Common use of Recordation with Respect to Mortgage Loans Clause in Contracts

Recordation with Respect to Mortgage Loans. Notwithstanding any provisions in these Standard Terms to the contrary, OMI shall cause, with respect to each Mortgage Loan, Assignments of Mortgages to the Trustee to be prepared and recorded with respect to all Mortgages not later than one-hundred twenty (120) calendar days following the Closing Date, which recordation shall be an expense of the Company. For each Mortgage for which an Assignment of Mortgage is not duly and timely recorded as provided above, the Company shall repurchase such Mortgage pursuant to the provisions of 2.06 hereof. As evidence of recordation, the Trustee shall be entitled to rely upon, among other things (i) a certification from a title insurance company, (ii) an Opinion of Counsel, (iii) a recorded Assignment or (iv) a clerk's receipt as to the recordation of any or all of the Assignments. (c) Section 3.04 of the Standard Terms is hereby amended by deleting the title "Advances and Compensating Interest" and replacing such title with the title "Advances", and is amended further by deleting Section 3.04(e) in its entirety. (d) Section 5.02 of the Standard Terms is hereby amended by deleting the words S-28 "be equal to" and replacing it with the words "not be less than" on the fourth line of the first paragraph thereof. (e) Section 5.05(b)(1) of the Standard Terms is amended to read in its entirety as follows:

Recordation with Respect to Mortgage Loans. Notwithstanding any provisions in these Standard Terms to the contrary, OMI shall cause, with respect to each Mortgage Loan, Assignments of Mortgages to the Trustee to be prepared and recorded with respect to all Mortgages not later than one-hundred twenty (120) calendar days following the Closing Date, which recordation shall be an expense of the Company. For each Mortgage for which an Assignment of Mortgage is not duly and timely recorded as provided above, the Company shall repurchase such Mortgage pursuant to the provisions of 2.06 hereof. As evidence of recordation, the Trustee shall be entitled to rely upon, among other things (i) a certification from a title insurance company, (ii) an Opinion of Counsel, (iii) a recorded Assignment or (iv) a clerk's receipt as to the recordation of any or all of the Assignments. (c) Section 3.04 of the Standard Terms is hereby amended by deleting the title "Advances and Compensating Interest" and replacing such title with the title "Advances", and is amended further by deleting Section 3.04(e) in its entirety. (d) Section 5.02 3.10(c) of the Standard Terms is hereby amended by adding after the final sentence thereof the following: "Upon the request of the Servicer, the Trustee shall execute and deliver to the Servicer one or more limited powers of attorney that constitutes and appoints the Servicer as the Trustee's true and lawful attorney-in-fact and agent with respect to the commencement of certain actions, in the name and on behalf of the Trustee, for the benefit of the Certificateholders, pursuant to the provisions hereof and to execute and deliver, in the Trustee's name, place and stead such papers as reasonably necessary or desirable to carry out the foregoing, at all times consistent with the Pooling and Servicing Agreement." (e) Section 4.01(1) of the Standard Terms is hereby amended by deleting the words S-28 "be equal toand" immediately before subclause "(I)" and replacing it with by adding after the words "not be less than" on final sentence thereof the fourth line of the first paragraph thereof. (e) Section 5.05(b)(1) of the Standard Terms is amended to read in its entirety as followsfollowing:

Recordation with Respect to Mortgage Loans. Notwithstanding any provisions in these Standard Terms to the contrary, OMI shall cause, with respect to each Mortgage Loan, Assignments of Mortgages to the Trustee to be prepared and recorded with respect to all Mortgages not later than one-hundred twenty (120) calendar days following the Closing Date, which recordation shall be an expense of the Company. For each Mortgage for which an Assignment of Mortgage is not duly and timely recorded as provided above, the Company shall repurchase such Mortgage pursuant to the provisions of 2.06 hereof. As evidence of recordation, the Trustee shall be entitled to rely upon, among other things (i) a certification from a title insurance company, (ii) an Opinion of Counsel, (iii) a recorded Assignment or (iv) a clerk's receipt as to the recordation of any or all of the Assignments. (c) Section 3.04 of the Standard Terms is hereby amended by deleting the title "Advances and Compensating Interest" and replacing such title with the title "Advances", and is amended further by deleting Section 3.04(e) in its entirety. (d) Section 5.02 of the Standard Terms is hereby amended by deleting the words S-28 "be equal to" and replacing it with the words "not be less than" on the fourth line of the first paragraph thereof. (e) Section 5.05(b)(1) of the Standard Terms is amended to read in its entirety as follows:

