Common use of Procedures with Respect to Defaulted Loan; Realization upon the Property Clause in Contracts

Procedures with Respect to Defaulted Loan; Realization upon the Property. (a) Upon a Loan Event of Default, the Special Servicer on behalf of the Trust (subject to the rights of the Directing Holder during any Subordinate Control Period (and upon consultation with the Directing Holder during any Subordinate Consultation Period)) and the Senior Pari Passu Companion Loan Holders, subject to the terms of the Loan Documents and the Co-Lender Agreement and consistent with Accepted Servicing Practices, shall promptly pursue the remedies set forth therein or otherwise available in accordance with Accepted Servicing Practices, including foreclosure or otherwise realization on the Property and the other collateral for the Mortgage Loan. In connection with any foreclosure, enforcement of the Loan Documents or other realization on the Collateral, the Special Servicer shall direct the Servicer to, and the Servicer shall, pay the costs and expenses in any such proceedings as a Property Protection Advance unless the Servicer determines, in accordance with Accepted Servicing Practices, that such Advance would constitute a Nonrecoverable Advance, in which case it will be an expense of the Trust.

Procedures with Respect to Defaulted Loan; Realization upon the Property. (a) Upon a Mortgage Loan Event of Default, the Special Servicer on behalf of the Trust (subject to the rights consent of the Directing Holder Controlling Class Representative during any Subordinate Control Period (and upon consultation with the Directing Holder Controlling Class Representative during any Subordinate Consultation Period)) and the Senior Pari Passu Companion Loan Holders, subject to the terms of the Loan Documents and the Co-Lender Agreement and consistent with Accepted Servicing Practices, shall promptly pursue the remedies set forth therein or otherwise available in accordance with Accepted Servicing Practices, including foreclosure or otherwise realization on the Property and the other collateral for the Mortgage Loan. In connection with any foreclosure, enforcement of the Loan Documents or other realization on the Collateral, the Special Servicer shall direct the Servicer to, and the Servicer shall, pay the costs and expenses in any such proceedings as a Property Protection Advance unless the Servicer determines, in accordance with Accepted Servicing Practices, that such Advance would constitute a Nonrecoverable Advance. If such Advance is determined to constitute a Nonrecoverable Advance, in which case it then such expenses will be an expense of paid from the TrustCollection Account.