Common use of Deed-in-Lieu Clause in Contracts

Deed-in-Lieu. If Servicer pursues a deed in lieu of foreclosure pursuant to the authority granted to Servicer by the terms and provisions of Section 3.1 above, Servicer will retain counsel to prepare appropriate documentation, execute and deliver such documentation on behalf of Owner and may enter into an agreement with Obligor regarding payment of any deficiency. The actions described herein shall be taken by Servicer in accordance with Accepted Servicing Practices or otherwise with the consent of Owner. Title to such Property may be taken in the name of Owner or its designee. Notwithstanding anything to the contrary contained herein, in connection with a deed in lieu of foreclosure, in the event Servicer has reasonable cause to believe that a Property is an Environmental Problem Property as described in Section 4.2 hereof, Servicer shall notify Owner of the existence of the Environmental Problem Property, describe such problem, make a recommendation to, Owner regarding handling the Property and carry out the recommendation unless otherwise directed by Owner in writing within five (5) days after Owner's receipt (or deemed receipt) of such notice in accordance with the term and provisions of Section 11.3 below. In no event will Servicer be required to acquire record tide to an Environmental Problem Property. Servicer will provide the services described in Section 4.1 with respect to each Property for which a deed in lieu of foreclosure is received by Servicer.

Deed-in-Lieu. If Servicer the Subservicer pursues a deed in lieu of foreclosure pursuant to the authority granted to Servicer the Subservicer by the terms and provisions of Section 3.1 above, Servicer the Subservicer will retain counsel to prepare appropriate documentation, execute and deliver such documentation on behalf of the related Owner and may enter into an agreement with Obligor regarding payment of any deficiency. The actions described herein shall be taken by Servicer the Subservicer in accordance with Accepted Servicing Practices or otherwise with the consent of the related Owner. Title to such Property may be taken in the name of the related Owner or its designee. Notwithstanding anything to the contrary contained herein, in connection with a deed in lieu of foreclosure, in the event Servicer the Subservicer has reasonable cause to believe that a Property is an Environmental Problem Property as described in Section 4.2 hereof, Servicer the Subservicer shall notify the related Owner in writing within three (3) Business Days of the Subservicer's discovery thereof of the existence of the Environmental Problem Property, describe such problem, make a recommendation to, to such Owner regarding handling the Property and carry out the recommendation unless otherwise directed by such Owner in writing within five (5) days Business Days after such Owner's receipt (or deemed receipt) of such notice in accordance with the term terms and provisions of Section 11.3 below. In no event will Servicer the Subservicer be required to acquire record tide title to an Environmental Problem Property. Servicer The Subservicer will provide the services described in Section 4.1 with respect to each Property for which a deed in lieu of foreclosure is received by Servicerthe Subservicer.

Deed-in-Lieu. If Interim Servicer pursues a deed in lieu of foreclosure pursuant to the authority granted to Interim Servicer by the terms and provisions of Section 3.1 above, Interim Servicer will retain counsel to prepare appropriate documentation, execute and deliver such documentation on behalf of Owner and may enter into an agreement with Obligor regarding payment of any deficiency. The actions described herein shall be taken by Interim Servicer in accordance with Accepted Servicing Practices or otherwise with the consent of Owner. Title to such Property may be taken in the name of Owner or its designee. Notwithstanding anything to the contrary contained herein, in connection with a deed in lieu of foreclosure, in the event Interim Servicer has reasonable cause to believe that a Property is an Environmental Problem Property as described in Section 4.2 hereof, Interim Servicer shall notify Owner of the existence of the Environmental Problem Property, describe such problem, make a recommendation to, to Owner regarding handling the Property and carry out the recommendation unless otherwise directed by Owner in writing within five (5) days after Owner's receipt (or deemed receipt) of such notice in accordance with the term terms and provisions of Section 11.3 12.3 below. In no event will Interim Servicer be required to acquire record tide title to an Environmental Problem Property. Interim Servicer will provide the services described in Section 4.1 with respect to each Property for which a deed in lieu of foreclosure is received by Interim Servicer.

