Common use of Realization Upon Defaulted Mortgage Loans Clause in Contracts

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 is consistent with Acceptable Servicing Practices. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In (a) The Servicer shall foreclose upon or otherwise comparably effect the event that any payment due under any ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loan is not paid when the same becomes due Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments 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, which the Servicer shall take such action as is consistent with Acceptable Servicing Practiceshas not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its exercise or use as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.9(c) hereof. The Servicer shall sell any REO Property within 23 months of its acquisition by the Trust, unless the Servicer obtains for the Trustee and the Certificate Insurer an opinion of counsel experienced in foreclosure federal income tax matters and reasonably acceptable to the Certificate Insurer, addressed to the Trustee, the Certificate Insurer and the Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust as defined in Section 860F of the Code or similar proceedingscause the Trust to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding, in which case the Servicer shall sell any REO Property by the end of any extended period specified in any such opinion. In Notwithstanding the event that foreclosure results in a deficiency and applicable law permits, at generality of the Owners’ optionforegoing provisions, the Servicer shall continue manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to perform collection services fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code or result in accordance with a receivable collection agreement to be entered into with the Owner. In receipt by the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence Trust of any toxic "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or hazardous substance on any "net income from foreclosure property" which is subject to taxation under the related Mortgaged REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Servicer shall not either (i) obtain title itself or through an agent selected by the Servicer protect and conserve such REO Property in the same manner and to such Mortgaged extent as is customary in the locality where such REO Property as a result is located and may, incident to its conservation and protection of or in lieu the interests of foreclosure or otherwisethe Owners, rent the same, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property ifpart thereof, as a result the Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:ownership of such Property.

Realization Upon Defaulted Mortgage Loans. In (a) The Servicer shall foreclose upon or otherwise comparably effect the event ownership on behalf of the Trust of Mortgaged Properties relating to defaulted Mortgage Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments and which the Sponsor has not purchased pursuant to Section 5.15, unless the Servicer reasonably believes that any payment due under any Net Liquidation Proceeds with respect to such Mortgage Loan is would not paid when the same becomes due and payablebe increased as a result of such foreclosure or other action, or in the event the Mortgagor fails to perform any other covenant or obligation under the which case, such Mortgage Loan will be charged-off and such failure continues beyond any applicable grace period, the will become a Liquidated Mortgage Loan. The Servicer shall take such action as is consistent with Acceptable Servicing Practiceshave no obligation to purchase any Mortgaged Property at any foreclosure sale. In connection with a such foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use foreclosure procedures with the same degree of care and skill in its their exercise or use, as prudent mortgage servicers it would ordinarily exercise or use under the circumstances in the conduct of their own affairs and consistent affairs. Any amounts including Liquidation Expenses, advanced by the Servicer in connection with Applicable Regulations and the Acceptable Servicing Practices with respect to mortgage loans in such foreclosure or similar proceedingsother action shall constitute Servicing Advances. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue Pursuant to perform collection services in accordance with a receivable collection agreement its efforts to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off sell any Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged REO Property, the Servicer either itself or through an agent selected by the Servicer shall not either (i) obtain title manage, conserve, protect and operate such REO Property in the same manner and to such Mortgaged extent as is customary in the locality where such REO Property as a result of or in lieu of foreclosure or otherwiseis located and may, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered incident to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning its conservation and protection of the Comprehensive Environmental Responseinterests of the Servicer, Compensation and Liability Act of 1980, as amended from time to timerent the same, or any comparable lawpart thereof, unless as the Servicer has also previously determined, based on its reasonable judgment deems to be in the best interest of the Trust for the period prior to the sale of such REO Property. The net income generated from the REO Property and the proceeds from a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:sale of any REO Property shall be deposited in the Collection Account.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 is consistent with Acceptable Servicing Practicesit shall deem to be in the best interest of the Certificateholders. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including, extending the Mortgage Loan repayment date for a period of one year or reducing the Loan Rate. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the Xxxxxx Xxx Guide, including, without limitation, advancing funds for the payment of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.17, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Fund would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Conventional Mortgage Loan 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 it shall deem to be in the best interest of the Certificateholders. In the event that any payment due under any FHA Loan becomes delinquent, the Servicer shall take all such actions as are in the best interests of the Certificateholders and permitted under any applicable FHA loss mitigation proceedings, including, but not limited to, requesting the FHA to accept an assignment of such FHA Loan, and, upon the Servicer's determination that foreclosure is consistent with Acceptable Servicing Practicesin the best interest of the Certificateholders, commencing foreclosure proceedings. With respect to each VA Loan, the Servicer shall diligently seek to mitigate losses by utilizing all remedies available in the VA Regulations. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the FNMA Guide, including, without limitation, advancing funds for the payment of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.03, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Fund would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 is consistent with Acceptable Servicing Practicesit shall deem to be in the best interest of the Certificateholders. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including, extending the Mortgage Loan repayment date for a period of one year or reducing the Mortgage Interest Rate. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the Xxxxxx Xxx Guide, including, without limitation, advancing funds for the payment of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.15, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Fund would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Conventional Mortgage Loan 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 it shall deem to be in the best interest of the Certificateholders. In the event that any payment due under any FHA Loan becomes delinquent, the Servicer shall take all such actions as are in the best interests of the Certificateholders and permitted under any applicable FHA loss mitigation proceedings, including, but not limited to, requesting the FHA to accept an assignment of such FHA Loan, and, upon the Servicer's determination that foreclosure is consistent with Acceptable Servicing Practicesin the best interest of the Certificateholders, commencing foreclosure proceedings. With respect to each VA Loan, the Servicer shall diligently seek to mitigate losses by utilizing all remedies available in the VA Regulations. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including, extending the Mortgage Loan repayment date for a period of one year or reducing the Loan Rate up to 50 basis points. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the Xxxxxx Xxx Guide, including, without limitation, advancing funds for the payment of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.03, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Fund would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Conventional Mortgage Loan 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 it shall deem to be in the best interest of the Certificateholders. In the event that any payment due under any FHA Loan becomes delinquent, the Servicer shall take all such actions as are in the best interests of the Certificateholders and permitted under any applicable FHA loss mitigation proceedings, including, but not limited to, requesting the FHA to accept an assignment of such FHA Loan, and, upon the Servicer's determination that foreclosure is consistent with Acceptable Servicing Practicesin the best interest of the Certificateholders, commencing foreclosure proceedings. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including, extending the Mortgage Loan repayment date for a period of one year or reducing the Mortgage Interest Rate up to 50 basis points. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the Fannie Mae Guide, including, without limitation, advancing funds for thx xxxxexx of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.03, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Fund would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Conventional Mortgage Loan 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 it shall deem to be in the best interest of the Certificateholders. In the event that any payment due under any FHA Loan becomes delinquent, the Servicer shall take all such actions as are in the best interests of the Certificateholders and permitted under any applicable FHA loss mitigation proceedings, including, but not limited to, requesting the FHA to accept an assignment of such FHA Loan, and, upon the Servicer's determination that foreclosure is consistent with Acceptable Servicing Practicesin the best interest of the Certificateholders, commencing foreclosure proceedings. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including, extending the Mortgage Loan repayment date for a period of one year or reducing the Mortgage Interest Rate up to 50 basis points. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the Fannie Mae Guide, including, withoxx xxxixxxion, advancing funds for the payment of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.03, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Fund would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Conventional Mortgage Loan 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 it shall deem to be in the best interest of the Certificateholders. In the event that any payment due under any FHA Loan becomes delinquent, the Servicer shall take all such actions as are in the best interests of the Certificateholders and permitted under any applicable FHA loss mitigation proceedings, including, but not limited to, requesting the FHA to accept an assignment of such FHA Loan, and, upon the Servicer's determination that foreclosure is consistent with Acceptable Servicing Practicesin the best interest of the Certificateholders, commencing foreclosure proceedings. With respect to each VA Loan, the Servicer shall diligently seek to mitigate losses by utilizing all remedies available in the VA Regulations. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including, extending the Mortgage Loan repayment date for a period of one year or reducing the Loan Rate up to 50 basis points. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the FNMA Guide, including, without limitation, advancing funds for the payment of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.03, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Fund would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In (a) The Servicer shall foreclose upon or otherwise comparably effect the event that any payment due under any ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loan is not paid when the same becomes due Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments 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, which the Servicer shall take such action as is consistent with Acceptable Servicing Practiceshas not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its exercise or use as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.9(c) hereof. The Servicer shall sell any REO Property within 35 months of its acquisition by the Trust, unless the Servicer obtains for the Trustee, the Oversight Agent and the Certificate Insurer an opinion of counsel experienced in foreclosure federal income tax matters and reasonably acceptable to the Certificate Insurer, addressed to the Trustee, the Oversight Agent, the Certificate Insurer and the Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust as defined in Section 860F of the Code or similar proceedingscause the Trust (other than the Non-REMIC Accounts) to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding, in which case the Servicer shall sell any REO Property by the end of any extended period specified in any such opinion. In Notwithstanding the event that foreclosure results in a deficiency and applicable law permits, at generality of the Owners’ optionforegoing provisions, the Servicer shall continue manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to perform collection services fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code or result in accordance with a receivable collection agreement to be entered into with the Owner. In receipt by the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence Trust of any toxic "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or hazardous substance on any "net income from foreclosure property" which is subject to taxation under the related Mortgaged REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Servicer shall not either (i) obtain title itself or through an agent selected by the Servicer protect and conserve such REO Property in the same manner and to such Mortgaged extent as is customary in the locality where such REO Property as a result is located and may, incident to its conservation and protection of or in lieu the interests of foreclosure or otherwisethe Owners, rent the same, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property ifpart thereof, as a result the Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:ownership of such Property.

Realization Upon Defaulted Mortgage Loans. In (a) The Servicer shall foreclose upon or otherwise comparably effect the event ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments and that any payment due under any the Servicer has not purchased pursuant to Section 8.10, unless the Servicer reasonably believes as evidenced by an Officer's Certificate that Net Liquidation Proceeds with respect to such Mortgage Loan is would not paid when be increased as a result of such foreclosure or other action, in which case such Mortgage Loan will be charged-off and will become a Liquidated Loan. The Servicer shall have no obligation to purchase any property at any foreclosure sale. The Servicer will give notice of any such charge-off to the same becomes due Certificate Insurer and payable, or each of Xxxxx'x and S&P by delivery of a Liquidation Report 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 form attached as is consistent with Acceptable Servicing PracticesExhibit K hereto. In connection with a such foreclosure or other conversion, the Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens, and insurance premiums, if it determines that such advances would be recoverable. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.9(c) hereof. The Servicer shall sell any REO Property within 36 months of its acquisition by the Trust, unless the Servicer obtains for the Trustee an opinion of counsel experienced in foreclosure federal income tax matters, addressed to the Trustee, the Certificate Insurer and the Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Upper-Tier REMIC or similar proceedingsthe Lower-Tier REMIC as defined in Section 860F of the Code or cause the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding, in which case the Servicer shall sell any REO Property by the end of any extended period specified in any such opinion. In Notwithstanding the event that foreclosure results in a deficiency and applicable law permits, at generality of the Owners’ optionforegoing provisions, the Servicer shall continue manage, conserve, protect and operate each REO Property for the Holders solely for the purpose of its prompt disposition and sale in a manner that does not cause such REO Property to perform collection services fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code or result in accordance with a receivable collection agreement to be entered into with the Owner. In receipt by the event that the Owner directs the Servicer to charge off any Mortgage Loan Upper-Tier REMIC or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such chargedLower-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence Tier REMIC of any toxic "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or hazardous substance on any "net income from foreclosure property" that is subject to taxation under the related Mortgaged REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Servicer shall not either (i) obtain title itself or through an agent selected by the Servicer protect and conserve such REO Property in the same manner and to such Mortgaged extent as is customary in the locality where such REO Property as a result is located and may, incident to its conservation and protection of or in lieu the interests of foreclosure or otherwisethe Holders, rent the same, or (ii) any part thereof, as the Servicer deems to be in the best interest of the Holders for the period prior to the sale of such REO Property. The Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise acquire possession ofcomparably convert the ownership of such Property. To the extent that the Servicer has actual knowledge of any such substance or waste, it shall consult with the Certificate Insurer and the Trustee regarding the appropriate course of action. Except with the prior written consent of the Certificate Insurer, the Servicer shall not institute foreclosure actions with respect to a property containing substance or waste as described above if it reasonably believes that such action would not be consistent with its Servicing Standards, and in no event shall the Servicer manage, operate or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either thereto that the Servicer in good faith believes will result in "clean-up" or other liability under applicable law. The net income from the Owner would rental or sale of a REO property shall be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property deposited in the Principal and Interest Account within two (2) Business Days after receipt thereof by the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:Servicer.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 (a) The Master Servicer shall take such action foreclose upon or otherwise comparably effect the ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as is consistent with Acceptable Servicing Practicesto which no satisfactory arrangements can be made for collection of Delinquent payments and which the Master Servicer has not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Master Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens, and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.9(c) hereof. The Master Servicer shall sell any REO Property within 35 months of its acquisition by the Trust, unless the Master Servicer obtains for the Trustee an opinion of counsel experienced in foreclosure or similar proceedings. In federal income tax matters, addressed to the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ optionTrustee, the Servicer shall continue Certificate Insurer and the Master Servicer, to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event effect that the Owner directs holding by the Servicer to charge off Trust of such REO Property for any Mortgage Loan greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust or any REMIC therein as defined in Section 860F of the Code or cause either the Lower-Tier REMIC or the Servicer, in accordance with Accepted Servicing Practices, charges off Upper-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions at any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Ownertime that any Certificates are outstanding. Notwithstanding the generality of the foregoing provisions provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners and the Certificate Insurer solely for the purpose of this its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 4.03860G(a)(8) of the Code or result in the receipt by the Lower-Tier REMIC or the Upper Tier REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, with the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation, on a REO Property in determining whether to foreclose upon or otherwise comparably convert the ownership of such REO Property. With respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged secured by a mixed use REO Property, the Master Servicer shall not either (i) obtain title shall, prior to such Mortgaged Property as a result foreclosing upon or otherwise comparably effecting the ownership in the name of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:the

