Common use of Real Estate Assignments Clause in Contracts

Real Estate Assignments. The Contract Documents for each Land Secured Contract are required to contain evidence that the Seller has record title to the Real Property underlying such Land Secured Contract. Neither the Seller nor the Company will be required to prepare, deliver or record any assignments to the Company or the Trustee in recordable form for the Mortgages related to such Land Secured Contracts. However, on or before the Closing Date, the Seller shall deliver to the Trustee an executed power of attorney substantially in the form of Exhibit 9 hereto, authorizing the Trustee to execute and record assignments of Mortgages securing Land Secured Contracts from the Seller to the Trustee in the event that recordation of such assignments becomes necessary for foreclosure on the related Real Property by or on behalf of the Trustee. Pursuant to such power of attorney, at the Servicer's instruction, the Trustee shall execute any such assignments as are provided to the Trustee by the Servicer. After execution of any such assignments, the Trustee shall redeliver such assignments to the Servicer at the Servicer's expense. Any expenses incurred by the Servicer in connection with the foregoing or in connection with its recordation of assignments in preparation for a foreclosure on a Land Secured Contract shall constitute Liquidation Expenses.

Real Estate Assignments. The Contract Documents for each Land Secured Contract are required to contain evidence that the Seller has record title to the Real Property underlying such Land Secured Contract. Neither the Seller nor the Company OMI will be required to prepare, deliver or record any assignments to the Company OMI or the Trustee in recordable form for the Mortgages related to such Land Secured Contracts. However, on or before the Closing Date, the Seller shall deliver to the Trustee an executed power of attorney substantially in the form of Exhibit 9 hereto, authorizing the Trustee to execute and record assignments of Mortgages securing Land Secured Contracts from the Seller to the Trustee in the event that recordation of such assignments becomes necessary for foreclosure on the related Real Property by or on behalf of the Trustee. Pursuant to such power of attorney, at the Servicer's instruction, the Trustee shall execute any such assignments as are provided to the Trustee by the Servicer. After execution of any such assignments, the Trustee shall redeliver such assignments to the Servicer at the Servicer's expense. Any expenses incurred by the Servicer in connection with the foregoing or in connection with its recordation of assignments in preparation for a foreclosure on a Land Secured Contract shall constitute Liquidation Expenses.

Real Estate Assignments. The Contract Documents for each Land Secured Contract are required to contain evidence that the Seller has is Mortgages of record title with respect to each Mortgage to the Real Property underlying such Land Secured Contract. Neither the Seller nor the Company will be required to prepare, deliver or record any assignments to the Company or the Trustee in recordable form for the Mortgages related to such Land Secured Contracts. However, on or before the Closing Date, the Seller shall deliver to the Trustee an executed power of attorney substantially in the form of Exhibit 9 hereto, authorizing the Trustee to execute and record assignments of Mortgages securing Land Secured Contracts from the Seller to the Trustee in the event that recordation of such assignments becomes necessary for foreclosure of the Mortgage on the related Real Property by or on behalf of the Trustee. Pursuant to such power of attorney, at the Servicer's instruction, the Trustee shall execute any such assignments as are provided to the Trustee by the Servicer. After execution of any such assignments, the Trustee shall redeliver such assignments to the Servicer at the Servicer's expense. Any expenses incurred by the Servicer in connection with the foregoing or in connection with its recordation of assignments in preparation for a foreclosure on a Land Secured Contract shall constitute Liquidation Expenses.

Real Estate Assignments. The Contract Documents for each Land Secured Contract are required to contain evidence that the Seller has record title to the Real Property underlying such Land Secured Contract. Neither the Seller nor the Company will be required to prepare, deliver or record any assignments to the Company or the Trustee in recordable form for the Mortgages related to such Land Secured Contracts. However, on or before the Closing Date, the Seller shall deliver to the Trustee an executed power of attorney substantially in the form of Exhibit 9 hereto, authorizing the Trustee to execute and record assignments of Mortgages securing Land Secured Contracts from the Seller to the Trustee in the event that recordation of such assignments becomes necessary for foreclosure on the related Real Property by or on behalf of the Trustee. Pursuant to such power of attorney, at the Servicer's instruction, the Trustee shall execute any such assignments as are provided to the Trustee by the Servicer. After execution of any such assignments, the Trustee shall redeliver such assignments to the Servicer at the Servicer's expense. Any expenses incurred by the Servicer in connection with the foregoing or in connection with its recordation of assignments in preparation for a foreclosure on a Land Secured Contract shall constitute Liquidation Expenses.shall