Common use of Acquisition of Collateral Clause in Contracts

Acquisition of Collateral. (a) If title to any Collateral that constitutes real property is to be acquired by foreclosure, by deed in lieu of foreclosure, by power of sale or by sale pursuant to the Uniform Commercial Code, or otherwise, title to such REO Property shall be taken and held in the name of an Ownership Entity; provided, however, that for any REO Property with respect to which there exists any Environmental Hazard, the Ownership Entity that holds such REO Property may hold title only to the relevant REO Property with respect to which the Environmental Hazard exists. (b) Nothing in this Article XII or anything else in this Agreement shall be deemed to affirmatively require the Manager to cause the Company to acquire all or any portion of any REO Property with respect to which there exists any Environmental Hazard. Prior to acquisition of title to any REO Property (whether by foreclosure, deed in lieu of foreclosure, by power of sale or by sale pursuant to the Uniform Commercial Code, or otherwise), the Manager shall cause to be commissioned with respect to such REO Property either (i) a Transaction Screen Process consistent with ASTM Standard E 1528-06, by an environmental professional or