Common use of Foreclosure Restrictions Clause in Contracts

Foreclosure Restrictions. After the REMIC conversion, as described in the Trust Agreement, the following restrictions on foreclosure shall apply with respect to any Mortgage Loans that are sixty or more days Delinquent as of the “startup day” of any REMIC elected by the Underlying REMIC Trust (each such Mortgage Loan, a “Foreclosure Restricted Loan: in connection with the servicing of any Foreclosure Restricted Loan, the Master Servicer shall cause the Servicer not to acquire any Mortgaged Property on behalf of any REMIC in connection with a default or imminent default on a Foreclosure Restricted Loan, if acquiring title to the Mortgaged Property underlying the Foreclosure Restricted Loan would cause the adjusted bases, for federal income tax purposes, of these Mortgaged Properties owned by the related REMIC after foreclosure, along with the adjusted based of any other assets owned by the related REMIC other than “qualified mortgages” and “permitted investments” within the meaning of section 860G of the Code, to exceed 0.75% of the adjusted bases of all of the assets of the related REMIC. If the adjusted bases of such Mortgaged Properties in foreclosure, along with the adjusted bases of any other assets owned by the related REMIC other than “qualified mortgages” and “permitted investments” with the meaning of section 860G of the Code, exceed 1.0% of the adjusted bases of all of the assets of the related REMIC immediately after the distribution of principal and interest on any distribution date, the Master Servicer shall cause the Servicer to dispose of enough of such Mortgaged Properties in foreclosure, for cash or otherwise, so that the adjusted bases of such Mortgaged Properties in foreclosure, along with any other assets owned by the related REMIC other than “qualified mortgages” and “permitted investments” within the meaning of Section 860G of the Code, will be less than 1.0% of the adjusted bases of all of the assets of the related REMIC. In either event, the Servicer is permitted to acquire (for its own account and not on behalf of the Underlying REMIC Trust) the Mortgaged Property at the foreclosure sale for an amount not less than the greater of: (i) the highest amount bid by any other person at the foreclosure sale, or (ii) the estimated fair market value of the Mortgaged Property, as determined by the Servicer in good faith.

Foreclosure Restrictions. After the REMIC conversionConversion, as described in the Trust AgreementMaster Servicer shall apply, and shall cause to be applied by each Servicer, the following restrictions on foreclosure shall apply with respect to any Mortgage Loans that are sixty (60) or more days Delinquent as of the “startup day” of any REMIC elected by the Underlying REMIC Trust to hold such Mortgage Loans (each such Mortgage Loan, a “Foreclosure Restricted Loan: in ”). In connection with the servicing of any Foreclosure Restricted Loan, the Master Servicer shall cause determine whether the Servicer not acquisition of title to acquire any Mortgaged Property on behalf of any REMIC in connection with a default or imminent default foreclosure on a Foreclosure Restricted Loan, if acquiring title to the Mortgaged Property underlying the such Foreclosure Restricted Loan contemplated by the related Servicer would cause the sum of the adjusted basesbasis, for federal income tax purposes, of these such Mortgaged Properties owned by Property and the related REMIC after foreclosure, along with the aggregate adjusted based basis of any all other assets owned by the related such REMIC other than “qualified mortgages” and “permitted investments” ”, each within the meaning of section 860G of the Code, to exceed 0.75% of the aggregate adjusted bases basis of all of the assets of such REMIC, and if such determination is made in the affirmative, shall promptly direct the related Servicer in writing not to acquire on behalf of any REMIC such Mortgaged Property. In such event with respect to any Foreclosure Restricted Loan, the related Servicer may sell such Foreclosure Restricted Loan or liquidate the Mortgaged Property for cash in a foreclosure sale or other transaction. In addition, in connection with the servicing of any Foreclosure Restricted Loan, the Master Servicer shall also determine prior to any Payment Date whether the sum of the aggregate adjusted basis of all Mortgaged Properties acquired on behalf of any REMIC in connection with foreclosures on Foreclosure Restricted Loans and the aggregate adjusted basis of all other assets owned by such REMIC other than “qualified mortgages” and “permitted investments”, each within the meaning of section 860G of the Code, would exceed 1.0% of the aggregate adjusted basis of all of the assets of such REMIC following all distributions to the Holders of Notes and Certificates on such Payment Date, and if such determination is made in the affirmative, shall promptly direct in writing the related Servicer with respect to such Mortgaged Properties to dispose of, prior to such Payment Date and on behalf of such REMIC. If the adjusted bases , enough of such Mortgaged Properties in foreclosureProperties, along with the adjusted bases of any other assets owned by such REMIC other than “qualified mortgages” and “permitted investments”, for cash, such that the related sum of the aggregate adjusted basis of any such Mortgaged Properties remaining in such REMIC and the aggregate adjusted basis of all other assets owned by such REMIC other than “qualified mortgages” and “permitted investments” with the meaning of section 860G of the Code, will not exceed 1.0% of the aggregate adjusted bases basis of all of the assets of such REMIC immediately following such Payment Date. In any event with respect to any Foreclosure Restricted Loan, the related REMIC immediately after the distribution of principal and interest on any distribution date, the Master Servicer shall cause the Servicer to dispose of enough of such Mortgaged Properties in foreclosure, for cash or otherwise, so that the adjusted bases of such Mortgaged Properties in foreclosure, along with any other assets owned by the related REMIC other than “qualified mortgages” and “permitted investments” within the meaning of Section 860G of the Code, will be less than 1.0% of the adjusted bases of all of the assets of the related REMIC. In either event, the Servicer is permitted to acquire (for its own account and not on behalf of the Underlying REMIC TrustTrust or any REMIC) the any Mortgaged Property related to a Foreclosure Restricted Loan at the related foreclosure sale for an amount not less than the greater of: (i) the highest amount bid by any other person at the foreclosure sale, or (ii) the estimated fair market value of the such Mortgaged Property, as determined by the such Servicer in good faith.

