Common use of Modifications of Mortgage Clause in Contracts

Modifications of Mortgage. With the prior written consent of the Master Servicer, the Servicer may modify the terms of a Mortgage Loan which is in default or a Mortgage Loan as to which default is reasonably foreseeable; provided, however, that (i) such modification may not reduce the amount of principal owed under the related Mortgage Note or permanently reduce the Mortgage Interest Rate for such Mortgage Loan and (ii) the Servicer and the Master Servicer have determined that such modification is likely to increase the proceeds of such Mortgage Loan over the amount expected to be collected pursuant to foreclosure. Notwithstanding anything to the contrary in this Agreement, the Servicer shall not permit any modification of any material term of a Mortgage Loan (including the Mortgage Interest Rate, the principal balance, the amortization schedule, or any other term affecting the amount or timing of payments on the Mortgage Loan) where such modification is not the result of a default or as to which default is reasonably foreseeable under the Mortgage Loan unless the Master Servicer has consented thereto and the Servicer has received an Opinion of Counsel or a ruling from the Internal Revenue Service (at the expense of the Servicer or the party making the request of the Servicer to modify the Mortgage Loan) to the effect that such modification would not be treated as giving rise to a new debt instrument for federal income tax purposes or a disposition of the modified Mortgage Loan and that such modification is permitted under the REMIC Provisions.

Modifications of Mortgage. With the prior written consent of the Master Servicer, the Servicer may modify the terms of a Mortgage Loan which is in default or a Mortgage Loan as to which default is reasonably foreseeable; provided, however, that (i) such modification may not reduce the amount of principal owed under the related Mortgage Note or permanently reduce the Mortgage Interest Rate for such Mortgage Loan or extend the final maturity date with respect to any Mortgage Loan beyond the Final Scheduled Maturity Date for the Certificates, or if the Mortgage Loans are divided into two or more Loan Groups, the Final Scheduled Maturity Date for the Certificates in the related Group and (ii) the Servicer and the Master Servicer have determined that such modification is likely to increase the proceeds of such Mortgage Loan over the amount expected to be collected pursuant to foreclosure. Notwithstanding anything to the contrary in this Agreement, the Servicer shall not permit any modification of any material term of a Mortgage Loan (including the Mortgage Interest Rate, the principal balance, the amortization schedule, or any other term affecting the amount or timing of payments on the Mortgage Loan) where such modification is not the result of a default or as to which default is reasonably foreseeable under the Mortgage Loan unless the Master Servicer has consented thereto and the Servicer has received an Opinion of Counsel or a ruling from the Internal Revenue Service (at the expense of the Servicer or the party making the request of the Servicer to modify the Mortgage Loan) to the effect that such modification would not be treated as giving rise to a new debt instrument for federal income tax purposes or a disposition of the modified Mortgage Loan and that such modification is permitted under the REMIC Provisions. The Servicer shall be responsible for the determination that any extension of the maturity date of a Mortgage Loan complies with this paragraph.

Modifications of Mortgage. With the prior written consent of the Master Servicer, the The Servicer may waive, modify the terms or vary any term of a any Mortgage Loan which is or consent to the postponement of strict compliance with any such term or in default or a Mortgage Loan as any manner grant indulgence to which default is reasonably foreseeableany Mortgagor; provided, however, that (unless (i) such modification may not reduce the amount of principal owed under the related Mortgage Note or permanently reduce Mortgagor is in default with respect to the Mortgage Interest Rate for Loan or such Mortgage Loan default is, in the judgment of the Servicer, reasonably foreseeable, and (ii) in the Servicer's reasonable determination such waiver, modification, postponement or indulgence is not materially adverse to the Certificateholders in the aggregate) the Servicer and shall not permit any modification with respect to any Mortgage Loan that would change the Master Mortgage Interest Rate, defer or forgive the payment thereof of any principal or interest payments, reduce or increase the outstanding principal amount (except for actual payments of principal) or extend the final maturity date with respect to such Mortgage Loan. Notwithstanding the foregoing, the Servicer have determined shall not permit any modification with respect to any Mortgage Loan that would (x) effect an exchange or reissuance of such Mortgage Loan under Section 1.860G-2(b) of the Treasury Regulations, (y) cause the REMIC to fail to qualify as a REMIC under the Code or the imposition of any tax on "prohibited transactions" or "contributions" after the Startup Day under the REMIC Provisions or, (z) extend the final maturity date with respect to any Mortgage Loan beyond the Final Scheduled Maturity Date for the Certificates, or if the Mortgage Loans are divided into two or more Loan Groups, the Final Scheduled Maturity Date for the Certificates in the related Group. The Servicer shall be responsible for the determination that any extension of the maturity date of the Mortgage Loan complies with the preceding sentence. For the avoidance of doubt, a waiver, modification, postponement or indulgence shall be deemed to not materially adversely affect the Certificateholders in the aggregate if the Servicer determines that such modification waiver, modification, postponement or indulgence is reasonably likely to increase the proceeds of such the related Mortgage Loan over the amount expected to be collected pursuant to foreclosure. Notwithstanding anything to the contrary As used in this Agreement, Agreement "reasonably foreseeable" when used in the context of a default means that the Servicer shall not permit any modification of any material term of a Mortgage Loan (including has assessed the Mortgage Interest Rate, the principal balance, the amortization schedule, or any other term affecting the amount or timing of payments on Mortgagor's current ability to pay its obligations with respect to the Mortgage Loan) where such modification , and has reasonably determined that the Mortgagor is not unable to make the result of a default or as to which default is reasonably foreseeable payments required under the Mortgage Loan unless in the Master Servicer has consented thereto and foreseeable future. Nothing in this Section 3.1.2 shall be construed to limit the Servicer has received an Opinion of Counsel or a ruling from the Internal Revenue Service (at the expense of the Servicer or the party making the request ability of the Servicer to modify arrange for the Mortgage Loan) sale of a Mortgaged Property pursuant to the effect that such modification would not be treated as giving rise to a new debt instrument for federal income tax purposes or a disposition of the modified Mortgage Loan and that such modification is permitted under the REMIC ProvisionsSection 13.3.3.

Modifications of Mortgage. With the prior written consent of the Master Servicer, the Servicer may modify the terms of a Mortgage Loan which is in default or a Mortgage Loan as to which default is reasonably foreseeable; providedPROVIDED, however, that (i) such modification may not reduce the amount of principal owed under the related Mortgage Note or permanently reduce the Mortgage Interest Rate for such Mortgage Loan and (ii) the Servicer and the Master Servicer have determined that such modification is likely to increase the proceeds of such Mortgage Loan over the amount expected to be collected pursuant to foreclosure. Notwithstanding anything to the contrary in this Agreement, the Servicer shall not permit any modification of any material term of a Mortgage Loan (including the Mortgage Interest Rate, the principal balance, the amortization schedule, or any other term affecting the amount or timing of payments on the Mortgage Loan) where such modification is not the result of a default or as to which default is reasonably foreseeable under the Mortgage Loan unless the Master Servicer has consented thereto and the Servicer has received an Opinion of Counsel or a ruling from the Internal Revenue Service (at the expense of the Servicer or the party making the request of the Servicer to modify the Mortgage Loan) to the effect that such modification would not be treated as giving rise to a new debt instrument for federal income tax purposes or a disposition of the modified Mortgage Loan and that such modification is permitted under the REMIC Provisions.