Common use of Acquisition of REO Property Clause in Contracts

Acquisition of REO Property. If the Seller shall cause the Trust Subsidiary to acquire, or contemplate the acquisition by Trust Subsidiary of, any REO Property, or desire to extinguish any Mortgage Note in connection with the foreclosure of the related Mortgage Loan, a transfer of the real property underlying the Mortgage Note in lieu of foreclosure or other transfer of such real property, the Seller shall cause such real property to be taken by Deed, or by means of such instruments as is provided by the Governmental Authority governing the transfer, or right to request transfer and issuance of the Deed, or such instrument as is provided by the related Governmental Authority, or to be acquired through foreclosure sale in the jurisdiction in which the REO Property is located, in the name of the Trust Subsidiary and in accordance with the terms of the Trust Agreement; provided that Seller or the applicable Servicer may achieve this by initially taking such REO Property in the name of the Seller or its nominee pursuant to a nominee agreement, and then transferring (and hereby covenants to transfer) such REO Property to the Trust Subsidiary by Deed within the period of time generally necessary in the applicable jurisdiction for the applicable Servicer.