Common use of Exercise of Remedies on Default Clause in Contracts

Exercise of Remedies on Default. ‌ (a) As soon as practicable after a Primary Servicer or the Master Servicer determines, in accordance with Accepted Servicing Practices, that no satisfactory loss mitigation measures can be taken in connection with a Mortgage Loan in payment default or, to the extent permitted by paragraph (b) of Subsection 5.3(3), with respect to which a payment default is Reasonably Foreseeable, the Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) may (i) begin foreclosure proceedings upon the related Mortgaged Property, in accordance with the Mortgage Documents and applicable law, (ii) otherwise comparably convert the ownership of such Mortgaged Property (including accepting a deed-in-lieu of foreclosure or conducting a preforeclosure sale of such Mortgaged Property that may be for an amount less than the full unpaid principal balance of the Mortgage Loan) or (iii) otherwise accept less than the full unpaid principal balance of the Mortgage Loan, subject in each case to any environmental concerns or other risks of foreclosure. The Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) also may determine that foreclosure proceedings should be commenced concurrently with the pursuit of any Loss Mitigation Alternatives. Subject to the foregoing, the course of action to be followed will be determined by the Primary Servicer or the Master Servicer, in accordance with Accepted Servicing Practices, to be the course of action most likely to produce the greatest recovery for the Trust. For purposes of this Subsection 5.10(1), loss mitigation measures include the arrangements specified in Subsections 5.3(3). (b) The Master Servicer may direct the Primary Servicer as to whether, or which, Mortgage Loans or mortgage loans should be accelerated in the event of a default under a Mortgage Loan that is cross-defaulted with other Mortgage Loans or mortgage loans. In determining its course of action with respect to a defaulted Mortgage Loan (including whether to accelerate other Mortgage Loans or mortgage loans in the case of cross-defaults), the Master Servicer will pursue or cause to be pursued whichever course of action it determines, in accordance with Accepted Servicing Practices, to be likely to produce the greatest recovery for the Trust.

Exercise of Remedies on Default. ‌ (a) As soon as practicable after a Primary Servicer or the Master Servicer determines, in accordance with Accepted Servicing Practices, that no satisfactory loss mitigation measures can be taken in connection with a Mortgage Loan in payment default or, to the extent permitted by paragraph (b) of Subsection 5.3(3), with respect to which a payment default is Reasonably Foreseeablereasonably foreseeable, the Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) may (i) begin foreclosure proceedings upon the related Mortgaged Property, in accordance with the Mortgage Documents and applicable law, (ii) otherwise comparably convert the ownership of such Mortgaged Property (including accepting a deed-in-in- lieu of foreclosure or conducting a preforeclosure sale of such Mortgaged Property that may be for an amount less than the full unpaid principal balance of the Mortgage Loan) or (iii) otherwise accept less than the full unpaid principal balance of the Mortgage Loan, subject in each case to any environmental concerns or other risks of foreclosure. (Whether a payment default is reasonably foreseeable will be determined in accordance with paragraph (b) of Subsection 5.3(3).) The Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) also may determine that foreclosure proceedings should be commenced concurrently with the pursuit of any Loss Mitigation Alternatives. Subject to the foregoing, the course of action to be followed will be determined by the Primary Servicer or the Master Servicer, in accordance with Accepted Servicing Practices, to be the course of action most likely to produce the greatest recovery for the Trust. For purposes of this Subsection 5.10(1), loss mitigation measures include the arrangements specified in Subsections 5.3(3). (b) The Master Servicer may direct the Primary Servicer as to whether, or which, Mortgage Loans or mortgage loans should be accelerated in the event of a default under a Mortgage Loan that is cross-defaulted with other Mortgage Loans or mortgage loans. In determining its course of action with respect to a defaulted Mortgage Loan (including whether to accelerate other Mortgage Loans or mortgage loans in the case of cross-defaults), the Master Servicer will pursue or cause to be pursued whichever course of action it determines, in accordance with Accepted Servicing Practices, to be likely to produce the greatest recovery for the Trust.

Exercise of Remedies on Default. ‌ (a) As soon as practicable after a Primary Servicer or the Master Servicer determines, in accordance with Accepted Servicing Practices, that no satisfactory loss mitigation measures can be taken in connection with a Mortgage Loan in payment default or, to the extent permitted by paragraph paragraphs (b) and (c) of Subsection 5.3(3), with respect to which a payment default is Reasonably Foreseeablereasonably foreseeable, the Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) may will (i) begin foreclosure proceedings upon the related Mortgaged Property, in accordance with the Mortgage Documents and applicable law, (ii) otherwise comparably convert the ownership of such Mortgaged Property (including accepting a deed-in-lieu of foreclosure or conducting a preforeclosure sale of such Mortgaged Property that may be for an amount less than the full unpaid principal balance of the Mortgage Loan) ), or (iii) otherwise accept less than the full unpaid principal balance of the Mortgage Loan), subject in each case to any environmental concerns or other risks of foreclosure. (Whether a payment default is reasonably foreseeable will be determined in accordance with paragraph (b) of Subsection 5.3(3).) The Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) also may determine that foreclosure proceedings should be commenced concurrently with the pursuit of any Loss Mitigation Alternatives. Subject to the foregoing, the course of action to be followed will be determined by the Primary Servicer or the Master Servicer, in accordance with Accepted Servicing Practices, to be the course of action most likely to produce the greatest recovery for the Trust, taking into consideration the time value of money. For purposes of this Subsection 5.10(15.11(1), loss mitigation measures include the arrangements specified in Subsections 5.3(3) and 5.3(4). (b) The Master Servicer may direct the Primary Servicer as to whether, or which, Mortgage Loans or mortgage loans should be accelerated in the event of a default under a Mortgage Loan that is cross-defaulted with other Mortgage Loans or mortgage loans. In determining its course of action with respect to a defaulted Mortgage Loan (including whether to accelerate other Mortgage Loans or mortgage loans in the case of cross-defaults), the Master Servicer will pursue or cause to be pursued whichever course of action it determines, in accordance with Accepted Servicing Practices, to be likely to produce the greatest recovery for the Trust.

