Limited Right to Waive Engage in Loss Mitigation Activity or Modify. (a) The Direct Servicer will, to the extent provided in the Servicing Contract, be permitted to (i) waive any prepayment charge, (ii) waive any assumption fee, late payment charge, or other administrative or servicing-related fee permitted by the Mortgage Documents (except as may otherwise be provided in the related Issue Supplement and in Subsection 5.3(5)),
Limited Right to Waive Engage in Loss Mitigation Activity or Modify.
(a) The Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) will be permitted to waive (i) any portion of the Prepayment Premium payable to the Primary Servicer under the Servicing Contract, and (ii) any portion of the assumption fee, late payment charge, or other administrative or servicing-related fee permitted by the Mortgage Documents and payable to the Primary Servicer under the Servicing Contract, in each case except as may otherwise be provided in the related Issue Supplement. If the Master Servicer so directs, the Primary Servicer will (i) waive any portion of the Prepayment Premium payable to the Master Servicer, (ii) waive any portion of any assumption fee, late payment charge, default interest or other administrative or servicing-related fee permitted by the Mortgage Documents and payable to the Master Servicer, in each case except as may otherwise be provided in the related Issue Supplement, (iii) grant a Borrower relief during the period needed to ascertain the facts if a disaster, terrorist attack or other catastrophe occurs that was caused by either nature or a Person other than the Borrower and that the Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) reasonably believes may adversely affect either the value or habitability of the related Mortgaged Property or the Borrower’s ability to make further payments or payment in full on the related Mortgage Loan, (iv) commit to a Loss Mitigation Alternative subject to the conditions provided in paragraph (b) of this Subsection 5.3(3) and in Subsection 5.3(4), (v) reduce or eliminate a Borrower’s obligation to maintain Mortgage Insurance as provided in Subsection 5.8(2) and (vi) adjust the interest rate or other terms of any Mortgage Loan as required to comply with a Relief Act. In determining its course of action with respect to a defaulted Mortgage Loan, the Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) will pursue whichever course of action it determines, in its reasonable judgment, to be likely to produce the greatest recovery for the related Trust, taking into consideration the time value of money.
(b) The Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) may agree to a Loss Mitigation Alternative as provided in clause (iv) of paragraph (a) of this Subsection 5.3(3) only if (x) a payment default on that Mortgage Loan has occ...
Limited Right to Waive Engage in Loss Mitigation Activity or Modify
