Common use of Realization Upon Mortgage Loans Clause in Contracts

Realization Upon Mortgage Loans. (a) With respect to any Specially Serviced Mortgage Loan, the Special Servicer shall determine, in accordance with the Servicing Standard, whether to grant a modification, waiver or amendment of the terms of such Specially Serviced Mortgage Loan, commence foreclosure proceedings or attempt to sell such Specially Serviced Mortgage Loan with reference to which course of action is reasonably likely to produce a greater recovery on a present value basis with respect to such Specially Serviced Mortgage Loan. Contemporaneously with the earliest of (i) the effective date of any modification, amendment, waiver or consent to a change of the stated maturity, Mortgage Rate, principal balance or amortization terms of any Specially Serviced Mortgage Loan, or any other term of a Mortgage Loan to the extent such modification, amendment, waiver or consent would constitute a "significant" modification under Section 1001 of the Code, including proposed Treasury regulations thereunder, as to which Mortgage Loan a default has occurred or is reasonably foreseeable, (ii) ___ days after the occurrence of any uncured payment delinquency, (iii) the date ____ days after a receiver is appointed in respect of a Mortgaged Property, or (iv) the date a Mortgaged Property becomes an REO Property, the Special Servicer shall obtain an appraisal of the Mortgaged Property securing any Mortgage Loan referred to in clause (i) or (ii) or such Mortgaged Property or REO Property, as the case may be, from an independent appraiser who is a member of the American Institute of Real Estate Appraisers (an "Updated Appraisal"), which appraisal shall be conducted in accordance with MAI standards.

Realization Upon Mortgage Loans. (a) With respect to any Specially Serviced Mortgage Loan, the Special Servicer shall determine, in accordance with the Servicing Standard, whether to grant a modification, waiver or amendment of the terms of such Specially Serviced Mortgage Loan, commence foreclosure proceedings or attempt to sell such Specially Serviced Mortgage Loan with reference to which course of action is reasonably likely to produce a greater recovery on a present value 66 basis with respect to such Specially Serviced Mortgage Loan. Contemporaneously with the earliest to occur of (i) the effective date of any modification, amendment, waiver or consent to a change of the stated maturity, Mortgage Rate, principal balance or amortization terms of any Specially Serviced Mortgage Loan, or any other term of a Mortgage Loan to the extent such modification, amendment, waiver or consent would constitute a "significant" modification under Section 1001 of the Code, including proposed Treasury regulations thereunder, as to which Mortgage Loan a default has occurred or is reasonably foreseeable, (ii) ___ 90 days after the occurrence of any uncured payment delinquency, (iii) the date ____ days after appointment of a receiver is appointed in respect of a Mortgaged Property, or (iv) the date a Mortgaged Property securing a Mortgage Loan becomes an REO PropertyProperty (each such Mortgage Loan, a "Seriously Delinquent Loan"), the Special Servicer shall obtain promptly order an appraisal Updated Appraisal of the Mortgaged Property securing such Mortgage Loan, except to the extent such appraisal had been previously obtained within the prior 12 months. In addition, the Special Servicer shall promptly order a new Updated Appraisal or an update of the prior Updated Appraisal in the event any Mortgage Loan referred to in clause (i) or (ii) or such Mortgaged Property or REO Property, as the case may be, from an independent appraiser who is a member Seriously Delinquent Loan and such prior Updated Appraisal is more than 12 months old. The Special Servicer shall provide the Master Servicer with a copy of the American Institute Updated Appraisal promptly after the Special Servicer's receipt thereof. The costs of Real Estate Appraisers (an "any Updated Appraisal"), which appraisal Appraisal obtained pursuant to this Section 3.10 shall be conducted in accordance with MAI standardspaid by the Master Servicer as an Advance.

Realization Upon Mortgage Loans. (a) With respect to any Specially Serviced Mortgage Loan, the Special Servicer shall determine, in accordance with the Servicing Standard, whether to grant a modification, waiver or amendment of the terms of such Specially Serviced Mortgage Loan, commence foreclosure proceedings or attempt to sell such Specially Serviced Mortgage Loan with reference to which course of action is reasonably likely to produce a greater recovery on a present value basis with respect to such Specially Serviced Mortgage Loan. Contemporaneously with the earliest to occur of (i) the effective date of any modification, amendment, waiver or consent to a change of the stated maturity, Mortgage Rate, principal balance or amortization terms of any Specially Serviced Mortgage Loan, or any other term of a Mortgage Loan to the extent such modification, amendment, waiver or consent would constitute a "significant" modification under Section 1001 of the Code, including proposed Treasury regulations thereunder, as to which Mortgage Loan a default has occurred or is reasonably foreseeable, (ii) ___ 90 days after the occurrence of any uncured payment delinquency, (iii) the date ____ 180 days after a receiver is appointed in respect of a Mortgaged Property, or (iv) the date a Mortgaged Property securing a Mortgage Loan becomes an REO PropertyProperty (each such Mortgage Loan, a "Seriously Delinquent Loan"), the Special Servicer shall obtain promptly order an appraisal Updated Appraisal of the Mortgaged Property securing such Mortgage Loan, except to the extent such appraisal had been previously obtained within the prior 12 months. In addition, the Special Servicer shall promptly order a new Updated Appraisal or an update of the prior Updated Appraisal in the event any Mortgage Loan referred to in clause (i) or (ii) or such Mortgaged Property or REO Property, as the case may be, from an independent appraiser who is a member Seriously Delinquent Loan and such prior Updated Appraisal is more than 12 months old. The Special Servicer shall provide the Servicer with a copy of the American Institute of Real Estate Appraisers (an "Updated Appraisal"), which appraisal shall be conducted in accordance with MAI standardsAppraisal promptly after the Special Servicer's receipt thereof.

