Realization of Mortgage Rights Sample Clauses

Realization of Mortgage Rights. 4.1 Conditions for disposing of the mortgaged properties The Mortgagee has the right to dispose of the mortgaged properties in accordance with law to realize the mortgage rights upon the occurrence of any of the following situations: (1) The Debtor is held in violation of the Master Contract; (2) The Mortgagor is held in violation of this Contract; (3) Circumstances under the Master Contract for the creditor to realize its creditor's rights in advance; or (4) Other circumstances agreed by the Parties to this Contract for disposing the mortgaged properties. 4.2 Realization of mortgage rights Upon the occurrence of a circumstance for disposing the mortgaged properties agreed under this Contract, the Mortgagee has the right to dispose of any mortgaged properties in any of the following manners: (1) Negotiate with the Mortgagor to pay off all the debts by converting the mortgaged properties into money or with the prices acquired from the auction or sale of the mortgaged properties; if the negotiation fails, the Mortgagee may directly request a people's court to auction or sell the mortgaged properties to pay off all the debts. (2) After the mortgaged properties are converted into money, auctioned, or sold, the surplus of the prices exceeding all the creditor's rights guaranteed by the mortgaged properties shall be owned by the Mortgagor, and the difference shall be paid by the Debtor. The Mortgagee has the right to decide, at its own discretion, the payment sequence of the prices acquired from the disposal of the mortgaged properties. (3) After the Mortgagee disposes of the mortgaged properties, the proceeds from the disposal of the mortgaged properties shall be used to pay off the debts under the Master Contract that are guaranteed by the mortgaged properties when due or in advance; for financing businesses other than loans, if the Mortgagee has not made advance payment, the Mortgagee has the right to deposit and allocate the proceeds from the disposal of the mortgaged properties to the account designated by the Mortgagee or the security deposit account of the Debtor in order to make payment externally or as the security deposit for possible advance payments to be made by the Mortgagee, and the Parties confirm that no security deposit pledge contract will be separately executed. (4) Dispose of the mortgaged properties by other means permitted by law or agreed by the Parties to realize the mortgage rights.
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Realization of Mortgage Rights. 4.1 Conditions for disposal of the mortgaged properties (1) The debtor is in breach of the Principal Contract. (2) The Mortgagor is in breach of this Contract. (3) Any circumstance where the creditor can realize its creditor's rights in advance under the Principal Contract occurs. (4) Other circumstances where the mortgaged properties may be disposed of as agreed upon by the parties occur.
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Realization of Mortgage Rights. 1. Under any of the following circumstances, the Mortgagee shall have the right to exercise the mortgage rights, and may, through consultation with the Mortgagor, be repaid first out of the proceeds from the conversion of the collateral or from the auction or sale of the collateral. If the proceeds do not cover the debts secured hereunder, the Mortgagee may elect to apply the sum to repay the principal, interest, penalty interest, compound interest or costs. (1) Upon expiry of the debt performance term under any one of the Master Contracts, the Mortgagee has not yet been repaid. “Expiry of term” includes the expiry of debt performance term under the Master Contracts, and the early expiry of the debts under the Master Contracts as announced by the Mortgagee pursuant to State laws and regulations or the provisions under the Master Contracts; (2) The licences of the Debtor and the Mortgagor are revoked, or the Debtor and the Mortgagor are ordered to shut down or dissolved due to other reasons; (3) The bankruptcy petitions filed by the Debtor and the Mortgagor are accepted by the People’s Court or a ruling on settlement is made; (4) The Debtor and the Mortgagor are dead, or declared missing or dead; (5) The collateral is attached, seized, under custody or other mandatory measures are imposed; (6) The collateral is damaged, destroyed, expropriated or acquired; (7) The Mortgagor fails to restore the value of the collateral or to provide corresponding security as requested by the Mortgagee; (8) The Mortgagor is in breach of obligations under this Contract; (9) Other circumstances that seriously affect the realization of mortgage rights. 2. There are two or more items provided by the guarantor (including the items provided by the Debtor itself as guarantee) for the secured debts hereunder, and the Mortgagee shall have the right to exercise the guarantee rights with respect to any one or each of the items. 3. The Mortgagor is a third person other than the Debtor and the Debtor has at the same time provided a physical security as guarantee for the debts secured hereunder. If the Mortgagee abandons the real rights to security or the sequence of real rights to security or changes the real rights to security, the Mortgagor agrees to continue to provide mortgage guarantee for the debts under the Master Contracts as agreed herein.
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Realization of Mortgage Rights. If any of the following circumstances occurs, the Mortgagee may, upon agreement with the Mortgagor, convert the property under mortgage into money or seek preferential payments from the proceeds of the auction or sale of the mortgaged property. The Mortgagee may request the people’s court to auction or sell the mortgaged property if the Mortgagee and Mortgagor fail to reach an agreement on the manner in which the mortgage rights shall be realized.
