Common use of Inspection of REO Properties in Certain Circumstances Clause in Contracts

Inspection of REO Properties in Certain Circumstances. The Servicer shall visit and inspect each REO Property from time to time (but at least as frequently as once every 12 months) in accordance with its servicing standard of care and as provided in this Article VIII to determine whether the related REO Property is properly maintained or has been repaired or restored and is being preserved and protected. The Servicer shall, if requested by the Collateral Agent and Custodian, furnish to the Issuer, the Owner and the Collateral Agent and Custodian, a Property Inspection Report in the form of Exhibit F hereto. All property inspections, regardless of purpose, shall be documented by a Property Inspection Report and made a part of the Servicer’s Tax Lien File. Each Property Inspection Report submitted by the Servicer must be accompanied by photographs of the Property if such Property is in need of repair or restoration. Any reasonable expenses incurred by the Servicer in preparing such Property Inspection Reports shall be considered Lien Administration Expenses.

Inspection of REO Properties in Certain Circumstances. The Servicer shall visit and inspect each REO Property from time to time (but at least as frequently as once every 12 months) in accordance with its servicing standard of care and as provided in this Article VIII to determine whether the related REO Property is properly maintained or has been repaired or restored and is being preserved and protected. The Servicer shall, if requested by the Collateral Agent and CustodianIndenture Trustee, furnish to the Issuer, the Owner and the Collateral Agent and Custodian, Indenture Trustee a Property Inspection Report in the form of Exhibit F hereto. All property inspections, regardless of purpose, shall be documented by a Property Inspection Report and made a part of the Servicer’s Tax Lien File. Each Property Inspection Report submitted by the Servicer must be accompanied by photographs of the Property if such Property is in need of repair or restoration. Any reasonable expenses incurred by the Servicer in preparing such Property Inspection Reports shall be considered Lien Administration Expenses.