Common use of Failure to Retitle Manufactured Homes Clause in Contracts

Failure to Retitle Manufactured Homes. Upon the occurrence of either of the following events: (1) the rendering of judgment by a court of competent jurisdiction that the Trustee on behalf of the Trust does not have a perfected first-priority security interest in a particular Manufactured Home because the Seller has not caused notations to be made on any certificate or other document of title relating to such Manufactured Home or has not executed any transfer instrument (including any UCC financing statement or UCC-3 assignment) relating to such Manufactured Home, or (2) the Servicer's receipt of written advice of counsel selected by the Servicer from among the counsel used by the Servicer in the ordinary course of its business to the effect that a court of competent jurisdiction sitting in a jurisdiction in which some of the Manufactured Homes underlying the Contracts are located has held that, solely because of the failure of a pledgor or assignor of manufactured housing contracts (whose pledgee or assignee has perfected its security interest in such contracts) to cause notations to be made on any certificate or other document of title relating to a manufactured home underlying the pledged contracts or to execute any transfer instrument (including any UCC financing statement or UCC-3 assignment) relating to any such manufactured home, a perfected first-priority security interest was not created in a manufactured home underlying such contracts located in such jurisdiction in favor of the pledgee or assignee, then the Servicer, at the expense of the Seller, must complete all appropriate remedial action with respect to the affected Manufactured Home(s) within 180 days after the Servicer's receipt of written notice of such judgment or of such written advice and provide notice to the Trustee of such remedial action. If the Servicer fails to complete all such remedial action with respect to any affected Manufactured Home within such 180-day period, the Seller must repurchase each related Contract at the Repurchase Price therefor on or before the last Business Day of the Prepayment Period ending on or immediately after the expiration of such 180-day period in accordance with Section 2.06(f) below. In connection with the foregoing obligation, the Servicer shall have no obligation on an ongoing basis to seek any advice of counsel with respect to the matters described in clause (2) of the preceding paragraph. However, the Servicer shall seek advice with respect to such matters whenever information comes to the attention of any of its executive officers which causes such executive officer to determine that a holding of the type described in such clause (2) might exist.

Failure to Retitle Manufactured Homes. Upon the occurrence of either of the following events: (1) the rendering of judgment by a court of competent jurisdiction that the Trustee on behalf of the Trust does not have a perfected first-priority security interest in a particular Manufactured Home because the Seller has not caused notations to be made on any certificate or other document of title relating to such Manufactured Home or has not executed any transfer instrument (including any UCC financing statement or UCC-3 assignment) relating to such Manufactured Home, or (2) the Servicer's receipt of written advice of counsel selected by the Servicer from among the counsel used by the Servicer in the ordinary course of its business to the effect that a court of competent jurisdiction sitting in a jurisdiction in which some of the Manufactured Homes underlying the Contracts are located has held that, solely because of the failure of a pledgor or assignor of manufactured housing contracts (whose pledgee or assignee has perfected its security interest in such contracts) to cause notations to be made on any certificate or other document of title relating to a manufactured home underlying the pledged contracts or to execute any transfer instrument (including any UCC financing statement or UCC-3 assignment) relating to any such manufactured home, a perfected first-priority security interest was not created in a manufactured home underlying such contracts located in such jurisdiction in favor of the pledgee or assignee, then the Servicer, at the expense of the Sellerits expense, must complete all appropriate remedial action with respect to the affected Manufactured Home(s) within 180 days after the Servicer's receipt of written notice of such judgment or of such written advice and provide notice to the Trustee of such remedial actionadvice. If the Servicer fails to complete all such remedial action with respect to any affected Manufactured Home within such 180-day period, the Seller Servicer must repurchase each related Contract at the Repurchase Price therefor on or before the last Business Day of the Prepayment Period ending on or immediately after the expiration of such 180-day period in accordance with Section 2.06(f2.05(f) below. In connection with the foregoing obligation, the Servicer shall have no obligation on an ongoing basis to seek any advice of counsel with respect to the matters described in clause (2) of the preceding paragraph. However, the Servicer shall seek advice with respect to such matters whenever information comes to the attention of any of its executive officers which causes such executive officer to determine that a holding of the type described in such clause (2) might exist.

