Common use of REALIZATION UPON DEFAULTED ASSETS Clause in Contracts

REALIZATION UPON DEFAULTED ASSETS. (a) The Servicer shall repossess, foreclose upon or otherwise comparably convert the ownership of any Manufactured Home and any related Real Property and any Mortgaged Property securing an Asset that comes into and continues in default and as to which no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.03 hereof. In connection with such repossession, foreclosure or other conversion, the Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be normal and usual for responsible holders of retail installment sales contracts and installment loan agreements for manufactured housing (in the case of defaulted Contracts) and for responsible holders of residential, one- to four-family mortgage loans (in the case of defaulted Mortgage Loans) and as shall be in compliance with all applicable laws; provided, that such practices and procedures shall be, in all circumstances, undertaken with a view toward maximizing the amount of principal and interest recovered on the Assets.

REALIZATION UPON DEFAULTED ASSETS. (a) The Servicer shall repossess, foreclose upon or otherwise comparably convert the ownership of any Manufactured Home and any related Real Property and any Mortgaged Property securing an Asset that comes into and continues in default and as to which no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.03 hereof. In connection with such repossession, foreclosure or other conversion, the Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be normal and usual for responsible holders of retail installment sales contracts and installment loan agreements for manufactured housing (in the case of defaulted Contracts) and for responsible holders of residential, one- to four-family mortgage loans (in the case of defaulted Mortgage Loans) and as shall be in compliance with all applicable laws; providedPROVIDED, that such practices and procedures shall be, in all circumstances, undertaken with a view toward maximizing the amount of principal and interest recovered on the Assets.

REALIZATION UPON DEFAULTED ASSETS. (a) The Servicer shall repossess, foreclose upon or otherwise comparably convert the ownership of any Manufactured Home and any related Real Property and any Mortgaged Property securing an Asset that comes into and continues in default and as to which no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.03 hereof. In connection with such repossession, foreclosure or other conversion, the Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be normal and usual for responsible holders of retail installment sales contracts and installment loan agreements for manufactured housing (in the case of defaulted Contracts) and for responsible holders of residential, one- to four-family mortgage loans (in the case of defaulted Mortgage Loans) and as shall be in -49- 76 compliance with all applicable laws; provided, that such practices and procedures shall be, in all circumstances, undertaken with a view toward maximizing the amount of principal and interest recovered on the Assets.