Recordation with Respect to Mortgage Loans. Notwithstanding any provisions in these Standard Terms to the contrary, OMI shall cause, with respect to each Mortgage Loan, Assignments of Mortgages to the Trustee to be prepared and recorded with respect to all Mortgages not later than one-hundred twenty (120) calendar days following the Closing Date, which recordation shall be an expense of the Company. For each Mortgage for which an Assignment of Mortgage is not duly and timely recorded as provided above, the Company shall repurchase such Mortgage pursuant to the provisions of 2.06 hereof. As evidence of recordation, the Trustee shall be entitled to rely upon, among other things (i) a certification from a title insurance company, (ii) an Opinion of Counsel, (iii) a recorded Assignment or (iv) a clerk's receipt as to the recordation of any or all of the Assignments. (c) Section 3.04 of the Standard Terms is hereby amended by deleting the title "Advances and Compensating Interest" and replacing such title with the title "Advances", and is amended further by deleting Section 3.04(e) in its entirety. (d) Section 5.02 3.09(a) of the Standard Terms is hereby amended to read in its entirety as follows: The Servicer shall maintain, protect, and insure any Repo Property or REO Property acquired pursuant to Section 3.08 hereof, on behalf of the Trust, in accordance with standard industry practice solely for the purpose of its prompt disposition and sale and with a view toward maximizing the amount of principal and interest recovered on the Assets. During any period in which the Trust holds a Repo Property or REO Property, the Servicer shall not (1) lease the Repo Property or REO Property, (2) authorize or permit any construction on the Repo Property or REO Property, other than the completion of a building or improvement thereon, and then only if more than 10% of the construction of such building or other improvement was completed before default on the related Asset became imminent, all within the meaning of section 856(e)(4)(B) of the Code, or (3) allow the Repo Property or REO Property to be used in any trade or business conducted by the Trust. If one or more REMIC elections are made with respect to the assets of the Trust, the Servicer shall use its best efforts to dispose of such Repo Property or REO Property for its fair market value by the end of the tenth month of the third calendar year following the end of the calendar year in which the Repo Property or REO Property was acquired by the Trust (the "REO Holding Period"), pursuant to the Servicer's ordinary commercial practices. If the Servicer is unable to sell such Repo Property or REO Property in the course of its ordinary commercial practices within the REO Holding Period, the Servicer shall (a) purchase such Repo Property or REO Property at a price equal to such Repo Property's or REO Property's fair market value or (b) auction such Repo Property or REO Property to the highest bidder in an auction reasonably designed to produce a fair price (an "Auction") that takes place within one month after the end of the REO Holding Period. If the Servicer and the Trustee either (1) receive an Opinion of Counsel indicating that, under then-current law, the REMIC may hold Repo Property or REO Property associated with a REMIC Asset for a period longer than the REO Holding Period without threatening the REMIC status of any related REMIC or causing the imposition of a tax upon any such REMIC or (2) the Servicer applies for and is granted an extension of the REO Holding Period pursuant to Code sections 860G(a)(8) and 856(e)(3) (the applicable period provided pursuant to such Opinion of Counsel or such Code section being referred to herein as an "Extended Holding Period"), upon the direction of OMI or the Trustee, the Servicer shall continue to attempt to sell such Repo Property or REO Property pursuant to its ordinary commercial practices until the date two months prior to the expiration of the Extended Holding Period. If no REMIC election has been made or is to be made with respect to the assets of the Trust, the REO Holding Period for disposing of any Repo Property or REO Property as described in the preceding two sentences shall be an eleven-month period. The Servicer shall either sell any Repo Property or REO Property remaining after such date in an Auction or purchase such Repo Property or REO Property (at the price set forth in this paragraph) before the end of the Extended Holding Period. In the event of any such sale of a Repo Property or REO Property, the Trustee shall, at the written request of the Servicer and upon being supplied with appropriate forms therefor, within five Business Days after its receipt of the proceeds of such sale or auction, instruct the Servicer to release to the purchaser the related Contract File and Servicer Contract File (in the case of a Repo Property), and the Trustee shall release to the purchaser the related Trustee Mortgage Loan File and shall instruct the Servicer to release to the purchaser the related Servicer Mortgage Loan File (in the case of a Mortgage Loan), and in any event the Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be necessary to vest in the auction purchaser title to the Repo Property or REO Property, and shall deliver to such purchaser any Asset Documents relating to such Contract that are in the Trustee's possession, whereupon the Trustee shall have no further responsibility with regard to any related Asset File or Servicer File. Neither the Trustee nor the Servicer, acting on behalf of the Trust, shall provide financing from such Trust to any purchaser of a Repo Property or REO Property. (e) Section 3.10(c) of the Standard Terms is hereby amended by adding after the final sentence thereof the following: "Upon the request of the Servicer, the Trustee shall execute and deliver to the Servicer one or more limited powers of attorney that constitutes and appoints the Servicer as the Trustee's true and lawful attorney-in-fact and agent with respect to the commencement of certain actions, in the name and on behalf of the Trustee, for the benefit of the Certificateholders, pursuant to the provisions hereof and to execute and deliver, in the Trustee's name, place and stead such papers as reasonably necessary or desirable to carry out the foregoing, at all times consistent with the Pooling and Servicing Agreement." (f) Section 4.01(1) of the Standard Terms is hereby amended by deleting the words S-28 "be equal toand" immediately before subclause "(I)" and replacing it with by adding after the words "not be less than" on final sentence thereof the fourth line of the first paragraph thereof. (e) Section 5.05(b)(1) of the Standard Terms is amended to read in its entirety as followsfollowing: