Common use of Title to REO Properties; Management of REO Properties Clause in Contracts

Title to REO Properties; Management of REO Properties. (a) In the event that title to any Property is acquired by foreclosure or otherwise, title shall be taken in the name of a special purpose entity created by the Issuer, the ownership interest in which is included in the Trust Estate. The Servicer shall manage, conserve, protect and operate each REO Property, or cause such REO Property to be managed, conserved, protected and operated, for the benefit of the Issuer and the Collateral Agent and Custodian solely for the purpose of its prompt disposition and sale.

Title to REO Properties; Management of REO Properties. (a) In the event that title to any Property is acquired by foreclosure or otherwise, title shall be taken in the name of a special purpose entity created by the Issuer, the ownership interest in which is included in the Trust Estate. The Servicer shall manage, conserve, protect and operate each REO Property, or cause such REO Property to be managed, conserved, protected and operated, for the benefit of the Issuer and the Collateral Agent and Custodian Indenture Trustee solely for the purpose of its prompt disposition and sale.