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Realization of Mortgage Rights. 1. In any of the following circumstances, the mortgagee shall have the right to exercise the right of mortgage, and may negotiate with the mortgagor to receive priority compensation from the deemed value, the auction price or the resale price of the mortgaged property. If the proceeds are not enough to pay off the secured claims under this Contract, the mortgagee may choose to use the proceeds to repay the principal, interest, penalty interest, compound interest, or expenses, etc. (1) The debt performance period under any Master Agreement expires and the mortgagee has not been paid off. " The expiration of period" includes the expiration of the debt performance period under the Master Agreement, and the case where the mortgagee declares that claims under the Master Agreement are due early in accordance with national laws and regulations or the Master Agreement; (2) The debtor’s or mortgagor’s business license is revoked, or the business is closed down or dissolved for other reasons; (3) The court has accepted an application for bankruptcy against the debtor and/or the mortgagor, or has ruled for reconciliation; (4) The debtor or mortgagor is dead, declared missing or declared dead; (5) The collateral is seized, impounded, supervised, or other compulsory measures are taken against the collateral; (6) The collateral is damaged, lost, confiscated or expropriated; (7) The mortgagor fails to restore the value of the collateral or provide corresponding guarantees as required by the mortgagee; (8) The mortgagor violates the obligations under this Contract: (9) Other situations that seriously affect the realization of mortgage rights. 2. If there are both mortgages (including if provided by the debtor or a third party) and surety bonds for the creditor's rights under this Contract, the mortgagee may claim with respect to the mortgages, or require the guarantor to assume the surety bonds duty. If there are two or more mortgage providers for the creditor’s rights guaranteed by this Contract (including the mortgages provided by the debtor), the mortgagee shall have the right to exercise the security right in any or each of the collateral. If the mortgagee has chosen a certain way of security or a certain collateral to realize the creditor’s rights, the mortgagee can also claim to realize all or part of the creditor’s rights through other ways of security or other collaterals. 3. If the mortgagor is a third party rather than the debtor and the debtor also provides mor...
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Realization of Mortgage Rights. 1. In the event of any one of the following cases, the mortgagor irrevocably authorizes the mortgagee to directly dispose of the collaterals by discount, auction, sale of the collaterals or other means without initiating legal proceedings, such as litigation or arbitration, and the proceeds may be used to repay the secured debts subsequent to the payment of the disposal fees of the collaterals and the expenses payable or shall be paid to mortgagee by mortgagor under this Contract. (1) The debtor fails to repay the secured debts as stipulated in the master contract (including the principal and interest of any debt that are due in advance and declared by the mortgagee due to any breach of contract by the debtor or the mortgagor); (2) Decrease in the value of the collaterals caused or potentially caused by market changes and other factors; (3) In the event of any serious deterioration of operating conditions, loss of business reputation or loss of or potential loss of the ability to perform the Contract of the debtor, the mortgagee needs to recover the secured debt in advance; (4) Before the debt performance period expires, the rights in the mortgaged property shall be realized in advance according to law, the nature of the mortgage or as agreed; (5) Other cases in which the mortgagee has the right to dispose of the collaterals according to law. 2. If the mortgagor is two or more persons, the mortgagee is entitled to dispose of the collaterals provided by any or all mortgagors when exercising the mortgage rights.
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Realization of Mortgage Rights. If the Borrower fails to fully settle its debts within the scope of guarantee hereunder in accordance with the Main Contract, or if the Mortgagor is declared bankrupt, dissolved or wound down according to law, the Mortgagee shall be entitled to dispose of, in accordance with law, the collateral by way of auction, sale, debt-offsetting assignment, etc. and shall be paid out of the proceeds therefrom. Any amount of such proceeds in excess of the amount of the creditor’s rights guaranteed hereunder shall belong to the Mortgagor.
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Realization of Mortgage Rights. 1. If the debtor fails to perform the debts due under the main contract or fails to perform the debts that are announced to be due earlier, or violates other provisions of the main contract, Party B has the right to dispose of the mortgaged property. 2. The value of the mortgaged property recorded in the “List of Mortgaged Property” in this contract or separately agreed upon by both parties (hereinafter referred to as “tentative value”), whether recorded in the registry of the registration authority or not, does not indicate the final value of the mortgaged property. The final value shall be the net amount of the proceeds from the disposal of the mortgaged property by Party B after deducting various taxes and fees. Where the mortgaged property is used to repay Party B’s claims, the above-mentioned tentative value shall not be used as the basis for the mortgaged property to repay Party B’s claims. The value of the mortgaged property shall by then be determined by mutual agreement or fair evaluation according to law. 3. Party B’s proceeds from disposing of the mortgaged property shall, after paying the costs in the process of selling or auctioning (including but not limited to storage fees, evaluation fees, auction fees, transfer fees, taxes, fees for state-owned land use rights transfer, etc.), be used to pay off the debts under the main contract as a priority, and the remaining amount shall be refunded to Party A. 4. Where Party A and the debtor are the same person, Party B may apply for compulsory execution of the property other than the mortgaged property of Party A, and it shall not be preconditioned on giving up the mortgage or disposing of the mortgaged property in the first place. 5. Party A shall not prevent Party B from realizing mortgage rights in any way (including acts or omissions). 6. Regardless of whether Party B has other guarantees for the claims under the main contract (including but not limited to guarantees, mortgages, pledges, letters of guarantee, standby letters of credit, etc.), whether when the other guarantees are established, whether they are valid, or whether Party B claims against these other guarantors, and regardless of whether a third party agrees to assume all or part of the debts under the main contract, or whether such other guarantees are provided by the debtor on its own, Party A’s guarantee liabilities under this contract shall not be reduced or exempted whatsoever. And Party B may directly request Party A to assume the...
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Related to Realization of Mortgage Rights

