Common use of Reports of Foreclosure and Abandonment of Mortgaged Property Clause in Contracts

Reports of Foreclosure and Abandonment of Mortgaged Property. Each year the Trustee shall execute and return to the Servicer for filing the reports of foreclosures and abandonments of any Mortgaged Property prepared by the Servicer required by Section 6050J of the Code. In order to facilitate this reporting process, the Servicer, on or before January 15th of each year, shall provide to the Trustee reports relating to each instance occurring during the previous calendar year in which the Servicer (i) on behalf of the Trust Fund acquires an interest in a Mortgaged Property through foreclosure or other comparable conversion in full or partial satisfaction of the Mortgage Loan, or (ii) knows or has reason to know that a Mortgaged Property has been abandoned. The reports from the Servicer shall be in form and substance sufficient to enable the Trustee to meet the reporting requirements imposed by such Section 6050J.

Reports of Foreclosure and Abandonment of Mortgaged Property. Each year the Trustee shall execute and return to the Servicer for filing the reports of foreclosures and abandonments of any Mortgaged Property prepared by the Servicer required by Section 6050J of the Code. In order to facilitate this reporting process, the Servicer, on or before January 15th of each year, shall provide to the Certificate Administrator and the Trustee reports relating to each instance occurring during the previous calendar year in which the Servicer (i) on behalf of the Trust Fund acquires acquired an interest in a Mortgaged Property through foreclosure or other comparable conversion in full or partial satisfaction of the Mortgage Loan, or (ii) knows knew or has had reason to know that a Mortgaged Property has had been abandoned. The reports from the Servicer shall be in form and substance sufficient to enable the Trustee to meet the reporting requirements imposed by such Section 6050J.