Common use of Trustee’s Responsibilities Regarding Foreclosed Properties Clause in Contracts

Trustee’s Responsibilities Regarding Foreclosed Properties. The Trustee is responsible for the administration and disposition of any Mortgaged Properties acquired by it on behalf of any of the REMIC Trusts as a result of trustee’s sale, foreclosure or otherwise. In this connection, the Trustee shall sell any Mortgaged Property acquired by it on behalf of any of the REMIC Trusts as soon as practicable in a manner that maximizes the Liquidation Proceeds thereof, but in no event later than the close of the third taxable year following the taxable year in which title to such Mortgaged Property is acquired by such REMIC Trust, at such price as the Trustee deems necessary to comply with the foregoing limitation, unless the Trustee obtains an opinion of counsel experienced in federal income tax matters to the effect that the holding by such REMIC Trust of such Mortgaged Property for any greater period will not result in the imposition of taxes on “Prohibited Transactions” of such REMIC Trust as defined in section 860F of the Code, or cause such REMIC Trust to fail to qualify as a “real estate mortgage investment conduit” under the REMIC Provisions at any time that any REMIC Certificates remain outstanding. Notwithstanding the generality of the foregoing provisions, the Trustee shall manage, conserve, protect and operate each Mortgaged Property acquired by the Trustee on behalf of any of the REMIC Trusts for such REMIC Trust solely for the purpose of its prompt disposition and sale in a manner that does not cause such Mortgaged Property to fail to qualify as “foreclosure property” within the meaning of section 860G(a)(8) of the Code or result in the receipt by such REMIC Trust of any “income from non-permitted assets” within the meaning of section 860F(a)(2)(B) of the Code or any “net income from foreclosure property” that is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such Mortgaged Property, the Trustee shall either itself or through an agent selected by the Trustee protect and conserve such Mortgaged Property in the same manner and to such extent as is customary in the locality where such Mortgaged Property is located and may, incident to its conservation and protection of the interests of any of the REMIC Trusts, rent the same, or any part thereof, as the Trustee deems to be in the best interest of such REMIC Trust for the period prior to the sale of such Mortgaged Property.

Trustee’s Responsibilities Regarding Foreclosed Properties. The Trustee is responsible for the administration and disposition of any Mortgaged Properties acquired by it on behalf of any of the Lower Tier REMIC Trusts as a result of trustee’s sale, foreclosure or otherwise. In this connection, the Trustee shall sell any Mortgaged Property acquired by it on behalf of any of the Lower Tier REMIC Trusts as soon as practicable in a manner that maximizes the Liquidation Proceeds thereof, but in no event later than the close of the third taxable year following the taxable year in which title to such Mortgaged Property is acquired by such REMIC Trustthe Lower Tier REMIC, at such price as the Trustee deems necessary to comply with the foregoing limitation, unless the Trustee obtains an opinion of counsel experienced in federal income tax matters to the effect that the holding by such the Lower Tier REMIC Trust of such Mortgaged Property for any greater period will not result in the imposition of taxes on “Prohibited Transactions” of such the Lower Tier REMIC Trust as defined in section 860F of the Code, or cause such the Lower Tier REMIC Trust to fail to qualify as a “real estate mortgage investment conduit” under the REMIC Provisions at any time that any REMIC Certificates remain outstanding. Notwithstanding the generality of the foregoing provisions, the Trustee shall manage, conserve, protect and operate each Mortgaged Property acquired by the Trustee on behalf of any of the Lower Tier REMIC Trusts for such REMIC Trust solely for the purpose of its prompt disposition and sale in a manner that does not cause such Mortgaged Property to fail to qualify as “foreclosure property” within the meaning of section 860G(a)(8) of the Code or result in the receipt by such the Lower Tier REMIC Trust of any “income from non-permitted assets” within the meaning of section 860F(a)(2)(B) of the Code or any “net income from foreclosure property” that is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such Mortgaged Property, the Trustee shall either itself or through an agent selected by the Trustee protect and conserve such Mortgaged Property in the same manner and to such extent as is customary in the locality where such Mortgaged Property is located and may, incident to its conservation and protection of the interests of any of the REMIC TrustsLower Tier REMIC, rent the same, or any part thereof, as the Trustee deems to be in the best interest of such the Lower Tier REMIC Trust for the period prior to the sale of such Mortgaged Property.