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 (a) The Master Servicer shall take such action foreclose upon or otherwise comparably effect the ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as is consistent with Acceptable Servicing Practicesto which no satisfactory arrangements can be made for collection of Delinquent payments and which the Master Servicer has not purchased pursuant to Section 4.10. In connection with a such foreclosure or other conversion, the Master Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs affairs, including, but not limited to, advancing funds for the payment of taxes and consistent with Applicable Regulations and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the Acceptable Servicing Practices with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Ownermeaning of Section 4.09(c) hereof. Notwithstanding the generality of the foregoing provisions provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Noteholders solely for the purpose of this Section 4.03its prompt disposition and sale. Pursuant to its efforts to sell such REO Property, with the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Noteholders, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Noteholders for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation, on an REO Property in determining whether to foreclose upon or otherwise comparably convert the ownership of such REO Property. With respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged secured by a mixed use REO Property, the Master Servicer shall not shall, prior to foreclosing upon or otherwise comparably effecting the ownership in the name of the Master Servicer on behalf of the Trust, either (ix) obtain title to perform a "phase one environmental study" of such Mortgaged REO Property as a result of or in lieu of foreclosure or otherwise, or (iiy) otherwise acquire possession of, or take any other action with respect to, repurchase such Mortgaged REO Property if, as a result of any such action, either at the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:Loan Purchase Price.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 (a) The Master Servicer shall take such action foreclose upon or otherwise comparably effect the ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as is consistent with Acceptable Servicing Practicesto which no satisfactory arrangements can be made for collection of Delinquent payments and which the Master Servicer has not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Master Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens, and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.09(c) hereof. The Master Servicer shall sell any REO Property within 35 months of its acquisition by the Trust, unless the Master Servicer obtains for the Trustee an opinion of counsel experienced in foreclosure or similar proceedings. In federal income tax matters, addressed to the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ optionTrustee, the Servicer shall continue Certificate Insurer and the Master Servicer, to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event effect that the Owner directs holding by the Servicer to charge off Trust of such REO Property for any Mortgage Loan greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust or any REMIC therein as defined in Section 860F of the Code or cause either the Upper-Tier REMIC or the Servicer, in accordance with Accepted Servicing Practices, charges off Lower-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions at any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Ownertime that any Certificates are outstanding. Notwithstanding the generality of the foregoing provisions provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners and the Certificate Insurer solely for the purpose of this its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 4.03860G(a)(8) of the Code or result in the receipt by the Upper-Tier REMIC or the Lower-Tier REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, with the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best 80 87 interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation, on a REO Property in determining whether to foreclose upon or otherwise comparably convert the ownership of such REO Property. With respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged secured by a mixed use REO Property, the Master Servicer shall not shall, prior to foreclosing upon or otherwise comparably effecting the ownership in the name of the Master Servicer on behalf of the Trust, either (ix) obtain title to perform a "phase one environmental study" of such Mortgaged REO Property as a result of or in lieu of foreclosure or otherwise, or (iiy) otherwise acquire possession of, or take any other action with respect to, repurchase such Mortgaged REO Property if, as a result of any such action, either at the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:Loan Purchase Price.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Conventional Mortgage Loan 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 it shall deem to be in the best interest of the Noteholders. In the event that any payment due under any FHA Loan becomes delinquent, the Servicer shall take all such actions as are in the best interests of the Noteholders and permitted under any applicable FHA loss mitigation proceedings, including, but not limited to, requesting the FHA to accept an assignment of such FHA Loan, and, upon the Servicer's determination that foreclosure is consistent with Acceptable Servicing Practicesin the best interest of the Noteholders, commencing foreclosure proceedings. With respect to each VA Loan, the Servicer shall diligently seek to mitigate losses by utilizing all remedies available in the VA Regulations. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the FNMA Guide, including, without limitation, advancing funds for the payment of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.03, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Estate would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 (a) The Master Servicer shall take such action foreclose upon or otherwise comparably effect the ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as is consistent with Acceptable Servicing Practicesto which no satisfactory arrangements can be made for collection of Delinquent payments and which the Master Servicer has not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Master Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans in foreclosure or similar proceedingsSenior Liens, and insurance premiums. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer Any amounts so advanced shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted constitute "Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property Advances" within the meaning of Section 8.9(b) hereof. The Master Servicer shall sell any REO Property within 23 months of its acquisition by the Trust, unless the Master Servicer obtains for the Trustee an opinion of counsel experienced in federal income tax matters, addressed to the Trustee, the Certificate Insurer and the Master Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the REMIC Trust as defined in Section 860F of the Code or cause the Trust to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding, in which case the Master Servicer shall sell any REO Property by the end of any extended period specified in any such opinion. Notwithstanding the generality of the foregoing provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code or result in the receipt by the Trust of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:ownership of such Property.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Conventional Mortgage Loan 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 it shall deem to be in the best interest of the Certificateholders. In the event that any payment due under any FHA Loan becomes delinquent, the Servicer shall take all such actions as are in the best interests of the Certificateholders and permitted under any applicable FHA loss mitigation proceedings, including, but not limited to, requesting the FHA to accept an assignment of such FHA Loan, and, upon the Servicer's determination that foreclosure is consistent with Acceptable Servicing Practicesin the best interest of the Certificateholders, commencing foreclosure proceedings. With respect to each VA Loan, the Servicer shall diligently seek to mitigate losses by utilizing all remedies available in the VA Regulations. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including, extending the Mortgage Loan repayment date for a period of one year or reducing the Loan Rate up to 50 basis points. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the Fannie Mae Guide, including, without limitation, advancixx xxxdx xor the payment of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.03, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Fund would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 (a) The Master Servicer shall take such action foreclose upon or otherwise comparably effect the ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as is consistent with Acceptable Servicing Practicesto which no satisfactory arrangements can be made for collection of Delinquent payments and which the Master Servicer has not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Master Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens, and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.9(c) hereof. The Master Servicer shall sell any REO Property within 23 months of its acquisition by the Trust, unless the Master Servicer obtains for the Trustee an opinion of counsel experienced in foreclosure or similar proceedings. In federal income tax matters, addressed to the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ optionTrustee, the Servicer shall continue Class A-6 Certificate Insurer and the Master Servicer, to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event effect that the Owner directs holding by the Servicer to charge off Trust of such REO Property for any Mortgage Loan greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust or any REMIC therein as defined in Section 860F of the Code or cause either the Lower-Tier REMIC or the Servicer, in accordance with Accepted Servicing Practices, charges off Upper-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions at any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Ownertime that any Certificates are outstanding. Notwithstanding the generality of the foregoing provisions provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of this its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 4.03860G(a)(8) of the Code or result in the receipt by the Lower-Tier REMIC or the Upper Tier REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, with the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation, on a REO Property in 107 121 determining whether to foreclose upon or otherwise comparably convert the ownership of such REO Property. With respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged secured by a mixed use REO Property, the Master Servicer shall, prior to foreclosing upon or otherwise comparably effecting the ownership in the name of the Master Servicer on behalf of the Trust, either (x) perform a "phase one environmental study" of such REO Property or (y) repurchase such REO Property at the Loan Purchase Price. Notwithstanding the generality of the foregoing provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale in a manner which does not either (i) obtain title cause such REO Property to such Mortgaged Property fail to qualify as a result of or in lieu of "foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property property" within the meaning of Section 860G(a)(8) of the Code or result in the receipt by the Trust of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:ownership of such Property.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Conventional Mortgage Loan 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 it shall deem to be in the best interest of the Certificateholders. In the event that any payment due under any FHA Loan becomes delinquent, the Servicer shall take all such actions as are in the best interests of the Certificateholders and permitted under any applicable FHA loss mitigation proceedings, including, but not limited to, requesting the FHA to accept an assignment of such FHA Loan, and, upon the Servicer's determination that foreclosure is consistent with Acceptable Servicing Practicesin the best interest of the Certificateholders, commencing foreclosure proceedings. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including, extending the Mortgage Loan repayment date for a period of one year or reducing the Loan Rate up to 50 basis points. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the Fannie Mae Guide, including, without limitation, advancing funds fox xxx pxxxent of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.03, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Fund would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In (a) The Servicer shall foreclose upon or otherwise comparably effect the event that any payment due under any ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loan is not paid when the same becomes due Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments 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, which the Servicer shall take such action as is consistent with Acceptable Servicing Practiceshas not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its exercise or use as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.9(c) hereof. The Servicer shall sell any REO Property within 23 months of its acquisition by the Trust, unless the Servicer obtains for the Trustee and the Certificate Insurer an opinion of counsel experienced in foreclosure federal income tax matters and reasonably acceptable to the Certificate Insurer, addressed to the Trustee, the Certificate Insurer and the Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust as defined in Section 860F of the Code or similar proceedingscause the Trust to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding, in which case the Servicer shall sell any REO Property by the end of any extended period specified in any such opinion. In Notwithstanding the event that foreclosure results in a deficiency and applicable law permits, at generality of the Owners’ optionforegoing provisions, the Servicer shall continue manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to perform collection services fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code or result in accordance with a receivable collection agreement to be entered into with the Owner. In receipt by the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence Trust of any toxic "income from non- permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or hazardous substance on any "net income from foreclosure property" which is subject to taxation under the related Mortgaged REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Servicer shall not either (i) obtain title itself or through an agent selected by the Servicer protect and conserve such REO Property in the same manner and to such Mortgaged extent as is customary in the locality where such REO Property as a result is located and may, incident to its conservation and protection of or in lieu the interests of foreclosure or otherwisethe Owners, rent the same, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property ifpart thereof, as a result the Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:ownership of such Property.

Realization Upon Defaulted Mortgage Loans. In (a) Each Servicer, with respect to Mortgage Loans serviced by it, shall foreclose upon or otherwise comparably convert the event that any payment due under any ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loan is Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments and which the related Servicer has not paid when the same becomes due and payable, or in the event the Mortgagor fails purchased pursuant 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 is consistent with Acceptable Servicing PracticesSection 8.10(b). In connection with a such foreclosure or other conversion, the Servicer of such defaulted Mortgage Loans shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its exercise or use as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds deemed by such Servicer in its good faith business judgment to be recoverable from the Acceptable Servicing Practices related Mortgage Loan for the payment of taxes, amounts due with respect to mortgage loans senior liens and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.09(b) hereof. Each Servicer shall sell any REO Property managed by it within 23 months of its acquisition by the Trust, unless such Servicer obtains for the Trustee and the Certificate Insurer an Opinion of Counsel (the cost of which shall be advanced by the related Servicer as a Servicing Advance) experienced in foreclosure or similar proceedings. In federal income tax matters and reasonably acceptable to the event that foreclosure results in a deficiency and applicable law permitsCertificate Insurer, at addressed to the Owners’ optionTrustee, the Certificate Insurer and such Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust as defined in Section 860F of the Code or cause the Trust to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding, or the related Servicer produces evidence that it has properly requested from the applicable tax authorities at least 60 days before the day on which the two year grace period would otherwise expire, an extension of the two year grace period, in which case such Servicer shall continue to perform collection services sell any REO Property by the end of any extended period specified in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any Mortgage Loan such opinion or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Ownerextension. Notwithstanding the generality of the foregoing provisions provisions, each Servicer shall manage, conserve, protect and operate each REO Property managed by it solely for the purpose of this its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 4.03, with respect to any Mortgage Loan as to which 860G(a)(8) of the Servicer has received notice of, Code or has knowledge of, result in the presence receipt by the Trust of any toxic "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or hazardous substance on any "net income from foreclosure property" which is subject to taxation under the related Mortgaged REMIC Provisions. Pursuant to its efforts to sell such REO Property, the related Servicer shall not either (i) obtain title itself or through an agent selected by such Servicer protect and conserve such REO Property in the same manner and to such Mortgaged extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners and the Certificate Insurer and after consultation with the holder of a majority in interest of the Class R Certificates, rent the same, or any part thereof, as such Servicer deems to be in the best interest of the Owners and the Certificate Insurer for the period prior to the sale of such REO Property. Notwithstanding anything to the contrary contained herein, in connection with a result foreclosure or acceptance of or a deed in lieu of foreclosure or otherwiseforeclosure, or (ii) otherwise acquire possession of, or take any other action with respect to, such exercising control over the Mortgaged Property if, as a result of any such action, either so that the Servicer or the Owner Trust would be considered to hold title to, to be a mortgagee-in-possession ofpossession, or to be an owner or operator of such the Mortgaged Property within the meaning of under the Comprehensive Environmental Response, Response Compensation and Liability Act of 1980, as amended from time to time, (42 U.S.C. ss.9601 et seq.) or any a comparable law, unless in the event any responsible officer of a Servicer has also previously determinedactual knowledge that a Property is in any way affected by hazardous or toxic substances or wastes and determines that it may be reasonable to convert such Property ownership to the Trust, based on its reasonable judgment and or if the Certificate Insurer or the holder of a prudent report prepared majority in interest of the Class R Certificates otherwise requests in writing an environmental inspection to be conducted, such Servicer shall cause an environmental inspection or review of such Property to be conducted by a Person who regularly conducts qualified inspector and shall be reimbursed for the amount of such environmental audits using customary industry standardsinspection in the manner described herein for reimbursement of Servicing Advances in the same manner as set forth in the immediately following paragraph. Upon completion of the inspection, that:such Servicer shall promptly provide the Certificate Insurer, the Owner of the majority of the Class R Certificates and the Trustee with a written report of the environmental inspection. In the absence of such determination or a written request from the Certificate Insurer or the Owner of the majority of the Class R Certificates for an environmental inspection, neither the related Servicer nor the Trustee shall be liable for any liability, cost or expense incurred by the Trust due to the decision of such Servicer not to cause an environmental inspection of a Property. After reviewing the environmental inspection report, the Certificate Insurer and the Owner of the majority of the Class R Certificates shall determine how the related Servicer shall proceed with respect to the Property and shall notify such Servicer within 15 Business Days of receipt of the inspection report. In the event the environmental inspection report indicates that the Property is in any way affected by hazardous or toxic substances or wastes such Servicer shall only foreclose or comparably convert such Property if the Certificate Insurer (after consultation with the Owner of the majority of the Class R Certificates) directs such Servicer to proceed with foreclosure or acceptance of a deed-in-lieu of foreclosure. In the event the Certificate Insurer (after such consultation) requires such Servicer to foreclose or accept a deed-in-lieu of foreclosure pursuant to this Section 8.13(a),(i) such Servicer (or the Trustee and any other successor Servicer) shall be reimbursed for any related environmental clean up costs, as applicable, from the related Liquidation Proceeds, or if the Liquidation Proceeds are insufficient to fully reimburse such Servicer (or the Trustee and any other successor Servicer), such Servicer (or the Trustee and any other successor Servicer) shall be entitled to be reimbursed from amounts in the related Principal and Interest Account, and (ii) the Certificate Insurer and such Class R Owner hereby indemnifies the Trust, the Trustee and such Servicer with respect to any costs, liabilities and expenses incurred by any such party in connection with any such hazardous or toxic substances or wastes with respect to such foreclosure or comparable conversion. In the event the Certificate Insurer and such Class R Owner directs such Servicer not to proceed with foreclosure or acceptance of a deed-in-lieu of foreclosure, such Servicer (or the Trustee and any other successor Servicer) shall be reimbursed for all Servicing Advances made with respect to the related Property from such Principal and Interest Account pursuant to Section 8.08(d)(B) hereof.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 (a) The Master Servicer shall take such action foreclose upon or otherwise comparably effect the ownership on behalf of the 32 37 Issuer of Properties relating to defaulted Mortgage Loans as is consistent with Acceptable Servicing Practicesto which no satisfactory arrangements can be made for collection of Delinquent payments and which the Master Servicer has not purchased pursuant to Section 4.10. In connection with a such foreclosure or other conversion, the Master Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans in foreclosure or similar proceedingsSenior Liens, and insurance premiums. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer Any amounts so advanced shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted constitute "Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property Advances" within the meaning of Section 4.9(c) hereof. Notwithstanding the generality of the foregoing provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Class C Noteholders solely for the purpose of its prompt disposition and sale. Pursuant to its efforts to sell such REO Property, the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Class C Noteholders, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Class C Noteholders for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:ownership of such Property.

Realization Upon Defaulted Mortgage Loans. In (a) Within 30 days after the occurrence of an Appraisal Reduction Event, the Master Servicer shall obtain an Updated Appraisal of the related Mortgaged Property or REO Property, as the case may be, the costs of which shall be a Property Advance to be advanced by the Master Servicer; provided, however, that with respect to the Appraisal Reduction Event enumerated in clause (v) in the definition of Appraisal Reduction Event, in the event that the Master Servicer is diligently proceeding to obtain an independent MAI appraisal but cannot do so within such 30-day period, the Master Servicer will have an additional 30 days to obtain an independent MAI appraisal; provided further, that the Master Servicer shall not be required to obtain an Updated Appraisal of any payment due under any Mortgage Loan Mortgaged Property with respect to which there exists an appraisal which is not paid when less than twelve months old. The Master Servicer shall obtain annual letter updates to the same becomes due and payableUpdated Appraisal or new Updated Appraisals, or provided, that in the event that the Mortgagor fails Master Servicer receives notice or otherwise becomes aware pursuant to perform any other covenant or obligation under the Mortgage Loan financial and such failure continues beyond any applicable grace periodproperty reports, if any, collected from the Servicer shall take such action as is consistent with Acceptable Servicing Practices. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices related Borrower that net operating income with respect to mortgage loans any Mortgaged Property (calculated as provided in foreclosure the related Loan Documents) has dropped by more than 10% for any fiscal year as compared to the previous fiscal year or similar proceedings. In the event that foreclosure results debt service coverage ratio of any Mortgaged Property (calculated as provided in a deficiency and applicable law permits, at the Owners’ optionrelated Loan Documents) has fallen below 1.2 (based on such fiscal year's financial statements), the Master Servicer shall obtain a new Updated Appraisal. Following a default in the payment of any principal balance and accrued interest remaining unpaid on the maturity date of a Mortgage Loan, either (x) the Master Servicer shall continue to perform collection services make P&I Advances in accordance with Section 3.10(j), or (y) the Special Servicer shall foreclose or elect to grant up to two consecutive one-year extensions of the Specially Serviced Mortgage Loan; provided that the Special Servicer may only extend such Mortgage Loan if (i) immediately prior to the default on the maturity date (or the first anniversary thereof in the case of the second extension), the related Borrower had made twelve consecutive Scheduled Payments (or Extended Scheduled Payments (as defined herein) in the case of the second extension) on or prior to their Due Dates, (ii) the Special Servicer determines that (A) extension of such Mortgage Loan is consistent with the Servicing Standard and (B) extension of such Mortgage Loan is likely to result in a receivable collection agreement recovery which on a net present value basis would be greater than the recovery that would result from a foreclosure, such determination to be entered into evidenced by an Officer's Certificate delivered to the Rating Agencies and accompanied by all supporting documentation, (iii) such extension requires that all cash flow on all related Mortgage Properties in excess of amounts required to operate and maintain such Mortgaged Properties be applied to payments of principal and interest on such Mortgage Loan, (iv) the Special Servicer terminates the related Manager unless the Special Servicer determines that retaining such Manager is conducive to maintaining the value of such Mortgaged Properties and (v) such extension requires the related Borrower to make Extended Scheduled Payments. The Special Servicer's determination to extend shall be made in the Special Servicer's good faith judgment, and may, but is not required to be, based on an Updated Appraisal or a letter update thereof. The Special Servicer will not agree to any extension of a Mortgage Loan beyond the date which is two years prior to the Rated Final Distribution Date or, in the case of a Mortgage Loan secured by a leasehold interest (other than those Mortgage Loans secured by Mortgaged Properties with respect to which the Ownerrelated fee interest is also subject to the lien of the related Mortgage), the date that is ten years prior to the expiration of the leasehold interest securing such Mortgage Loan. If the related Borrower fails to make an Extended Scheduled Payment during the initial extension period, no further extensions will be granted. In no event will the event that the Owner directs the Special Servicer be permitted to charge off extend any Mortgage Loan or at a rate lower than the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:Rate.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 is consistent with Acceptable Servicing Practicesit shall deem to be in the best interest of the Certificateholders. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including, extending the Mortgage Loan repayment date for a period of one year or reducing the Loan Rate. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the Fannie Mae Guxxx, xnxxxding, without limitation, advancing funds for the payment of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.17, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Fund would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 (a) The Master Servicer shall take such action foreclose upon or otherwise comparably effect the ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as is consistent with Acceptable Servicing Practicesto which no satisfactory arrangements can be made for collection of Delinquent payments and which the Master Servicer has not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Master Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens, and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.9(c) hereof. The Master Servicer shall sell any REO Property within 35 months of its acquisition by the Trust, unless the Master Servicer obtains for the Trustee an opinion of counsel experienced in foreclosure or similar proceedings. In federal income tax matters, addressed to the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ optionTrustee, the Servicer shall continue Certificate Insurer and the Master Servicer, to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event effect that the Owner directs holding by the Servicer to charge off Trust of such REO Property for any Mortgage Loan greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust or any REMIC therein as defined in Section 860F of the Code or cause either the Lower-Tier REMIC or the Servicer, in accordance with Accepted Servicing Practices, charges off Upper-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions at any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Ownertime that any Certificates are outstanding. Notwithstanding the generality of the foregoing provisions provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners and the Certificate Insurer solely for the purpose of this its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 4.03860G(a)(8) of the Code or result in the receipt by the Lower-Tier REMIC or the Upper Tier REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, with the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation, on a REO Property in determining whether to foreclose upon or otherwise comparably convert the ownership of such REO Property. With respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged secured by a mixed use REO Property, the Master Servicer shall not shall, prior to foreclosing upon or otherwise comparably effecting the ownership in the name of the 92 94 Master Servicer on behalf of the Trust, either (ix) obtain title to perform a "phase one environmental study" of such Mortgaged REO Property as a result of or in lieu of foreclosure or otherwise, or (iiy) otherwise acquire possession of, or take any other action with respect to, repurchase such Mortgaged REO Property if, as a result of any such action, either at the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:Loan Purchase Price.

Realization Upon Defaulted Mortgage Loans. In (a) The Servicer shall foreclose upon or otherwise comparably effect the event that any payment due under any ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loan is not paid when the same becomes due Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments 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, which the Servicer shall take such action as is consistent with Acceptable Servicing Practiceshas not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its exercise or use as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.9(c) hereof. The Servicer shall sell any REO Property within 35 months of its acquisition by the Trust, unless the Servicer obtains for the Trustee and the Certificate Insurer an opinion of counsel experienced in foreclosure federal income tax matters and reasonably acceptable to the Certificate Insurer, addressed to the Trustee, the Certificate Insurer and the Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust as defined in Section 860F of the Code or similar proceedingscause the Trust to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding, in which case the Servicer shall sell any REO Property by the end of any extended period specified in any such opinion. In Notwithstanding the event that foreclosure results in a deficiency and applicable law permits, at generality of the Owners’ optionforegoing provisions, the Servicer shall continue manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to perform collection services fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code or result in accordance with a receivable collection agreement to be entered into with the Owner. In receipt by the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence Trust of any toxic "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or hazardous substance on any "net income from foreclosure property" which is subject to taxation under the related Mortgaged REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Servicer shall not either (i) obtain title itself or through an agent selected by the Servicer protect and conserve such REO Property in the same manner and to such Mortgaged extent as is customary in the locality where such REO Property as a result is located and may, incident to its conservation and protection of or in lieu the interests of foreclosure or otherwisethe Owners, rent the same, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property ifpart thereof, as a result the Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:ownership of such Property.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 (a) The Master Servicer shall take such action foreclose upon or otherwise comparably effect the ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as is consistent with Acceptable Servicing Practicesto which no satisfactory arrangements can be made for collection of Delinquent payments and which the Master Servicer has not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Master Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens, and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.9(c) hereof. The Master Servicer shall sell any REO Property within 23 months of its acquisition by the Trust, unless the Master Servicer obtains for the Trustee an opinion of counsel experienced in foreclosure or similar proceedings. In federal income tax matters, addressed to the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ optionTrustee, the Servicer shall continue Certificate Insurer and the Master Servicer, to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event effect that the Owner directs holding by the Servicer to charge off Trust of such REO Property for any Mortgage Loan greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust or any REMIC therein as defined in Section 860F of the Code or cause either the Lower-Tier REMIC or the Servicer, in accordance with Accepted Servicing Practices, charges off Upper-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions at any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Ownertime that any Certificates are outstanding. Notwithstanding the generality of the foregoing provisions provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners and the Certificate Insurer solely for the purpose of this its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 4.03860G(a)(8) of the Code or result in the receipt by the Lower-Tier REMIC or the Upper Tier REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, with the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation, 79 87 on a REO Property in determining whether to foreclose upon or otherwise comparably convert the ownership of such REO Property. With respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged secured by a mixed use REO Property, the Master Servicer shall, prior to foreclosing upon or otherwise comparably effecting the ownership in the name of the Master Servicer on behalf of the Trust, either (x) perform a "phase one environmental study" of such REO Property or (y) repurchase such REO Property at the Loan Purchase Price. Notwithstanding the generality of the foregoing provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale in a manner which does not either (i) obtain title cause such REO Property to such Mortgaged Property fail to qualify as a result of or in lieu of "foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property property" within the meaning of Section 860G(a)(8) of the Code or result in the receipt by the Trust of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:ownership of such Property.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 (a) The Master Servicer shall take such action foreclose upon or otherwise comparably effect the ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as is consistent with Acceptable Servicing Practicesto which no satisfactory arrangements can be made for collection of Delinquent payments and which the Master Servicer has not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Master Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens, and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.9(c) hereof. The Master Servicer shall sell any REO Property within 23 months of its acquisition by the Trust, unless the Master Servicer obtains for the Trustee an opinion of counsel experienced in foreclosure or similar proceedings. In federal income tax matters, addressed to the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ optionTrustee, the Servicer shall continue Class A-8 and Class A-9 Certificate Insurer and the Master Servicer, to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event effect that the Owner directs holding by the Servicer to charge off Trust of such REO Property for any Mortgage Loan greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust or any REMIC therein as defined in Section 860F of the Code or cause either the Lower-Tier REMIC or the Servicer, in accordance with Accepted Servicing Practices, charges off Upper-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions at any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Ownertime that any Certificates are outstanding. Notwithstanding the generality of the foregoing provisions provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners and the Class A-8 and Class A-9 Certificate Insurer solely for the purpose of this its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 4.03860G(a)(8) of the Code or result in the receipt by the Lower-Tier REMIC or the Upper Tier REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, with the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its 89 103 conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation, on a REO Property in determining whether to foreclose upon or otherwise comparably convert the ownership of such REO Property. With respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged secured by a mixed use REO Property, the Master Servicer shall, prior to foreclosing upon or otherwise comparably effecting the ownership in the name of the Master Servicer on behalf of the Trust, either (x) perform a "phase one environmental study" of such REO Property or (y) repurchase such REO Property at the Loan Purchase Price. Notwithstanding the generality of the foregoing provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale in a manner which does not either (i) obtain title cause such REO Property to such Mortgaged Property fail to qualify as a result of or in lieu of "foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property property" within the meaning of Section 860G(a)(8) of the Code or result in the receipt by the Trust of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:ownership of such Property.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Conventional Mortgage Loan 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 it shall deem to be in the best interest of the Certificateholders. In the event that any payment due under any FHA Loan becomes delinquent, the Servicer shall take all such actions as are in the best interests of the Certificateholders and permitted under any applicable FHA loss mitigation proceedings, including, but not limited to, requesting the FHA to accept an assignment of such FHA Loan, and, upon the Servicer's determination that foreclosure is consistent with Acceptable Servicing Practicesin the best interest of the Certificateholders, commencing foreclosure proceedings. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including, extending the Mortgage Loan repayment date for a period of one year or reducing the Mortgage Interest Rate up to 50 basis points. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the Fannie Mae Guide, including, without limitation, advancing funds for txx xxxmxxx of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.03, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Fund would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In (a) The Servicer shall foreclose upon or otherwise comparably effect the event that any payment due under any ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loan is not paid when the same becomes due Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments 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, which the Servicer shall take such action as is consistent with Acceptable Servicing Practiceshas not purchased pursuant to Section 4.10. In connection with a such foreclosure or other conversion, the Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its exercise or use as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 4.9(c) hereof. The Servicer shall sell any REO Property within 23 months of its acquisition by the Trust, unless the Servicer obtains for the Indenture Trustee and the Note Insurer an opinion of counsel experienced in foreclosure or similar proceedings. In federal income tax matters and reasonably acceptable to the event that foreclosure results in a deficiency and applicable law permitsNote Insurer, at addressed to the Owners’ optionIndenture Trustee, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any Mortgage Loan or Note Insurer and the Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions imposition of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance taxes on the related Mortgaged Trust. Pursuant to its efforts to sell such REO Property, the Servicer shall not either (i) obtain title itself or through an agent selected by the Servicer protect and conserve such REO Property in the same manner and to such Mortgaged extent as is customary in the locality where such REO Property as a result is located and may, incident to its conservation and protection of or in lieu the interests of foreclosure or otherwisethe Owners, rent the same, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property ifpart thereof, as a result the Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:ownership of such Property.

Realization Upon Defaulted Mortgage Loans. In (a) Each Servicer, with respect to Mortgage Loans serviced by it, shall foreclose upon or otherwise comparably convert the event that any payment due under any ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loan is Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments and which the related Servicer has not paid when the same becomes due and payable, or in the event the Mortgagor fails purchased pursuant 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 is consistent with Acceptable Servicing PracticesSection 8.10(b). In connection with a such foreclosure or other conversion, the Servicer of such defaulted Mortgage Loans shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its exercise or use as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds deemed by such Servicer in its good faith business judgment to be recoverable from the Acceptable Servicing Practices related Mortgage Loan for the payment of taxes, amounts due with respect to mortgage loans senior liens and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.09(b) hereof. Each Servicer shall sell any REO Property managed by it within 35 months of its acquisition by the Trust, unless such Servicer obtains for the Trustee an Opinion of Counsel (the cost of which shall be advanced by the related Servicer as a Servicing Advance) experienced in foreclosure or similar proceedings. In federal income tax matters and reasonably acceptable to the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ optionDepositor, the Master Servicer and the Trustee, addressed to the Trustee and such Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust as defined in Section 860F of the Code or cause the Trust or any REMIC therein to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding, or the related Servicer produces evidence that it has properly requested from the applicable tax authorities at least 60 days before the day on which the three year grace period would otherwise expire, an extension of the three year grace period, in which case such Servicer shall continue to perform collection services sell any REO Property by the end of any extended period specified in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any Mortgage Loan such opinion or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Ownerextension. Notwithstanding the generality of the foregoing provisions provisions, each Servicer shall manage, conserve, protect and operate each REO Property managed by it solely for the purpose of this its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 4.03, with respect to any Mortgage Loan as to which 860G(a)(8) of the Servicer has received notice of, Code or has knowledge of, result in the presence receipt by the Trust of any toxic "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or hazardous substance on any "net income from foreclosure property" which is subject to taxation under the related Mortgaged REMIC Provisions. Pursuant to its efforts to sell such REO Property, the related Servicer shall not either (i) obtain title itself or through an agent selected by such Servicer protect and conserve such REO Property in the same manner and to such Mortgaged extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners and after consultation with the holder of a majority in interest of the Class R Certificates, rent the same, or any part thereof, as such Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. Notwithstanding anything to the contrary contained herein, in connection with a result foreclosure or acceptance of or a deed in lieu of foreclosure or otherwiseforeclosure, or (ii) otherwise acquire possession of, or take any other action with respect to, such exercising control over the Mortgaged Property if, as a result of any such action, either so that the Servicer or the Owner Trust would be considered to hold title to, to be a mortgagee-in-possession ofpossession, or to be an owner or operator of such the Mortgaged Property within the meaning of under the Comprehensive Environmental Response, Response Compensation and Liability Act of 1980, as amended from time to time, (42 U.S.C. ss.9601 et seq.) or any a comparable law, unless in the event any responsible officer of a Servicer has also previously determinedactual knowledge that a Property is in any way affected by hazardous or toxic substances or wastes and determines that it may be reasonable to convert such Property ownership to the Trust, based on its reasonable judgment and or the holder of a prudent report prepared majority in interest of the Class R Certificates otherwise requests in writing an environmental inspection to be conducted, such Servicer shall cause an environmental inspection or review of such Property to be conducted by a Person who regularly conducts qualified inspector and shall be reimbursed for the amount of such environmental audits using customary industry standardsinspection in the manner described herein for reimbursement of Servicing Advances in the same manner as set forth in the immediately following paragraph. Upon completion of the inspection, that:such Servicer shall promptly provide the Owner of the majority of the Class R Certificates, the Master Servicer and the Trustee with a written 109 report of the environmental inspection. In the absence of such determination or a written request from the Owner of the majority of the Class R Certificates for an environmental inspection, neither the related Servicer nor the Trustee shall be liable for any liability, cost or expense incurred by the Trust due to the decision of such Servicer not to cause an environmental inspection of a Property. After reviewing the environmental inspection report, the Owner of the majority of the Class R Certificates shall determine how the related Servicer shall proceed with respect to the Property and shall notify such Servicer within 15 Business Days of receipt of the inspection report. In the event the environmental inspection report indicates that the Property is in any way affected by hazardous or toxic substances or wastes such Servicer shall only foreclose or comparably convert such Property if the Owner of the majority of the Class R Certificates directs such Servicer to proceed with foreclosure or acceptance of a deed-in-lieu of foreclosure. In the event the Owner of the majority of the Class R Certificates requires such Servicer to foreclose or accept a deed-in-lieu of foreclosure pursuant to this Section 8.13(a),(i) such Servicer (or the Trustee and any other successor Servicer) shall be reimbursed for any related environmental clean up costs, as applicable, from the related Liquidation Proceeds, or if the Liquidation Proceeds are insufficient to fully reimburse such Servicer (or the Trustee and any other successor Servicer), such Servicer (or the Trustee and any other successor Servicer) shall be entitled to be reimbursed from amounts in the related Principal and Interest Account, and (ii) such Class R Owner hereby indemnifies the Trust, the Trustee, the Master Servicer and such Servicer with respect to any costs, liabilities and expenses incurred by any such party in connection with any such hazardous or toxic substances or wastes with respect to such foreclosure or comparable conversion. In the event the Owner of the majority of the Class R Certificates directs such Servicer not to proceed with foreclosure or acceptance of a deed-in-lieu of foreclosure, such Servicer (or the Trustee and any other successor Servicer) shall be reimbursed for all Servicing Advances made with respect to the related Property from such Principal and Interest Account pursuant to Section 8.08(d)(B) hereof.

Realization Upon Defaulted Mortgage Loans. In (a) Each Servicer, with respect to Mortgage Loans serviced by it, shall foreclose upon or otherwise comparably convert the event that any payment due under any ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loan is Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments and which the related Servicer has not paid when the same becomes due and payable, or in the event the Mortgagor fails purchased pursuant 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 is consistent with Acceptable Servicing PracticesSection 8.10(b). In connection with a such foreclosure or other conversion, the Servicer of such defaulted Mortgage Loans shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its exercise or use as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds deemed by such Servicer in its good faith business judgment to be recoverable from the Acceptable Servicing Practices related Mortgage Loan for the payment of taxes, amounts due with respect to mortgage loans senior liens and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.09(b) hereof. Each Servicer shall sell any REO Property managed by it within 35 months of its acquisition by the Trust, unless such Servicer obtains for the Trustee an Opinion of Counsel (the cost of which shall be advanced by the related Servicer as a Servicing Advance) experienced in foreclosure or similar proceedings. In federal income tax matters and reasonably acceptable to the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ optionDepositor, the Master Servicer and the Trustee, addressed to the Trustee and such Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust as defined in Section 860F of the Code or cause the Trust or any REMIC therein to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding, or the related Servicer produces evidence that it has properly requested from the applicable tax authorities at least 60 days before the day on which the three year grace period would otherwise expire, an extension of the three year grace period, in which case such 104 Servicer shall continue to perform collection services sell any REO Property by the end of any extended period specified in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any Mortgage Loan such opinion or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Ownerextension. Notwithstanding the generality of the foregoing provisions provisions, each Servicer shall manage, conserve, protect and operate each REO Property managed by it solely for the purpose of this its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 4.03, with respect to any Mortgage Loan as to which 860G(a)(8) of the Servicer has received notice of, Code or has knowledge of, result in the presence receipt by the Trust of any toxic "income from non- permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or hazardous substance on any "net income from foreclosure property" which is subject to taxation under the related Mortgaged REMIC Provisions. Pursuant to its efforts to sell such REO Property, the related Servicer shall not either (i) obtain title itself or through an agent selected by such Servicer protect and conserve such REO Property in the same manner and to such Mortgaged extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners and after consultation with the holder of a majority in interest of the Class R Certificates, rent the same, or any part thereof, as such Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. Notwithstanding anything to the contrary contained herein, in connection with a result foreclosure or acceptance of or a deed in lieu of foreclosure or otherwiseforeclosure, or (ii) otherwise acquire possession of, or take any other action with respect to, such exercising control over the Mortgaged Property if, as a result of any such action, either so that the Servicer or the Owner Trust would be considered to hold title to, to be a mortgagee-in-possession ofpossession, or to be an owner or operator of such the Mortgaged Property within the meaning of under the Comprehensive Environmental Response, Response Compensation and Liability Act of 1980, as amended from time to time, (42 U.S.C. ss.9601 et seq.) or any a comparable law, unless in the event any responsible officer of a Servicer has also previously determinedactual knowledge that a Property is in any way affected by hazardous or toxic substances or wastes and determines that it may be reasonable to convert such Property ownership to the Trust, based on its reasonable judgment and or the holder of a prudent report prepared majority in interest of the Class R Certificates otherwise requests in writing an environmental inspection to be conducted, such Servicer shall cause an environmental inspection or review of such Property to be conducted by a Person who regularly conducts qualified inspector and shall be reimbursed for the amount of such environmental audits using customary industry standardsinspection in the manner described herein for reimbursement of Servicing Advances in the same manner as set forth in the immediately following paragraph. Upon completion of the inspection, that:such Servicer shall promptly provide the Owner of the majority of the Class R Certificates, the Master Servicer and the Trustee with a written report of the environmental inspection. In the absence of such determination or a written request from the Owner of the majority of the Class R Certificates for an environmental inspection, neither the related Servicer nor the Trustee shall be liable for any liability, cost or expense incurred by the Trust due to the decision of such Servicer not to cause an environmental inspection of a Property. After reviewing the environmental inspection report, the Owner of the majority of the Class R Certificates shall determine how the related Servicer shall proceed with respect to the Property and shall notify such Servicer within 15 Business Days of receipt of the inspection report. In the event the environmental inspection report indicates that the Property is in any way affected by hazardous or toxic substances or wastes such Servicer shall only foreclose or comparably convert such Property if the Owner of the majority of the Class R Certificates directs such Servicer to proceed with foreclosure or acceptance of a deed-in-lieu of foreclosure. In the event the Owner of the majority of the Class R Certificates requires such Servicer to foreclose or accept a deed-in-lieu of foreclosure pursuant to this Section 8.13(a),(i) such Servicer (or the Trustee and any other successor Servicer) shall be reimbursed for any related environmental clean up costs, as applicable, from the related Liquidation Proceeds, or if the Liquidation Proceeds are insufficient to fully reimburse such Servicer (or the Trustee and any other successor Servicer), such Servicer (or the Trustee and any other successor Servicer) shall be entitled to be reimbursed from amounts in the related Principal and Interest Account, and (ii) such Class R Owner hereby indemnifies the Trust, the Trustee, the Master Servicer and such Servicer with respect to any costs, liabilities and expenses incurred by any such party in connection with any such hazardous or toxic substances or wastes with respect to such foreclosure or comparable conversion. In the event the Owner of the majority of the Class R Certificates directs such Servicer not to proceed with foreclosure or acceptance of a deed-in-lieu of foreclosure, such Servicer (or the Trustee and any other successor Servicer) shall be reimbursed for all Servicing Advances 105 made with respect to the related Property from such Principal and Interest Account pursuant to Section 8.08(d)(B) hereof.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 is consistent with Acceptable Servicing Practicesit shall deem to be in the best interest of the Certificateholders. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including extending the Mortgage Loan repayment date for a period of one year or reducing the Loan Rate up to 50 basis points. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the Fannie Mae Guide, including, without limitation, advancing funds for thx xxxxexx of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.03, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In (a) The Servicer or the event that any payment due under any Special Servicer shall foreclose upon or otherwise comparably convert the ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loan is not paid when the same becomes due Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments 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, which the Servicer shall take such action as is consistent with Acceptable Servicing Practicesand the Special Servicer has not purchased pursuant to Section 8.10(b). In connection with a such foreclosure or other conversion, the Servicer or the Special Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its exercise or use as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations affairs, including, but not limited to, advancing funds deemed by the Servicer and the Acceptable Servicing Practices Special Servicer in its good faith business judgment to be recoverable from the related Mortgage Loan for the payment of taxes, amounts due with respect to mortgage loans senior liens and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.09(b) hereof. The Servicer and the Special Servicer shall sell any REO Property managed by it within 35 months of its acquisition by the Trust, unless the Servicer and the Special Servicer obtains for the Trustee an Opinion of Counsel (the cost of which shall be advanced by the Servicer and the Special Servicer as a Servicing Advance) experienced in foreclosure federal income tax matters and reasonably acceptable to the Depositor, the Master Servicer, the Guarantor and the Trustee, addressed to the Trustee and Servicer or similar proceedingsthe Special Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust as defined in Section 860F of the Code or cause the Trust or any REMIC therein to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding, or the Servicer or the Special Servicer produces evidence that it has properly requested from, and has received the approval of, the applicable tax authorities at least 60 days before the day on which the three year grace period would otherwise expire, an extension of the three year grace period, in which case the Servicer or the Special Servicer shall sell any REO Property by the end of any extended period specified in any such opinion or extension. In Notwithstanding the event that foreclosure results in a deficiency and applicable law permits, at generality of the Owners’ optionforegoing provisions, the Servicer or Special Servicer shall continue manage, conserve, protect and operate each REO Property managed by it solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to perform collection services fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code or result in accordance with a receivable collection agreement to be entered into with the Owner. In receipt by the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence Trust of any toxic "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or hazardous substance on any "net income from foreclosure property" which is subject to taxation under the related Mortgaged REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Servicer or the Special Servicer shall not either (i) obtain title to such Mortgaged Property as a result of itself or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either through an agent selected by the Servicer or the Owner Special Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners and after consultation with the holder of a majority in interest of the Class R Certificates, rent the same, or any part thereof, as the Special Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. Notwithstanding anything to the contrary contained herein, in connection with a foreclosure or acceptance of a deed in lieu of foreclosure, or exercising control over the Mortgaged Property so that the Trust would be considered to hold title to, to be a mortgagee-in-possession ofpossession, or to be an owner or operator of such the Mortgaged Property within the meaning of under the Comprehensive Environmental Response, Response Compensation and Liability Act of 1980, as amended from time to time, (42 U.S.C. ss.9601 et seq.) or any a comparable law, unless in the event any responsible officer of the Servicer or the Special Servicer has also previously determinedactual knowledge that a Property is in any way affected by hazardous or toxic substances or wastes and determines that it may be reasonable to convert such Property ownership to the Trust, based on its reasonable judgment or the holder of a majority in interest of the Class R Certificates otherwise requests in writing an environmental inspection to be conducted and a prudent report prepared the Guarantor consents, the Servicer or the Special Servicer shall cause an environmental inspection or review of such Property to be conducted by a Person who regularly conducts qualified inspector and shall be reimbursed for the amount of such environmental audits using customary industry standardsinspection in the manner described herein for reimbursement of Servicing Advances in the same manner as set forth in the immediately following paragraph. Upon completion of the inspection, that:the Servicer or the Special Servicer shall promptly provide the Owner of the majority of the Class R Certificates, the Master Servicer, the Guarantor and the Trustee with a written report of the environmental inspection. In the absence of such determination or a written request from the Owner of the majority of the Class R Certificates, and if such Property is a Group I Mortgage Loan, the Guarantor, for an environmental inspection, neither the related Servicer nor the Trustee shall be liable for any liability, cost or expense incurred by the Trust due to the decision of the Servicer or the Special Servicer not to cause an environmental inspection of a Property. After reviewing the environmental inspection report, the Owner of the majority of the Class R Certificates, and if such Property is a Group I Mortgage Loan, the Guarantor, shall determine how the Servicer or the Special Servicer shall proceed with respect to the Property and shall notify the Servicer or the Special Servicer within 15 Business Days of receipt of the inspection report. In the event the environmental inspection report indicates that the Property is in any way affected by hazardous or toxic substances or wastes the Servicer or the Special Servicer shall only foreclose or comparably convert such Property if the Owner of the majority of the Class R Certificates, and if such Property is a Group I Mortgage Loan, the Guarantor, directs the Servicer or the Special Servicer to proceed with foreclosure or acceptance of a deed-in-lieu of foreclosure. In the event the Owner of the majority of the Class R Certificates and the Guarantor require the Servicer or the Special Servicer to foreclose or accept a deed-in-lieu of foreclosure pursuant to this Section 8.13(a), (i) the Servicer or the Special Servicer (or the Trustee and any other successor Servicer or successor Special Servicer) shall be reimbursed for any related environmental clean up costs, as applicable, from the related Liquidation Proceeds, or if the Liquidation Proceeds are insufficient to fully reimburse the Special Servicer (or the Trustee and any other successor Servicer or successor Special Servicer), the Servicer or Special Servicer (or the Trustee and any other successor Servicer or successor Special Servicer) shall be entitled to be reimbursed from amounts in the related Principal and Interest Account, and (ii) such Class R Owner hereby indemnifies the Trust, the Trustee, the Master Servicer and the Servicer or the Special Servicer with respect to any costs, liabilities and expenses incurred by any such party in connection with any such hazardous or toxic substances or wastes with respect to such foreclosure or comparable conversion. In the event the Owner of the majority of the Class R Certificates and the Guarantor direct the Servicer or the Special Servicer not to proceed with foreclosure or acceptance of a deed-in-lieu of foreclosure, the Servicer or the Special Servicer (or the Trustee and any other successor Special Servicer) shall be reimbursed for all Servicing Advances made with respect to the related Property from such Principal and Interest Account pursuant to Section 8.08(d)(B) hereof.