  • Liquidation of Mortgage Loans In the event that any payment due under any Mortgage Loan and not postponed pursuant to Section 4.01 is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the Mortgage Loan and such failure continues beyond any applicable grace period, the Servicer shall take such action as (1) the Servicer would take under similar circumstances with respect to a similar mortgage loan held for its own account for investment, (2) shall be consistent with Accepted Servicing Practices, (3) the Servicer shall determine prudently to be in the best interest of the Owner, and (4) is consistent with any related PMI Policy or LPMI Policy. In the event that any payment due under any Mortgage Loan is not postponed pursuant to Section 4.01 and remains delinquent for a period of ninety (90) days or any other default continues for a period of 90 days beyond the expiration of any grace or cure period, the Servicer shall commence foreclosure proceedings, provided that, prior to commencing foreclosure proceedings, the Servicer shall notify the Master Servicer in writing of the Servicer's intention to do so, and the Servicer shall not commence foreclosure proceedings if the Master Servicer objects to such action within 10 Business Days of receiving such notice. In such connection, the Servicer shall from its own funds make all necessary and proper Servicing Advances, provided, however, that the Servicer shall not be required to expend its own funds in connection with any foreclosure or towards the restoration or preservation of any Mortgaged Property, unless it shall determine (a) that such preservation, restoration and/or foreclosure will increase the proceeds of liquidation of the Mortgage Loan to Owner after reimbursement to itself for such expenses and (b) that such expenses will be recoverable by it either through Liquidation Proceeds (respecting which it shall have priority for purposes of withdrawals from the Custodial Account pursuant to Section 4.05) or through Insurance Proceeds (respecting which it shall have similar priority). Notwithstanding anything to the contrary contained herein, in connection with a foreclosure or acceptance of a deed in lieu of foreclosure, in the event the Servicer has reasonable cause to believe that a Mortgaged Property is contaminated by hazardous or toxic substances or wastes, or if the Owner or the Master Servicer otherwise requests an environmental inspection or review of such Mortgaged Property to be conducted by a qualified inspector, the Servicer shall cause such an environmental inspection or review to be made by a qualified inspector. Upon completion of the inspection, the Servicer shall promptly provide the Owner with a written report of the environmental inspection. After reviewing the environmental inspection report, the Master Servicer shall determine how the Servicer shall proceed with respect to the Mortgaged Property. In the event (a) the environmental inspection report indicates that the Mortgaged Property is contaminated by hazardous or toxic substances or wastes and (b) the Master Servicer directs the Servicer to proceed with foreclosure or acceptance of a deed in lieu of foreclosure, the Servicer shall be reimbursed for all reasonable costs associated with such foreclosure or acceptance of a deed in lieu of foreclosure and any related environmental clean up costs, as applicable, from the related Liquidation Proceeds, or if the Liquidation Proceeds are insufficient to fully reimburse the Servicer, the Servicer shall be entitled to be reimbursed from amounts in the Custodial Account pursuant to Section 4.05 hereof. In the event the Master Servicer directs the Servicer not to proceed with foreclosure or acceptance of a deed in lieu of foreclosure, the Servicer shall be reimbursed for all Servicing Advances made with respect to the related Mortgaged Property from the Custodial Account pursuant to Section 4.05 hereof.