Deed-in-Lieu. If the Servicer pursues a deed in lieu of ------------ foreclosure pursuant to the authority granted to the Servicer by the terms and provisions of Section 3.1 above, the Servicer will retain counsel to prepare appropriate documentation, execute and deliver such documentation on behalf of Owner and may enter into an agreement with Obligor regarding payment of any deficiency. The actions described herein shall be taken by the Servicer in accordance with Accepted Servicing Practices or otherwise with the consent of Owner. Title to such Property may be taken in the name of the Owner or its designee. Notwithstanding anything to the contrary contained herein, in connection with a deed in lieu of foreclosure, in the event the Servicer has reasonable cause to believe that a Property is an Environmental Problem Property as described in Section 4.2 hereof, the Servicer shall notify Owner of the existence of the Environmental Problem Property, describe such problem, make a recommendation to, to Owner regarding handling the Property and carry out the recommendation unless otherwise directed by Owner in writing within five (5) days after the Owner's receipt (or deemed receipt) of such notice in accordance with the term terms and provisions of Section 11.3 below. In no event will the Servicer be required to acquire record tide title to an Environmental Problem Property. The Servicer will provide the services described in Section 4.1 with respect to each Property for which a deed in lieu of foreclosure is received by the Servicer.

Deed-in-Lieu. If Servicer pursues reasonably determines that a deed in deed-in-lieu of foreclosure pursuant is appropriate with respect to the authority granted a Mortgage Loan, Servicer shall notify Owner of such decision in writing and if Owner consents in writing to Each decision, and Servicer by the terms and provisions elects to pursue a deed-in-lieu of Section 3.1 aboveforeclosure, Servicer will retain counsel to prepare prepare; appropriate documentation, execute and deliver such documentation on behalf of Owner and may enter into an agreement with Obligor Mortgagor regarding payment of any deficiency. The actions described herein shall be taken by Servicer in accordance with Accepted Servicing Practices or otherwise with the consent of Owner. Title to such Mortgaged Property may be taken in the name of Owner or its designee. Notwithstanding anything to the contrary contained herein, in connection with a deed in deed-in-lieu of foreclosure, in the event Servicer has reasonable cause to believe that a Property is an Environmental Problem Property as described in Section 4.2 4.02 hereof, Servicer shall notify Owner of the existence of the Environmental Problem Property, describe such problem, make a recommendation to, to Owner regarding handling the Property and carry out the recommendation unless otherwise directed by Owner in writing within five (5) days after Owner's ’s receipt (or deemed receipt) of such notice in accordance with the term terms and provisions of Section 11.3 11.03 below. In no event will Servicer be required to acquire record tide title to an Environmental Problem Property. The Servicer will provide the services described in Section 4.1 4.01 with respect to each Property for which a deed in deed-in-lieu of foreclosure is received by Servicer.

Deed-in-Lieu. If Servicer pursues reasonably determines that a deed in deed-in-lieu of foreclosure pursuant is appropriate with respect to the authority granted a Mortgage Loan, Servicer shall notify Owner of such decision in writing and if Owner consents in writing to such decision, and Servicer by the terms and provisions elects to pursue a deed-in-lieu of Section 3.1 aboveforeclosure, Servicer will retain counsel to prepare appropriate documentation, execute and deliver such documentation on behalf of Owner and may enter into an agreement with Obligor Mortgagor regarding payment of any deficiency. The actions described herein shall be taken by Servicer in accordance with Accepted Servicing Practices or otherwise with the consent of Owner. Title to such Mortgaged Property may be taken in the name of Owner or its designee. Notwithstanding anything to the contrary contained herein, in connection with a deed in deed-in-lieu of foreclosure, in the event Servicer has reasonable cause to believe that a Property is an Environmental Problem Property as described in Section 4.2 4.02 hereof, Servicer shall notify Owner of the existence of the Environmental Problem Property, describe such problem, make a recommendation to, to Owner regarding handling the Property and carry out the recommendation unless otherwise directed by Owner in writing within five (5) days after Owner's ’s receipt (or deemed receipt) of such notice in accordance with the term terms and provisions of Section 11.3 11.03 below. In no event will Servicer be required to acquire record tide title to an Environmental Problem Property. The Servicer will provide the services described in Section 4.1 4.01 with respect to each Property for which a deed in deed-in-lieu of foreclosure is received by Servicer.. Flow Special Servicing Agreement