Failure to Retitle Manufactured Homes. Upon the occurrence of either of the following events: (1) the rendering of judgment by a court of competent jurisdiction that the Trustee on behalf of the Trust does not have a perfected first-priority security interest in a particular Manufactured Home because the Seller has not caused notations to be made on any certificate or other document of title relating to such Manufactured Home or has not executed any transfer instrument (including any UCC financing statement or UCC-3 assignment) relating to such Manufactured Home, or (2) the Servicer's receipt of written advice of counsel selected by the Servicer from among the counsel used by the Servicer in the ordinary course of its business to the effect that a court of competent jurisdiction sitting in a jurisdiction in which some of the Manufactured Homes underlying the Contracts are located has held that, solely because of the failure of a pledgor or assignor of manufactured housing contracts (whose pledgee or assignee has perfected its security interest in such contracts) to cause notations to be made on any certificate or other document of title relating to a manufactured home underlying the pledged contracts or to execute any transfer instrument (including any UCC financing statement or UCC-3 assignment) relating to any such manufactured home, a perfected first-first- priority security interest was not created in a manufactured home underlying such contracts located in such jurisdiction in favor of the pledgee or assignee, then the Servicer, at the expense of the Seller, must complete all appropriate remedial action with respect to the affected Manufactured Home(s) within 180 days after the Servicer's receipt of written notice of such judgment or of such written advice and provide notice to the Trustee of such remedial action. If the Servicer fails to complete all such remedial action with respect to any affected Manufactured Home within such 180-day period, the Seller must repurchase each related Contract at the Repurchase Price therefor on or before the last Business Day of the Prepayment Period ending on or immediately after the expiration of such 180-day period in accordance with Section 2.06(f) below. In connection with the foregoing obligation, the Servicer shall have no obligation on an ongoing basis to seek any advice of counsel with respect to the matters described in clause (2) of the preceding paragraph. However, the Servicer shall seek advice with respect to such matters whenever information comes to the attention of any of its executive officers which causes such executive officer to determine that a holding of the type described in such clause (2) might exist.

Failure to Retitle Manufactured Homes. Upon the occurrence of either of the following events: (1) the rendering of judgment by a court of competent jurisdiction that the Trustee on behalf of the Trust does not have a perfected first-priority security interest in a particular Manufactured Home because the Seller has not caused notations to be made on any certificate or other document of title relating to such Manufactured Home or has not executed any transfer instrument (including any UCC financing statement or UCC-3 assignment) relating to such Manufactured Home, or (2) the Servicer's receipt of written advice of counsel selected by the Servicer from among the counsel used by the Servicer in the ordinary course of its business to the effect that a court of competent jurisdiction sitting in a jurisdiction in which some of the Manufactured Homes underlying the Contracts are located has held that, solely because of the failure of a pledgor or assignor of manufactured housing contracts (whose pledgee or assignee has perfected its security interest in such contracts) to cause notations to be made on any certificate or other document of title relating to a manufactured home underlying the pledged contracts or to execute any transfer instrument (including any UCC financing statement or UCC-3 assignment) relating to any such manufactured home, a perfected first-priority security interest was not created in a manufactured home underlying such contracts located in such jurisdiction in favor of the pledgee or assignee, then the Servicer, at the expense of the Seller, must complete all appropriate remedial action with respect to the affected Manufactured Home(s) within 180 days after the Servicer's receipt of written notice of such judgment or of such written advice and provide notice to the Trustee of such remedial action. If the Servicer fails to complete all such remedial action with respect to any affected Manufactured Home within such 180-day period, the Seller must repurchase each related Contract at the Repurchase Price therefor on or before the last Business Day of the Prepayment Period ending on or immediately after the expiration of such 180-day period in accordance with Section 2.06(f) below. In connection with the foregoing obligation, the Servicer shall have no obligation on an ongoing basis to seek any advice of counsel with respect to the matters described in clause (2) of the preceding paragraph. However, the Servicer shall seek advice with respect to such matters whenever information comes to the attention of any of its executive officers which causes such executive officer to determine that a holding of the type described in such clause (2) might exist.whenever

Failure to Retitle Manufactured Homes. Upon the occurrence of either of the following events: (1) the rendering of judgment by a court of competent jurisdiction that the Trustee on behalf of the Trust does not have a perfected first-priority security interest in a particular Manufactured Home because the Seller has not caused notations to be made on any certificate or other document of title relating to such Manufactured Home or has not executed any transfer instrument (including any UCC financing statement or UCC-3 assignment) relating to such Manufactured Home, or (2) the Servicer's receipt of written advice of counsel selected by the Servicer from among the counsel used by the Servicer in the ordinary course of its business to the effect that a court of competent jurisdiction sitting in a jurisdiction in which some of the Manufactured Homes underlying the Contracts are located has held that, solely because of the failure of a pledgor or assignor of manufactured housing contracts (whose pledgee or assignee has perfected its security interest in such contracts) to cause notations to be made on any certificate or other document of title relating to a manufactured home underlying the pledged contracts or to execute any transfer instrument (including any UCC financing statement or UCC-3 assignment) relating to any such manufactured home, a perfected first-priority security interest was not created in a manufactured home underlying such contracts located in such jurisdiction in favor of the pledgee or assignee, then the Servicer, at the expense of the Seller, must complete all appropriate remedial action with respect to the affected Manufactured Home(s) within 180 days after the Servicer's receipt of written notice of such judgment or of such written advice and provide notice to the Trustee of such remedial actionadvice. If the Servicer fails to complete all such remedial action with respect to any affected Manufactured Home within such 180-day period, the Seller must repurchase each related Contract at the Repurchase Price therefor on or before the last Business Day of the Prepayment Period ending on or immediately after the expiration of such 180-day period in accordance with Section 2.06(f2.05(f) below. In connection with the foregoing obligation, the Servicer shall have no obligation on an ongoing basis to seek any advice of counsel with respect to the matters described in clause (2) of the preceding paragraph. However, the Servicer shall seek advice with respect to such matters whenever information comes to the attention of any of its executive officers which causes such executive officer to determine that a holding of the type described in such clause (2) might exist.preceding

