Common use of Reports of Foreclosure and Abandonment of Mortgaged Property Clause in Contracts

Reports of Foreclosure and Abandonment of Mortgaged Property. Each year the Trustee shall make the reports of foreclosures and abandonments of any Mortgaged Property required by Section 6050J of the Code. In order to facilitate this reporting process, the Servicer, on or before January 15th of each year, shall provide to the Trustee and the Certificate Insurer reports relating to each instance occurring during the previous calendar year in which the Servicer (i) on behalf of the Trust Fund acquires an interest in a Mortgaged Property through foreclosure or other comparable conversion in full or partial satisfaction of the Mortgage Loan, or (ii) knows or has reason to know that a Mortgaged Property has been abandoned. The reports from the Servicer shall be in form and substance sufficient to enable the Trustee to meet the reporting requirements imposed by such Section 6050J. The Servicer will deliver to the Trustee an aggregate summary of all information needed by the Trustee to prepare such Section 6050J reports.

Reports of Foreclosure and Abandonment of Mortgaged Property. Each year the Trustee shall make the reports of foreclosures and abandonments of any Mortgaged Property required by Section 6050J of the Code. In order to facilitate this reporting process, the Servicer, on or before January 15th of each year, shall provide to the Trustee and the Certificate Insurer reports relating to each instance occurring during the previous calendar year in which the Servicer (i) on behalf of the Trust Fund acquires an interest in a Mortgaged Property through foreclosure or other comparable conversion in full or partial satisfaction of the Mortgage Home Improvement Loan, or (ii) knows or has reason to know that a Mortgaged Property has been abandoned. The reports from the Servicer shall be in form and substance sufficient to enable the Trustee to meet the reporting requirements imposed by such Section 6050J. The Servicer will deliver to the Trustee an aggregate summary of all information needed by the Trustee to prepare such Section 6050J reports.