Common use of Delinquency and Foreclosure Clause in Contracts

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.

Delinquency and Foreclosure. (a) Seller shall be responsible for protecting Purchaser's interest in The Company shall, upon request, advise the Mortgage Loans by using its best commercial efforts to maintain the maximum number of Mortgage Loans current Purchaser 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 status 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, and particularly as to the Monthly Payments status of all payments required to be made by the Mortgagor thereunder. Any arrears or defaults by the Mortgagor on a Mortgage Loan shall be reported to the Purchaser in accordance with the Purchaser's required procedures. The Company shall also promptly notify the Purchaser of any failure by a Mortgagor to perform any other of its material covenants or obligations under the related Mortgage. The Company shall give to any insurer under a Primary Mortgage Insurance Policy all notices of default required to be given to maintain in full force and effect such policy of insurance. Copies of all notices, identified by the Purchaser's loan number, shall be forwarded by the Company to the Purchaser for which are past dueits files. After any default by a Mortgagor under the related Mortgage and during any foreclosure or other proceedings affecting such Mortgage, whenever Seller determinesthe Company shall continue to perform all the requirements of the Company to maintain insurance thereon and to inspect the Mortgaged Property as hereinabove provided, and to pay any ground rents, taxes, assessments, water rates, other charges and insurance premiums with respect to the related insurance before any penalty or late charge accrues, and in its sole discretiondischarging such duties shall comply with all applicable provisions of the applicable Primary Mortgage Insurance Policy. The Company shall, that it is with the approval of the Purchaser, also make all other necessary reasonable expenditures to preserve the Mortgaged Property. After any default under a Mortgage, the Company shall, to the extent requested by the Purchaser, diligently assist in the best interests instituting and conducting of Purchaser collection actions and foreclosure proceedings, or proceed to do so. Seller shall provide Purchaser with acquire the property by other means, such as a copy deed in lieu of foreclosure, and take title to the property, as designated by the Purchaser, and take possession of the credit bid property, all in accordance with the instructions 48 hours prior of the Purchaser and the requirements of the related Primary Mortgage Insurance Policy and shall protect and conserve the property until the property is disposed of. The Company shall assist in exercising any assignment of rents given by any Mortgagor and pursuant to a Trustee's Sale Datethe Mortgage Loan and shall take such action in connection therewith as may be requested by the Purchaser. Provided there is no objection received from Purchaser, In connection with any such transfer of the trustee's sale will proceed as scheduled. (c) Following Mortgage or of the completion of foreclosure on, or other acquisition of, any Mortgaged Property, Seller to the insurer under a mortgage pool insurance policy or the insurer under a Primary Mortgage Insurance Policy, as the case may be, the Company shall also turn over to such grantee or to the Purchaser for delivery to such grantee all items relating to the Mortgage transaction requested by such grantee, including any funds, documents, books, papers and accounts, and in connection therewith the Company shall, upon request by the Purchaser, certify to such grantee or to the Purchaser by affidavit or otherwise as to all matters within the knowledge of the Company with respect to the Mortgage and the Mortgaged Property. The Company shall engage an attorney to conduct foreclosure or other proceedings who is acceptable to the Purchaser and who has agreed to accept fees therefor in amounts acceptable to the Purchaser. Any amount bid by the Company or its attorney at any foreclosure sale or at any judicial proceeding must be responsible approved by the Purchaser in writing. Notwithstanding anything in this Agreement to the contrary, the Company shall not be entitled to recover legal expenses incurred in connection with foreclosure proceedings where the Mortgage Loan is reinstated and such foreclosure proceedings are terminated prior to completion, other than sums received from the Mortgagor for the management and/or liquidation of all real property as acquiredsuch expenses.