be reimbursed by the Trust for all reasonable expenses in connection with its responsibilities under this Section 3.13.
(b) In order to facilitate the Servicer's actions, as described in subsection (a) of this section, Origen Servicing, Inc. will provide the Servicer, and the Servicer will provide the Indenture Trustee, with any necessary power of attorney permitting it to retitle the Manufactured Home.
(c) If the Servicer is still unable to retitle the Manufactured Home, Origen Servicing, Inc. will take all actions necessary to act with the Servicer to initiate replevin action upon the Manufactured Home, including, as appropriate, the filing of any UCC-1 or UCC-2 financing statements necessary to perfect the security interest in any Manufactured Home that constitutes a fixture under the laws of the jurisdiction in which it is located and all actions necessary to perfect the security interest in any Manufactured Home that is considered or classified as part of the real estate on which it is located under the laws of the jurisdiction in which it is located.
Retitling; Security Interests. If, at any time, a Service Transfer has occurred and the Company is no longer the Servicer and the new Servicer is unable to foreclose upon a Manufactured Home because the title document for such Manufactured Home does not show such Servicer or the Trustee as the holder of the first priority security interest in the Manufactured Home, such Servicer shall take all necessary steps to apply for a replacement title document showing it or the Trustee as the secured party.
Retitling; Security Interests. (a) The Servicer shall, in accordance with its customary servicing procedures, take such steps as are necessary to maintain perfection of the security interest created by each Contract in the related Product. The Servicer is hereby authorized to take such steps as are necessary to re-perfect such security interest on behalf of the Issuer and the Indenture Trustee in the event of the relocation of the Product or for any other reason.
(b) If, at any time, a Service Transfer has occurred and the Originator is no longer the Servicer and the new Servicer is unable to foreclose upon a Product because the title document for such Product does not show such Servicer or the Indenture Trustee as the holder of the first priority security interest in the Product, such Servicer shall take all necessary steps to apply for a replacement title document showing it or the Indenture Trustee as the secured party. In order to facilitate the Servicer's actions, as described in subsection (a) of this section, the Originator will provide the Servicer and/or the Indenture Trustee with any necessary power of attorney permitting it to retitle the Product. If the Servicer is still unable to retitle the Product, the Originator will take all actions necessary to act with the Servicer to foreclose upon the Product following a default on the related Contract, including, as appropriate, the filing of any UCC-1 or UCC-2 financing statements necessary to perfect the security interest in any Product.