Common use of Delinquency and Foreclosure Clause in Contracts

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.

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) aboveof the Participation Agreement.