Enforcement of Due Sample Clauses

Enforcement of Due. On-Sale Clauses; Assumption Agreements.............................51 Section 3.12 Realization Upon Defaulted Mortgage Loans.............................................52 Section 3.13 Trustee to Cooperate; Release of Mortgage Files.......................................54

Enforcement of Due. On-Sale Clauses; Assumption Agreements. The Servicer will, to the extent it has knowledge of any conveyance or prospective conveyance of any Mortgaged Property by any Mortgagor (whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains or is to remain liable under the Mortgage Note and/or the Mortgage), exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause, if any, applicable thereto; provided, however, that the Servicer shall not exercise any such rights if prohibited by law from doing so. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, or if any of the other conditions set forth in the proviso to the preceding sentence apply, the Servicer will enter into an assumption and modification agreement from or with the person to whom such property has been conveyed or is proposed to be conveyed, pursuant to which such person becomes liable under the Mortgage Note and, to the extent permitted by applicable state law, the Mortgagor remains liable thereon. The Servicer is also authorized to enter into a substitution of liability agreement with such person, pursuant to which the original Mortgagor is released from liability and such person is substituted as the Mortgagor and becomes liable under the Mortgage Note, provided that no such substitution shall be effective unless such person satisfies the then current underwriting criteria of the Servicer for mortgage loans similar to the Mortgage Loans. In connection with any assumption or substitution, the Servicer shall apply such underwriting standards and follow such practices and procedures as shall be normal and usual in its general mortgage servicing activities and as it applies to other mortgage loans owned solely by it. The Servicer shall not take or enter into any assumption and modification agreement, however, unless (to the extent practicable in the circumstances) it shall have received confirmation, in writing, of the continued effectiveness of any applicable hazard insurance policy. Any fee collected by the Servicer in respect of an assumption or substitution of liability agreement will be retained by the Servicer as additional servicing compensation. In connection with any such assumption, no material term of the Mortgage Note (including but not limited to the related Mortgage Rate and the amount of the Monthly Payment) may be amended or modified, except as otherwi...

Enforcement of Due on-Sale Clauses; Assumption and Modification Agreements; Certain Assignments. (See Section 3.13 of the Standard Terms)

Enforcement of Due. On-Sale Clauses; Assumption Agreements....................................

Enforcement of Due. On-Sale Clauses; Assumption Agreements. When a Mortgaged Property has been or is about to be conveyed by the Mortgagor, the Servicer shall, except as set forth below, to the extent it has knowledge of such conveyance or prospective conveyance, exercise its rights to accelerate the maturity of the related Mortgage Loan under any "due-on-sale" clause contained in the related Mortgage or Mortgage Note; provided, however, that the Servicer shall not exercise any such right if the "due-on-sale" clause, in the reasonable belief of the Servicer, is not enforceable under applicable law; provided, further, that the Servicer shall not take any action in relation to the enforcement of any "due-on-sale" clause which would adversely affect or jeopardize coverage under any Required Insurance Policy. An Opinion of Counsel at the expense of the Servicer (which the expense shall constitute a Servicing Advance) delivered to the Trustee and the Depositor shall conclusively establish the reasonableness of the Servicer's belief that any "due-on-sale" clause is not enforceable under applicable law. In such event, the Servicer shall make reasonable efforts to enter into an assumption and modification agreement with the Person to whom such property has been or is about to be conveyed, pursuant to which such Person becomes liable under the Mortgage Note and, unless prohibited by applicable law or the Mortgage, the Mortgagor remains liable thereon. If the foregoing is not permitted under applicable law, the Servicer is authorized to enter into a substitution of liability agreement with such Person, pursuant to which the original Mortgagor is released from liability and such Person is substituted as Mortgagor and becomes liable under the Note. In addition to the foregoing, the Servicer shall not be required to enforce any "due-on-sale" clause if in the reasonable judgment of the Servicer, entering into an assumption and modification agreement with a Person to whom such property shall be conveyed and releasing the original Mortgagor from liability would be in the best interests of the Certificateholders. The Mortgage Loan, as assumed, shall conform in all respects to the requirements, representations and warranties of this Agreement. The Servicer shall notify the Trustee that any such assumption or substitution agreement has been completed by forwarding to the Trustee the original copy of such assumption or substitution agreement (indicating the Mortgage File to which it relates) whi...

Enforcement of Due. On-Sale Clauses; Assumption Agreements. .....................................................................................81 SECTION 3.12. Realization Upon Defaulted Mortgage Loans.............................................82 SECTION 3.13. Title, Management and Disposition of REO Property.....................................84 SECTION 3.14. [Reserved]............................................................................87 SECTION 3.15. Reports of Foreclosure and Abandonment of Mortgaged Properties. .....................................................................................87 SECTION 3.16. Optional Purchase of Defaulted Mortgage Loans.........................................87 SECTION 3.17. Trustee to Cooperate; Release of Mortgage Files.......................................88 SECTION 3.18. Servicing Compensation................................................................89 SECTION 3.19. Statement as to Compliance............................................................90 SECTION 3.20. Independent Public Accountants' Servicing Report......................................90 SECTION 3.21. Access to Certain Documentation.......................................................91 SECTION 3.23. Advance Facility......................................................................91 PAYMENTS TO CERTIFICATEHOLDERS

Enforcement of Due. On-Sale Clauses; Assumption Agreements Section 3.14 Realization Upon Defaulted Mortgage Loans; REO Property.. Section 3.15 Trustee to Cooperate; Release of Mortgage Files.......

Enforcement of Due. On-Sale Clauses; Assumption Agreements......................................74 SECTION 3.16. Realization Upon Defaulted Mortgage Loans......................................................75 SECTION 3.17. Trustee to Cooperate; Release of Mortgage Files................................................77 SECTION 3.18. Servicing Compensation.........................................................................78 SECTION 3.19. Reports to the Trustee; Collection Account Statements..........................................79 SECTION 3.20. Statement as to Compliance.....................................................................79 SECTION 3.21. Independent Public Accountants' Servicing Report...............................................79

Enforcement of Due. On-Sale Clauses; Assumption Agreements; Defeasance Provisions......................... SECTION 3.10 Realization Upon Defaulted Mortgage Loans................... SECTION 3.11 Trustee to Cooperate; Release of Mortgage Files............. SECTION 3.12 Servicing Fees, Trustee Fees and Special Servicing Compensation.................................... SECTION 3.13 Reports to the Trustee; Collection Account Statements....