  • Collection of Mortgage Loan Payments Continuously from the Closing Date or Servicing Transfer Date, as applicable, until the date each Mortgage Loan ceases to be subject to this Agreement, the Servicer shall proceed diligently to collect all payments due under each of the Mortgage Loans when the same shall become due and payable and shall take special care in ascertaining and estimating Escrow Payments and all other charges that will become due and payable with respect to the Mortgage Loans and each related Mortgaged Property, to the end that the installments payable by the Mortgagors will be sufficient to pay such charges as and when they become due and payable.

  • Restoration of Mortgaged Property The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

  • Substitution of Mortgage Loans Notwithstanding anything to the contrary in this Agreement, in lieu of purchasing a Mortgage Loan pursuant to the Mortgage Loan Purchase Agreement or Sections 2.02 or 2.03 of this Agreement, the Seller may, no later than the date by which such purchase by the Seller would otherwise be required, tender to the Trustee a Substitute Mortgage Loan accompanied by a certificate of an authorized officer of the Seller that such Substitute Mortgage Loan conforms to the requirements set forth in the definition of "Substitute Mortgage Loan" in this Agreement; provided, however, that substitution pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as applicable, in lieu of purchase shall not be permitted after the termination of the two-year period beginning on the Startup Day; provided, further, that if the breach would cause the Mortgage Loan to be other than a "qualified mortgage" as defined in Section 860G(a)(3) of the Code, any such cure or substitution must occur within 90 days from the date the breach was discovered. The Custodian, as agent for the Trustee, shall examine the Mortgage File for any Substitute Mortgage Loan in the manner set forth in Section 2.02(a) and the Trustee or the Custodian, as its agent, shall notify the Seller, in writing, within five Business Days after receipt, whether or not the documents relating to the Substitute Mortgage Loan satisfy the requirements of the fifth sentence of Subsection 2.02(a). Within two Business Days after such notification, the Seller shall provide to the Trustee for deposit in the Distribution Account the amount, if any, by which the Outstanding Principal Balance as of the next preceding Due Date of the Mortgage Loan for which substitution is being made, after giving effect to the Scheduled Principal due on such date, exceeds the Outstanding Principal Balance as of such date of the Substitute Mortgage Loan, after giving effect to Scheduled Principal due on such date, which amount shall be treated for the purposes of this Agreement as if it were the payment by the Seller of the Repurchase Price for the purchase of a Mortgage Loan by the Seller. After such notification to the Seller and, if any such excess exists, upon receipt of such deposit, the Trustee shall accept such Substitute Mortgage Loan which shall thereafter be deemed to be a Mortgage Loan hereunder. In the event of such a substitution, accrued interest on the Substitute Mortgage Loan for the month in which the substitution occurs and any Principal Prepayments made thereon during such month shall be the property of the Trust Fund and accrued interest for such month on the Mortgage Loan for which the substitution is made and any Principal Prepayments made thereon during such month shall be the property of the Seller. The Scheduled Principal on a Substitute Mortgage Loan due on the Due Date in the month of substitution shall be the property of the Seller and the Scheduled Principal on the Mortgage Loan for which the substitution is made due on such Due Date shall be the property of the Trust Fund. Upon acceptance of the Substitute Mortgage Loan (and delivery to the Custodian of a Request for Release for such Mortgage Loan), the Custodian, as agent for the Trustee, shall release to the Seller the related Mortgage File related to any Mortgage Loan released pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as applicable, and shall execute and deliver all instruments of transfer or assignment, without recourse, representation or warranty in form as provided to it as are necessary to vest in the Seller title to and rights under any Mortgage Loan released pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as applicable. The Seller shall deliver to the Custodian the documents related to the Substitute Mortgage Loan in accordance with the provisions of the Mortgage Loan Purchase Agreement or Subsections 2.01(b) and 2.02(b) of this Agreement, as applicable, with the date of acceptance of the Substitute Mortgage Loan deemed to be the Closing Date for purposes of the time periods set forth in those Subsections. The representations and warranties set forth in the Mortgage Loan Purchase Agreement shall be deemed to have been made by the Seller with respect to each Substitute Mortgage Loan as of the date of acceptance of such Mortgage Loan by the Trustee. The Master Servicer shall amend the Mortgage Loan Schedule to reflect such substitution and shall provide a copy of such amended Mortgage Loan Schedule to the Trustee and the Rating Agencies.

