Common use of Title and Management of REO Properties and REO Accounts Clause in Contracts

Title and Management of REO Properties and REO Accounts. (a) If title to any Underlying Mortgage Property or other Collateral is acquired on behalf of the Issuer for the benefit of the Secured Parties in foreclosure, by deed in lieu of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or certificate of sale shall be taken in the name of the Issuer, or its nominee (which shall not include the Servicer or the Special Servicer). The Special Servicer, on behalf of the Issuer, shall dispose of any REO Property or REO Other Collateral held by the Issuer as soon after acquiring it as is practicable and feasible in a manner consistent with Accepted Servicing Practices. The Special Servicer shall manage, conserve, protect and operate each REO Property and REO Other Collateral for the Secured Parties solely for the purpose of its prompt disposition and sale.

Appears in 1 contract

Samples: Servicing Agreement (Capitalsource Inc)

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