Delinquency and Foreclosure. In the event of any default of any of the Borrowers, which default shall be continuing for more than 30 days, Transferor shall use its best efforts to give Transferee written notice of such default. Transferor shall thereafter take such action as Transferee may deem necessary to protect the interests of both Transferor and Transferee, including, but not limited to, commencement of foreclosure actions or the acceptance of deeds in lieu of foreclosure. In the event Transferor shall fail to timely take any such action as directed by Transferee, Transferee may directly take any and all action it deems necessary to protect its interests as Transferee, including but limited to, the enforcement of collections, the commencement of foreclosure actions, or the acceptance of deeds in lieu of foreclosure. At the direction of the Transferee, the Transferor may deal with any of the Borrowers for the purpose of entering into forebearance agreements, moratoriums, and general work-out plans designed to allow the Borrowers to cure the default and restore the Loan to good standing; provided, Transferee may, in its discretion, deal directly with any of the Borrowers in the event the Transferee determines that Transferor is not satisfactorily following the directions of the Transferee as if Transferee were the direct holder of the Loans and, notwithstanding anything in this Agreement to the contrary, the Transferor shall, at all times, only take action or inaction that is consistent with the economic interests of the Transferee or otherwise only with the consent of the Transferee.

Delinquency and Foreclosure. In the event of any default of any of the Borrowers, which default shall be continuing for more than 30 days, Transferor shall use its best efforts to give Transferee notice of such default. Transferor may take such action as it deems advisable, including exercising Transferee’s right to commence foreclosure actions or accept deeds in lieu of foreclosure, pursuant to and in accordance with guidelines and limitations provided by Transferee to Transferor in writing from time to time. Notwithstanding the above, Transferor shall at all times take such action as Transferee may recommend in writing to Transferor as necessary to protect the interests of both Transferor and Transferee, including, but not limited to, commencement of foreclosure actions or acceptance of deeds in lieu of foreclosure.

See All (8)

Delinquency and Foreclosure. The Company shall, upon request, advise the Purchaser as to the status of any Mortgage Loan, and particularly as to the status of all payments required to be made by the Mortgagor thereunder. Any arrears or defaults by the Mortgagor on a Mortgage Loan shall be reported to the Purchaser in accordance with the Purchaser's required procedures. The Company shall also promptly notify the Purchaser of any failure by a Mortgagor to perform any other of its material covenants or obligations under the related Mortgage. The Company shall give to any insurer under a Primary Mortgage Insurance Policy all notices of default required to be given to maintain in full force and effect such policy of insurance. Copies of all notices, identified by the Purchaser's loan number, shall be forwarded by the Company to the Purchaser for its files. After any default by a Mortgagor under the related Mortgage and during any foreclosure or other proceedings affecting such Mortgage, the Company shall continue to perform all the requirements of the Company to maintain insurance thereon and to inspect the Mortgaged Property as hereinabove provided, and to pay any ground rents, taxes, assessments, water rates, other charges and insurance premiums with respect to the related insurance before any penalty or late charge accrues, and in discharging such duties shall comply with all applicable provisions of the applicable Primary Mortgage Insurance Policy. The Company shall, with the approval of the Purchaser, also make all other necessary reasonable expenditures to preserve the Mortgaged Property. After any default under a Mortgage, the Company shall, to the extent requested by the Purchaser, diligently assist in the instituting and conducting of collection actions and foreclosure proceedings, or proceed to acquire the property by other means, such as a deed in lieu of foreclosure, and take title to the property, as designated by the Purchaser, and take possession of the property, all in accordance with the instructions of the Purchaser and the requirements of the related Primary Mortgage Insurance Policy and shall protect and conserve the property until the property is disposed of. The Company shall assist in exercising any assignment of rents given by any Mortgagor and pursuant to the Mortgage Loan and shall take such action in connection therewith as may be requested by the Purchaser. In connection with any such transfer of the Mortgage or of the Mortgaged Property, to the insurer under a ...

Delinquency and Foreclosure. (a) Seller shall be responsible for protecting Purchaser's interest in the Mortgage Loans by using its best commercial efforts to maintain the maximum number of Mortgage Loans current as to payments during the period that Seller is required to service the Mortgage Loans hereunder. Seller shall take all reasonable and prudent steps to cause the Mortgagors to bring current all Mortgage Loans that become delinquent or go into default following the same approach in response to delinquent Monthly Payments it utilizes with respect to Mortgage Loans it services for its own account. Without limiting the generality of the foregoing, Purchaser agrees that Seller may enter into Mortgagor payment plans.

Related to Delinquency and Foreclosure

Collection; Foreclosure Upon the occurrence and during the continuance of any Event of Default, Lender may, at any time or from time to time, apply, collect, liquidate, sell in one or more sales, lease or otherwise dispose of, any or all of the Collateral, in its then condition or following any commercially reasonable preparation or processing, in such order as Lender may elect. Any such sale may be made either at public or private sale at its place of business or elsewhere. Borrower agrees that any such public or private sale may occur upon ten (10) calendar days’ prior written notice to Borrower. Lender may require Borrower to assemble the Collateral and make it available to Lender at a place designated by Lender that is reasonably convenient to Lender and Borrower. The proceeds of any sale, disposition or other realization upon all or any part of the Collateral shall be applied by Lender in the following order of priorities: First, to Lender in an amount sufficient to pay in full Lender’s costs and professionals’ and advisors’ fees and expenses as described in Section 11.11; Second, to Lender in an amount equal to the then unpaid amount of the Secured Obligations (including principal, interest, and the Default Rate interest), in such order and priority as Lender may choose in its sole discretion; and Finally, after the full, final, and indefeasible payment in Cash of all of the Secured Obligations, to any creditor holding a junior Lien on the Collateral, or to Borrower or its representatives or as a court of competent jurisdiction may direct. Lender shall be deemed to have acted reasonably in the custody, preservation and disposition of any of the Collateral if it complies with the obligations of a secured party under the UCC.
Default and Foreclosure 5 3.1 Remedies....................................................... 5 3.2
Advance During Bankruptcy and Foreclosure During litigation, bankruptcy proceedings or foreclosure proceedings pertaining to any Mortgage Loan or while REO transferred to the Trustee through foreclosure or a deed-in-lieu of foreclosure is held by the Trustee or its successors, the Servicer must continue to make monthly P&I Advances in respect of each such Mortgage Loan or REO to the respective Custodial P&I Account. Subject to the provisions of Section 17.1.2 hereof, these P&I Advances must be made until the (i) Liquidation of each Mortgage Loan subject to such proceedings or (ii) in the case of REO transferred to the Trustee through foreclosure or a deed-in-lieu of foreclosure, the Liquidation of such REO. Advances with respect to REO shall be made as if the related Mortgage Loan and Mortgage Note remained in effect.
No Delinquent Receivables As of the Cutoff Date, no payment due under any Receivable was more than 30 days past due.
Special Servicing of Delinquent Mortgage Loans If permitted under the terms of the applicable Servicing Agreement, the Seller may appoint, pursuant to the terms of the applicable Servicing Agreement and with the written consent of the Depositor, the Master Servicer, the Trustee, the Securities Administrator and any NIMS Insurer, a Special Servicer to special service any Distressed Mortgage Loans. Any applicable Termination Fee related to the termination of the related Servicer and the appointment of any Special Servicer shall be paid by the Seller from its own funds, without right of reimbursement from the Trust Fund. Any fees paid to any such Special Servicer shall not exceed the Servicing Fee Rate.
Delinquency Such Receivable was not more than 29 days past due as of the Cut-off Date, and such Receivable has not been extended by more than two months.
Review of Mortgage Loans From the related Closing Date until the date 30 days after the related Closing Date, the Purchaser shall have the right to review the Mortgage Files and obtain BPOs on the Mortgaged Properties relating to the Mortgage Loans purchased on the related Closing Date, with the results of such BPO reviews to be communicated to the Company for a period up to 30 days after the related Closing Date. In addition, the Purchaser shall have the right to reject any Mortgage Loan which in the Purchaser's sole determination (i) fails to conform to Underwriting Guidelines, (ii) is underwritten without verification of the Mortgagor's income and assets and there is no credit report or FICO Score, (iii) the Purchaser deems the Mortgage Loan to not be an acceptable credit risk, or (iv) the value of the Mortgaged Property pursuant to any BPO varies by more than plus or minus 15% from the lesser of (A) the original appraised value of the Mortgaged Property or (B) the purchase price of the Mortgaged Property as of the date of origination. In the event that the Purchaser so rejects any Mortgage Loan, the Company shall repurchase the rejected Mortgage Loan at the Repurchase Price in the manner prescribed in Section 8(a) upon receipt of notice from the Purchaser of