Realization Upon Defaulted Mortgage Loans. In (a) Each Servicer, with respect to Mortgage Loans serviced by it, shall foreclose upon or otherwise comparably convert the event that any payment due under any ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loan is Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments and which the related Servicer has not paid when the same becomes due and payable, or in the event the Mortgagor fails purchased pursuant 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 is consistent with Acceptable Servicing PracticesSection 8.10(b). In connection with a such foreclosure or other conversion, the Servicer of such defaulted Mortgage Loans shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its exercise or use as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds deemed by such Servicer in its good faith business judgment to be recoverable from the Acceptable Servicing Practices related Mortgage Loan for the payment of taxes, amounts due with respect to mortgage loans in foreclosure or similar proceedingssenior liens and insurance premiums. In Any amounts so advanced shall constitute "Servicing Advances" within the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the meaning of Section 8.09(b) hereof. Each Servicer shall continue sell any REO Property managed by it within 23 months of its acquisition by the Trust, unless such Servicer obtains for the Trustee an Opinion of Counsel (the cost of which shall be advanced by the related Servicer as a Servicing Advance) experienced in federal income tax matters and reasonably acceptable to perform collection services in accordance with a receivable collection agreement the Depositor and the Trustee, addressed to be entered into with the Owner. In Trustee and such Servicer, to the event effect that the Owner directs holding by the Servicer Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust as defined in Section 860F of the Code or cause the Trust or any REMIC therein to charge off fail to qualify as a REMIC under the REMIC Provisions at any Mortgage Loan time that any Certificates are outstanding, or the Servicerrelated Servicer produces evidence that it has properly requested from the applicable tax authorities at least 60 days before the day on which the two year grace period would otherwise expire, an extension of the two year grace period, in accordance with Accepted Servicing Practices, charges off which case such Servicer shall sell any Mortgage Loan, REO Property by the Servicer, at the Owner’s option, shall perform collection services with respect to end of any extended period specified in any such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owneropinion or extension. Notwithstanding the generality of the foregoing provisions provisions, each Servicer shall manage, conserve, protect and operate each REO Property managed by it solely for the purpose of this its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 4.03, with respect to any Mortgage Loan as to which 860G(a)(8) of the Servicer has received notice of, Code or has knowledge of, result in the presence receipt by the Trust of any toxic "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or hazardous substance on any "net income from foreclosure property" which is subject to taxation under the related Mortgaged REMIC Provisions. Pursuant to its efforts to sell such REO Property, the related Servicer shall not either (i) obtain title itself or through an agent selected by such Servicer protect and conserve such REO Property in the same manner and to such Mortgaged extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners and after consultation with the holder of a majority in interest of the Class R Certificates, rent the same, or any part thereof, as such Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. Notwithstanding anything to the contrary contained herein, in connection with a result foreclosure or acceptance of or a deed in lieu of foreclosure or otherwiseforeclosure, or (ii) otherwise acquire possession of, or take any other action with respect to, such exercising control over the Mortgaged Property if, as a result of any such action, either so that the Servicer or the Owner Trust would be considered to hold title to, to be a mortgagee-in-possession ofpossession, or to be an owner or operator of such the Mortgaged Property within the meaning of under the Comprehensive Environmental Response, Response Compensation and Liability Act of 1980, as amended from time to time, (42 106 113 U.S.C. Section 9601 et seq.) or any a comparable law, unless in the event any responsible officer of a Servicer has also previously determinedactual knowledge that a Property is in any way affected by hazardous or toxic substances or wastes and determines that it may be reasonable to convert such Property ownership to the Trust, based on its reasonable judgment and or the holder of a prudent report prepared majority in interest of the Class R Certificates otherwise requests in writing an environmental inspection to be conducted, such Servicer shall cause an environmental inspection or review of such Property to be conducted by a Person who regularly conducts qualified inspector and shall be reimbursed for the amount of such environmental audits using customary industry standardsinspection in the manner described herein for reimbursement of Servicing Advances in the same manner as set forth in the immediately following paragraph. Upon completion of the inspection, that:such Servicer shall promptly provide the Owner of the majority of the Class R Certificates and the Trustee with a written report of the environmental inspection. In the absence of such determination or a written request from the Owner of the majority of the Class R Certificates for an environmental inspection, neither the related Servicer nor the Trustee shall be liable for any liability, cost or expense incurred by the Trust due to the decision of such Servicer not to cause an environmental inspection of a Property. After reviewing the environmental inspection report, the Owner of the majority of the Class R Certificates shall determine how the related Servicer shall proceed with respect to the Property and shall notify such Servicer within 15 Business Days of receipt of the inspection report. In the event the environmental inspection report indicates that the Property is in any way affected by hazardous or toxic substances or wastes such Servicer shall only foreclose or comparably convert such Property if the Owner of the majority of the Class R Certificates directs such Servicer to proceed with foreclosure or acceptance of a deed-in-lieu of foreclosure. In the event the Owner of the majority of the Class R Certificates requires such Servicer to foreclose or accept a deed-in-lieu of foreclosure pursuant to this Section 8.13(a),(i) such Servicer (or the Trustee and any other successor Servicer) shall be reimbursed for any related environmental clean up costs, as applicable, from the related Liquidation Proceeds, or if the Liquidation Proceeds are insufficient to fully reimburse such Servicer (or the Trustee and any other successor Servicer), such Servicer (or the Trustee and any other successor Servicer) shall be entitled to be reimbursed from amounts in the related Principal and Interest Account, and (ii) such Class R Owner hereby indemnifies the Trust, the Trustee and such Servicer with respect to any costs, liabilities and expenses incurred by any such party in connection with any such hazardous or toxic substances or wastes with respect to such foreclosure or comparable conversion. In the event the Owner of the majority of the Class R Certificates directs such Servicer not to proceed with foreclosure or acceptance of a deed-in-lieu of foreclosure, such Servicer (or the Trustee and any other successor Servicer) shall be reimbursed for all Servicing Advances made with respect to the related Property from such Principal and Interest Account pursuant to Section 8.08(d)(B) hereof.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 (a) The Master Servicer shall take such action foreclose upon or otherwise comparably effect the ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as is consistent with Acceptable Servicing Practicesto which no satisfactory arrangements can be made for collection of Delinquent payments and which the Master Servicer has not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Master Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens, and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.9(c) hereof. The Master Servicer shall sell any REO Property within 35 months of its acquisition by the Trust, unless the Master Servicer obtains for the Trustee an opinion of counsel experienced in foreclosure or similar proceedings. In federal income tax matters, addressed to the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ optionTrustee, the Servicer shall continue Certificate Insurer and the Master Servicer, to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event effect that the Owner directs holding by the Servicer to charge off Trust of such REO Property for any Mortgage Loan greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust or any REMIC therein as defined in Section 860F of the Code or cause either the Upper-Tier REMIC or the Servicer, in accordance with Accepted Servicing Practices, charges off Lower-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions at any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Ownertime that any Certificates are outstanding. Notwithstanding the generality of the foregoing provisions provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners and the Certificate Insurer solely for the purpose of this its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 4.03860G(a)(8) of the Code or result in the receipt by the Upper-Tier REMIC or the Lower-Tier REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, with the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation, on a REO Property in determining whether to foreclose upon or otherwise comparably convert the ownership of such REO Property. With respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged secured by a mixed use REO Property, the Master Servicer shall not shall, prior to foreclosing upon or otherwise comparably effecting the ownership in the name of the Master Servicer on behalf of the Trust, either (ix) obtain title to perform a "phase one environmental study" of such Mortgaged REO Property as a result of or in lieu of foreclosure or otherwise, or (iiy) otherwise acquire possession of, or take any other action with respect to, repurchase such Mortgaged REO Property if, as a result of any such action, either at the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:Loan Purchase Price.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Conventional Mortgage Loan 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 it shall deem to be in the best interest of the Certificateholders. In the event that any payment due under any FHA Loan becomes delinquent, the Servicer shall take all such actions as are in the best interests of the Certificateholders and permitted under any applicable FHA loss mitigation proceedings, including, but not limited to, requesting the FHA to accept an assignment of such FHA Loan, and, upon the Servicer's determination that foreclosure is consistent with Acceptable Servicing Practicesin the best interest of the Certificateholders, commencing foreclosure proceedings. With respect to each VA Loan, the Servicer shall diligently seek to mitigate losses by utilizing all remedies available in the VA Regulations. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including, extending the Mortgage Loan repayment date for a period of one year or reducing the Loan Rate up to 50 basis points. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the Fannie Mae Guide, including, without limitation, advancing funds for thx xxxxexx of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.03, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Fund would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Conventional Mortgage Loan 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 it shall deem to be in the best interest of the Certificateholders. In the event that any payment due under any FHA Loan becomes delinquent, the Servicer shall take all such actions as are in the best interests of the Certificateholders and permitted under any applicable FHA loss mitigation proceedings, including, but not limited to, requesting the FHA to accept an assignment of such FHA Loan, and, upon the Servicer's determination that foreclosure is consistent with Acceptable Servicing Practicesin the best interest of the Certificateholders, commencing foreclosure proceedings. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 2.01, may modify such forbearance plan; including, extending the Mortgage Loan repayment date for a period of one year or reducing the Mortgage Interest Rate up to 50 basis points. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and, if applicable, the servicing standards set forth in the Xxxxxx Xxx Guide, including, without limitation, advancing funds for the payment of taxes and the Acceptable Servicing Practices insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.032.03, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Fund would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 is consistent with Acceptable Servicing Practicesit shall deem to be in the best interest of the Certificateholders. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to Section 3.01(d), may modify such forbearance plan; including extending the Mortgage Loan repayment date for a period of one year or reducing the Mortgage Interest Rate. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices with respect to mortgage loans in foreclosure or similar proceedings. In Standard, including, without limitation, advancing funds for the event that foreclosure results in a deficiency payment of taxes and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Ownerinsurance premiums. Notwithstanding the foregoing provisions of this Section 4.033.05, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either neither (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust would be considered to hold title to, to be a mortgagee-in-mortgagee in possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment received the prior written consent of the NIMS Insurer and has received a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 (a) The Master Servicer shall take such action foreclose upon or otherwise comparably effect the ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as is consistent with Acceptable Servicing Practicesto which no satisfactory arrangements can be made for collection of Delinquent payments and which the Master Servicer has not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Master Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens, and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.9(c) hereof. The Master Servicer shall sell any REO Property within 35 months of its acquisition by the Trust, unless the Master Servicer obtains for the Trustee an opinion of counsel experienced in foreclosure or similar proceedings. In federal income tax matters, addressed to the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ optionTrustee, the Servicer shall continue Group I Insurer and the Master Servicer, to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event effect that the Owner directs holding by the Servicer to charge off Trust of such REO Property for any Mortgage Loan greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust or any REMIC therein as defined in Section 860F of the Code or cause either the Lower-Tier REMIC or the Servicer, in accordance with Accepted Servicing Practices, charges off Upper-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions at any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Ownertime that any Certificates are outstanding. Notwithstanding the generality of the foregoing provisions provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners and the Group I Insurer solely for the purpose of this its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 4.03860G(a)(8) of the Code or result in the receipt by the Lower-Tier REMIC or the Upper Tier REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) 86 92 of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, with the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation, on a REO Property in determining whether to foreclose upon or otherwise comparably convert the ownership of such REO Property. With respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged secured by a mixed use REO Property, the Master Servicer shall, prior to foreclosing upon or otherwise comparably effecting the ownership in the name of the Master Servicer on behalf of the Trust, either (x) perform a "phase one environmental study" of such REO Property or (y) repurchase such REO Property at the Loan Purchase Price. Notwithstanding the generality of the foregoing provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale in a manner which does not either (i) obtain title cause such REO Property to such Mortgaged Property fail to qualify as a result of or in lieu of "foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property property" within the meaning of Section 860G(a)(8) of the Code or result in the receipt by the Trust of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:ownership of such Property.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 (a) The Master Servicer shall take such action foreclose upon or otherwise comparably effect the ownership on behalf of the Mortgaged Properties relating to defaulted Mortgage Loans as is consistent with Acceptable Servicing Practicesto which no satisfactory arrangements can be made for collection of Delinquent payments and which the Master Servicer has not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Master Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans in foreclosure or similar proceedingsSenior Liens, and insurance premiums. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer Any amounts so advanced shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted constitute "Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property Advances" within the meaning of Section 8.9 hereof. Notwithstanding the generality of the foregoing provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale. Pursuant to its efforts to sell such REO Property, the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Mortgaged Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:ownership of such Mortgaged Property.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 is consistent with Acceptable Servicing Practices. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, Servicer shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.035.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 it shall deem to be in the best interest of the Certificateholders. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including, extending the Mortgage Loan repayment date for a period of one year or reducing the Mortgage Interest Rate up to 50 basis points. In addition, the Servicer may write-off any second-lien Mortgage that is consistent with Acceptable Servicing Practices180 days or more delinquent. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the Fannie Mae Guide, including, withoxx xxxixxxion, advancing funds for the payment of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.03, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Fund would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 is consistent it shall deem to be in the best interest of the Certificateholders, including either foreclosing on any such Mortgage Loan or working out an agreement with Acceptable Servicing Practicesthe Mortgagor, which may involve waiving or modifying certain terms of the Mortgage Loan, subject to the second paragraph of Section 3.01. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including, extending the Mortgage Loan repayment date for a period of one year or reducing the Mortgage Interest Rate. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the Xxxxxx Xxx Guide, including, without limitation, advancing funds for the payment of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.03, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Fund would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 (a) The Master Servicer shall take such action foreclose upon or otherwise comparably effect the ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as is consistent with Acceptable Servicing Practicesto which no satisfactory arrangements can be made for collection of Delinquent payments and which the Master Servicer has not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Master Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens, and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.09(c) hereof. The Master Servicer shall sell any REO Property within 35 months of its acquisition by the Trust, unless the Master Servicer obtains for the Trustee an opinion of counsel experienced in foreclosure or similar proceedings. In federal income tax matters, addressed to the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ optionTrustee, the Servicer shall continue Certificate Insurer and the Master Servicer, to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event effect that the Owner directs holding by the Servicer to charge off Trust of such REO Property for any Mortgage Loan greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust or any REMIC therein as defined in Section 860F of the Code or cause either the Upper-Tier REMIC or the Servicer, in accordance with Accepted Servicing Practices, charges off Lower-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions at any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Ownertime that any Certificates are outstanding. Notwithstanding the generality of the foregoing provisions provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners and the Certificate Insurer solely for the purpose of this its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 4.03860G(a)(8) of the Code or result in the receipt by the Upper-Tier REMIC or the Lower-Tier REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, with the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation, on a REO Property in determining whether to foreclose upon or otherwise comparably convert the ownership of such REO Property. With respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged secured by a mixed use REO Property, the Master Servicer shall, prior to foreclosing upon or otherwise comparably effecting the ownership in the name of the Master Servicer on behalf of the Trust, either (x) perform a "phase one environmental study" of such REO Property or (y) repurchase such REO Property at the Loan Purchase Price. 95 102 (b) The Master Servicer shall not either (i) obtain title determine, with respect to such Mortgaged Property as a result of or in lieu of each defaulted Mortgage Loan, when it has recovered, whether through trustee's sale, foreclosure sale or otherwise, all amounts it expects to recover from or on account of such defaulted Mortgage Loan (ii) otherwise acquire possession ofexclusive of any possibility of a deficiency judgment), or take any other action whereupon such Mortgage Loan shall become a "Liquidated Loan" and, if requested, shall promptly deliver to the Certificate Insurer a related liquidation report with respect to, to such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:Liquidated Loan.

Realization Upon Defaulted Mortgage Loans. In (a) The Master Servicer shall foreclose upon or otherwise comparably effect the event ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments and which the Master Servicer has not purchased or replaced pursuant to Section 8.11, unless the Master Servicer reasonably believes that any payment due under any Net Liquidation Proceeds with respect to such Mortgage Loan is would not paid when the same becomes due and payablebe increased as a result of such foreclosure or other action, or in the event the Mortgagor fails to perform any other covenant or obligation under the which case, such Mortgage Loan will be charged-off and such failure continues beyond any applicable grace period, the will become a Liquidated Loan. The Master Servicer shall take such action as is consistent with Acceptable Servicing Practiceshave no obligation to purchase any Property at any foreclosure sale. In connection with a such foreclosure or other conversion, the Master Servicer shall exercise such rights and powers vested in it hereunder and use foreclosure procedures with the same degree of care and skill in its their exercise or use, as prudent mortgage servicers it would ordinarily exercise or use under the circumstances in the conduct of their own affairs and consistent affairs. Any amounts including Liquidation Expenses, advanced by the Master Servicer in connection with Applicable Regulations and the Acceptable Servicing Practices with respect to mortgage loans in such foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property shall constitute "Servicing Advances" within the meaning of Section 8.4(c) hereof. The Master Servicer shall sell any REO Property within 23 months of its acquisition by the Comprehensive Environmental ResponseTrust, Compensation unless the Master Servicer obtains for the Trustee an opinion of counsel experienced in federal income tax matters, addressed to the Trustee, the Certificate Insurer and Liability Act the Master Servicer, to the effect that the holding by the Trust of 1980such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the REMIC Trust as defined in Section 860F of the Code or cause the Trust to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding, in which case the Master Servicer shall sell any REO Property by the end of any extended period specified in any such opinion. Pursuant to its efforts to sell any REO Property, the Master Servicer either itself or through an agent selected by the Master Servicer shall manage, conserve, protect and operate such REO Property in the same manner and to such extent as amended from time is customary in the locality where such REO Property is located and may, incident to timeits conservation and protection of the interests of the Master Servicer, rent the same, or any comparable lawpart thereof, unless as the Master Servicer has also previously determined, based on its reasonable judgment deems to be in the best interest of the Master Servicer for the period prior to the sale of such REO Property. The net income generated from the REO Property and the proceeds from a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:sale of any REO Property shall be deposited in the Collection Account.

Realization Upon Defaulted Mortgage Loans. In (a) Each Servicer, with respect to Mortgage Loans serviced by it, shall foreclose upon or otherwise comparably convert the event that any payment due under any ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loan is Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments and which the related Servicer has not paid when the same becomes due and payable, or in the event the Mortgagor fails purchased pursuant 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 is consistent with Acceptable Servicing PracticesSection 8.10(b). In connection with a such foreclosure or other conversion, the Servicer of such defaulted Mortgage Loans shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its exercise or use as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds deemed by such Servicer in its good faith business judgment to be recoverable from the Acceptable Servicing Practices related Mortgage Loan for the payment of taxes, amounts due with respect to mortgage loans in foreclosure or similar proceedingssenior liens and insurance premiums. In Any amounts so advanced shall constitute "Servicing Advances" within the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the meaning of Section 8.09(b) hereof. Each Servicer shall continue sell any REO Property managed by it within 35 months of its acquisition by the Trust, unless such Servicer obtains for the Trustee an Opinion of Counsel (the cost of which shall be advanced by the related Servicer as a Servicing Advance) experienced in federal income tax matters and reasonably acceptable to perform collection services in accordance with a receivable collection agreement the Depositor and the Trustee, addressed to be entered into with the Owner. In Trustee and such Servicer, to the event effect that the Owner directs holding by the Servicer Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust as defined in Section 860F of the Code or cause the Trust or any REMIC therein to charge off fail to qualify as a REMIC under the REMIC Provisions at any Mortgage Loan time that any Certificates are outstanding, or the Servicerrelated Servicer produces evidence that it has properly requested from the applicable tax authorities at least 60 days before the day on which the three year grace period would otherwise expire, an extension of the three year grace period, in accordance with Accepted Servicing Practices, charges off which case such Servicer shall sell any Mortgage Loan, REO Property by the Servicer, at the Owner’s option, shall perform collection services with respect to end of any extended period specified in any such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owneropinion or extension. Notwithstanding the generality of the foregoing provisions provisions, each Servicer shall manage, conserve, protect and operate each REO Property managed by it solely for the purpose of this its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 4.03, with respect to any Mortgage Loan as to which 860G(a)(8) of the Servicer has received notice of, Code or has knowledge of, result in the presence receipt by the Trust of any toxic "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or hazardous substance on any "net income from foreclosure property" which is subject to taxation under the related Mortgaged REMIC Provisions. Pursuant to its efforts to sell such REO Property, the related Servicer shall not either (i) obtain title itself or through an agent selected by such Servicer protect and conserve such REO Property in the same manner and to such Mortgaged extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners and after consultation with the holder of a majority in interest of the Class R Certificates, rent the same, or any part thereof, as such Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. Notwithstanding anything to the contrary contained herein, in connection with a result foreclosure or acceptance of or a deed in lieu of foreclosure or otherwiseforeclosure, or (ii) otherwise acquire possession of, or take any other action with respect to, such exercising control over the Mortgaged Property if, as a result of any such action, either so that the Servicer or the Owner Trust would be considered to hold title to, to be a mortgagee-in-possession ofpossession, or to be an owner or operator of such the Mortgaged Property within the meaning of under the Comprehensive Environmental Response, Response Compensation and Liability Act of 1980, as amended from time to time, (42 U.S.C. ss.9601 et seq.) or any a comparable law, unless in the event any responsible officer of a Servicer has also previously determinedactual knowledge that a Property is in any way affected by hazardous or toxic substances or wastes and determines that it may be reasonable to convert such Property ownership to the Trust, based on its reasonable judgment and or the holder of a prudent report prepared majority in interest of the Class R Certificates otherwise requests in writing an environmental inspection to be conducted, such Servicer shall cause an environmental inspection or review of such Property to be conducted by a Person who regularly conducts qualified inspector and shall be reimbursed for the amount of such environmental audits using customary industry standardsinspection in the manner described herein for reimbursement of Servicing Advances in the same manner as set forth in the immediately following paragraph. Upon completion of the inspection, that:such Servicer shall promptly provide the Owner of the majority of the Class R Certificates and the Trustee with a written report of the 107 environmental inspection. In the absence of such determination or a written request from the Owner of the majority of the Class R Certificates for an environmental inspection, neither the related Servicer nor the Trustee shall be liable for any liability, cost or expense incurred by the Trust due to the decision of such Servicer not to cause an environmental inspection of a Property. After reviewing the environmental inspection report, the Owner of the majority of the Class R Certificates shall determine how the related Servicer shall proceed with respect to the Property and shall notify such Servicer within 15 Business Days of receipt of the inspection report. In the event the environmental inspection report indicates that the Property is in any way affected by hazardous or toxic substances or wastes such Servicer shall only foreclose or comparably convert such Property if the Owner of the majority of the Class R Certificates directs such Servicer to proceed with foreclosure or acceptance of a deed-in-lieu of foreclosure. In the event the Owner of the majority of the Class R Certificates requires such Servicer to foreclose or accept a deed-in-lieu of foreclosure pursuant to this Section 8.13(a),(i) such Servicer (or the Trustee and any other successor Servicer) shall be reimbursed for any related environmental clean up costs, as applicable, from the related Liquidation Proceeds, or if the Liquidation Proceeds are insufficient to fully reimburse such Servicer (or the Trustee and any other successor Servicer), such Servicer (or the Trustee and any other successor Servicer) shall be entitled to be reimbursed from amounts in the related Principal and Interest Account, and (ii) such Class R Owner hereby indemnifies the Trust, the Trustee and such Servicer with respect to any costs, liabilities and expenses incurred by any such party in connection with any such hazardous or toxic substances or wastes with respect to such foreclosure or comparable conversion. In the event the Owner of the majority of the Class R Certificates directs such Servicer not to proceed with foreclosure or acceptance of a deed-in-lieu of foreclosure, such Servicer (or the Trustee and any other successor Servicer) shall be reimbursed for all Servicing Advances made with respect to the related Property from such Principal and Interest Account pursuant to Section 8.08(d)(B) hereof.

Realization Upon Defaulted Mortgage Loans. In (a) The Servicer shall foreclose upon or otherwise comparably effect the event ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments and which the Servicer has not purchased pursuant to Section 8.10, unless the Servicer reasonably believes as evidenced by an Officer's Certificate that any payment due under any Net Liquidation Proceeds with respect to such Mortgage Loan is would not paid when be increased as a result of such foreclosure or other action, in which case such Mortgage Loan will be charged-off and will become a Liquidated Loan. The Servicer shall have no obligation to purchase any property at any foreclosure sale. The Servicer will give notice of any such charge-off to the same becomes due Certificate Insurer and payable, or each of Xxxxx'x and S&P by delivery of a Liquidation Report 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 form attached as is consistent with Acceptable Servicing PracticesExhibit K hereto. In connection with a such foreclosure or other conversion, the Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens, and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.9(c) hereof. The Servicer shall sell any REO Property within 23 months of its acquisition by the Trust, unless the Servicer obtains for the Trustee an opinion of counsel experienced in foreclosure federal income tax matters, addressed to the Trustee, the Certificate Insurer and the Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the REMIC Trust as defined in Section 860F of the Code or similar proceedingscause the Trust to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding, in which case the Servicer shall sell any REO Property by the end of any extended period specified in any such opinion. In Notwithstanding the event that foreclosure results in a deficiency and applicable law permits, at generality of the Owners’ optionforegoing provisions, the Servicer shall continue manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to perform collection services fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code or result in accordance with a receivable collection agreement to be entered into with the Owner. In receipt by the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence REMIC Trust of any toxic "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or hazardous substance on any "net income from foreclosure property" which is subject to taxation under the related Mortgaged REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Servicer shall not either (i) obtain title itself or through an agent selected by the Servicer protect and conserve such REO Property in the same manner and to such Mortgaged extent as is customary in the locality where such REO Property as a result is located and may, incident to its conservation and protection of or in lieu the interests of foreclosure or otherwisethe Owners, rent the same, or (ii) any part thereof, as the Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise acquire possession ofcomparably convert the ownership of such Property. To the extent that the Servicer has actual knowledge of any such substance or waste, it shall consult with the Certificate Insurer and the Trustee regarding the appropriate course of action. The Servicer shall not institute foreclosure actions with respect to a property containing substance or waste as described above if it reasonably believes that such action would not be consistent with its servicing standards, and in no event shall the Servicer manage, operate or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either thereto which the Servicer in good faith believes will result in "clean-up" or other liability under applicable law. The net income from the Owner would rental or sale of a REO property shall be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property deposited in the Principal and Interest Account within two (2) Business Days after receipt thereof by the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:Servicer.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 (a) The Master Servicer shall take such action foreclose upon or otherwise comparably effect the ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as is consistent with Acceptable Servicing Practicesto which no satisfactory arrangements can be made for collection of Delinquent payments and which the Master Servicer has not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Master Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans in foreclosure or similar proceedingsSenior Liens, and insurance premiums. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer Any amounts so advanced shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted constitute "Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property Advances" within the meaning of Section 8.9(c) hereof. The Master Servicer shall sell any REO Property within 23 months of its acquisition by the Trust, unless the Master Servicer obtains for the Trustee an opinion of counsel experienced in federal income tax matters, addressed to the Trustee, the Certificate Insurer and the Master Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the REMIC Trust as defined in Section 860F of the Code or cause the Trust to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding, in which case the Master Servicer shall sell any REO Property by the end of any extended period specified in any such opinion. Notwithstanding the generality of the foregoing provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code or result in the receipt by the Trust of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:ownership of such Property.

Realization Upon Defaulted Mortgage Loans. In (a) The Servicer shall foreclose upon or otherwise comparably effect the event that any payment due under any ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loan is not paid when the same becomes due Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments 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, which the Servicer shall take such action as is consistent with Acceptable Servicing Practiceshas not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its exercise or use as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.9(c) hereof. The Servicer shall sell any REO Property within 35 months of its acquisition by the Trust, unless the Servicer obtains for the Trustee, the Oversight Agent and the Certificate Insurer an opinion of counsel experienced in foreclosure federal income tax matters and reasonably acceptable to the Certificate Insurer, addressed to the Trustee, the Oversight Agent, the Certificate Insurer and the Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust as defined in Section 860F of the Code or similar proceedingscause the Trust (other than the Non-REMIC Accounts) to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding, in which case the Servicer shall sell any REO Property by the end of any extended period specified in any such opinion. In Notwithstanding the event that foreclosure results in a deficiency and applicable law permits, at generality of the Owners’ optionforegoing provisions, the Servicer shall continue manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to perform collection services fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code or result in accordance with a receivable collection agreement to be entered into with the Owner. In receipt by the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence Trust of any toxic "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or hazardous substance on any "net income from foreclosure property" which is subject to taxation under the related Mortgaged REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Servicer shall not either (i) obtain title itself or through an agent selected by the Servicer protect and conserve such REO Property in the same manner and to such Mortgaged extent as is customary in the locality where such REO Property as a result is located and may, incident to its conservation and protection of or in lieu the interests of foreclosure or otherwisethe Owners, rent the same, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property ifpart thereof, as a result the Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:ownership of such Property. 203968.5d

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Conventional Mortgage Loan 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 it shall deem to be in the best interest of the Certificateholders. In the event that any payment due under any FHA Loan becomes delinquent, the Servicer shall take all such actions as are in the best interests of the Certificateholders and permitted under any applicable FHA loss mitigation proceedings, including, but not limited to, requesting the FHA to accept an assignment of such FHA Loan, and, upon the Servicer's determination that foreclosure is consistent with Acceptable Servicing Practicesin the best interest of the Certificateholders, commencing foreclosure proceedings. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including, extending the Mortgage Loan repayment date for a period of one year or reducing the Mortgage Interest Rate up to 50 basis points. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the Fannie Mae Guide, including, without limitation, advancing funds for the xxxxxnx xf taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.03, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Fund would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 is consistent with Acceptable Servicing Practicesit shall deem to be in the best interest of the Certificateholders. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including, extending the Mortgage Loan repayment date for a period of one year or reducing the Mortgage Rate. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the Xxxxxx Xxx Guide, including, without limitation, advancing funds for the payment of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.15, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Fund would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 (a) The Master Servicer shall take such action foreclose upon or otherwise comparably effect the ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as is consistent with Acceptable Servicing Practicesto which no satisfactory arrangements can be made for collection of Delinquent payments and which the Master Servicer has not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Master Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment 101 of taxes, amounts due with respect to mortgage loans in foreclosure or similar proceedingsSenior Liens, and insurance premiums. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer Any amounts so advanced shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted constitute "Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property Advances" within the meaning of Section 8.9(b) hereof. The Master Servicer shall sell any REO Property within 23 months of its acquisition by the Trust, unless the Master Servicer obtains for the Trustee an opinion of counsel experienced in federal income tax matters, addressed to the Trustee and the Master Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the REMIC Trust as defined in Section 860F of the Code or cause the Trust to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding, in which case the Master Servicer shall sell any REO Property by the end of any extended period specified in any such opinion. Notwithstanding the generality of the foregoing provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code or result in the receipt by the Trust of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:ownership of such Property.