  • Rights of Mortgagee This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, the Buildings, or the Complex, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxx.

  • Operation of Mortgaged Property Hold, lease, develop, manage, operate or otherwise use the Mortgaged Property upon such terms and conditions as Mortgagee may deem reasonable under the circumstances (making such repairs, alterations, additions and improvements and taking other actions, from time to time, as Mortgagee deems necessary or desirable), and apply all Rents and other amounts collected by Mortgagee in connection therewith in accordance with the provisions of Section 5.7.

  • No Satisfaction of Mortgage The Mortgage has not been satisfied, canceled, subordinated or rescinded, in whole or in part, and the Mortgaged Property has not been released from the lien of the Mortgage, in whole or in part, nor has any instrument been executed that would effect any such release, cancellation, subordination or rescission. The Seller has not waived the performance by the Mortgagor of any action, if the Mortgagor's failure to perform such action would cause the Mortgage Loan to be in default, nor has the Seller waived any default resulting from any action or inaction by the Mortgagor;

  • Condition of Mortgaged Property Except as Borrower may have disclosed to Lender in writing in connection with the issuance of the Commitment Letter, the Mortgaged Property has not been damaged by fire, water, wind or other cause of loss, or any previous damage to the Mortgaged Property has been fully restored.

  • Collection and Liquidation of Mortgage Loans Continuously from the Closing Date, until the date each Mortgage Loan ceases to be subject to this Agreement, the Servicer shall proceed diligently to collect all payments due under each of the Mortgage Loans when the same shall become due and payable and shall take special care in ascertaining and estimating Escrow Payments and all other charges that will become due and payable with respect to the Mortgage Loans and each related Mortgaged Property, to the end that the installments payable by the Mortgagors will be sufficient to pay such charges as and when they become due and payable. The Servicer shall use its best efforts, consistent with the Servicing Standard, to foreclose upon or otherwise comparably convert the ownership of such Mortgaged Properties as come into and continue in default and as to which no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.01. The Servicer shall use its best efforts to realize upon defaulted Mortgage Loans in such a manner as will maximize the receipt of principal and interest by the Trustee, taking into account, among other things, the timing of foreclosure proceedings. The foregoing is subject to the provisions that, in any case in which Mortgaged Property shall have suffered damage, the Servicer shall not be required to expend its own funds toward the restoration of such property unless it shall determine in its discretion (i) that such restoration will increase the proceeds of liquidation of the related Mortgage Loan to the Master Servicer after reimbursement to itself for such expenses, and (ii) that such expenses will be recoverable by the Servicer through Insurance Proceeds or Liquidation Proceeds from the related Mortgaged Property. In the event that any payment due under any Mortgage Loan and not postponed pursuant to Section 3.01 is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the Mortgage Loan and such failure continues beyond any applicable grace period, the Servicer shall take such action as (1) the Servicer would take for other institutional investors under similar circumstances with respect to a similar mortgage loan, (2) shall be consistent with the Servicing Standard, (3) the Servicer shall determine prudently to be in the best interest of the Trust Fund, and (4) is consistent with any related LPMI Policy. In the event that any payment due under any Mortgage Loan is not postponed pursuant to Section 3.01 and remains delinquent for a period of one hundred and five (105) days or any other default continues for a period of one hundred and five (105) days beyond the