Common use of COLLECTION OF PAYMENTS ON ASSETS; SERVICING DELINQUENT ACCOUNTS Clause in Contracts

COLLECTION OF PAYMENTS ON ASSETS; SERVICING DELINQUENT ACCOUNTS. (a) Continuously from the Cut-off Date until the earliest to occur of the following with respect to each Asset sold to the Trust in connection with the issuance of the Certificates: (i) the principal and interest on such Asset is paid in full, (ii) such Asset is foreclosed and the related Manufactured Home or Mortgaged Property is liquidated pursuant to Section 3.08 hereof, (iii) all of the proceeds of a liquidating claim under the Standard Hazard Insurance Policy relating to such Asset have been deposited to the Certificate Account, or (iv) the Liquidation Proceeds relating to such Asset have been deposited to the Certificate Account, the Servicer will proceed diligently and in a manner consistent with its standards for servicing Assets described in Section 3.01 above, to collect all payments due under each Asset when such payments become due and payable and to apply such payments in accordance with Sections 3.05, 3.06 and 3.07 hereof. (b) The Servicer shall have reasonable discretion to extend appropriate relief to Obligors who encounter hardship and who are cooperative and demonstrate proper regard for their obligations. The Servicer may arrange with such an Obligor to extend the payment schedule for the related Asset; PROVIDED, HOWEVER, that any such extension must be made in accordance with the Servicer's standards for servicing Assets described in Section 3.01 above; and PROVIDED FURTHER, that no such extensions may be made except to the extent (1) that the Servicer has determined, in its reasonable judgment, that the Obligor is in default or that default is reasonably foreseeable with respect to such Asset in the absence of such relief, (2) that the Due Date for the final Monthly Payment on such Asset is not extended beyond the latest Final Scheduled Distribution Date for the related Series and (3) that the grant of such extension is otherwise permissible under Section 10.02 hereof and the REMIC Provisions as in effect at the time of such extension, as evidenced by an Opinion of Counsel delivered by the Servicer to the Trustee. Where the Obligor is in default on an Asset notwithstanding such relief and the Servicer has exhausted all reasonable means of inducing the Obligor to pay on a timely basis, the Servicer shall begin acceleration of the Assets in accordance with its terms and applicable laws.

COLLECTION OF PAYMENTS ON ASSETS; SERVICING DELINQUENT ACCOUNTS. (a) Continuously from the Cut-off Date until the earliest to occur of the following with respect to each Asset sold to the Trust in connection with the issuance of the Certificates: (i) the principal and interest on such Asset is paid in full, (ii) such Asset is foreclosed and the related Manufactured Home or Mortgaged Property is liquidated pursuant to Section 3.08 hereof, (iii) all of the proceeds of a liquidating claim under the Standard Hazard Insurance Policy relating to such Asset have been deposited to the Certificate Account, or (iv) the Liquidation Proceeds relating to such Asset have been deposited to the Certificate Account, the Servicer will proceed diligently and in a manner consistent with its standards for servicing Assets described in Section 3.01 above, to collect all payments due under each Asset when such payments become due and payable and to apply such payments in accordance with Sections 3.05, 3.06 and 3.07 hereof. (b) The Servicer shall have reasonable discretion to extend appropriate relief to Obligors who encounter hardship and who are cooperative and demonstrate proper regard for their obligations. The Servicer may arrange with such an Obligor to extend the payment schedule for the related Asset; PROVIDEDprovided, HOWEVERhowever, that any such extension must be made in accordance with the Servicer's standards for servicing Assets described in Section 3.01 above; and PROVIDED FURTHERprovided further, that no such extensions may be made except to the extent (1) that the Servicer has determined, in its reasonable judgment, that the Obligor is in default or that default is reasonably foreseeable with respect to such Asset in the absence of such relief, (2) that the Due Date for the final Monthly Payment on such Asset is not extended beyond the latest Final Scheduled Distribution Date for the related Series and (3) that the grant of such extension is otherwise permissible under Section 10.02 hereof and the REMIC Provisions as in effect at the time of such extension, as evidenced by an Opinion of Counsel delivered by the Servicer to the Trustee. Where the Obligor is in default on an Asset notwithstanding such relief and the Servicer has exhausted all reasonable means of inducing the Obligor to pay on a timely basis, the Servicer shall begin acceleration of the Assets in accordance with its terms and applicable laws.

