Common use of Defaulted Superior Liens Clause in Contracts

Defaulted Superior Liens. If the Servicer is notified that any lienholder under a Superior Lien has accelerated or intends to accelerate the obligations secured by such Superior Lien, or has declared or intends to declare a default under the related mortgage or the promissory note secured thereby, or has filed or intends to file an election to have any Mortgaged Property sold or foreclosed, then, in accordance with the Section 4.10(a) hereof and on behalf of the Grantor Trust and the Grantor Trustee, the Servicer shall take all reasonable actions that are necessary to protect the interests of the Grantor Trust Holder and/or to preserve the security of the related Home Loan. The Servicer shall promptly notify the Grantor Trustee if it determines not to take action with respect to such Superior Lien.

Defaulted Superior Liens. If the Servicer is notified that any lienholder under a Superior Lien has accelerated or intends to accelerate the obligations secured by such Superior Lien, or has declared or intends to declare a default under the related mortgage or the promissory note secured thereby, or has filed or intends to file an election to have any Mortgaged Property sold or foreclosed, then, in accordance with the Section 4.10(aSECTION 4.10(A) hereof and on behalf of the Grantor Trust and the Grantor Trustee, the Servicer shall take all reasonable actions that are necessary to protect the interests of the Grantor Trust Holder and/or to preserve the security of the related Home Loan. The Servicer shall promptly notify the Grantor Trustee if it determines not to take action with respect to such Superior Lien.