Borrower’s Authority Regarding Loan Modifications Sample Clauses

Borrower’s Authority Regarding Loan Modifications. It is agreed that the right to decide how any Pledged Mortgage Loan shall be serviced and what to do and how to do it, when to approve assumptions or similar third-party undertakings, is hereby vested in Borrower, as trustee for Lender; provided, however, notwithstanding the foregoing to the contrary, Borrower shall consult with and obtain the prior written consent of Lender prior to taking any of the following actions: forgiving all or any portion of the principal balance of any Pledged Mortgage Loan, foreclosing on the related Mortgaged Property, accepting a deed-in-lieu of foreclosure or taking other similar actions intended to vest legal title to the Mortgaged Property in the name of Borrower, extending the maturity date of any Pledged Mortgage Loan, allowing abatement of monthly payments of principal and/or interest, adjusting the interest rate of any Pledged Mortgage Loan, forbearing any rights or remedies accruing to the Mortgagee after the occurrence of a material breach or Event of Default under the related Mortgage, accelerating all or any portion of the outstanding principal balance of the related Pledged Mortgage Loan, abating any monthly payment or suspending the accrual of any interest (including default interest) on the related Pledged Mortgage Loan.