Exercise of Remedies on Default. ‌ (a) As soon as practicable after a Primary Servicer or the Master Servicer determines, in accordance with Accepted Servicing Practices, that no satisfactory loss mitigation measures can be taken in connection with a Mortgage Loan in payment default or, to the extent permitted by paragraph paragraphs (b) and (c) of Subsection 5.3(3), with respect to which a payment default is Reasonably Foreseeablereasonably foreseeable, the Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) may will (i) begin foreclosure proceedings upon the related Mortgaged Property, in accordance with the Mortgage Documents and applicable law, (ii) otherwise comparably convert the ownership of such Mortgaged Property (including accepting a deed-in-lieu of foreclosure or conducting a preforeclosure sale of such Mortgaged Property that may be for an amount less than the full unpaid principal balance of the Mortgage Loan) or (iii) otherwise accept less than the full unpaid principal balance of the Mortgage Loan, subject in each case to any environmental concerns or other risks of foreclosure. (Whether a payment default is reasonably foreseeable will be determined in accordance with paragraph (b) of Subsection 5.3(3).) The Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) also may determine that foreclosure proceedings should be commenced concurrently with the pursuit of any Loss Mitigation Alternatives. Subject to the foregoing, the course of action to be followed will be determined by the Primary Servicer or the Master Servicer, in accordance with Accepted Servicing Practices, to be the course of action most likely to produce the greatest recovery for the Trust, taking into consideration the time value of money. For purposes of this Subsection 5.10(15.11(1), loss mitigation measures include the arrangements specified in Subsections 5.3(3) and 5.3(4). (b) The Master Servicer may direct the Primary Servicer as to whether, or which, Mortgage Loans or mortgage loans should be accelerated in the event of a default under a Mortgage Loan that is cross-defaulted with other Mortgage Loans or mortgage loans. In determining its course of action with respect to a defaulted Mortgage Loan (including whether to accelerate other Mortgage Loans or mortgage loans in the case of cross-defaults), the Master Servicer will pursue or cause to be pursued whichever course of action it determines, in accordance with Accepted Servicing Practices, to be likely to produce the greatest recovery for the Trust.

Exercise of Remedies on Default. ‌ (a) As soon as practicable after a Primary Direct Servicer or the Master Servicer determines, in accordance with Accepted Servicing Practices, that no satisfactory loss mitigation measures can be taken in connection with a Mortgage Loan in payment default or, to the extent permitted by paragraph paragraphs (b) and (c) of Subsection 5.3(3), with respect to which a payment default is Reasonably Foreseeablereasonably foreseeable, the Direct Servicer or the Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) may will (i) begin foreclosure proceedings upon the related Mortgaged Property, in accordance with the Mortgage Documents and applicable law, (ii) otherwise comparably convert the ownership of such Mortgaged Property (including accepting a deed-in-lieu of foreclosure or conducting a preforeclosure sale of such Mortgaged Property that may be for an amount less than the full unpaid principal balance of the Mortgage Loan) or (iii) otherwise accept less than the full unpaid principal balance of the Mortgage Loan, subject in each case to any environmental concerns or other risks of foreclosure. (Whether a payment default is reasonably foreseeable will be determined in accordance with paragraph (b) of Subsection 5.3(3).) The Master Servicer (or to the extent provided in the Servicing Contract, the Primary Direct Servicer) also may determine that foreclosure proceedings should be commenced concurrently with the pursuit of any Loss Mitigation Alternativesloss mitigation measures. Subject to the foregoing, the course of action to be followed will be determined by the Primary Direct Servicer or the Master Servicer, in accordance with Accepted Servicing Practices, to be the course of action most likely to produce the greatest recovery for the Trust, taking into consideration the time value of money. For purposes of this Subsection 5.10(15.11(1), loss mitigation measures include the arrangements specified in Subsections Subsection 5.3(3). (b) The Master Servicer may direct the Primary Servicer as to whether, or which, Mortgage Loans or mortgage loans should be accelerated in the event of a default under a Mortgage Loan that is cross-defaulted with other Mortgage Loans or mortgage loans. In determining its course of action with respect to a defaulted Mortgage Loan (including whether to accelerate other Mortgage Loans or mortgage loans in the case of cross-defaults), the Master Servicer will pursue or cause to be pursued whichever course of action it determines, in accordance with Accepted Servicing Practices, to be likely to produce the greatest recovery for the Trust.