Common use of Assumption and Modification Agreements Clause in Contracts

Assumption and Modification Agreements. When a Mortgaged Property has been or is about to be conveyed by the mortgagor, the Master Servicer shall exercise its right to accelerate the maturity of the Mortgage Loan consistent with the then current practice of the Master Servicer and without regard to the inclusion of the Mortgage Loan in the Trust. If it elects not to enforce its right to accelerate or if it is prevented from doing so by applicable law, the Master Servicer (so long as its action conforms with the underwriting standards generally acceptable in the industry at the time for new origination) may enter into an assumption and modification agreement with the person to whom the Mortgaged Property has been or is about to be conveyed, pursuant to which that person becomes liable under the Credit Line Agreement and, to the extent permitted by applicable law, the mortgagor remains liable on it. The Master Servicer shall notify the Indenture Trustee that any assumption and modification agreement has been completed by delivering to the Indenture Trustee an Officer's Certificate certifying that the agreement is in compliance with this Section and by forwarding the original copy of the assumption and modification agreement to the Indenture Trustee. Any assumption and modification agreement shall be a part of the related Mortgage File. No change in the terms of the related Credit Line Agreement may be made by the Master Servicer in connection with the assumption to the extent that the change would not be permitted to be made in the original Credit Line Agreement pursuant to Section 3.01(a). Any fee collected by the Master Servicer for entering into the assumption and modification agreement will be retained by the Master Servicer as additional servicing compensation.

Assumption and Modification Agreements. When (a) In any case in which property subject to a Mortgaged Property Mortgage has been or is about to be conveyed by the mortgagorMortgagor, the Master Servicer Company shall exercise its right to accelerate the maturity of the such Mortgage Loan consistent with under any "due-on-sale" clause applicable thereto, unless in the then current practice reasonable discretion of the Master Servicer and without regard to Company, such exercise would adversely affect or jeopardize coverage under the inclusion of related Primary Insurance Policy, if any; provided, however, that if the Mortgage Loan Company is prevented, as provided in the Trust. If it elects not to enforce its right to accelerate or if it is prevented Section 3.07(b), from doing so by applicable lawenforcing any such clause, the Master Servicer (so long as its action conforms with the underwriting standards generally acceptable in the industry at the time for new origination) may Company is authorized to make or enter into an assumption and modification agreement from or with the person Person to whom the Mortgaged Property such property has been or is about to be conveyed, pursuant to which that person such Person becomes liable under the Credit Line Agreement andMortgage Note and the Mortgagor remains liable thereon. In connection with any such assumption and modification agreement, the Company shall apply its then current underwriting standards to such Person. The Company shall not make or enter into any such assumption and modification agreement, however, unless (to the extent permitted by practicable in the circumstances) it shall have received confirmation of the continued effectiveness of any applicable law, the mortgagor remains liable on itPrimary Insurance Policy and hazard insurance policy. The Master Servicer Company shall notify the Indenture Trustee that any assumption and modification agreement has been completed by delivering forwarding to the Indenture Trustee an Officer's Certificate certifying that the agreement is in compliance with this Section and by forwarding the original copy of thereof, which copy shall be added by the assumption and modification agreement Trustee to the Indenture Trustee. Any assumption related Mortgage File and modification agreement shall shall, for all purposes, be considered a part of such Mortgage File to the related Mortgage Filesame extent as all other documents and instruments constituting a part thereof. No change in the terms of the related Credit Line Agreement may be made by the Master Servicer in In connection with any such agreement, the assumption to the extent that the change would Mortgage Rate, mortgage term and any other material term of such Mortgage Loan shall not be permitted to be made in the original Credit Line Agreement pursuant to Section 3.01(a)changed. Any fee collected by the Master Servicer Company for entering into the assumption and modification any such agreement will be retained by the Master Servicer Company as additional servicing compensation. (b) Notwithstanding Section 3.07(a) or any other provision of this Agreement, the Company shall not be deemed to be in default, breach or any other violation of its obligations hereunder by reason of any assumption of a Mortgage Loan, or transfer of the property subject to a Mortgage without the assumption thereof, by operation of law or any assumption or transfer which the Company reasonably believes it may be restricted by law from preventing, for any reason whatsoever.

Assumption and Modification Agreements. When a Mortgaged Property has been or is about to be conveyed by the mortgagor, the Master Servicer shall exercise its right to accelerate the maturity of the Mortgage Loan consistent with the then current practice of the Master Servicer and without regard to the inclusion of the Mortgage Loan in the Trust. If it elects not to enforce its right to accelerate or if it is prevented from doing so by applicable law, the Master Servicer (so long as its action conforms with the underwriting standards generally acceptable in the industry at the time for new origination) may enter into an assumption and modification agreement with the person to whom the Mortgaged Property has been or is about to be conveyed, pursuant to which that person becomes liable under the Credit Line Agreement and, to the extent permitted by applicable law, the mortgagor remains liable on it. The Master Servicer shall notify the Indenture Trustee that any assumption and modification agreement has been completed by delivering to the Indenture Trustee an Officer's Certificate certifying that the agreement is in compliance with this Section and by forwarding the original copy of the assumption and modification agreement to the Indenture Trustee. Any assumption and modification agreement shall be a part of the related Mortgage File. No change in the terms of the related Credit Line Agreement may be made by the Master Servicer in connection with the assumption to the extent that the change would not be permitted to be made in the original Credit Line Agreement pursuant to Section 3.01(a)3.01. Any fee collected by the Master Servicer for entering into the assumption and modification agreement will be retained by the Master Servicer as additional servicing compensation.

Assumption and Modification Agreements. When In any case in which a Mortgaged Property has been or is about to be conveyed by the mortgagorMortgagor, the Master Servicer shall exercise its right to accelerate the maturity of the such Mortgage Loan consistent with the then current practice of the Master Servicer and without regard to the inclusion of the such Mortgage Loan in the Trust. If it elects not to enforce its right to accelerate or if it is prevented from doing so by applicable law, the Master Servicer (so long as its such action conforms with the underwriting standards generally acceptable in the industry at the time for new origination) may is authorized to take or enter into an assumption and modification agreement from or with the person Person to whom the such Mortgaged Property has been or is about to be conveyed, pursuant to which that person such Person becomes liable under the Credit Line Loan Agreement and, to the extent permitted by applicable law, the mortgagor Mortgagor remains liable on itthereon. The Master Servicer shall notify the Indenture Trustee that any assumption and modification agreement has been completed by delivering to the Indenture Trustee an Officer's Certificate signed by a Servicing Officer certifying that the such agreement is in compliance with this Section 3.05 and by forwarding to the Indenture Trustee the original copy of the such assumption and modification agreement. Any such assumption and modification agreement to the Indenture Trustee. Any assumption and modification agreement shall shall, for all purposes, be considered a part of the related Mortgage FileFile to the same extent as all other documents and instruments constituting a part thereof. No change in the terms of the related Credit Line Loan Agreement may be made by the Master Servicer in connection with the any such assumption to the extent that the such change would not be permitted to be made in respect of the original Credit Line Loan Agreement pursuant to the fourth paragraph of Section 3.01(a). Any fee collected by the Master Servicer for entering into the assumption and modification any such agreement will be retained by the Master Servicer as additional servicing compensation.

Assumption and Modification Agreements. When In any case in which a Mortgaged Property has been or is about to be conveyed by the mortgagorMortgagor, the Master Servicer shall exercise its right to accelerate the maturity of the such Mortgage Loan consistent with the then current practice of the Master Servicer and without regard to the inclusion of the such Mortgage Loan in the Trust. If it elects not to enforce its right to accelerate or if it is prevented from doing so by applicable law, the Master Servicer (so long as its such action conforms with the underwriting standards generally acceptable in the industry at the time for new origination) may is authorized to take or enter into an assumption and modification agreement from or with the person Person to whom the such Mortgaged Property has been or is about to be conveyed, pursuant to which that person such Person becomes liable under the Credit Line Agreement and, to the extent permitted by applicable law, the mortgagor Mortgagor remains liable on itthereon. The Master Servicer shall notify the Indenture Trustee that any assumption and modification agreement has been completed by delivering to the Indenture Trustee an Officer's ’s Certificate signed by a Servicing Officer certifying that the such agreement is in compliance with this Section 3.05 and by forwarding to the Custodian the original copy of the such assumption and modification agreement. Any such assumption and modification agreement to the Indenture Trustee. Any assumption and modification agreement shall shall, for all purposes, be considered a part of the related Mortgage FileFile to the same extent as all other documents and instruments constituting a part thereof. No change in the terms of the related Credit Line Agreement may be made by the Master Servicer in connection with the any such assumption to the extent that the such change would not be permitted to be made in respect of the original Credit Line Agreement pursuant to the fourth paragraph of Section 3.01(a). Any fee collected by the Master Servicer for entering into the assumption and modification any such agreement will be retained by the Master Servicer as additional servicing compensation.

Assumption and Modification Agreements. When In any case in which a Mortgaged Property has been or is about to be conveyed by the mortgagorMortgagor, the Master Servicer shall exercise its right to accelerate the maturity of the such Mortgage Loan consistent with the then current practice of the Master Servicer and without regard to the inclusion of the such Mortgage Loan in the Trust. If it elects not to enforce its right to accelerate or if it is prevented from doing so by applicable law, the Master Servicer (so long as its such action conforms with the underwriting standards generally acceptable in the industry at the time for new origination) may is authorized to take or enter into an assumption and modification agreement from or with the person Person to whom the such Mortgaged Property has been or is about to be conveyed, pursuant to which that person such Person becomes liable under the Credit Line Agreement and, to the extent permitted by applicable law, the mortgagor Mortgagor remains liable on itthereon. The Master Servicer shall notify the Indenture Trustee that any assumption and modification agreement has been completed by delivering to the Indenture Trustee an Officer's Certificate certifying that the such agreement is in compliance with this Section 3.05 and by forwarding to the applicable Custodian, as agent for the Trustee, the original copy of the such assumption and modification agreement. Any such assumption and modification agreement to the Indenture Trustee. Any assumption and modification agreement shall shall, for all purposes, be considered a part of the related Mortgage FileFile to the same extent as all other documents and instruments constituting a part thereof. No change in the terms of the related Credit Line Agreement may be made by the Master Servicer in connection with the any such assumption to the extent that the such change would not be permitted to be made in respect of the original Credit Line Agreement pursuant to the fourth paragraph of Section 3.01(a). Any fee collected by the Master Servicer for entering into the assumption and modification any such agreement will be retained by the Master Servicer as additional servicing compensation.

Assumption and Modification Agreements. When a Mortgaged Property has been or is about to be conveyed by the mortgagor, the Master Servicer shall exercise its right to accelerate the maturity of the Mortgage Loan consistent with the then current practice of the Master Servicer and without regard to the inclusion of the Mortgage Loan in the Trust. If it elects not to enforce its right to accelerate or if it is prevented from doing so by applicable law, the Master Servicer (so long as its action conforms with the underwriting standards generally acceptable in the industry at the time for new origination) may enter into an assumption and modification agreement with the person to whom the Mortgaged Property has been or is about to be conveyed, pursuant to which that person becomes liable under the Credit Line Agreement and, to the extent permitted by applicable law, the mortgagor remains liable on it. The Master Servicer shall notify the Indenture Trustee that any assumption and modification agreement has been completed by delivering to the Indenture Trustee an Officer's ’s Certificate certifying that the agreement is in compliance with this Section and by forwarding the original copy of the assumption and modification agreement to the Indenture Trustee. Any assumption and modification agreement shall be a part of the related Mortgage File. No change in the terms of the related Credit Line Agreement may be made by the Master Servicer in connection with the assumption to the extent that the change would not be permitted to be made in the original Credit Line Agreement pursuant to Section 3.01(a)3.01. Any fee collected by the Master Servicer for entering into the assumption and modification agreement will be retained by the Master Servicer as additional servicing compensation.

