Common use of Modification of the Sale Agreement Clause in Contracts

Modification of the Sale Agreement. Only in so far as it relates to the Mortgage Loans, the Responsible Party and the Assignor hereby amend the Sale Agreement as follows: (a) Beginning with the sixth sentence in the second paragraph of Subsection 11.13 through the end of such paragraph, such language shall be deleted in its entirety and replaced with the following: "The Company shall use its best efforts to dispose of the REO Property as soon as possible and shall sell such REO Property in any event within one year after title has been taken to such REO Property, unless (i) a REMIC election has not been made with respect to the arrangement under which the Mortgage Loans and the REO Property are held, and (ii) the Company determines, and gives an appropriate notice to the Purchaser to such effect, that a longer period is necessary for the orderly liquidation of such REO Property; provided however, that the Company agrees not to sell or dispose of any such Mortgage Loan to a person who acquires such Mortgage Loan using a purchase money mortgage. If a period longer than one year is permitted under the foregoing sentence and is necessary to sell any REO Property, the Company shall report monthly to the Purchaser as to the progress being made in selling such REO Property, and provided further, that if the Company is unable to sell such REO Property within three years of acquisition, the Company shall obtain an extension from the Internal Revenue Servicer." (b) a new section, Section 33, will be added immediately following Section 32 which shall read as follows: