Realization Upon Defaulted HELOCs Sample Clauses
Realization Upon Defaulted HELOCs. For each HELOC that comes into and continues in default and as to which no satisfactory arrangements can be made for collection of delinquent payments, the Master Servicer shall enforce the obligation of the Servicer (to the extent required under the Servicing Agreement) to foreclose upon, repossess or otherwise comparably convert the ownership of Mortgaged Properties securing such HELOCs, all in accordance with the Servicing Agreement. Pursuant to the Servicing Agreement, the Servicer shall be responsible for all costs and expenses incurred by it in any such proceedings or sale; provided, however, that such costs and expenses will be recoverable as servicing advances by the Servicer as contemplated in the Servicing Agreement.
Realization Upon Defaulted HELOCs. Section 4.13. Compensation for the Master Servicer and the Indenture Trustee.
Realization Upon Defaulted HELOCs. RFC shall use efforts consistent with the procedures that RFC would use in servicing loans for its own account, consistent with Accepted Servicing Practices, applicable law and the best interest of the Purchaser, to foreclose upon or otherwise comparably convert the ownership of properties securing such of the HELOCs 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 4.01. In determining the delinquency status of any HELOC, RFC will use delinquency recognition policies in accordance with Accepted Servicing Practices. Foreclosure or comparable proceedings shall be initiated within one hundred twenty (120) days of default for Mortgaged Properties for which no satisfactory arrangements can be made for collection of delinquent payments. RFC shall use its best efforts to realize upon defaulted HELOCs in such manner as will maximize the receipt of principal and interest by the Purchaser, taking into account, among other things, the timing of foreclosure proceedings. The foregoing is subject to the provisions that, in any case in which the Mortgaged Property shall have suffered damage, RFC 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 HELOC to the Purchaser after reimbursement to itself for such expenses, and (ii) that such expenses will be recoverable as Servicing Advances by RFC through Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds from the related Mortgaged Property, as contemplated in clause (iii) of Section 4.05. RFC shall notify the Purchaser in writing of the commencement of foreclosure proceedings and prior to the acceptance or rejection of any offer of reinstatement. RFC shall be responsible for all costs and expenses incurred by it in any such proceedings or functions; provided, however, that it shall be entitled to reimbursement thereof from the related property, as contemplated in Section 4.05. Notwithstanding anything to the contrary contained herein, in connection with a foreclosure or acceptance of a deed in lieu of foreclosure, in the event RFC has reasonable cause to believe that a Mortgaged Property is contaminated by hazardous or toxic substances or wastes, or if the Purchaser otherwise requests an environmental inspection or review of such Mortgaged Property, s...