Realization Upon Mortgage Loans. (a) With respect to any Specially Serviced Mortgage Loan, the Special Servicer shall determine, in accordance with the Servicing Standard, whether to grant a modification, waiver or amendment of the terms of such Specially Serviced Mortgage Loan, commence foreclosure proceedings or attempt to sell such Specially Serviced Mortgage Loan with reference to which course of action is reasonably likely to produce a greater recovery on a present value basis with respect to such Specially Serviced Mortgage Loan. Contemporaneously with the earliest to occur of (i) the effective date of any modification, amendment, waiver or consent to a change of the stated maturity, Mortgage Rate, principal balance or amortization terms of any Specially Serviced Mortgage Loan, or any other term of a Mortgage Loan to the extent such modification, amendment, waiver or consent would constitute a "significant" modification under Section 1001 of the Code, including proposed Treasury regulations thereunder, as to which Mortgage Loan a default has occurred or is reasonably foreseeable, (ii) ___ 90 days after the occurrence of any uncured payment delinquency, (iii) the date ____ days after appointment of a receiver is appointed in respect of a Mortgaged Property, or (iv) the date a Mortgaged Property securing a Mortgage Loan becomes an REO PropertyProperty (each such Mortgage Loan, a "Seriously Delinquent Loan"), the Special Servicer shall obtain promptly order an appraisal Updated Appraisal of the Mortgaged Property securing such Mortgage Loan, except to the extent such appraisal had been previously obtained within the prior 12 months. In addition, the Special Servicer shall promptly order a new Updated Appraisal or an update of the prior Updated Appraisal in the event any Mortgage Loan referred to in clause (i) or (ii) or such Mortgaged Property or REO Property, as the case may be, from an independent appraiser who is a member Seriously Delinquent Loan and such prior Updated Appraisal is more than 12 months old. The Special Servicer shall provide the Servicer with a copy of the American Institute Updated Appraisal promptly after the Special Servicer's receipt thereof. Following a default by a Borrower in the payment of Real Estate Appraisers (an "Updated Appraisal")a Balloon Payment, which appraisal the Special Servicer may grant successive extensions; provided, however, the Special Servicer shall be conducted in accordance with MAI standards.not grant any extension that would extend the Maturity Date beyond the date occurring on or after January 25, 2029. 68

Realization Upon Mortgage Loans. (a) With respect to any Specially Serviced Mortgage Loan, the Special Servicer shall determine, in accordance with the Servicing Standard, whether to grant a modification, waiver or amendment of the terms of such Specially Serviced Mortgage Loan, commence foreclosure proceedings or attempt to sell such Specially Serviced Mortgage Loan with reference to which course of action is reasonably likely to produce a greater recovery on a present value basis with respect to such Specially Serviced Mortgage Loan. Contemporaneously with the earliest of (i) the effective date of any modification, amendment, waiver or consent to a change of the stated maturity, Mortgage Rate, principal balance or amortization terms of any Specially Serviced Mortgage Loan, or any other term of a Mortgage Loan to the extent such modification, amendment, waiver or consent would constitute a "significant" modification under Section 1001 of the Code, including proposed Treasury regulations thereunder, as to which Mortgage Loan a default has occurred or is reasonably foreseeable, (ii) ____ days after the occurrence of any uncured payment delinquency, (iii) the date _____ days after a receiver is appointed in respect of a Mortgaged Property, or (iv) the date a Mortgaged Property becomes an REO Property, the Special Servicer shall obtain an appraisal of the Mortgaged Property securing any Mortgage Loan referred to in clause (i) or (ii) or such Mortgaged Property or REO Property, as the case may be, from an independent appraiser who is a member of the American Institute of Real Estate Appraisers (an "Updated Appraisal"), which appraisal shall be conducted in accordance with MAI standards.