expiration of any grace or cure period, the Servicer shall commence foreclosure proceedings. The Servicer shall notify the Master Servicer in writing of the commencement of foreclosure proceedings on a monthly basis no later than the fifth Business Day of each month (which notification may be included within the monthly reports submitted to the Master Servicer under this Agreement). In such connection, the Servicer shall be responsible for all costs and expenses incurred by it in any such proceedings; provided, however, that it shall be entitled to reimbursement thereof from the related Mortgaged Property, as contemplated in Section 3.04. Notwithstanding the generality of the preceding paragraph, the Servicer shall take such actions generally in accordance with the Servicer’s established default timeline and in accordance with the Servicing Standard with respect to each Mortgagor for which there is a delinquency until such time as such Mortgagor is current with all payments due under the Mortgage Loan. With respect to a HOEPA Claim Loan, upon receipt of notice from the Trustee, the Master Servicer or the Mortgagor that the Mortgagor has instituted a claim that the related Mortgage Loan was originated in violation of HOEPA, the Servicer shall, unless otherwise directed by such party, suspend all of its loss mitigation activities with respect to such Mortgage Loan until such time as such claim has been resolved. In the event that such party provides direction to the Servicer, the Servicer shall continue to service such HOEPA Claim Loan pursuant to the Servicing Standard, provided that such direction is not inconsistent with the Servicing Standard.

  • CONVEYANCE OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES BOOKS AND RECORDS; DELIVERY OF DOCUMENTS Section 2.01 Conveyance of Mortgage Loans; Possession of Mortgage Files; Maintenance of Servicing Files. The Company, on the related Closing Date, does hereby sell, transfer, assign, set over and convey to the Purchaser, without recourse, but subject to the terms of this Agreement, on a servicing retained basis, all the right, title and interest of the Company in and to the Mortgage Loans in the related Mortgage Loan Package, and Mortgage Files and all rights and obligations arising under the documents contained therein for each Mortgage Loan in the related Mortgage Loan Package. Pursuant to Section 2.03, the Company shall deliver the Mortgage Loan Documents for each Mortgage Loan to the Custodian prior to the related Closing Date. The contents of each Mortgage File not delivered to the Custodian are and shall be held in trust by the Company for the benefit of the Purchaser as the owner thereof. The Company shall maintain a Servicing File consisting of a copy of the contents of each Mortgage File and the originals of the documents in each Mortgage File not delivered to the Custodian. The possession of each Servicing File by the Company is at the will of the Purchaser for the sole purpose of servicing the related Mortgage Loan, and such retention and possession by the Company is in a custodial capacity only. Upon the sale of the Mortgage Loans the ownership of each Mortgage Note, the related Mortgage and the related Mortgage File and Servicing File shall vest immediately in the Purchaser, and the ownership of all records and documents with respect to the related Mortgage Loan prepared by or which come into the possession of the Company shall vest immediately in the Purchaser and shall be retained and maintained by the Company, in trust, at the will of the Purchaser and only in such custodial capacity. Each Servicing File shall be segregated from the other books and records of the Company and shall be marked appropriately to reflect clearly the sale of the related Mortgage Loan to the Purchaser. The Company shall release its custody of the contents of any Servicing File only in accordance with written instructions from the Purchaser, unless such release is required as incidental to the Company's servicing of the Mortgage Loans or is in connection with a repurchase of any Mortgage Loan pursuant to Section 3.03, 3.06, or 6.02.

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