Common use of Delinquency and Foreclosure Clause in Contracts

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.