Common use of Realization Upon Specially Serviced Mortgage Loans and REO Properties Clause in Contracts

Realization Upon Specially Serviced Mortgage Loans and REO Properties. The second sentence of the first paragraph of Section 5.13 shall be amended and replaced, to read in its entirety as follows: In the event that any payment due under any Mortgage Loan remains delinquent for a period of 45 days, the Servicer shall order an inspection of the related Mortgaged Property and, except with respect to any Mortgage Loan for which the Servicer is in the process of modifying or has modified the terms of such Mortgage Loan, if the Mortgage Loan remains delinquent for a period of 90 days or more, the Servicer shall commence foreclosure proceedings in accordance with Customary Servicing Procedures and the guidelines set forth by Fxxxxx Mxx, Fxxxxxx Mac, or FHFA, and FHA or VA, as applicable.

Realization Upon Specially Serviced Mortgage Loans and REO Properties. The second sentence of the first paragraph of Section 5.13 shall be amended and replaced, to read in its entirety as follows: In the event that any payment due under any Mortgage Loan remains delinquent for a period of 45 days, the Servicer shall order an inspection of the related Mortgaged Property and, except with respect to any Mortgage Loan for which the Servicer is in the process of modifying or has modified the terms of such Mortgage Loan, if the Mortgage Loan remains delinquent for a period of 90 days or more, the Servicer shall commence foreclosure proceedings in accordance with Customary Servicing Procedures and the guidelines set forth by Fxxxxx MxxXxxxxx Xxx, Fxxxxxx Xxxxxxx Mac, or FHFA, and FHA or VA, as applicable.