Common use of Additional Servicing Responsibilities for Second Mortgage Loans Clause in Contracts

Additional Servicing Responsibilities for Second Mortgage Loans. The Servicer must notify any superior lienholder in writing of the existence of the Second Mortgage Loan and request notification of any action (as described below) to be taken against the Mortgagor or the Mortgaged Property by the superior lienholder. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations under a First Mortgage Loan, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Owners, and/or to preserve the security of the related Home Equity Loan, subject to the application of the REMIC Provisions. The Servicer shall advance the necessary funds to cure the default or reinstate the lien securing a First Mortgage Loan, if such advance is in the best interests of the Owners; provided, however, that no such additional advance need be made if such advance would be nonrecoverable. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced. Any expenses incurred by the Servicer pursuant to this Section 8.22 shall be Servicing Advances. END OF ARTICLE VIII 84

Additional Servicing Responsibilities for Second Mortgage Loans. The Servicer must notify any superior lienholder in writing of the existence of the Second Mortgage Loan and request notification of any action (as described below) to be taken against the Mortgagor or the Mortgaged Property by the superior lienholder. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations under a First Mortgage Loan, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the OwnersOwners and the Certificate Insurer, and/or to preserve the security of the related Home Equity Loan, subject to the application of the REMIC Provisions. The Servicer shall advance the necessary funds to cure the default or reinstate the lien securing a First Mortgage Loan, if such advance is in the best interests of the Certificate Insurer and the Owners; provided, however, that no such additional advance need be made if such advance would be nonrecoverable. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced. Any expenses incurred by the Servicer pursuant to this Section 8.22 shall be Servicing Advances. END OF ARTICLE VIII 84.

Additional Servicing Responsibilities for Second Mortgage Loans. The Servicer must notify any superior lienholder in writing of the existence of the Second Mortgage Loan and request notification of any action (as described below) to be taken against the Mortgagor or the Mortgaged Property by the superior lienholder. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations under a First Mortgage Loan, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the OwnersOwners and the Certificate Insurer, and/or to preserve the security of the related Home Equity Loan, subject to the application of the REMIC Provisions. The Servicer shall advance the necessary funds to cure the default or reinstate the lien securing a First Mortgage Loan, if such advance is in the best interests of the Certificate Insurer and the Owners; provided, however, that no such additional advance need be made if such advance would be nonrecoverable. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced. Any expenses incurred by the Servicer pursuant to this Section 8.22 shall be Servicing Advances. END OF ARTICLE VIII 84101

Additional Servicing Responsibilities for Second Mortgage Loans. The Servicer must notify any superior lienholder in writing of the existence of the Second Mortgage Loan and request notification of any action (as described below) to be taken against the Mortgagor or the Mortgaged Property by the superior lienholder. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations under a First Mortgage Loan, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the OwnersOwners and the Note Insurer, and/or to preserve the security of the related Home Equity Loan, subject to the application of the REMIC Provisions. The Servicer shall advance the necessary funds to cure the default or reinstate the lien securing a First Mortgage Loan, if such advance is in the best interests of the Note Insurer and the Owners; provided, however, that no such additional advance need be made if such advance would be nonrecoverable. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced. Any expenses incurred by the Servicer pursuant to this Section 8.22 4.22 shall be Servicing Advances. END OF ARTICLE VIII 84.

Additional Servicing Responsibilities for Second Mortgage Loans. The Servicer must notify any superior lienholder in writing of the existence of the Second Mortgage Loan and request notification of any action (as described below) to be taken against the Mortgagor or the Mortgaged Property by the superior lienholder. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations under a First Mortgage Loan, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the TrustIssuer, whatever actions are necessary to protect the interests of the OwnersOwners and the Note Insurer, and/or to preserve the security of the related Home Equity Loan, subject to the application of the REMIC Provisions. The Servicer shall advance the necessary funds to cure the default or reinstate the lien securing a First Mortgage Loan, if such advance is in the best interests of the Note Insurer and the Owners; provided, however, that no such additional advance need be made if such advance would be nonrecoverable. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced. Any expenses incurred by the Servicer pursuant to this Section 8.22 7.22 shall be Servicing Advances. END OF ARTICLE VIII 84.

Additional Servicing Responsibilities for Second Mortgage Loans. The Servicer must notify any superior lienholder in writing of the existence of the a Second Mortgage Loan and request notification of any action (as described below) to be taken against the Mortgagor or the Mortgaged Property by the superior lienholder. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations under a First Mortgage LoanSenior Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the TrustTrust Fund, whatever such actions are necessary to protect the interests of the OwnersHolders, and/or to preserve the security of the related Home Equity Second Mortgage Loan, subject to the application of the REMIC Provisions. The Servicer shall advance the necessary funds to cure the default or reinstate the lien securing a First Mortgage LoanSenior Lien, if such advance is in the best interests of the OwnersHolders; provided, however, that no such additional advance need be made if if, in the Servicer’s reasonable business judgment, such advance would be nonrecoverablenonrecoverable in whole or in part. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced. Any expenses incurred by the Servicer pursuant to this Section 8.22 shall be Servicing Advances. END OF ARTICLE VIII 84.

Additional Servicing Responsibilities for Second Mortgage Loans. The Servicer must notify any superior lienholder in writing of the existence of the Second Mortgage Loan and request notification of any action (as described below) to be taken against the Mortgagor or the Mortgaged Property by the superior lienholder. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations under a First Mortgage Loan, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the OwnersOwners and the Certificate Insurer, and/or to preserve the security of the related Home Equity Loan, subject to the application of the REMIC Provisions. The Servicer shall advance the necessary funds to cure the default or reinstate the lien securing a First Mortgage Loan, if such advance is in the best interests of the Certificate Insurer and the Owners; provided, however, that no such additional advance need be made if such advance would be nonrecoverable. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced. Any expenses incurred by the Servicer pursuant to this Section 8.22 shall be Servicing Advances. END OF ARTICLE VIII 8495

Additional Servicing Responsibilities for Second Mortgage Loans. The Servicer must notify any superior lienholder in writing of the existence of the Second Mortgage Loan and request notification of any action (as described below) to be taken against the Mortgagor or the Mortgaged Property by the superior lienholder. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations under a First Mortgage Loan, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the OwnersOwners and the Certificate Insurer, and/or to preserve the security of the related Home Equity Loan, subject to the application of the REMIC Provisions. The Servicer shall advance the necessary funds to cure the default or reinstate the lien securing a First Mortgage Loan, if such advance is in the best interests of the Certificate Insurer and the Owners; provided, however, that no such additional advance need be made if such advance would be nonrecoverable. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced. Any expenses incurred by the Servicer pursuant to this Section 8.22 shall be Servicing Advances. END OF ARTICLE VIII 84VIII

Additional Servicing Responsibilities for Second Mortgage Loans. The Servicer must notify any superior lienholder in writing of the existence of the a Second Mortgage Loan and request notification of any action (as described below) to be taken against the Mortgagor or the Mortgaged Property by the superior lienholder. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations under a First Mortgage LoanSenior Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the TrustTrust Fund, whatever such actions are necessary to protect the interests of the OwnersHolders, and/or to preserve the security of the related Home Equity Second Mortgage Loan, subject to the application of the REMIC Provisions. The Servicer shall advance the necessary funds to cure the default or reinstate the lien securing a First Mortgage LoanSenior Lien, if such advance is in the best interests of the OwnersHolders; provided, however, that no such additional advance need be made if if, in the Servicer's reasonable business judgement, such advance would be nonrecoverablenonrecoverable in whole or in part. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced. Any expenses incurred by the Servicer pursuant to this Section 8.22 shall be Servicing Advances. END OF ARTICLE VIII 84.

Additional Servicing Responsibilities for Second Mortgage Loans. The Servicer must notify any superior lienholder in writing of the existence of the Second Mortgage Loan and request notification of any action (as described below) to be taken against the Mortgagor or the Mortgaged Property by the superior lienholder. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations under a First Mortgage Loan, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Owners, and/or to preserve the security of the related Home Equity Loan, subject to the application of the REMIC Provisions. The Servicer shall advance the necessary funds to cure the default or reinstate the lien securing a First Mortgage Loan, if such advance is in the best interests of the Owners; provided, however, that no such additional advance need be made if such advance would be nonrecoverable. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced. Any expenses incurred by the Servicer pursuant to this Section 8.22 shall be Servicing Advances. END OF ARTICLE VIII 84VIII