Assumption and Modification Agreements. When In any case in which a Mortgaged Property has been or is about to be conveyed by the mortgagorMortgagor, the Master Servicer shall exercise its right to accelerate the maturity of the such Mortgage Loan consistent with the then current practice of the Master Servicer and without regard to the inclusion of the such Mortgage Loan in the Trust. If it elects not to enforce its right to accelerate or if it is prevented from doing so by applicable law, the Master Servicer (so long as its such action conforms with the underwriting standards generally acceptable in the industry at the time for new origination) may is authorized to take or enter into an assumption and modification agreement from or with the person Person to whom the such Mortgaged Property has been or is about to be conveyed, pursuant to which that person such Person becomes liable under the Credit Line Agreement and, to the extent permitted by applicable law, the mortgagor Mortgagor remains liable on itthereon. The Master Servicer shall notify the Indenture Trustee that any assumption and modification agreement has been completed by delivering to the Indenture Trustee an Officer's Certificate signed by a Servicing Officer certifying that the such agreement is in compliance with this Section 4.05 and by forwarding to the Custodian the original copy of the such assumption and modification agreement. Any such assumption and modification agreement to the Indenture Trustee. Any assumption and modification agreement shall shall, for all purposes, be considered a part of the related Mortgage FileFile to the same extent as all other documents and instruments constituting a part thereof. No change in the terms of the related Credit Line Agreement may be made by the Master Servicer in connection with the any such assumption to the extent that the such change would not be permitted to be made in respect of the original Credit Line Agreement pursuant to the fourth paragraph of Section 3.01(a4.01(a). Any fee collected by the Master Servicer for entering into the assumption and modification any such agreement will be retained by the Master Servicer as additional servicing compensation.

Assumption and Modification Agreements. When In any case in -------------------------------------- which a Mortgaged Property has been or is about to be conveyed by the mortgagorMortgagor, the Master Servicer shall exercise its right to accelerate the maturity of the such Mortgage Loan consistent with the then current practice of the Master Servicer and without regard to the inclusion of the such Mortgage Loan in the Trust. If it elects not to enforce its right to accelerate or if it is prevented from doing so by applicable law, the Master Servicer (so long as its such action conforms with the underwriting standards generally acceptable in the industry at the time for new origination) may is authorized to take or enter into an assumption and modification agreement from or with the person Person to whom the such Mortgaged Property has been or is about to be conveyed, pursuant to which that person such Person becomes liable under the Credit Line Agreement and, to the extent permitted by applicable law, the mortgagor Mortgagor remains liable on itthereon. The Master Servicer shall notify the Indenture Trustee that any assumption and modification agreement has been completed by delivering to the Indenture Trustee an Officer's Certificate certifying that the such agreement is in compliance with this Section 3.05 and by forwarding to the applicable Custodian, as agent for the Trustee, the original copy of the such assumption and modification agreement. Any such assumption and modification agreement to the Indenture Trustee. Any assumption and modification agreement shall shall, for all purposes, be considered a part of the related Mortgage FileFile to the same extent as all other documents and instruments constituting a part thereof. No change in the terms of the related Credit Line Agreement may be made by the Master Servicer in connection with the any such assumption to the extent that the such change would not be permitted to be made in respect of the original Credit Line Agreement pursuant to the fourth paragraph of Section 3.01(a). Any fee collected by the Master Servicer for entering into the assumption and modification any such agreement will be retained by the Master Servicer as additional servicing compensation.