Common use of Foreclosure Actions Clause in Contracts

Foreclosure Actions. In accordance with the criteria for proceeding against the Mortgaged Property set forth in Section 4.10(a) hereof, unless otherwise prohibited by applicable law or court or administrative order, the Servicer, on behalf of the Grantor Trust Holders, may, at any time, institute foreclosure proceedings to the extent permitted by law, exercise any power of sale to the extent permitted by law, obtain a deed in lieu of foreclosure, or otherwise acquire possession of or title to the related Mortgaged Property, by operation of law or otherwise. In accordance with Section 4.10(a) hereof, and (i) in the case of any Mortgage in a first lien position the Servicer shall, or (ii) in the case of any Mortgage in a subordinate lien position the Servicer shall have the option to, institute foreclosure proceedings, repossess, exercise any power of sale to the extent permitted by law, obtain a deed in lieu of foreclosure or otherwise acquire possession of or title to any Mortgaged Property, by operation of law or otherwise; provided, however, that in each case the Servicer shall have determined there is a reasonable likelihood of (A) recovering an economically significant amount attributable to the outstanding interest and principal owing on such Home Loan as a result of such actions, in excess of (B) the costs and expenses to obtain such recovery (including without limitation any Servicing Advances and, if applicable, the outstanding indebtedness of all Superior Liens), and in relation to (C) the expected timing of such recovery therefrom. Prior to acquiring any Foreclosure Property, however, the Servicer shall cause a review to be performed, in accordance with the Accepted Servicing Procedures, on the related Mortgaged Property by a company such as Equifax, Inc. or Toxicheck, and the scope of such review shall be limited to the review of public records and documents for indications that such Mortgaged Property has on it, has under it, or is near hazardous or toxic material or waste. If such review reveals that the Mortgaged Property has on it, under it or is near hazardous or toxic material or waste or reveals any other environmental problem, and the Servicer decides to proceed with the acquisition of such Mortgaged Property, then the Servicer shall provide to the Grantor Trustee and the Indenture Trustee an Officer's Certificate with a copy of the related report that substantiates such decision. Such Officer's Certificate shall provide that based on an analysis of all available information in the report (including potential clean up costs and liability claims) at the time it is the best judgment of the Responsible Officer making such certification that such foreclosure shall increase Net Liquidation Proceeds to the Grantor Trust. Upon the receipt of any such Officer's Certificate, the Grantor Trustee, in its reasonable discretion, shall determine whether to take tile to such Mortgaged Property. The Grantor Trustee shall promptly forward such report and Officer's Certificate to the Grantor Trust Holder.

Foreclosure Actions. In accordance with the criteria for proceeding against the Mortgaged Property set forth in Section 4.10(aSECTION 4.10(A) hereof, unless otherwise prohibited by applicable law or court or administrative order, the Servicer, on behalf of the Grantor Trust Holders, may, at any time, institute foreclosure proceedings to the extent permitted by law, exercise any power of sale to the extent permitted by law, obtain a deed in lieu of foreclosure, or otherwise acquire possession of or title to the related Mortgaged Property, by operation of law or otherwise. In accordance with Section 4.10(aSECTION 4.10(A) hereof, and (i) in the case of any Mortgage or Manufactured Home Contract in a first lien position the Servicer shall, or (ii) in the case of any Mortgage or Manufactured Home Contract in a subordinate lien position the Servicer shall have the option to, institute foreclosure proceedings, repossess, exercise any power of sale to the extent permitted by law, obtain a deed in lieu of foreclosure or otherwise acquire possession of or title to any Mortgaged Property, by operation of law or otherwise; providedPROVIDED, howeverHOWEVER, that in each case the Servicer shall have determined there is a reasonable likelihood of (A) recovering an economically significant amount attributable to the outstanding interest and principal owing on such Home Loan as a result of such actions, in excess of (B) the costs and expenses to obtain such recovery (including without limitation any Servicing Advances and, if applicable, the outstanding indebtedness of all Superior Liens), and in relation to (C) the expected timing of such recovery therefrom. Prior to acquiring any Foreclosure Property, however, the Servicer shall cause a review to be performed, in accordance with the Accepted Servicing Procedures, on the related Mortgaged Property by a company such as Equifax, Inc. or Toxicheck, and the scope of such review shall be limited to the review of public records and documents for indications that such Mortgaged Property has on it, has under it, or is near hazardous or toxic material or waste. If such review reveals that the Mortgaged Property has on it, under it or is near hazardous or toxic material or waste or reveals any other environmental problem, and the Servicer decides to proceed with the acquisition of such Mortgaged Property, then the Servicer shall provide to the Master Servicer, the Grantor Trustee and the Indenture Trustee an Officer's Certificate with a copy of the related report that substantiates such decision. Such Officer's Certificate shall provide that based on an analysis of all available information in the report (including potential clean up costs and liability claims) at the time it is the best judgment of the Responsible Officer making such certification that such foreclosure shall increase Net Liquidation Proceeds to the Grantor Trust. Upon the receipt of any such Officer's Certificate, the Grantor Trustee, in its reasonable discretion, shall determine whether to take tile title to such Mortgaged Property. The Grantor Trustee shall promptly forward such report and Officer's Certificate to the Grantor Trust Holder.