COLLECTION OF PAYMENTS ON ASSETS; SERVICING DELINQUENT ACCOUNTS. (a) Continuously from the Cut-off Date until the earliest to occur of the following with respect to each Asset sold to the Trust in connection with the issuance of the Certificates: (i) the principal and interest on such Asset is paid in full, (ii) such Asset is foreclosed and the related Manufactured Home or Mortgaged Property is liquidated pursuant to Section 3.08 hereof, (iii) all of the proceeds of a liquidating claim under the Standard Hazard Insurance Policy relating to such Asset have been deposited to the Certificate Account, or (iv) the Liquidation Proceeds relating to such Asset have been deposited to the Certificate Account, the Master Servicer will proceed diligently and in a manner consistent with its standards for servicing Assets described in Section 3.01 above, to collect all payments due under each Asset when such payments become due and payable and to apply such payments in accordance with Sections 3.05, 3.06 and 3.07 hereof. (b) The Master Servicer shall have reasonable discretion to extend appropriate relief to Obligors who encounter hardship and who are cooperative and demonstrate proper regard for their obligations. The Master Servicer may arrange with such an Obligor to extend the payment schedule for the related Asset; PROVIDEDprovided, HOWEVERhowever, that any such extension must be made in accordance with the Master Servicer's standards for servicing Assets described in Section 3.01 above; and PROVIDED FURTHERprovided further, that no such extensions may be made except to the extent (1) that the Master Servicer has determined, in its reasonable judgment, that the Obligor is in default or that default is reasonably foreseeable with respect to such Asset in the absence of such relief, (2) that the Due Date for the final Monthly Payment on such Asset is not extended beyond the latest Final Scheduled Distribution Date for the related Series and (3) that the grant of such extension is otherwise permissible under Section 10.02 hereof and and, if a REMIC election has been made in connection with the Asset, the REMIC Provisions as in effect at the time of such extension, as evidenced by an Opinion of Counsel delivered by the Master Servicer to the Trustee. Where the Obligor is in default on an Asset notwithstanding such relief and the Master Servicer has exhausted all reasonable means of inducing the Obligor to pay on a timely basis, the Master Servicer shall begin acceleration of the Assets in accordance with its terms and applicable laws.

COLLECTION OF PAYMENTS ON ASSETS; SERVICING DELINQUENT ACCOUNTS. (a) Continuously from the Cut-off Date until the earliest to occur of the following with respect to each Asset sold to the Trust in connection with the issuance of the Certificates: (i) the principal and interest on such Asset is paid in full, (ii) such Asset is foreclosed and the related Manufactured Home or Mortgaged Property is liquidated pursuant to Section 3.08 hereof, (iii) all of the proceeds of a liquidating claim under the Standard Hazard Insurance Policy relating to such Asset have been deposited to the Certificate Account, or (iv) the Liquidation Proceeds relating to such Asset have been deposited to the Certificate Account, the Master Servicer will proceed diligently and in a manner consistent with its standards for servicing Assets described in Section 3.01 above, to collect all payments due under each Asset when such payments become due and payable and to apply such payments in accordance with Sections 3.05, 3.06 and 3.07 hereof. (b) The Master Servicer shall have reasonable discretion to extend appropriate relief to Obligors who encounter hardship and who are cooperative and demonstrate proper regard for their obligations. The Master Servicer may arrange with such an Obligor to extend the payment schedule for the related Asset; PROVIDEDprovided, HOWEVERhowever, that any such extension must be made in accordance with the Master Servicer's ’s standards for servicing Assets described in Section 3.01 above; and PROVIDED FURTHERprovided further, that no such extensions may be made except to the extent (1) that the Master Servicer has determined, in its reasonable judgment, that the Obligor is in default or that default is reasonably foreseeable with respect to such Asset in the absence of such relief, (2) that the Due Date for the final Monthly Payment on such Asset is not extended beyond the latest Final Scheduled Distribution Date for the related Series and (3) that the grant of such extension is otherwise permissible under Section 10.02 hereof and and, if a REMIC election has been made in connection with the Asset, the REMIC Provisions as in effect at the time of such extension, as evidenced by an Opinion of Counsel delivered by the Master Servicer to the Trustee. Where the Obligor is in default on an Asset notwithstanding such relief and the Master Servicer has exhausted all reasonable means of inducing the Obligor to pay on a timely basis, the Master Servicer shall begin acceleration of the Assets in accordance with its terms and applicable laws.

COLLECTION OF PAYMENTS ON ASSETS; SERVICING DELINQUENT ACCOUNTS. (a) Continuously from the Cut-off Date until the earliest to occur of the following with respect to each Asset sold to the Trust in connection with the issuance of the Certificates: (i) the principal and interest on such Asset is are paid in full, (ii) such Asset is foreclosed and the related Manufactured Home or Mortgaged Property is liquidated pursuant to Section 3.08 hereof, (iii) all of the proceeds of a liquidating claim under the Standard Hazard Insurance Policy relating to such Asset have been deposited to the Certificate Account, or (iv) the Liquidation Proceeds relating to such Asset have been deposited to the Certificate Account, the Servicer will proceed diligently and in a manner consistent with its standards for servicing Assets described in Section 3.01 above, to collect all payments due under each Asset when such payments become due and payable and to apply such payments in accordance with Sections 3.05, 3.06 and 3.07 hereof. (b) The Servicer shall have reasonable discretion to extend appropriate relief to Obligors who encounter hardship and who are cooperative and demonstrate proper regard for their obligations. The Servicer may arrange with such an Obligor to extend the payment schedule for the related Asset; PROVIDEDprovided, HOWEVERhowever, that any such extension must be made in accordance with the Servicer's standards for servicing Assets described in Section 3.01 above; and PROVIDED FURTHERprovided further, that no such extensions may be made except to the extent (1) that the Servicer has determined, in its reasonable judgment, that the Obligor is in default or that default is reasonably foreseeable with respect to such Asset in the absence of such relief, (2) that the Due Date for the final Monthly Payment on such Asset is not extended beyond the latest Final Scheduled Distribution Date for the related Series and (3) that the grant of such extension is otherwise permissible under Section 10.02 hereof and the REMIC Provisions as in effect at the time of such extension, as evidenced by an Opinion of Counsel delivered by the Servicer to the Trustee. Where the Obligor is in default on an Asset notwithstanding such relief and the Servicer has exhausted all reasonable means of inducing the Obligor to pay on a timely basis, the Servicer shall begin acceleration of the Assets in accordance with its terms and applicable laws.

