Common use of Notice of Specially Serviced Mortgage Loans and Foreclosure Sale Clause in Contracts

Notice of Specially Serviced Mortgage Loans and Foreclosure Sale. (a) The Servicer shall, within five (5) calendar days following each Record Date, deliver to the Purchaser monthly reports substantially in the form of Exhibit 5.03 (a) with respect to all Specially Serviced Mortgage Loans. The Servicer shall, within one (1) Business Day following the occurrence of any foreclosure sale with respect to any Mortgaged Property, deliver to the Purchaser a notice of foreclosure sale substantially in the form of Exhibit 5.03(b). (b) Following the foreclosure sale or abandonment of any Mortgaged Property, the Servicer shall report such foreclosure or abandonment as required pursuant to Section 6050J of the Code.

Notice of Specially Serviced Mortgage Loans and Foreclosure Sale. (a) The Servicer shall, within five (5) calendar days following each Record Date, deliver to the Purchaser monthly reports substantially in the form of Exhibit 5.03 (a5.03(a) with respect to all Specially Serviced Mortgage Loans. The Servicer shall, within one (1) Business Day following the occurrence of any foreclosure sale with respect to any Mortgaged Property, deliver to the Purchaser a notice of foreclosure sale substantially in the form of Exhibit 5.03(b). (b) Following the foreclosure sale or abandonment of any Mortgaged Property, the Servicer shall report such foreclosure or abandonment as required pursuant to Section 6050J of the Code.