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 6 contracts
Samples: Servicing Agreement (Banc of America Funding Corp), Servicing Agreement (Banc of America Funding 2006-6 Trust), Servicing Agreement (Banc of America Funding 2006-5 Trust)
