Common use of Litigation Management Clause in Contracts

Litigation Management. Any litigation related solely to a single Mortgage Loan and incidental to the Subservicer’s servicing obligations hereunder (other than litigation between or among the Owner/Servicer, on the one hand, and Subservicer, on the other hand) shall be managed by the Subservicer or its counsel on behalf of the Owner/Servicer, such as foreclosure, evictions, quiet title and bankruptcy filings, at the Subservicer’s internal expense with respect to administration of such litigation (excluding, however, third party costs such as reasonable out-of-pocket attorney’s fees and expenses for which the Owner/Servicer shall remain responsible and which shall be a Servicing Advance hereunder). Any and all such proceedings described in this paragraph shall be taken by the Subservicer in its own name on behalf of the Owner/Servicer. The parties shall manage litigation relating to other Mortgage Loans in accordance with the Litigation Protocol attached hereto as Exhibit K. The Subservicer and the Owner/Servicer agree that Exhibit K will be finalized and attached hereto within ten (10) Business Days of the date hereof without any further action by the parties. The Subservicer shall deliver on the first (1st) Business Day of each month a report describing all litigation managed by the Subservicer on behalf of the Owner/Servicer. In addition to the other reports the Subservicer is providing under this Agreement, the Subservicer shall provide the Owner/Servicer, no later than the Reporting Date (or such other applicable deadline, as specified below), the following litigation-related reports: (i) results of periodic foreclosure firm audits, (ii) results of monthly scorecards of foreclosure and bankruptcy firms, including peer comparisons, (iii) changes in scorecarding methodology, (iv) changes in Subservicer’s foreclosure checklist or other foreclosure practices, (v) annual certification that each foreclosure firm is approved by the Agencies and (vi) monthly reports summarizing litigation, foreclosure and bankruptcy activity (volume, new, resolved, costs/expenses projections, etc.).