Trustee’s Responsibilities Regarding Foreclosed Properties. The Trustee is responsible for the administration and disposition of any Mortgaged Properties acquired by it on behalf of any of the Lower Tier REMIC Trusts as a result of trustee’s sale, foreclosure or otherwise. In this connection, the Trustee shall sell any Mortgaged Property acquired by it on behalf of any of the Lower Tier REMIC Trusts as soon as practicable in a manner that maximizes the Liquidation Proceeds thereof, but in no event later than the close of the third taxable year following the taxable year in which title to such Mortgaged Property is acquired by such REMIC Trustany the Lower Tier REMIC, at such price as the Trustee deems necessary to comply with the foregoing limitation, unless the Trustee obtains an opinion of counsel experienced in federal income tax matters to the effect that the holding by such the Lower Tier REMIC Trust of such Mortgaged Property for any greater period will not result in the imposition of taxes on “Prohibited Transactions” of such the Lower Tier REMIC Trust as defined in section 860F of the Code, or cause such the Lower Tier REMIC Trust to fail to qualify as a “real estate mortgage investment conduit” under the REMIC Provisions at any time that any REMIC Certificates remain outstanding. Notwithstanding the generality of the foregoing provisions, the Trustee shall manage, conserve, protect and operate each Mortgaged Property acquired by the Trustee on behalf of any of the Lower Tier REMIC Trusts for such Lower Tier REMIC Trust solely for the purpose of its prompt disposition and sale in a manner that does not cause such Mortgaged Property to fail to qualify as “foreclosure property” within the meaning of section 860G(a)(8) of the Code or result in the receipt by such the Lower Tier REMIC Trust of any “income from non-permitted assets” within the meaning of section 860F(a)(2)(B) of the Code or any “net income from foreclosure property” that is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such Mortgaged Property, the Trustee shall either itself or through an agent selected by the Trustee protect and conserve such the Mortgaged Property in the same manner and to such extent as is customary in the locality where such Mortgaged Property is located and may, incident to its conservation and protection of the interests of any of the REMIC TrustsLower Tier REMIC, rent the same, or any part thereof, as the Trustee deems to be in the best interest of such the Lower Tier REMIC Trust for the period prior to the sale of such Mortgaged Property.

Trustee’s Responsibilities Regarding Foreclosed Properties. The Trustee is responsible for the administration and disposition of any Mortgaged Properties acquired by it on behalf of any of the REMIC Trusts as a result of trustee’s sale, foreclosure or otherwise. In this connection, the Trustee shall sell any Mortgaged Property acquired by it on behalf of any of the REMIC Trusts as soon as practicable in a manner that maximizes the Liquidation Proceeds thereof, but in no event later than the close of the third taxable year following the taxable year in which title to such Mortgaged Property is acquired by such REMIC Trust, at such price as the Trustee deems necessary to comply with the foregoing limitation, unless the Trustee obtains an opinion of counsel experienced in federal income tax matters to the effect that the holding by such REMIC Trust of such Mortgaged Property for any greater period will not result in the imposition of taxes on “Prohibited Transactions” of such REMIC Trust as defined in section 860F of the Code, or cause such REMIC Trust to fail to qualify as a “real estate mortgage investment conduit” under the REMIC Provisions at any time that any REMIC Certificates remain outstanding. Notwithstanding the generality of the foregoing provisions, the Trustee shall manage, conserve, protect and operate each Mortgaged Property acquired by the Trustee on behalf of any of the REMIC Trusts for such REMIC Trust solely for the purpose of its prompt disposition and sale in a manner that does not cause such Mortgaged Property to fail to qualify as “foreclosure property” within the meaning of section 860G(a)(8) of the Code or result in the receipt by such REMIC Trust of any “income from non-permitted assets” within the meaning of section 860F(a)(2)(B) of the Code or any “net income from foreclosure property” that is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such Mortgaged Property, the Trustee shall either itself or through an agent selected by the Trustee protect and conserve such Mortgaged Property in the same manner and to such extent as is customary in the locality where such Mortgaged Property is located and may, incident to its conservation and protection of the interests of any of the REMIC Trusts, rent the same, or any part thereof, as the Trustee deems to be in the best interest of such REMIC Trust for the period prior to the sale of such Mortgaged PropertyProperty.‌ ARTICLE V‌ Section 5.01. RESIDUAL CERTIFICATES Execution, Authentication, Availability and Dating of the Residual Certificates. The Residual Certificates shall be executed on behalf of Xxxxxx Mae by an Authorized Officer of Xxxxxx Xxx under the corporate seal of Xxxxxx Mae, which may be in facsimile form and be imprinted or otherwise reproduced thereon, and shall be attested by the Secretary, Assistant Secretary, or a second Authorized Officer of Xxxxxx Xxx. The signature of any of these Persons on the Residual Certificates may be manual or facsimile. A Residual Certificate bearing the manual or facsimile signature of individuals who were at any time officers of Xxxxxx Mae shall bind Xxxxxx Xxx, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Certificate or did not hold such offices at the date of such Certificate. At any time and from time to time after the execution and delivery of this Trust Agreement, Xxxxxx Mae may deliver the Residual Certificates executed by Xxxxxx Xxx to the Certificate Registrar for authentication and the Certificate Registrar shall authenticate and make available such Certificates as provided in this Trust Agreement and not otherwise. No Residual Certificate shall be entitled to any benefit under this Trust Agreement or be valid for any purpose, unless there appears on such Residual Certificate a certificate of authentication substantially in the form provided for herein, executed by the Certificate Registrar by the manual or facsimile signature of one of its authorized signatories, and such certificate upon any Residual Certificate shall be conclusive evidence, and the only evidence, that such Residual Certificate has been duly authenticated and made available hereunder. Each Residual Certificate shall be dated the date of its authentication.