Realization Upon Defaulted Mortgage Loans. In (a) The Servicer shall foreclose upon or otherwise comparably effect the event that any payment due under any Mortgage Loan is not paid when the same becomes due and payable, or ownership in the event name of the Mortgagor fails Indenture Trustee on behalf of the Issuer of Mortgaged Properties relating to perform any other covenant or obligation under the defaulted Mortgage Loan Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments and such failure continues beyond any applicable grace period, which the Servicer shall take such action as is consistent with Acceptable Servicing Practiceshas not purchased pursuant to Section 5.18. In connection with a such foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use Accepted Servicing Practices. Any amounts so advanced including any amounts described below regarding environmental inspections shall constitute "Servicing Advances" within the same degree meaning of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices with respect to mortgage loans in foreclosure or similar proceedingsSection 5.21(b) hereof. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ optionaddition, the Servicer shall continue have the power and authority to perform collection services sell any Foreclosure Property on behalf of the Indenture Trustee for the benefit of the Securityholders [and the Note Insurer] to one or more third party purchasers in a manner that, in the reasonable judgment of the Servicer, will be likely to maximize the net proceeds realizable therefrom[; provided, however, that the Servicer shall obtain the prior written consent of the Note Insurer to any sale of a Foreclosure Property to an Affiliate of the Servicer.] Pursuant to its efforts to sell Foreclosure Property, the Servicer shall either itself or through an agent selected by the Servicer protect and conserve such Foreclosure Property in the same manner and to such extent as is customary in the locality where such Foreclosure Property is located and may, incident to its conservation and protection of the interests of the Securityholders [and the Note Insurer], rent the same, or any part thereof, as the Servicer deems to be in the best interest of the Securityholders [and the Note Insurer] for the period prior to the sale of such Foreclosure Property. Notwithstanding anything to the contrary herein, the Servicer shall be under no obligation to foreclose upon or otherwise convert the ownership of any Mortgaged Property which it believes may be contaminated with or affected by hazardous or toxic wastes or substances. If the Servicer has actual knowledge of any environmental or hazardous waste risk with respect to the Mortgaged Property that the Servicer is contemplating acquiring in foreclosure or deed in lieu of foreclosure, the Servicer will cause an environmental inspection of the Mortgaged Property in accordance with a receivable collection agreement to be entered into with the OwnerAccepted Servicing Practices. In the event that the Owner directs If such environmental audit or report reveals or if the Servicer to charge off any Mortgage Loan has knowledge or notice that such Mortgaged Property contains toxic wastes or substances, the ServicerServicer shall, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to take such charged-off Mortgage Loan in accordance with a receivable collection agreement action as it deems to be entered into with in the Owner. Notwithstanding best interests of Securityholders [and the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:Note Insurer].

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 (a) The Master Servicer shall take such action foreclose upon or otherwise comparably effect the ownership on behalf of the Mortgaged Properties relating to defaulted Mortgage Loans as is consistent with Acceptable Servicing Practicesto which no satisfactory arrangements can be made for collection of Delinquent payments and which the Master Servicer has not purchased pursuant to Section 4.10. In connection with a such foreclosure or other conversion, the Master Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans in foreclosure or similar proceedingsSenior Liens, and insurance premiums. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer Any amounts so advanced shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted constitute "Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property Advances" within the meaning of Section 4.9 hereof. Notwithstanding the generality of the foregoing provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Class A 48 57 Noteholders solely for the purpose of its prompt disposition and sale. Pursuant to its efforts to sell such REO Property, the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Class A Noteholders, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Class A Noteholders for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Mortgaged Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:Class A Noteholdership of such Mortgaged Property.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 is consistent with Acceptable Servicing Practicesit shall deem to be in the best interest of the Certificateholders. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including, extending the Mortgage Loan repayment date for a period of one year or reducing the Mortgage Interest Rate. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the Fannie Mae Guide, including, without limitation, advancing funds for thx xxxxexx of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.15, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Fund would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In (a) The Servicer shall foreclose upon or otherwise comparably effect the event that any payment due under any ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loan is not paid when the same becomes due Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments 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, which the Servicer shall take such action as is consistent with Acceptable Servicing Practiceshas not purchased pursuant to Section 4.10. In connection with a such foreclosure or other conversion, the Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its exercise or use as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens and insurance premiums. Any amounts so advanced shall constitute"Servicing Advances" within the meaning of Section 4.9(c) hereof. The Servicer shall sell any REO Property within 35 months of its acquisition by the Trust, unless the Servicer obtains for the Indenture Trustee and the Note Insurer an opinion of counsel experienced in foreclosure or similar proceedings. In federal income tax matters and reasonably acceptable to the event that foreclosure results in a deficiency and applicable law permitsNote Insurer, at addressed to the Owners’ optionIndenture Trustee, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any Mortgage Loan or Note Insurer and the Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions imposition of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance taxes on the related Mortgaged Trust. Pursuant to its efforts to sell such REO Property, the Servicer shall not either (i) obtain title itself or through an agent selected by the Servicer protect and conserve such REO Property in the same manner and to such Mortgaged extent as is customary in the locality where such REO Property as a result is located and may, incident to its conservation and protection of or in lieu the interests of foreclosure or otherwisethe Owners, rent the same, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property ifpart thereof, as a result the Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:ownership of such Property.

Realization Upon Defaulted Mortgage Loans. In (a) The Servicer shall foreclose upon or otherwise comparably effect the event that any payment due under any ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loan is not paid when the same becomes due Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments 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, which the Servicer shall take such action as is consistent with Acceptable Servicing Practiceshas not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its exercise or use as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.9(c) hereof. The Servicer shall sell any REO Property within 23 months of its acquisition by the Trust, unless the Servicer obtains for the Trustee and the Certificate Insurer an opinion of counsel experienced in foreclosure federal income tax matters and reasonably acceptable to the Certificate Insurer, addressed to the Trustee, the Certificate Insurer and the Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust as defined in Section 860F of the Code or similar proceedingscause the Trust to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding, in which case the Servicer shall sell any REO Property by the end of any extended period specified in any such opinion. In Notwithstanding the event that foreclosure results in a deficiency and applicable law permits, at generality of the Owners’ optionforegoing provisions, the Servicer shall continue manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to perform collection services in accordance with a receivable collection agreement fail to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan qualify as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of "foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property property" within the meaning of Section 860G(a)(8) of the Comprehensive Environmental Response, Compensation and Liability Act Code or result in the receipt by the Trust of 1980, as amended any "income from time to time, non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any comparable law, unless "net income from foreclosure property" which is subject to taxation under the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:REMIC

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 (a) The Master Servicer shall take such action foreclose upon or otherwise comparably effect the ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as is consistent with Acceptable Servicing Practicesto which no satisfactory arrangements can be made for collection of Delinquent payments and which the Master Servicer has not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Master Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans in foreclosure or similar proceedingsSenior Liens, and insurance premiums. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer Any amounts so advanced shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted constitute "Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property Advances" within the meaning of Section 8.9(c) hereof. The Master Servicer shall sell any REO Property within 35 months of its acquisition by the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable lawTrust, unless the Master Servicer has also previously determinedobtains for the Trustee an opinion of counsel experienced in federal income tax matters, based addressed to the Trustee, the Certificate Insurer and the Master Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust or any REMIC therein as defined in Section 860F of the Code or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding. Notwithstanding the generality of the foregoing provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners and the Certificate Insurer solely for the purpose of its reasonable judgment prompt disposition and sale in a prudent report prepared manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code or result in the receipt by a Person who regularly conducts environmental audits using the Lower-Tier REMIC or the Upper Tier REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary industry standardsin the locality where such REO Property is located and may, that:incident to its conservation and protection

Realization Upon Defaulted Mortgage Loans. In (a) The Servicer shall foreclose upon or otherwise comparably effect the event that any payment due under any Mortgage Loan is not paid when the same becomes due and payable, or ownership in the event name of the Mortgagor fails Trustee on behalf of the Trust Fund of Mortgaged Properties relating to perform any other covenant or obligation under the defaulted Mortgage Loan Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments and such failure continues beyond any applicable grace period, which the Servicer shall take such action as is consistent with Acceptable Servicing Practiceshas not purchased pursuant to Section 5.18. In connection with a such foreclosure or other conversion, the Servicer shall exercise use Accepted Servicing Practices. Any amounts so advanced including any amounts described below regarding environmental inspections shall constitute "Servicing Advances" within the meaning of Section 5.21(b) hereof. The Servicer shall sell any REO Property within 35 months from the close of the taxable year of its acquisition by the Trust Fund, at such rights price as the Servicer in good xxxxx xxxxx necessary to comply with this covenant unless the Servicer obtains for [the Certificate Insurer and] the Trustee, an Opinion of Counsel (the expense of which opinion shall be a Servicing Advance) experienced in federal income tax matters acceptable to [the Certificate Insurer and] the Trustee, addressed to [the Certificate Insurer and] the Trustee and powers vested the Servicer, to the effect that the holding by the Trust Fund of such REO Property for any greater period will not result in it hereunder and use the same degree imposition of care and skill taxes on "Prohibited Transactions" of the Trust Fund or any REMIC as defined in its exercise Section 860F of the Code or cause either REMIC to fail to qualify as prudent mortgage servicers would exercise or use a REMIC under the circumstances in REMIC Provisions at any time that any Certificates are Outstanding. Notwithstanding the conduct generality of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ optionforegoing provisions, the Servicer shall continue manage, conserve, protect and operate each REO Property for the Certificateholders solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to perform collection services fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code or result in the receipt by any REMIC created hereunder of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Servicer shall either itself or through an agent selected by the Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Certificateholders [and the Certificate Insurer], rent the same, or any part thereof, as the Servicer deems to be in the best interest of the Certificateholders [and the Certificate Insurer] for the period prior to the sale of such REO Property. Notwithstanding anything to the contrary herein, the Servicer shall be under no obligation to foreclose upon or otherwise convert the ownership of any Mortgaged Property which it believes may be contaminated with or affected by hazardous or toxic wastes or substances. If the Servicer has actual knowledge of any environmental or hazardous waste risk with respect to the Mortgaged Property that the Servicer is contemplating acquiring in foreclosure or deed in lieu of foreclosure, the Servicer will cause an environmental inspection of the Mortgaged Property in accordance with a receivable collection agreement to be entered into with the OwnerAccepted Servicing Practices. In the event that the Owner directs If such environmental audit or report reveals or if the Servicer to charge off any Mortgage Loan has knowledge or notice that such Mortgaged Property contains toxic wastes or substances, the ServicerServicer shall, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to take such charged-off Mortgage Loan in accordance with a receivable collection agreement action as it deems to be entered into with in the Owner. Notwithstanding best interests of Certificateholders [and the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:Certificate Insurer].

Realization Upon Defaulted Mortgage Loans. In (a) The Servicer shall foreclose upon or otherwise comparably effect the event ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments and which the Servicer has not purchased pursuant to Section 8.10, unless the Servicer reasonably believes as evidenced by an Officer's Certificate that any payment due under any Net Liquidation Proceeds with respect to such Mortgage Loan is would not paid when be increased as a result of such foreclosure or other action, in which case such Mortgage Loan will be charged-off and will become a Liquidated Loan. The Servicer shall have no obligation to purchase any property at any foreclosure sale. The Servicer will give notice of any such charge-off to the same becomes due Certificate Insurer and payable, or each of Xxxxx'x and S&P by delivery of a Liquidation Report 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 form attached as is consistent with Acceptable Servicing PracticesExhibit K hereto. In connection with a such foreclosure or other conversion, the Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens, and insurance premiums, if it determines that such advances would be recoverable. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.9(c) hereof. The Servicer shall sell any REO Property within 23 months of its acquisition by the Trust, unless the Servicer obtains for the Trustee an opinion of counsel experienced in foreclosure federal income tax matters, addressed to the Trustee, the Certificate Insurer and the Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Upper-Tier REMIC or similar proceedingsthe Lower-Tier REMIC as defined in Section 860F of the Code or cause the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding, in which case the Servicer shall sell any REO Property by the end of any extended period specified in any such opinion. In Notwithstanding the event that foreclosure results in a deficiency and applicable law permits, at generality of the Owners’ optionforegoing provisions, the Servicer shall continue manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to perform collection services fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code or result in accordance with a receivable collection agreement to be entered into with the Owner. In receipt by the event that the Owner directs the Servicer to charge off any Mortgage Loan Upper-Tier REMIC or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such chargedLower-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence Tier REMIC of any toxic "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or hazardous substance on any "net income from foreclosure property" which is subject to taxation under the related Mortgaged REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Servicer shall not either (i) obtain title itself or through an agent selected by the Servicer protect and conserve such REO Property in the same manner and to such Mortgaged extent as is customary in the locality where such REO Property as a result is located and may, incident to its conservation and protection of or in lieu the interests of foreclosure or otherwisethe Owners, rent the same, or (ii) any part thereof, as the Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise acquire possession ofcomparably convert the ownership of such Property. To the extent that the Servicer has actual knowledge of any such substance or waste, it shall consult with the Certificate Insurer and the Trustee regarding the appropriate course of action. Except with the prior written consent of the Certificate Insurer, the Servicer shall not institute foreclosure actions with respect to a property containing substance or waste as described above if it reasonably believes that such action would not be consistent with its servicing standards, and in no event shall the Servicer manage, operate or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either thereto which the Servicer in good faith believes will result in "clean-up" or other liability under applicable law. The net income from the Owner would rental or sale of a REO property shall be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property deposited in the Principal and Interest Account within two (2) Business Days after receipt thereof by the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:Servicer.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 is consistent with Acceptable Servicing Practices. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.035.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In (a) The Servicer shall foreclose upon or otherwise comparably effect the event ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments and that any payment due under any the Servicer has not purchased pursuant to Section 8.10, unless the Servicer reasonably believes as evidenced by an Officer's Certificate that Net Liquidation Proceeds with respect to such Mortgage Loan is would not paid when be increased as a result of such foreclosure or other action, in which case such Mortgage Loan will be charged-off and will become a Liquidated Loan. The Servicer shall have no obligation to purchase any property at any foreclosure sale. The Servicer will give notice of any such charge-off to the same becomes due Certificate Insurer and payable, or each of Xxxxx'x and S&P by delivery of a Liquidation Report 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 form attached as is consistent with Acceptable Servicing PracticesExhibit K hereto. In connection with a such foreclosure or other conversion, the Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens, and insurance premiums, if it determines that such advances would be recoverable. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.9(c) hereof. The Servicer shall sell any REO Property within 23 months of its acquisition by the Trust, unless the Servicer obtains for the Trustee an opinion of counsel experienced in foreclosure federal income tax matters, addressed to the Trustee, the Certificate Insurer and the Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Upper-Tier REMIC or similar proceedingsthe Lower-Tier REMIC as defined in Section 860F of the Code or cause the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding, in which case the Servicer shall sell any REO Property by the end of any extended period specified in any such opinion. In Notwithstanding the event that foreclosure results in a deficiency and applicable law permits, at generality of the Owners’ optionforegoing provisions, the Servicer shall continue manage, conserve, protect and operate each REO Property for the Holders solely for the purpose of its prompt disposition and sale in a manner that does not cause such REO Property to perform collection services fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code or result in accordance with a receivable collection agreement to be entered into with the Owner. In receipt by the event that the Owner directs the Servicer to charge off any Mortgage Loan Upper-Tier REMIC or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such chargedLower-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence Tier REMIC of any toxic "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or hazardous substance on any "net income from foreclosure property" that is subject to taxation under the related Mortgaged REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Servicer shall not either (i) obtain title itself or through an agent selected by the Servicer protect and conserve such REO Property in the same manner and to such Mortgaged extent as is customary in the locality where such REO Property as a result is located and may, incident to its conservation and protection of or in lieu the interests of foreclosure or otherwisethe Holders, rent the same, or (ii) any part thereof, as the Servicer deems to be in the best interest of the Holders for the period prior to the sale of such REO Property. The Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise acquire possession ofcomparably convert the ownership of such Property. To the extent that the Servicer has actual knowledge of any such substance or waste, it shall consult with the Certificate Insurer and the Trustee regarding the appropriate course of action. Except with the prior written consent of the Certificate Insurer, the Servicer shall not institute foreclosure actions with respect to a property containing substance or waste as described above if it reasonably believes that such action would not be consistent with its Servicing Standards, and in no event shall the Servicer manage, operate or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either thereto that the Servicer in good faith believes will result in "clean-up" or other liability under applicable law. The net income from the Owner would rental or sale of a REO property shall be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property deposited in the Principal and Interest Account within two (2) Business Days after receipt thereof by the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:Servicer.