Foreclosure Actions. In accordance with the criteria for proceeding against the Mortgaged Property set forth in Section 4.10(a) hereof, unless otherwise prohibited by applicable law or court or administrative order, the Servicer, on behalf of the Grantor Trust Holders, may, at any time, institute foreclosure proceedings to the extent permitted by law, exercise any power of sale to the extent permitted by law, obtain a deed in lieu of foreclosure, or otherwise acquire possession of or title to the related Mortgaged Property, by operation of law or otherwise. In accordance with Section 4.10(a) hereof, and (i) in the case of any Mortgage in a first lien position the Servicer shall, or (ii) in the case of any Mortgage in a subordinate lien position the Servicer shall have the option to, institute foreclosure proceedings, repossess, exercise any power of sale to the extent permitted by law, obtain a deed in lieu of foreclosure or otherwise acquire possession of or title to any Mortgaged Property, by operation of law or otherwise; provided, however, that in each case the Servicer shall have determined there is a reasonable likelihood of (A) recovering an economically significant amount attributable to the outstanding interest and principal owing on such Home Loan as a result of such actions, in excess of (B) the costs and expenses to obtain such recovery (including without limitation any Servicing Advances and, if applicable, the outstanding indebtedness of all Superior Liens), and in relation to (C) the expected timing of such recovery therefrom. Prior to acquiring any Foreclosure Property, however, the Servicer shall cause a review to be performed, in accordance with the Accepted Servicing Procedures, on the related Mortgaged Property by a company such as Equifax, Inc. or Toxicheck, and the scope of such review shall be limited to the review of public records and documents for indications that such Mortgaged Property has on it, has under it, or is near hazardous or toxic material or waste. If such review reveals that the Mortgaged Property has on it, under it or is near hazardous or toxic material or waste or reveals any other environmental problem, and the Servicer decides to proceed with the acquisition of such Mortgaged Property, then the Servicer shall provide to the Master Servicer, the Securities Insurer, the Grantor Trustee and the Indenture Trustee an Officer's Certificate with a copy of the related report that substantiates such decision. Such Officer's Certificate shall provide that based on an analysis of all available information in the report (including potential clean up costs and liability claims) at the time it is the best judgment of the Responsible Officer making such certification that such foreclosure shall increase Net Liquidation Proceeds to the Grantor Trust. Upon the receipt of any such Officer's Certificate, the Grantor Trustee, in its reasonable discretion, shall determine instruct the Servicer whether to take tile title to such Mortgaged Property; provided, however, that the Grantor Trustee and the Servicer shall obtain the prior written consent of the Securities Insurer to take title to such Mortgaged Property. The Grantor Trustee shall promptly forward such report and Officer's Certificate to the Grantor Trust Holder.