Common use of Purchaser's Election to Delay Foreclosure Proceedings Clause in Contracts

Purchaser's Election to Delay Foreclosure Proceedings. (a) The Purchaser shall be deemed to direct the related Servicer that in the event that such Servicer does not receive written notice of the Purchaser's election pursuant to subsection (b) below within 24 hours (exclusive of any intervening non-Business Days) of transmission of the notice provided by such Servicer under Section 2.01 (a) (ii) subject to extension as set forth in Section 2.02(b), such Servicer may proceed with the Commencement of Foreclosure in respect of such Mortgage Loan in accordance with its normal foreclosure policies without further notice to the Purchaser. Any foreclosure that has been initiated may be discontinued (i) without notice to the Purchaser if the Mortgage Loan has been brought current or if a refinancing or prepayment occurs with respect to the Mortgage Loan (including by means of a short payoff approved by such Servicer) or (ii) if such Servicer has reached the terms of a forbearance agreement with the borrower. In the latter case, such Servicer may complete such forbearance agreement unless instructed otherwise by the Purchaser within two Business Days notification.

Purchaser's Election to Delay Foreclosure Proceedings. (a) The Purchaser shall be deemed to direct the related Servicer Company that in the event that such Servicer the Company does not receive written notice of the Purchaser's election pursuant to subsection (b) below within 24 hours (exclusive of any intervening non-non- Business Days) of transmission of the notice provided by such Servicer the Company under Section 2.01 (a) (ii2.01(a)(ii) subject to extension as set forth in Section 2.02(b), such Servicer the Company may proceed with the Commencement of Foreclosure in respect of such Mortgage Loan in accordance with its normal foreclosure policies without further notice to the Purchaser. Any foreclosure that has been initiated may be discontinued (i) without notice to the Purchaser if the Mortgage Loan has been brought current or if a refinancing or prepayment occurs with respect to the Mortgage Loan (including by means of a short payoff approved by such Servicerthe Company) or (ii) withnotice to the Purchaser if such Servicer the Company has reached the terms of a forbearance agreement with the borrower. In such latter case the latter case, such Servicer Company may complete such forbearance agreement unless instructed otherwise by the Purchaser within two Business Days of notification.

Purchaser's Election to Delay Foreclosure Proceedings. (a) The Purchaser shall be deemed to direct the related Servicer that in the event that such the Servicer does not receive written notice of the Purchaser's election pursuant to subsection (b) below within 24 hours (exclusive of any intervening non-Business Days) of transmission of the notice provided by such the Servicer under Section 2.01 (a) (ii2.01(a)(ii) subject to extension as set forth in Section 2.02(b), such the Servicer may proceed with the Commencement of Foreclosure in respect of such Mortgage Loan in accordance with its normal foreclosure policies without further notice to the Purchaser. Any foreclosure that has been initiated may be discontinued (i) without notice to the Purchaser if the Mortgage Loan has been brought current or if a refinancing or prepayment occurs with respect to the Mortgage Loan (including by means of a short payoff approved by such the Servicer) or (ii) with notice to the Purchaser if such the Servicer has reached the terms of a forbearance agreement with the borrower. In such latter case the latter case, such Servicer may complete such forbearance agreement unless instructed otherwise by the Purchaser within two Business Days of notification.