Realization Upon Defaulted Mortgage Loans. In (a) The Servicer shall foreclose upon or otherwise comparably effect the event that any payment due under any ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loan is not paid when the same becomes due Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments 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, which the Servicer shall take such action as is consistent with Acceptable Servicing Practiceshas not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its exercise or use as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.9(c) hereof. The Servicer shall sell any REO Property within 35 months of its acquisition by the Trust, unless the Servicer obtains for the Trustee, the Master Servicer and the Certificate Insurer an opinion of counsel experienced in foreclosure federal income tax matters and reasonably acceptable to the Certificate Insurer, addressed to the Trustee, the Master Servicer, the Certificate Insurer and the Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust as defined in Section 860F of the Code or similar proceedingscause the Trust (other than the Non-REMIC Accounts) to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding, in which case the Servicer shall sell any REO Property by the end of any extended period specified in any such opinion. In Notwithstanding the event that foreclosure results in a deficiency and applicable law permits, at generality of the Owners’ optionforegoing provisions, the Servicer shall continue manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to perform collection services fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code or result in accordance with a receivable collection agreement to be entered into with the Owner. In receipt by the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence Trust of any toxic "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or hazardous substance on any "net income from foreclosure property" which is subject to taxation under the related Mortgaged REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Servicer shall not either (i) obtain title itself or through an agent selected by the Servicer protect and conserve such REO Property in the same manner and to such Mortgaged extent as is customary in the locality where such REO Property as a result is located and may, incident to its conservation and protection of or in lieu the interests of foreclosure or otherwisethe Owners, rent the same, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property ifpart thereof, as a result the Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:ownership of such Property.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Conventional Mortgage Loan 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 it shall deem to be in the best interest of the Certificateholders. In the event that any payment due under any FHA Loan becomes delinquent, the Servicer shall take all such actions as are in the best interests of the Certificateholders and permitted under any applicable FHA loss mitigation proceedings, including, but not limited to, requesting the FHA to accept an assignment of such FHA Loan, and, upon the Servicer’s determination that foreclosure is consistent with Acceptable Servicing Practicesin the best interest of the Certificateholders, commencing foreclosure proceedings. With respect to each VA Loan, the Servicer shall diligently seek to mitigate losses by utilizing all remedies available in the VA Regulations. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including, extending the Mortgage Loan repayment date for a period of one year or reducing the Mortgage Interest Rate up to 50 basis points. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the Xxxxxxx Mac Seller/Servicer Guide, including, without limitation, advancing funds for the payment of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.03, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer Trustee, the Trust Fund, the Certificateholders or the Owner Guarantor would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standardsstandards (who shall be acceptable to the Guarantor with respect to the Group I Mortgage Loans), that:

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 (a) The Master Servicer shall take such action foreclose upon or otherwise comparably effect the ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as is consistent with Acceptable Servicing Practicesto which no satisfactory arrangements can be made for collection of Delinquent payments and which the Master Servicer has not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Master Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens, and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the 93 105 meaning of Section 8.9(c) hereof. The Master Servicer shall sell any REO Property within 23 months of its acquisition by the Trust, unless the Master Servicer obtains for the Trustee an opinion of counsel experienced in foreclosure or similar proceedings. In federal income tax matters, addressed to the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ optionTrustee, the Servicer shall continue Class A-8 and Class A-9 Certificate Insurer and the Master Servicer, to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event effect that the Owner directs holding by the Servicer to charge off Trust of such REO Property for any Mortgage Loan greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust or any REMIC therein as defined in Section 860F of the Code or cause either the Lower-Tier REMIC or the Servicer, in accordance with Accepted Servicing Practices, charges off Upper-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions at any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Ownertime that any Certificates are outstanding. Notwithstanding the generality of the foregoing provisions provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners and the Class A-8 and Class A-9 Certificate Insurer solely for the purpose of this its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 4.03860G(a)(8) of the Code or result in the receipt by the Lower-Tier REMIC or the Upper Tier REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, with the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation, on a REO Property in determining whether to foreclose upon or otherwise comparably convert the ownership of such REO Property. With respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged secured by a mixed use REO Property, the Master Servicer shall, prior to foreclosing upon or otherwise comparably effecting the ownership in the name of the Master Servicer on behalf of the Trust, either (x) perform a "phase one environmental study" of such REO Property or (y) repurchase such REO Property at the Loan Purchase Price. Notwithstanding the generality of the foregoing provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale in a manner which does not either (i) obtain title cause such REO Property to such Mortgaged Property fail to qualify as a result of or in lieu of "foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property property" within the meaning of Section 860G(a)(8) of the Code or result in the receipt by the Trust of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:ownership of such Property.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 (a) The Master Servicer shall take such action foreclose upon or otherwise comparably effect the ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as is consistent with Acceptable Servicing Practicesto which no satisfactory arrangements can be made for collection of Delinquent payments and which the Master Servicer has not purchased pursuant to Section 8.10. In connection with a such foreclosure or other conversion, the Master Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its their exercise or use, as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and affairs, including, but not limited to, advancing funds for the Acceptable Servicing Practices payment of taxes, amounts due with respect to mortgage loans Senior Liens, and insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.9(c) hereof. The Master Servicer shall sell 103 108 any REO Property within 35 months of its acquisition by the Trust, unless the Master Servicer obtains for the Trustee an opinion of counsel experienced in foreclosure or similar proceedings. In federal income tax matters, addressed to the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ optionTrustee, the Servicer shall continue Insurer and the Master Servicer, to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event effect that the Owner directs holding by the Servicer to charge off Trust of such REO Property for any Mortgage Loan greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Trust or any REMIC therein as defined in Section 860F of the Code or cause either the Lower-Tier REMIC or the Servicer, in accordance with Accepted Servicing Practices, charges off Upper-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions at any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Ownertime that any Certificates are outstanding. Notwithstanding the generality of the foregoing provisions provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners and the Insurer solely for the purpose of this its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 4.03860G(a)(8) of the Code or result in the receipt by the Lower-Tier REMIC or the Upper Tier REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, with the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation, on a REO Property in determining whether to foreclose upon or otherwise comparably convert the ownership of such REO Property. With respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged secured by a mixed use REO Property, the Master Servicer shall, prior to foreclosing upon or otherwise comparably effecting the ownership in the name of the Master Servicer on behalf of the Trust, either (x) perform a "phase one environmental study" of such REO Property or (y) repurchase such REO Property at the Loan Purchase Price. Notwithstanding the generality of the foregoing provisions, the Master Servicer shall manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale in a manner which does not either (i) obtain title cause such REO Property to such Mortgaged Property fail to qualify as a result of or in lieu of "foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property property" within the meaning of Section 860G(a)(8) of the Code or result in the receipt by the Trust of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Master Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:ownership of such Property.

Realization Upon Defaulted Mortgage Loans. In (a) Within 60 days after the occurrence of an Appraisal Reduction Event, the Special Servicer shall obtain an Updated Appraisal of the related Mortgaged Property or REO Property, as the case may be, the costs of which shall be a Property Advance to be advanced by the Master Servicer; provided, however, that the Special Servicer shall not be required to obtain an Updated Appraisal of any Mortgaged Property with respect to which there exists an appraisal which is less than twelve months old; provided, further, however, that with respect to an Appraisal Reduction Event enumerated in clause (ii) of the definition of Appraisal Reduction Event, the Special Servicer shall obtain such appraisal no later than 120 days following the date of the related delinquency. The Master Servicer or Special Servicer, as applicable, shall obtain annual letter updates to the Updated Appraisal or new Updated Appraisals, provided, that in the event that any payment due under any Mortgage Loan is not paid when the same Master Servicer or Special Servicer, as applicable, becomes due aware pursuant to the financial and payableproperty reports, or in if any, collected from 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 is consistent with Acceptable Servicing Practices. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices related Borrower that net operating income with respect to mortgage loans any Mortgaged Property (calculated as provided in foreclosure the related Loan Documents) has dropped by more than 10% for any fiscal year or similar proceedings. In the event that foreclosure results debt service coverage ratio of any Mortgaged Property (calculated as provided in a deficiency and applicable law permits, at the Owners’ optionrelated Loan Documents) has fallen below 1.2 (based on such fiscal year's financial statements), the Master Servicer or Special Servicer, as applicable, shall obtain a new Updated Appraisal. Following a default in the payment of any principal balance and accrued interest on the maturity date of a Mortgage Loan, either (x) the Master Servicer shall continue to perform collection services make P&I Advances (with respect to delinquent Extended Monthly Payments or Monthly Payments, as applicable) in accordance with a receivable collection agreement Section 3.10(j), or (y) the Special Servicer shall foreclose or elect to be entered into grant up to three consecutive one-year extensions of the Specially Serviced Mortgage Loan; provided that the Special Servicer may only extend such Mortgage Loan if (i) immediately prior to the default on the maturity date (or the first or second anniversary thereof in the case of the second or third extension, respectively), the related Borrower had made twelve consecutive Monthly Payments (or Extended Monthly Payments (as defined herein) in the case of the second or third extension) on or prior to their Due Dates, (ii) the Special Servicer determines that (A) extension of such Mortgage Loan is consistent with the OwnerServicing Standard and (B) extension of such Mortgage Loan is likely to result in a recovery which on a net present value basis would be greater than the recovery that would result from a foreclosure, (iii) such extension requires that all cash flow on all related Mortgage Properties in excess of amounts required to operate and maintain such Mortgaged Properties be applied to payments of principal and interest on such Mortgage Loan, (iv) the Special Servicer terminates the related Manager unless the Special Servicer determines that retaining such Manager is conducive to maintaining the value of such Mortgaged Properties and (v) such extension requires the related Borrower to make Extended Monthly Payments. The Special Servicer's determination to extend shall be made in the Special Servicer's good faith judgment, and may, but is not required to be, based on an Updated Appraisal or a letter update thereof. In addition, the Special Servicer's determination set forth in clause (ii) above shall be evidenced by an Officer's Certificate delivered to the Trustee and the Depositor. The Officer's Certificate shall set forth the considerations of the Special Servicer forming the basis of such determination (which shall include but shall not be limited to information, to the extent available, such as related income and expense statements, rent rolls, occupancy status, and property inspections). The Special Servicer will not agree to any extension of a Mortgage Loan beyond the date which is two years prior to the Rated Final Distribution Date. If the related Borrower fails to make an Extended Monthly Payment during the initial extension period, no further extensions will be granted. In no event that will the Owner directs the Special Servicer be permitted to charge off extend any Mortgage Loan or at a rate lower than the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:Rate.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 is consistent it shall deem to be in the best interest of the Certificateholders; provided, however, that any costs and expenses incurred with Acceptable respect thereto shall be recoverable as Servicing PracticesAdvances by the Servicer as contemplated in Section 3.05 and Section 3.13. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including extending the Mortgage Loan repayment date for a period of one year or reducing the Mortgage Interest Rate up to 50 basis points. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices with respect to mortgage loans in foreclosure or similar proceedings. In Standard, including, without limitation, advancing funds for the event that foreclosure results in a deficiency payment of taxes and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Ownerinsurance premiums. Notwithstanding the foregoing provisions of this Section 4.033.03, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment received the prior written consent of the NIMS Insurer and has received a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In (a) The Servicer shall foreclose upon or otherwise comparably effect the event that any payment due under any ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loan is not paid when the same becomes due Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments 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, which the Servicer shall take such action as is consistent with Acceptable Servicing Practiceshas not purchased pursuant to Section 4.10. In connection with a such foreclosure or other conversion, the Servicer shall exercise such of the rights and powers vested in it hereunder hereunder, and use the same degree of care and skill in its exercise or use as prudent mortgage servicers lenders would exercise or use under the circumstances in the conduct of their own affairs affairs, including, but not limited to, advancing funds for the payment of taxes and consistent with Applicable Regulations insurance premiums. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 4.9(c) hereof. The Servicer shall sell any REO Property within 35 months of its acquisition by the Trust, unless the Servicer obtains for the Indenture Trustee and the Acceptable Servicing Practices with respect Note Insurer an opinion of counsel experienced in federal income tax matters and reasonably acceptable to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permitsNote Insurer, at addressed to the Owners’ optionIndenture Trustee, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any Mortgage Loan or Note Insurer and the Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the Owner. Notwithstanding the foregoing provisions imposition of this Section 4.03, with respect to any Mortgage Loan as to which the Servicer has received notice of, or has knowledge of, the presence of any toxic or hazardous substance taxes on the related Mortgaged Trust. Pursuant to its efforts to sell such REO Property, the Servicer shall not either (i) obtain title itself or through an agent selected by the Servicer protect and conserve such REO Property in the same manner and to such Mortgaged extent as is customary in the locality where such REO Property as a result is located and may, incident to its conservation and protection of or in lieu the interests of foreclosure or otherwisethe Owners, rent the same, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property ifpart thereof, as a result the Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such action, either the Servicer or the Owner would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of terms are defined in the Comprehensive Environmental Response, Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1980, as amended from time to time1976, or any comparable lawother federal, unless state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise comparably convert the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:ownership of such Property.

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 is consistent with Acceptable Servicing Practicesit shall deem to be in the best interest of the Certificateholders. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including, extending the Mortgage Loan repayment date for a period of one year or reducing the Loan Rate. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the Fannie Mae Guide, including, without limitation, advancing funds fox xxx pxxxent of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.17, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Fund would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that:

Realization Upon Defaulted Mortgage Loans. In the event that any payment due under any Mortgage Loan 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 is consistent it shall deem to be in the best interest of the Certificateholders, including either foreclosing on any such Mortgage Loan or working out an agreement with Acceptable Servicing Practicesthe Mortgagor, which may involve waiving or modifying certain terms of the Mortgage Loan. With respect to any defaulted Mortgage Loan, the Servicer shall have the right to review the status of the related forbearance plan and, subject to the second paragraph of Section 3.01, may modify such forbearance plan; including, extending the Mortgage Loan repayment date for a period of one year, which period will not go beyond the latest Final Maturity Date. In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices servicing standards set forth in the Xxxxxx Xxx Guide, including, without limitation, advancing funds for the payment of taxes and insurance premiums with respect to mortgage loans in foreclosure or similar proceedings. In the event that foreclosure results in a deficiency and applicable law permits, at the Owners’ option, the Servicer shall continue to perform collection services in accordance with a receivable collection agreement to be entered into with the Owner. In the event that the Owner directs the Servicer to charge off any first lien Mortgage Loan or the Servicer, in accordance with Accepted Servicing Practices, charges off any Mortgage Loan, the Servicer, at the Owner’s option, shall perform collection services with respect to such charged-off Mortgage Loan in accordance with a receivable collection agreement to be entered into with the OwnerLoans. Notwithstanding the foregoing provisions of this Section 4.033.03, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any 77 toxic or hazardous substance on the related Mortgaged Property, the Servicer shall not either (i) obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, either the Servicer or the Owner Trust Fund would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that: