Common use of REO Sales Clause in Contracts

REO Sales. (a) The Servicer shall obtain the best market price for a REO for the Trustee while disposing of such REO in a timely and efficient manner. Unless otherwise directed by the Master Servicer, the Servicer, acting on behalf of the Trustee, shall dispose or cooperate with the Trustee in disposing of such REO prior to the close of the third calendar year following the year of its acquisition by the Trustee (the "REO Disposition Period") or, if an extension has been obtained from the Internal Revenue Service pursuant to Section 14.4.2(b), within such period. If the Servicer is otherwise unable to sell such REO, unless otherwise directed by the Master Servicer, the Servicer shall before the end of the REO Disposition Period or, if an extension has been obtained from the Internal Revenue Service pursuant to Section 14.4.2(b), before the end of such period, following the acquisition of such REO, auction such REO to the highest bidder in an auction reasonably designed to bring a fair price. The Servicer shall consult with the Master Servicer prior to holding such auction. The Servicer is eligible to bid in such an auction. (b) The Master Servicer may apply to the Internal Revenue Service, in the manner contemplated by Code Section 856(e)(3), for an extension of the REO Disposition Period with respect to an REO.

REO Sales. (a) The Servicer shall obtain the best market price for a REO for the Trustee while disposing of such REO in a timely and efficient manner. Unless otherwise directed by the Master Servicer, the Servicer, acting on behalf of the Trustee, shall dispose or cooperate with the Trustee in disposing of such REO prior to the close of the third calendar year following the year of its acquisition by the Trustee (the "“REO Disposition Period"”) or, if an extension has been obtained from the Internal Revenue Service pursuant to Section 14.4.2(b), within such period. If the Servicer is otherwise unable to sell such REO, unless otherwise directed by the Master Servicer, the Servicer shall before the end of the REO Disposition Period or, if an extension has been obtained from the Internal Revenue Service pursuant to Section 14.4.2(b), before the end of such period, following the acquisition of such REO, auction such REO to the highest bidder in an auction reasonably designed to bring a fair price. The Servicer shall consult with the Master Servicer prior to holding such auction. The Servicer is eligible to bid in such an auction. (b) The Master Servicer may apply to the Internal Revenue Service, in the manner contemplated by Code Section 856(e)(3), for an extension of the REO Disposition Period with respect to an REO.