COLLECTION OF PAYMENTS ON ASSETS; SERVICING DELINQUENT ACCOUNTS. (a) Continuously from the Cut-off Date until the earliest to occur of the following with respect to each Asset sold to the Trust in connection with the issuance of the Certificates: (i) the principal and interest on such Asset is paid in full, (ii) such Asset is foreclosed and the related Manufactured Home or Mortgaged Property is liquidated pursuant to Section 3.08 hereof, (iii) all of the proceeds of a liquidating claim under the Standard Hazard Insurance Policy relating to such Asset have been deposited to the Certificate Account, or (iv) the Liquidation Proceeds relating to such Asset have been deposited to the Certificate Account, the Master Servicer will proceed diligently and in a manner consistent with its standards for servicing Assets described in Section 3.01 above, to collect all payments due under each Asset when such payments become due and payable and to apply such payments in accordance with Sections 3.05, 3.06 and 3.07 hereof. (b) The Master Servicer shall have reasonable discretion to extend appropriate relief to Obligors who encounter hardship and who are cooperative and demonstrate proper regard for their obligations. The Master Servicer may arrange with such an Obligor to extend the payment schedule for the related Asset; PROVIDEDprovided, HOWEVERhowever, that any such extension must be made in accordance with the Master Servicer's standards for servicing Assets described in Section 3.01 above; and PROVIDED FURTHERprovided further, that no such extensions may be made except to the extent extent (1) that the Master Servicer has determined, in its reasonable judgment, that the Obligor is in default or that default is reasonably foreseeable with respect to such Asset in the absence of such relief, (2) that the Due Date for the final Monthly Payment on such Asset is not extended beyond the latest Final Scheduled Distribution Date for the related Series and (3) that the grant of such extension is otherwise permissible under Section 10.02 hereof and and, if a REMIC election has been made in connection with the Asset, the REMIC Provisions as in effect at the time of such extension, as evidenced by an Opinion of Counsel delivered by the Master Servicer to the Trustee. Where the Obligor is in default on an Asset notwithstanding such relief and the Master Servicer has exhausted all reasonable means of inducing the Obligor to pay on a timely basis, the Master Servicer shall begin acceleration of the Assets in accordance with its terms and applicable laws.

COLLECTION OF PAYMENTS ON ASSETS; SERVICING DELINQUENT ACCOUNTS. (a) Continuously from the Cut-off Date until the earliest to occur of the following with respect to each Asset sold to the Trust in connection with the issuance of the Certificates: (i) the principal and interest on such Asset is are paid in full, (ii) such Asset is foreclosed and the related Manufactured Home or Mortgaged Property is liquidated pursuant to Section 3.08 hereof, (iii) all of the proceeds of a liquidating claim under the Standard Hazard Insurance Policy relating to such -45- 72 Asset have been deposited to the Certificate Account, or (iv) the Liquidation Proceeds relating to such Asset have been deposited to the Certificate Account, the Servicer will proceed diligently and in a manner consistent with its standards for servicing Assets described in Section 3.01 above, to collect all payments due under each Asset when such payments become due and payable and to apply such payments in accordance with Sections 3.05, 3.06 and 3.07 hereof. (b) The Servicer shall have reasonable discretion to extend appropriate relief to Obligors who encounter hardship and who are cooperative and demonstrate proper regard for their obligations. The Servicer may arrange with such an Obligor to extend the payment schedule for the related Asset; PROVIDEDprovided, HOWEVERhowever, that any such extension must be made in accordance with the Servicer's standards for servicing Assets described in Section 3.01 above; and PROVIDED FURTHERprovided further, that no such extensions may be made except to the extent (1) that the Servicer has determined, in its reasonable judgment, that the Obligor is in default or that default is reasonably foreseeable with respect to such Asset in the absence of such relief, (2) that the Due Date for the final Monthly Payment on such Asset is not extended beyond the latest Final Scheduled Distribution Date for the related Series and (3) that the grant of such extension is otherwise permissible under Section 10.02 hereof and the REMIC Provisions as in effect at the time of such extension, as evidenced by an Opinion of Counsel delivered by the Servicer to the Trustee. Where the Obligor is in default on an Asset notwithstanding such relief and the Servicer has exhausted all reasonable means of inducing the Obligor to pay on a timely basis, the Servicer shall begin acceleration of the Assets in accordance with its terms and applicable laws.