Foreclosure Proceeds. If there is a foreclosure, or any other action, whether judicial or nonjudicial, under any or both of the Deeds of Trust (including the giving of a deed in lieu of foreclosure), the proceeds resulting from such foreclosure or action will be first used to pay (i) all amounts paid to any senior lien holder, and (ii) expenses incurred by the County, the City, or both, in connection with such foreclosure or other action. After such payments (i) the City is entitled to the result obtained by multiplying the City Loan Prorata Percentage by the Foreclosure Net Proceeds, and (ii) the County is entitled to the result obtained by multiplying the County Loan Prorata Percentage by the Foreclosure Net Proceeds.
Foreclosure Proceeds. The decision of the Servicer to foreclose on a defaulted Mortgage Loan shall be subject to a determination by the Servicer that the proceeds of such foreclosure would exceed the costs and expenses of bringing such a proceeding. The income earned from the management of any REO Properties, net of reimbursement to the Servicer for expenses incurred (including any property or other taxes) in connection with such management and net of unreimbursed Servicing Fees, Monthly Advances and Servicing Advances, shall be applied to the payment of principal of and interest on the related defaulted Mortgage Loans (with interest accruing as though such Mortgage Loans were still current) and all such income shall be deemed, for all purposes in this Agreement, to be payments on account of principal and interest on the related Mortgage Notes and shall be deposited into the Collection Account. To the extent the net income received during any calendar month is in excess of the amount attributable to amortizing principal and accrued interest at the related Mortgage Rate on the related Mortgage Loan for such calendar month, such excess shall be considered to be a partial prepayment of principal of the related Mortgage Loan. The proceeds from any liquidation of a Mortgage Loan, as well as any income from any related REO Property, shall be applied in the following order of priority: first, to reimburse the Servicer for any related unreimbursed Servicing Advances; second, to reimburse the Servicer for any unreimbursed Monthly Advances; third, to reimburse the Collection Account for any Nonrecoverable Advances (or portions thereof) that were previously withdrawn by the Servicer pursuant to Section 4.2(c) that related to such Mortgage Loan; fourth, to accrued and unpaid interest (to the extent no Monthly Advance has been made for such amount or any such Monthly Advance has been reimbursed) on the Mortgage Loan or related REO Property, at the Net Mortgage Rate to the Due Date occurring in the month in which such amounts are required to be distributed; fifth, as a recovery of principal of the Mortgage Loan; and sixth, to pay the Servicer for any outstanding Serving Fees. Excess Proceeds, if any, from the liquidation of a Liquidated Mortgage Loan shall be retained by the Servicer as additional servicing compensation pursuant to Section 3.2.
Foreclosure Proceeds. (a) For the purposes of this Agreement, the term "
Foreclosure Proceeds. The net proceeds realized by Lender in connection with the foreclosure of any Mortgaged Property or the exercise by Lender of any other rights in respect of the Collateral shall be applied in accordance with the Mortgage on such Mortgaged Property.
Foreclosure Proceeds. If there is a foreclosure, or any other action, judicial or nonjudicial, under either or both of the Deeds of Trust (including the giving of a deed in lieu of foreclosure), then the Agency and the County shall be entitled to share in any proceeds which shall ensue from such action, after any and all senior lienholders have been satisfied, and after payment of all reasonable expenses of both Parties incurred in connection with the action in accordance with each of their Prorata Percentages.
