Owner of Record. The applicable Seller is the owner of record of each Mortgage and the indebtedness evidenced by each Mortgage Note, except for the Assignments of Mortgage which have been sent for recording, and upon recordation the applicable Seller will be the owner of record of each Mortgage and the indebtedness evidenced by each Mortgage Note, and upon the sale of the Mortgage Loans to the Depositor, the applicable Seller will retain the Mortgage Files with respect thereto in trust only for the purpose of servicing and supervising the servicing of each Mortgage Loan;
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (First NLC Securitization, Inc.), Transfer and Servicing Agreement (First NLC Securitization, Inc.), Transfer and Servicing Agreement (FBR Securitization, Inc.)
