Common use of Actions Prior to Foreclosure Clause in Contracts

Actions Prior to Foreclosure. The Servicer shall initiate or cause to be initiated the foreclosure actions as are authorized by law and consistent with the practices in the locality where the Mortgaged Premises are located. If the Mortgaged Premises have been abandoned or vacated by the Borrower and the Borrower has evidenced no intention of honoring his obligations under the Mortgage Loan, the foreclosure shall be expedited to the extent permitted by law. The Servicer shall not take any action to foreclose, or accept a deed in lieu of foreclosure, with respect to any Mortgage Loan that the Servicer knows, that the related Mortgaged Premises are contaminated with toxic wastes or have other significant environmental risks, without prior consultation with the Owner. The Servicer shall comply with applicable state law with respect to any required notice to the Borrower regarding a default, rights to cure such default, and the commencement of foreclosure proceedings.