Foreclosure Restrictions. [DEPENDING ON WHETHER YOU WANT THIS SERVICING AGREEMENT TO STAY IN EFFECT AFTER THE REMIC ELECTIONS OR IF SERVICING SHOULD BE DONE UNDER THE NEW PSA, THE FOLLOWING SHOULD BE PLACED IN THE RELEVANT DOCUMENT.] After the REMIC conversion, as described in the Trust Agreement, the following restrictions on foreclosure shall apply with respect to any Mortgage Loans that are sixty or more days Delinquent as of the “startup day” of any REMIC elected by the Underlying REMIC Trust (each such Mortgage Loan, a “Foreclosure Restricted Loan: in connection with the servicing of any Foreclosure Restricted Loan, the Master Servicer shall cause the Servicer not to acquire any Mortgaged Property on behalf of any REMIC in connection with a default or imminent default on a Foreclosure Restricted Loan, if acquiring title to the Mortgaged Property underlying the Foreclosure Restricted Loan would cause the adjusted bases, for federal income tax purposes, of these Mortgaged Properties owned by the related REMIC after foreclosure, along with the adjusted based of any other assets owned by the related REMIC other than “qualified mortgages” and “permitted investments” within the meaning of section 860G of the Code, to exceed 0.75% of the adjusted bases of all of the assets of the related REMIC. If the adjusted bases of such Mortgaged Properties in foreclosure, along with the adjusted bases of any other assets owned by the related REMIC other than “qualified mortgages” and “permitted investments” with the meaning of section 860G of the Code, exceed 1.0% of the adjusted bases of all of the assets of the related REMIC immediately after the distribution of principal and interest on any distribution date, the Master Servicer shall cause the Servicer to dispose of enough of such Mortgaged Properties in foreclosure, for cash or otherwise, so that the adjusted bases of such Mortgaged Properties in foreclosure, along with any other assets owned by the related REMIC other than “qualified mortgages” and “permitted investments” within the meaning of Section 860G of the Code, will be less than 1.0% of the adjusted bases of all of the assets of the related REMIC. In either event, the Servicer is permitted to acquire (for its own account and not on behalf of the Underlying REMIC Trust) the Mortgaged Property at the foreclosure sale for an amount not less than the greater of: (i) the highest amount bid by any other person at the foreclosure sale, or (ii) the estimated fair market value of the Mortgaged Property, as determined by the Servicer in good faith.”

Foreclosure Restrictions. After the REMIC conversionConversion, as described defined in the Trust AgreementExhibit E, the following restrictions on foreclosure shall apply with respect to any Mortgage Loans that are sixty (60) or more days Delinquent as of the “startup day” of any REMIC elected by the Underlying REMIC Trust to hold such Mortgage Loans (each such Mortgage Loan, a “Foreclosure Restricted Loan: in ”). In connection with the servicing of any Foreclosure Restricted Loan, the Master Servicer shall cause the Servicer not to acquire any Mortgaged Property on behalf of any REMIC any Mortgaged Property in connection with a default or imminent default foreclosure on a Foreclosure Restricted Loan, Loan if the Servicer has received a written notice from the Master Servicer that the Master Servicer has determined that acquiring title to the any such Mortgaged Property underlying the Foreclosure Restricted Loan would cause the sum of the adjusted basesbasis, for federal income tax purposes, of these such Mortgaged Properties owned by Property and the related REMIC after foreclosure, along with the aggregate adjusted based basis of any all other assets owned by the related such REMIC other than “qualified mortgages” and “permitted investments” ”, each within the meaning of section 860G of the Code, to exceed 0.75% of the aggregate adjusted bases basis of all of the assets of such REMIC. In such event, the Servicer may sell the related REMICForeclosure Restricted Loan or liquidate the Mortgaged Property for cash in a foreclosure sale or other transaction. If In addition, if the Master Servicer determines that the sum of the aggregate adjusted bases basis of such all Mortgaged Properties in foreclosure, along with the adjusted bases acquired on behalf of any REMIC in connection with foreclosures on Foreclosure Restricted Loans and the aggregate adjusted basis of all other assets owned by the related such REMIC other than “qualified mortgages” and “permitted investments” with the meaning of section 860G of the Code, would exceed 1.0% of the aggregate adjusted bases basis of all of the assets of the related such REMIC immediately after the distribution following any distributions to holder of principal and interest any securities on any distribution datePayment Date, then prior to that Payment Date and upon receipt of written notice from the Master Servicer, the Master Servicer shall cause the Servicer to on behalf of such REMIC dispose of enough of such Mortgaged Properties in foreclosure, for cash or otherwise, so that the adjusted bases of such Mortgaged Properties in foreclosureProperties, along with any other assets owned by such REMIC other than “qualified mortgages” and “permitted investments”, for cash, as directed by the related Master Servicer, such that the sum of the aggregate adjusted basis of any such Mortgaged Properties remaining in such REMIC and the aggregate adjusted basis of all other assets owned by such REMIC other than “qualified mortgages” and “permitted investments” within the meaning of Section 860G of the Code, will be less than not exceed 1.0% of the aggregate adjusted bases basis of all of the assets of the related such REMIC. In either any event, the Servicer is permitted to acquire (for its own account and not on behalf of the Underlying REMIC TrustTrust or any REMIC) the any Mortgaged Property related to a Foreclosure Restricted Loan at the related foreclosure sale for an amount not less than the greater of: (i) the highest amount bid by any other person at the foreclosure sale, or (ii) the estimated fair market value of the such Mortgaged Property, as determined by the Servicer in good faith.