Restructurings and Foreclosure Clause Samples

Restructurings and Foreclosure. Subject to the terms of this Agreement and the Servicing Agreement, including, without limitation, those provisions of this Agreement relating to Decision Control, Recourse Provider or the Servicer (if there is a third party Servicer) shall take all necessary action with respect to Defaulted Mortgage Loans, including, without limitation, negotiating Restructurings and instituting and completing Foreclosure. Notwithstanding the foregoing, if the Credit Enhancement Agreement with respect to any Mortgage Loan is a mortgage-backed security issued by F▇▇▇▇▇ M▇▇, such Mortgage Loan shall not be Restructured unless it is first Released. Each Mortgaged Property that is subject to Foreclosure may become REO, and F▇▇▇▇▇ Mae and/or Recourse Provider will take action to dispose of such REO consistent with the terms of this Agreement and the Servicing Agreement.