Common use of Purchaser's Election to Commence Foreclosure Proceedings Clause in Contracts

Purchaser's Election to Commence Foreclosure Proceedings. In connection with any Mortgage Loan identified in a report under Section 2.01(a)(i)(B), the Purchaser may elect to instruct the Company to proceed with the Commencement of Foreclosure as soon as practicable. Such election must be evidenced by written notice received by the Company by 5:00 p.m., New York City time, on the third Business Day following the delivery of such report under Section 2.01(a)(i). The Company shall have the right to reject the notice of election by written notice to the Purchaser within 24 hours of receipt of such notice of election, in which event, the Company may delay the Commencement of Foreclosure.