Common use of Sale of the Foreclosed Property Clause in Contracts

Sale of the Foreclosed Property. (a) In the event that title to the Mortgaged Property is acquired for the benefit of the Certificateholders in foreclosure or by deed in lieu of foreclosure or otherwise, the deed, certificate of sale or other comparable document shall be taken in the name of the Trustee, as trustee for the Holders of the BXP Trust 2021-601L, Commercial Mortgage Pass-Through Certificates, Series 2021-601L, or their nominee (which shall not include the Special Servicer), on behalf of the Trust Fund or as otherwise contemplated pursuant to Section 8.10. The Special Servicer, on behalf of the Trust Fund and the Companion Loan Holders, shall sell the Foreclosed Property as expeditiously as appropriate in accordance with Accepted Servicing Practices and the REMIC Provisions, but in no event later than the time period set forth in Section 12.2 in a manner provided under this Section 3.15.