Termination Auction. The Trustee shall, in accordance with the procedures and schedule set forth in Exhibit K hereto (the "Auction Procedures") and upon written notice from the Master Servicer, make a commercially reasonable effort to sell at fair market value in a commercially reasonable manner and upon commercially reasonable terms, by conducting an auction (the "Termination Auction") of the Mortgage Loans remaining in the Trust in order to effect a termination of the Trust on a date selected by the Trustee (the "Auction Date"), but in any case within ninety days following the Optional Termination Date. The Seller and the Master Servicer may, but shall not be required to, bid at the Termination Auction. The Trustee shall be entitled to retain counsel of its choice to represent it in the Termination Auction, and the fees and expenses of such counsel shall be paid by the Seller. The Trustee shall sell and transfer the Mortgage Loans to the highest bidder therefor at the Termination Auction provided that:
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Block Mortgage Finance Inc Asset Backed Cert Series 1998 2), Pooling and Servicing Agreement (Block Mortgage Finance Inc Asset Backed Cert Series 1999 2), Pooling and Servicing Agreement (Block Mortgage Finance Asset Backed Certificates Ser 1997-2)
Termination Auction. The Trustee shall, in accordance with the procedures and schedule set forth in Exhibit K hereto (the "Auction Procedures") and upon written notice from the Master Servicer, make a commercially reasonable effort to sell at fair market value in a commercially reasonable manner and upon commercially reasonable terms, by conducting an auction (the "Termination Auction") of the Mortgage Loans remaining in the Trust in order to effect a termination of the Trust on a date selected by the Trustee (the "Auction Date"), but in any case within ninety days following the Optional Termination Date. The Seller (and the Master Servicer if Block Financial Corporation is not the Master Servicer) may, but shall not be required to, bid at the Termination Auction. The Trustee shall be entitled to retain counsel of its choice to represent it in the Termination Auction, and the fees and expenses of such counsel shall be paid by the Seller. The Trustee shall sell and transfer the Mortgage Loans to the highest bidder therefor at the Termination Auction provided that:
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Block Mortgage Finance Inc), Pooling and Servicing Agreement (Block Mortgage Finance Inc)
