Common use of Assumption and Modification Agreements Clause in Contracts

Assumption and Modification Agreements. In any case in which a Mortgaged Property has been or is about to be conveyed by the Mortgagor, the Master Servicer and each Subservicer shall exercise its right to accelerate the maturity of the related ____________ Loan and require that the balance thereof be paid in full on or prior to such conveyance by the Mortgagor under any "due-on-sale" clause applicable thereto. If such "due-on-sale" clause, by its terms, is not operable or the Master Servicer is prevented, as provided in the following paragraph of this Section 3.05, from enforcing any such clause, the Master Servicer is authorized to take or enter into an assumption and modification agreement from or with the Person to whom such property has been or is about to be conveyed, pursuant to which such Person becomes liable under the Loan Agreement and the Mortgagor remains liable thereon. In connection with any such agreement, the provisions for the adjustment of the rate thereon shall not be modified to increase or decrease the rate. Any such agreement shall, for all purposes, be considered part of the related Mortgage File. Any fee collected by the Master Servicer for entering into any such agreement will be retained by the Master Servicer as additional servicing compensation. Notwithstanding the foregoing paragraph of this Section 3.05 or any other provision of this Agreement, the Master Servicer shall not be deemed to be in default, breach or any other violation of its obligations hereunder by reason of any assumption of a ____________ Loan, or transfer of any Mortgaged Property without the assumption thereof, by operation of law or any assumption or transfer which the Master Servicer reasonably believes it may be restricted by law from preventing, for any reason whatsoever.

Assumption and Modification Agreements. In any case in which a Mortgaged Property has been or is about to be conveyed by the Mortgagor, the Master Servicer and each Subservicer shall exercise its right to accelerate the maturity of the related ____________ Home Equity Loan and require that the balance Loan Balance thereof be paid in full on or prior to such conveyance by the Mortgagor under any "due-on-sale" clause applicable thereto. If such "due-on-sale" clause, by its terms, is not operable or the Master Servicer is prevented, as provided in the following paragraph of this Section 3.05, from enforcing any such clause, the Master Servicer is authorized to take or enter into an assumption and modification agreement from or with the Person to whom such property has been or is about to be conveyed, pursuant to which such Person becomes liable under the Loan Agreement and the Mortgagor remains liable thereon. In connection with any such agreement, the provisions for the adjustment of the rate Loan Rate thereon shall not be modified to increase or decrease the rateLoan Rate. Any such agreement shall, for all purposes, be considered part of the related Mortgage File. Any fee collected by the Master Servicer for entering into any such agreement will be retained by the Master Servicer as additional servicing compensation. Notwithstanding the foregoing paragraph of this Section 3.05 or any other provision of this Agreement, the Master Servicer shall not be deemed to be in default, breach or any other violation of its obligations hereunder by reason of any assumption of a ____________ Home Equity Loan, or transfer of any Mortgaged Property without the assumption thereof, by operation of law or any assumption or transfer which the Master Servicer reasonably believes it may be restricted by law from preventing, for any reason whatsoever.

Assumption and Modification Agreements. In any case in -------------------------------------- which a Mortgaged Property securing a Secured Loan has been or is about to be conveyed by the MortgagorObligor, the Master Servicer and each Subservicer shall exercise its right to accelerate the maturity of the related ____________ Loan secured thereby unless (a) such enforcement is prohibited by law, (b) there exists substantial doubt regarding the enforceability of such acceleration clause or (c) in the light of the costs of enforcement and require that the principal balance thereof of the Loan it would be paid in full on or prior uneconomic to enforce such conveyance by the Mortgagor under any "due-on-sale" clause applicable theretoacceleration clause. If such "due-on-sale" clause, by its terms, is not operable or the Master Servicer is prevented, as provided in the following paragraph of this Section 3.05, prevented from enforcing any such clauseright by applicable law or elects not to exercise such right, the Master Servicer (so long as such action conforms with the Servicer's underwriting standards at the time for new originations) is authorized to take or enter into an assumption and modification agreement from or with the Person to whom such property Mortgaged Property has been or is about to be conveyed, pursuant to which such Person becomes liable under the related Loan Agreement and and, to the Mortgagor extent permitted by applicable law, the Obligor remains liable thereon. In No change in the terms of the related Loan may be made by the Servicer in connection with any such agreement, assumption or modification to the provisions for the adjustment extent that such change would not be permitted to be made in respect of the rate thereon original Loan pursuant to Section 5.01(c). The Servicer shall not be modified notify the Trustee and the --------------- Certificate Insurer that any assumption and modification agreement has been completed by delivering to increase or decrease the rateTrustee (i) an Officer's Certificate certifying that such agreement is in compliance with this Section 5.04 and (ii) a manually executed copy of such assumption and modification agreement. Any such assumption and modification agreement shall, for all purposes, be considered a part of the related Mortgage FileLoan File to the same extent as all other documents and instruments constituting a part thereof. Any fee collected by the Master Servicer for entering into any such agreement will shall be retained by the Master Servicer as additional servicing compensation. Notwithstanding the foregoing paragraph of this Section 3.05 or any other provision of this Agreement, the Master Servicer shall not be deemed to be in default, breach or any other violation of its obligations hereunder by reason of any assumption of a ____________ Loan, or transfer of any Mortgaged Property without the assumption thereof, by operation of law or any assumption or transfer which the Master Servicer reasonably believes it may be restricted by law from preventing, for any reason whatsoever.

Assumption and Modification Agreements. In any case in which a Mortgaged Property has been or is about to be conveyed by the Mortgagor, the Master Servicer and each Subservicer shall exercise its right to accelerate the maturity of the related ____________ Loan and require that the balance Loan Balance thereof be paid in full on or prior to such conveyance by the Mortgagor under any "due-on-sale" clause applicable thereto. If such "due-on-sale" clause, by its terms, is not operable or the Master Servicer is prevented, as provided in the following paragraph of this Section 3.05, from enforcing any such clause, the Master Servicer is authorized to take or enter into an assumption and modification agreement from or with the Person to whom such property has been or is about to be conveyed, pursuant to which such Person becomes liable under the Loan Agreement and the Mortgagor remains liable thereon. In connection with any such agreement, the provisions for the adjustment of the rate Loan Rate thereon shall not be modified to increase or decrease the rateLoan Rate. Any such agreement shall, for all purposes, be considered part of the related Mortgage File. Any fee collected by the Master Servicer for entering into any such agreement will be retained by the Master Servicer as additional servicing compensation. Notwithstanding the foregoing paragraph of this Section 3.05 or any other provision of this Agreement, the Master Servicer shall not be deemed to be in default, breach or any other violation of its obligations hereunder by reason of any assumption of a ____________ Loan, or transfer of any Mortgaged Property without the assumption thereof, by operation of law or any assumption or transfer which the Master Servicer reasonably believes it may be restricted by law from preventing, for any reason whatsoever.