Common use of Commencement of Foreclosure or Similar Proceedings Clause in Contracts

Commencement of Foreclosure or Similar Proceedings. Upon an automatic acceleration of the Mezzanine Loan or an acceleration of the Mezzanine Loan in accordance with Section 6(h) hereof, the Servicer shall (i) promptly notify the Holders in writing of its intention to commence foreclosure proceedings against the Mezzanine Loan Collateral (such notice, a “Foreclosure Notice”) unless the Servicer obtains the direction of a Deciding Majority of Holders not to commence foreclosure proceedings against the Mezzanine Loan Collateral within the timeframes set forth herein, (ii) simultaneously provide the Holders with such information as the Servicer deems reasonably necessary under the Servicing Standard in order for the Holders to make an informed decision with respect to whether to instruct the Servicer not to commence foreclosure proceedings against the Mezzanine Loan Collateral (and shall provide any Holder, at such individual Holder’s expense, with any additional information which such Holder may request beyond the information reasonably provided by Servicer) and (iii) commence foreclosure proceedings against the Mezzanine Loan Collateral not later than 60 days following delivery to the Holders of the Foreclosure Notice unless a Deciding Majority of Holders elects not to commence foreclosure proceedings against the Mezzanine Loan Collateral.