Foreclosure/Alternative to Foreclosure Initiation Clause Samples

Foreclosure/Alternative to Foreclosure Initiation. (a) When a Borrower reaches the 90th day of Delinquency and the Servicer has exhausted all reasonable means of curing the Delinquency, the Servicer shall either begin the foreclosure process or suggest an alternative to foreclosure in accordance with Prudent Servicing Practices. In conjunction with the Servicer's decision to begin the foreclosure action or seek an alternative to foreclosure, the Servicer shall provide written notice to, where applicable, the respective Primary Mortgage Insurer and/or the respective Pool Insurer no later than ten days after the initiation of foreclosure proceedings or the alternative to foreclosure. Notwithstanding anything to the contrary in this Section 13.1.1, the Master Servicer may direct the Servicer to stop the foreclosure action or to modify any alternative to foreclosure. The Servicer shall prepare all necessary documentation to initiate the foreclosure proceedings. (b) Notwithstanding anything to the contrary in this Section 13.1, if the Master Servicer has entered into a special servicing agreement pursuant to Section 3.08 of the Pooling and Servicing Agreement, the Master Servicer may direct the Servicer to commence foreclosure proceedings as contemplated by such special servicing agreement.