Title, Management and Disposition of Real Estate Owned. (a) If title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure ("REO Property"), the deed or certificate of sale shall be taken in the name of the Owner, or in the name of such Person or Persons designated by the Owner; provided, however, that (i) the Owner shall not designate the Servicer as holder without the Servicer's prior written consent and (ii) such designated Person or Persons shall acknowledge in writing that such title is to be held as nominee for the Owner. The Servicer shall provide written notice to the Owner after any REO Property is acquired in foreclosure or by deed in lieu of foreclosure.
Appears in 7 contracts
Samples: Servicing Agreement (Bear Stearns Asset Backed Securities Inc), Servicing Agreement (Structured Asset Securities Corp), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Title, Management and Disposition of Real Estate Owned. (a) If title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure ("“REO Property"”), the deed or certificate of sale shall be taken in the name of the Owner, or in the name of such Person or Persons designated by the Owner; provided, however, that (i) the Owner shall not designate the Servicer as holder without the Servicer's ’s prior written consent and (ii) such designated Person or Persons shall acknowledge in writing that such title is to be held as nominee for the Owner. The Servicer shall provide written notice to the Owner after any REO Property is acquired in foreclosure or by deed in lieu of foreclosure.
Appears in 2 contracts
Samples: Servicing Agreement (Lehman Mortgage Trust 2007-3), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-7)
Title, Management and Disposition of Real Estate Owned. (a) If title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure ("“REO Property"”), the deed or certificate of sale shall be taken in the name of the Owner, or in the name of such Person or Persons designated by the Owner; provided, however, that (i) the Owner shall not designate the Servicer as holder without the Servicer's ’s prior written consent and (ii) such designated Person or Persons shall acknowledge in writing that such title is to be held as nominee for the Owner. The Servicer shall provide written notice to the Owner after upon the commencement of foreclosure proceedings for any REO Property is acquired in foreclosure or by deed in lieu of foreclosure.
Appears in 1 contract
Samples: Servicing Agreement (J.P. Morgan Alternative Loan Trust 2006-A1)
Title, Management and Disposition of Real Estate Owned. (a) If title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure ("REO Property"), the deed or certificate of sale shall be taken in the name of the Owner, or in the name of such Person or Persons designated by the Owner; provided, however, that (i) the Owner shall not designate the Servicer as holder without the Servicer's ’s prior written consent and (ii) such designated Person or Persons shall acknowledge in writing that such title is to be held as nominee for the Owner. The Servicer shall provide written notice to the Owner after any REO Property is acquired in foreclosure or by deed in lieu of foreclosure.
Appears in 1 contract
Samples: Servicing Agreement (Zuni 2006-Oa1)
