Delinquency and Foreclosure Clause Samples
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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.
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.
(b) Seller shall, by the fifth Business Day of each month, advise Purchaser of Mortgage Loans that are 30 days, 60 days, 90 days, over 90 days past due, and loans in foreclosure. Seller shall perform inspections of the Mortgaged Property related to any such Mortgage Loans in accordance with its own internal policy and with all applicable Legal Requirements. Seller shall promptly institute foreclosure proceedings or cause such proceedings to be instituted in accordance with Seller's own internal policy and with all applicable Legal Requirements. Purchaser agrees that, without prior notice of its intent to institute foreclosure proceedings, unless required otherwise by applicable Legal Requirements, Seller may proceed with any foreclosure proceedings with respect to any Mortgage Loan, the Monthly Payments for which are past due, whenever Seller determines, in its sole discretion, that it is in the best interests of Purchaser to do so. Seller shall provide Purchaser with a copy of the credit bid instructions 48 hours prior to a Trustee's Sale Date. Provided there is no objection received from Purchaser, the trustee's sale will proceed as scheduled.
(c) Following the completion of foreclosure on, or other acquisition of, any Mortgaged Property, Seller shall be responsible for the management and/or liquidation of all real property as acquired.
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 Transferor shall 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. Nothing contained herein shall be construed as limiting Transferor from dealing with any of the Borrowers as it would in the case of a Borrower where the Loan is wholly-owned by Transferor, 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, however, that no such agreement made by Transferor be in violation of paragraph 7(b) above.