Failure to Retitle Manufactured Homes. Upon the occurrence of either of the following events: (1) the rendering of judgment by a court of competent jurisdiction that the Trustee on behalf of the Trust does not have a perfected first-priority security interest in a particular Manufactured Home because the Seller has not caused notations to be made on any certificate or other document of title relating to such Manufactured Home or has not executed any transfer instrument (including any UCC financing statement or UCC-3 assignment) relating to such Manufactured Home, or (2) the Servicer's receipt of written advice of counsel selected by the Servicer from among the counsel used by the Servicer in the ordinary course of its business to the effect that a court of competent jurisdiction sitting in a jurisdiction in which some of the Manufactured Homes underlying the Contracts are located has held that, solely because of the failure of a pledgor or assignor of manufactured housing contracts (whose pledgee or assignee has perfected its security interest in such contracts) to cause notations to be made on any certificate or other document of title relating to a manufactured home underlying the pledged contracts or to execute any transfer instrument (including any UCC financing statement or UCC-3 assignment) relating to any such manufactured home, a perfected first-priority firstpriority security interest was not created in a manufactured home underlying such contracts located in such jurisdiction in favor of the pledgee or assignee, then the Servicer, at the expense of the Seller, must complete all appropriate remedial action with respect to the affected Manufactured Home(s) within 180 days after the Servicer's receipt of written notice of such judgment or of such written advice and provide notice to the Trustee of such remedial action. If the Servicer fails to complete all such remedial action with respect to any affected Manufactured Home within such 180-day period, the Seller must repurchase each related Contract at the Repurchase Price therefor on or before the last Business Day of the Prepayment Period ending on or immediately after the expiration of such 180-day period in accordance with Section 2.06(f) below. In connection with the foregoing obligation, the Servicer shall have no obligation on an ongoing basis to seek any advice of counsel with respect to the matters described in clause (2) of the preceding paragraph. However, the Servicer shall seek advice with respect to such matters whenever information comes to the attention of any of its executive officers which causes such executive officer to determine that a holding of the type described in such clause (2) might exist.

Failure to Retitle Manufactured Homes. Upon the occurrence of either -------------------------------------------------------------------- of the following events:: ----------------------- (1) the rendering of judgment by a court of competent jurisdiction that the Trustee on behalf of the Trust does not have a perfected first-priority security interest in a particular Manufactured Home because the Seller has not caused notations to be made on any certificate or other document of title relating to such Manufactured Home or has not executed any transfer instrument (including any UCC financing statement or UCC-3 assignment) relating to such Manufactured Home, or (2) the Servicer's receipt of written advice of counsel selected by the Servicer from among the counsel used by the Servicer in the ordinary course of its business to the effect that a court of competent jurisdiction sitting in a jurisdiction in which some of the Manufactured Homes underlying the Contracts are located has held that, solely because of the failure of a pledgor or assignor of manufactured housing contracts (whose pledgee or assignee has perfected its security interest in such contracts) to cause notations to be made on any certificate or other document of title relating to a manufactured home underlying the pledged contracts or to execute any transfer instrument (including any UCC financing statement or UCC-3 assignment) relating to any such manufactured home, a perfected first-priority security interest was not created in a manufactured home underlying such contracts located in such jurisdiction in favor of the pledgee or assignee, then the Servicer, at the expense of the Sellerits expense, must complete all appropriate remedial action with respect to the affected Manufactured Home(s) within 180 days after the Servicer's receipt of written notice of such judgment or of such written advice and provide notice to the Trustee of such remedial actionadvice. If the Servicer fails to complete all such remedial action with respect to any affected Manufactured Home within such 180-day period, the Seller Servicer must repurchase each related Contract at the Repurchase Price therefor on or before the last Business Day of the Prepayment Period ending on or immediately after the expiration of such 180-day period in accordance with Section 2.06(f2.05(f) below. In connection with the foregoing obligation, the Servicer shall have no obligation on an ongoing basis to seek any advice of counsel with respect to the matters described in clause (2) of the preceding paragraph. However, the Servicer shall seek advice with respect to such matters whenever information comes to the attention of any of its executive officers which causes such executive officer to determine that a holding of the type described in such clause (2) might exist.

