Common use of Notification Matters Clause in Contracts

Notification Matters. Based upon information obtained pursuant to its obligations under Section 12.2.6, the Servicer shall (i) maintain accurate records of and (ii) except in the case of paragraph (f) hereof involving a monetary default of the Borrower addressed by Article 12 hereof, immediately notify the Master Servicer upon discovering any of the following: (a) deterioration of, waste of, or lack of repair to, any Mortgaged Property, which materially and adversely affects the Value of such Mortgaged Property and the Borrower refuses or is not financially able to make the necessary repairs; (b) sale or transfer of any Mortgaged Property in a manner not approved by the Servicer pursuant to the provisions of this Agreement; (c) material litigation involving any Mortgaged Property; (d) abandonment of any Mortgaged Property; (e) a material default, determined in accordance with Prudent Servicing Practices, under the terms of any Security Instrument, Mortgage Note, Condominium Project or PUD constituent document or similar obligations of a Borrower; or (f) any other situation that may materially and adversely affect the value of any Mortgage Loan.

Notification Matters. Based upon information obtained pursuant to its obligations under Section 12.2.6, the Servicer shall (i) maintain accurate records of and (ii) except in the case of paragraph (f) hereof involving a monetary default of the Borrower addressed by Article ARTICLE 12 hereof, immediately notify the Master Servicer upon discovering any of the following: (a) deterioration of, waste of, or lack of repair to, any Mortgaged Property, which materially and adversely affects the Value of such Mortgaged Property and the Borrower refuses or is not financially able to make the necessary repairs; (b) sale or transfer of any Mortgaged Property in a manner not approved by the Servicer pursuant to the provisions of this Agreement; (c) material litigation involving any Mortgaged Property; (d) abandonment of any Mortgaged Property; (e) a material default, determined in accordance with Prudent Servicing Practices, under the terms of any Security Instrument, Mortgage Note, Condominium Project or PUD constituent document or similar obligations of a Borrower; or (f) any other situation that may materially and adversely affect the value of any Mortgage Loan.