Delinquency and Foreclosure Clause Samples

POPULAR SAMPLE Copied 1 times
Delinquency and Foreclosure. In the event of any default of any of the Borrowers, which default shall be continuing for more than 30 days, Transferor shall use its best efforts to give Transferee written notice of such default. Transferor shall thereafter take such action as Transferee may deem necessary to protect the interests of both Transferor and Transferee, including, but not limited to, commencement of foreclosure actions or the acceptance of deeds in lieu of foreclosure. In the event Transferor shall fail to timely take any such action as directed by Transferee, Transferee may directly take any and all action it deems necessary to protect its interests as Transferee, including but limited to, the enforcement of collections, the commencement of foreclosure actions, or the acceptance of deeds in lieu of foreclosure. At the direction of the Transferee, the Transferor may deal with any of the Borrowers for the purpose of entering into forebearance agreements, moratoriums, and general work-out plans designed to allow the Borrowers to cure the default and restore the Loan to good standing; provided, Transferee may, in its discretion, deal directly with any of the Borrowers in the event the Transferee determines that Transferor is not satisfactorily following the directions of the Transferee as if Transferee were the direct holder of the Loans and, notwithstanding anything in this Agreement to the contrary, the Transferor shall, at all times, only take action or inaction that is consistent with the economic interests of the Transferee or otherwise only with the consent of the Transferee.
View SourceView Similar (10)
Delinquency and Foreclosure. In the event of any default of any of the Borrowers, which default shall be continuing for more than 30 days, Transferor shall use its best efforts to give Transferee notice of such default. Transferor may take such action as it deems advisable, including exercising Transferee’s right to commence foreclosure actions or accept deeds in lieu of foreclosure, pursuant to and in accordance with guidelines and limitations provided by Transferee to Transferor in writing from time to time. Notwithstanding the above, Transferor shall at all times take such action as Transferee may recommend in writing to Transferor as necessary to protect the interests of both Transferor and Transferee, including, but not limited to, commencement of foreclosure actions or acceptance of deeds in lieu of foreclosure.
View SourceView Similar (8)
Delinquency and Foreclosure. (a) Seller shall be responsible for protecting Purchaser's interest in the Mortgage Loans by using its best commercial efforts to maintain the maximum number of Mortgage Loans current as to payments during the period that Seller is required to service the Mortgage Loans hereunder. Seller shall take all reasonable and prudent steps to cause the Mortgagors to bring current all Mortgage Loans that become delinquent or go into default following the same approach in response to delinquent Monthly Payments it utilizes with respect to Mortgage Loans it services for its own account. Without limiting the generality of the foregoing, Purchaser agrees that Seller may enter into Mortgagor payment plans. (b) Seller shall, by the fifth Business Day of each month, advise Purchaser of Mortgage Loans that are 30 days, 60 days, 90 days, over 90 days past due, and loans in foreclosure. Seller shall perform inspections of the Mortgaged Property related to any such Mortgage Loans in accordance with its own internal policy and with all applicable Legal Requirements. Seller shall promptly institute foreclosure proceedings or cause such proceedings to be instituted in accordance with Seller's own internal policy and with all applicable Legal Requirements. Purchaser agrees that, without prior notice of its intent to institute foreclosure proceedings, unless required otherwise by applicable Legal Requirements, Seller may proceed with any foreclosure proceedings with respect to any Mortgage Loan, the Monthly Payments for which are past due, whenever Seller determines, in its sole discretion, that it is in the best interests of Purchaser to do so. Seller shall provide Purchaser with a copy of the credit bid instructions 48 hours prior to a Trustee's Sale Date. Provided there is no objection received from Purchaser, the trustee's sale will proceed as scheduled. (c) Following the completion of foreclosure on, or other acquisition of, any Mortgaged Property, Seller shall be responsible for the management and/or liquidation of all real property as acquired.
View SourceView Similar (2)
Delinquency and Foreclosure. In the event of any default of any of the Borrowers, which default shall be continuing for more than 30 days, Transferor shall use its best efforts to give Transferee written notice of such default. Transferor shall thereafter take such action as Transferor shall deem necessary to protect the interests of both Transferor and Transferee, including, but not limited to, commencement of foreclosure actions or the acceptance of deeds in lieu of foreclosure. Nothing contained herein shall be construed as limiting Transferor from dealing with any of the Borrowers as it would in the case of a Borrower where the Loan is wholly-owned by Transferor, for the purpose of entering into forebearance agreements, moratoriums and general work-out plans designed to allow the Borrowers to cure the default and restore the Loan to good standing; provided, however, that no such agreement made by Transferor be in violation of paragraph 7(b) above.
View SourceView Similar (2)

Related to Delinquency and Foreclosure

  • Collection; Foreclosure Upon the occurrence and during the continuance of any Event of Default, Lender may, at any time or from time to time, apply, collect, liquidate, sell in one or more sales, lease or otherwise dispose of, any or all of the Collateral, in its then condition or following any commercially reasonable preparation or processing, in such order as Lender may elect. Any such sale may be made either at public or private sale at its place of business or elsewhere. Borrower agrees that any such public or private sale may occur upon ten (10) calendar days’ prior written notice to Borrower. Lender may require Borrower to assemble the Collateral and make it available to Lender at a place designated by Lender that is reasonably convenient to Lender and Borrower. The proceeds of any sale, disposition or other realization upon all or any part of the Collateral shall be applied by Lender in the following order of priorities: First, to Lender in an amount sufficient to pay in full Lender’s costs and professionals’ and advisors’ fees and expenses as described in Section 11.11; Second, to Lender in an amount equal to the then unpaid amount of the Secured Obligations (including principal, interest, and the Default Rate interest), in such order and priority as Lender may choose in its sole discretion; and Finally, after the full, final, and indefeasible payment in Cash of all of the Secured Obligations, to any creditor holding a junior Lien on the Collateral, or to Borrower or its representatives or as a court of competent jurisdiction may direct. Lender shall be deemed to have acted reasonably in the custody, preservation and disposition of any of the Collateral if it complies with the obligations of a secured party under the UCC.

  • Default and Foreclosure 5 3.1 Remedies....................................................... 5 3.2

  • No Delinquent Receivables As of the Cutoff Date, no payment due under any Receivable was more than 30 days past due.

  • Delinquent Rent If not paid on the 1st, Rent shall be considered overdue and delinquent on the 2nd day of each calendar month. If Tenant fails to timely pay any month’s rent, Tenant will pay Landlord a late charge of $ per day until rent is paid in full. If Landlord receives the monthly rent by the 3rd day of the month, Landlord will waive the late charges for that month. Any waiver of late charges under this paragraph will not affect or diminish any other right or remedy Landlord may exercise for Tenant’s failure to timely pay rent.

  • Construction or Rehabilitation of Mortgaged Property No Mortgage Loan was made in connection with the construction or rehabilitation of a Mortgaged Property or facilitating the trade-in or exchange of a Mortgaged Property;