Failure to Retitle Manufactured Homes. Upon the occurrence of either of the following events: (1) the rendering of judgment by a court of competent jurisdiction that the Trustee on behalf of the Trust does not have a perfected first-priority security interest in a particular Manufactured Home because the Seller has not caused notations to be made on any -39- 45 certificate or other document of title relating to such Manufactured Home or has not executed any transfer instrument (including any UCC financing statement or UCC-3 assignment) relating to such Manufactured Home, or (2) the Servicer's receipt of written advice of counsel selected by the Servicer from among the counsel used by the Servicer in the ordinary course of its business to the effect that a court of competent jurisdiction sitting in a jurisdiction in which some of the Manufactured Homes underlying the Contracts are located has held that, solely because of the failure of a pledgor or assignor of manufactured housing contracts (whose pledgee or assignee has perfected its security interest in such contracts) to cause notations to be made on any certificate or other document of title relating to a manufactured home underlying the pledged contracts or to execute any transfer instrument (including any UCC financing statement or UCC-3 assignment) relating to any such manufactured home, a perfected first-first- priority security interest was not created in a manufactured home underlying such contracts located in such jurisdiction in favor of the pledgee or assignee, then the Servicer, at the expense of the Seller, must complete all appropriate remedial action with respect to the affected Manufactured Home(s) within 180 days after the Servicer's receipt of written notice of such judgment or of such written advice and provide notice to the Trustee of such remedial action. If the Servicer fails to complete all such remedial action with respect to any affected Manufactured Home within such 180-day period, the Seller must repurchase each related Contract at the Repurchase Price therefor on or before the last Business Day of the Prepayment Period ending on or immediately after the expiration of such 180-day period in accordance with Section 2.06(f) below. In connection with the foregoing obligation, the Servicer shall have no obligation on an ongoing basis to seek any advice of counsel with respect to the matters described in clause (2) of the preceding paragraph. However, the Servicer shall seek advice with respect to such matters whenever information comes to the attention of any of its executive officers which causes such executive officer to determine that a holding of the type described in such clause (2) might exist.

Failure to Retitle Manufactured Homes. Upon the occurrence of either of the following events: (1) the rendering of judgment by a court of competent jurisdiction that the Trustee on behalf of the Trust does not have a perfected first-priority security interest in a particular Manufactured Home because the Seller has not caused notations to be made on any certificate or other document of title relating to such Manufactured Home or has not executed any transfer instrument (including any UCC financing statement or UCC-3 assignment) relating to such Manufactured Home, or (2) the Servicer's receipt of written advice of counsel selected by the Servicer from among the counsel used by the Servicer in the ordinary course of its business to the effect that a court of competent jurisdiction sitting in a jurisdiction in which some of the Manufactured Homes underlying the Contracts are located has held that, solely because of the failure of a pledgor or assignor of manufactured housing contracts (whose pledgee or assignee has perfected its security interest in such contracts) to cause notations to be made on any certificate or other document of title relating to a manufactured home underlying the pledged contracts or to execute any transfer instrument (including any UCC financing statement or UCC-3 assignment) relating to any such manufactured home, a perfected first-priority security interest was not created in a manufactured home underlying such contracts located in such jurisdiction in favor of the pledgee or assignee, then the Servicer, at the expense of the Seller, must complete all appropriate remedial action with respect to the affected Manufactured Home(s) within 180 days after the Servicer's receipt of written notice of such judgment or of such written advice and provide notice to the Trustee of such remedial actionadvice. If the Servicer fails to complete all such remedial action with respect to any affected Manufactured Home within such 180-day period, the Seller must repurchase each related Contract at the Repurchase Price therefor on or before the last Business Day of the Prepayment Period ending on or immediately after the expiration of such 180-day period in accordance with Section 2.06(f2.05(f) below. In connection with the foregoing obligation, the Servicer shall have no obligation on an ongoing basis to seek any advice of counsel with respect to the matters described in clause (2) of the preceding paragraph. However, the Servicer shall seek advice with respect to such matters whenever information comes to the attention of any of its executive officers which causes such executive officer to determine that a holding of the type described in such clause (2) might exist.