the rejection of such Mortgage Loan. Any rejected Mortgage Loan shall be removed from the terms of this Agreement. The Company shall make available all files required by Purchaser in order to complete its review, including all CRA/HMDA required data fields. To the extent that during the course of the Purchaser's initial review, the Purchaser discovers that the Mortgage Loans do not otherwise meet the Seller's Underwriting Guidelines or the terms of the Purchase Transaction, the Purchase shall have the right to carry out additional due diligence reviews, which additional due diligence shall be at the expense of the Company. Purchaser's decision to increase its due diligence review or obtain additional BPO's or other property evaluations is at its sole discretion. The additional review may be for any reason including but not limited to credit quality, property valuations, and data integrity. Any review performed by the Purchaser prior to the Closing Date does not limit the Purchaser's rights or the Company's obligations under this section.
Delinquent Rent Delinquent Rent (including delinquent Additional Rent) shall not be prorated at Closing and shall be paid by Purchaser to the applicable Seller if, as and when actually collected by Purchaser after the Closing, it being understood and agreed that Purchaser shall use commercially reasonable efforts to collect Delinquent Rent on behalf of each Seller. Purchaser hereby agrees that each Seller or its agents may attempt to collect Delinquent Rent at such Seller’s expense, including by commencing litigation to collect such Delinquent Rent, but each Seller agrees that it shall not initiate any action that would terminate a Tenant’s Lease or affect a Tenant’s right to occupy the premises leased under its Lease. Rent collected after the Closing Date shall be applied first to Rent currently due, then to Delinquent Rent. Non-delinquent rent for the period after Closing collected by Seller shall be promptly remitted to Purchaser. Unpaid and delinquent rent collected by Seller or Purchaser after the date of Closing shall be delivered as follows: (i) if Seller collects any unpaid or delinquent rent for the Property, Seller shall, within fifteen (15) days after the receipt thereof, deliver to Purchaser any such rent which Purchaser is entitled to hereunder relating to the date of Closing and any period thereafter, and (ii) if Purchaser collects any unpaid or delinquent rent from the Property, Purchaser shall, within fifteen (15) days after the receipt thereof, deliver to Seller any such rent which Seller is entitled to hereunder relating to the period prior to the date of Closing. Anything herein to the contrary notwithstanding, Seller and Purchaser agree that all rents received by Seller or Purchaser after the date of Closing shall be applied first to current rentals and then to delinquent rentals, if any, in inverse order of maturity.
Occupancy After Foreclosure Any sale of the Mortgaged Property or any part thereof will divest all right, title and interest of Mortgagor in and to the property sold. Subject to applicable law, any purchaser at a foreclosure sale will receive immediate possession of the property purchased. If Mortgagor retains possession of such property or any part thereof subsequent to such sale, Mortgagor will be considered a tenant at sufferance of the purchaser, and will, if Mortgagor remains in possession after demand to remove, be subject to eviction and removal, forcible or otherwise, with or without process of law.
Termination for Distressed Mortgage Loans (a) Subject to the requirements set forth in this Section 8.04, the Seller may terminate this Agreement with the prior consent of the Trustee, the NIMS Insurer and the Master Servicer, with respect to the servicing of those Mortgage Loans that are determined to be Distressed Mortgage Loans and in such event servicing of such Mortgage Loans shall be transferred to the Special Servicer. The appointment of a Special Servicer by the Seller and the execution of a special servicing agreement between the Seller and the Special Servicer shall be subject to the consent of the Trustee, the Master Servicer and the NIMS Insurer and the receipt of confirmation from the Rating Agencies that the transfer of servicing to the Special Servicer shall not result in a reduction of any rating previously given by such Rating Agency to any Certificate or the NIMS Securities. Any monthly fee paid to the Special Servicer in connection with any Mortgage Loan serviced by such Special Servicer shall not exceed one-twelfth of the product of (a) 0.50% and (b) the outstanding principal balance of such Mortgage Loan. All unreimbursed Servicing Fees, Servicing Advances and Monthly Advances owing to the Servicer relating to such Distressed Mortgage Loans shall be reimbursed and paid to the Servicer by the successor Special Servicer upon such transfer to the Special Servicer.

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