Causes of Termination Defined; Remedies. Upon the happening of any one or more of the following events the Servicer shall, upon the direction of the Authority, terminate this Agreement with respect to the Mortgage Lender or take whatever action at law or in equity as may appear necessary or desirable to enforce performance or observance of any obligation, agreement, or covenant of the Mortgage Lender hereunder:
(a) Failure by the Mortgage Lender duly to observe or perform in any material respect any covenant, conditions or agreement required by this Agreement to be observed or performed, for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, given to the Mortgage Lender by the Authority or the Servicer, unless the Authority and the Servicer shall agree in writing to an extension of such time prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable period, the Authority and the Servicer will not unreasonably withhold their consent to an extension of such time if corrective action is instituted by the Mortgage Lender within the applicable period and diligently pursued until the default is corrected;
(b) The Servicer has been required to purchase a Mortgage Loan as a result of a failure of the Mortgage Lender to abide by the provisions of this Agreement, and the Mortgage Lender has not timely repurchased said Mortgage Loan upon proper notice hereunder;
(c) A decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding up or liquidation of its affairs, shall have been entered against the Mortgage Lender and such decree or order shall have remained in force undischarged or unstayed for a period of sixty (60) days;
(d) The Mortgage Lender shall consent to or have imposed on itself the appointment of a conservator or receiver or liquidation in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Mortgage Lender or of or relating to all or substantially all of its property;
(e) The Mortgage Lender shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the be...
Causes of Termination Defined; Remedies. Upon the happening of any one or more of the following events the Servicer shall, upon the direction of the Authority, terminate this Agreement with respect to the Mortgage Lender or take whatever action at law or in equity as may appear necessary or desirable to enforce performance or observance of any obligation, agreement, or covenant of the Mortgage Lender hereunder:
