Common use of Superior Liens Clause in Contracts

Superior Liens. The Master Servicer shall file (or cause to be filed) of record a request for notice of any action by a superior lienholder under a First Lien for the protection of the Issuer's interest, where permitted by local law and whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder's equity of redemption. If the Master Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Master Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Noteholders and the Certificateholders, and/or to preserve the security of the related Mortgage Loan. The Master Servicer shall advance the necessary funds to cure the default or reinstate the superior lien, if the Master Servicer reasonably believes such advance is in the best interests of the Noteholders and the Certificateholders. The Master Servicer shall not make such an advance except to the extent that it determines in its reasonable good faith judgment that the advance would be recoverable from Liquidation Proceeds on the related Mortgage Loan.

Superior Liens. The Master Servicer shall file (or cause to be filed) of record a request for notice of any action by a superior lienholder under a First Lien for the protection of the IssuerDepositor's and the Trustee's interest, where permitted by local law and whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder's equity of redemption. The Servicer must also notify any superior lienholder in writing of the existence of the Mortgage Loan and request notification of any action (as described below) to be taken against the Mortgagor or the Mortgaged Property by the superior lienholder. If the Master Servicer is notified that any superior lienholder lien holder has accelerated or intends to accelerate the obligations secured by the First Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Master Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Noteholders and the Certificateholders, and/or to preserve the security of the related Mortgage Loan. The Master Servicer shall advance the necessary funds to cure the default or reinstate the superior lien, if the Master Servicer reasonably believes such advance is in the best interests of the Noteholders Depositors, the Certificate Insurer and the Certificateholders. The Master Servicer shall not make such an advance except to the extent that it determines in its reasonable good faith judgment that the advance would be recoverable from Liquidation Proceeds on the related Mortgage Loan. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced.

Superior Liens. (a) The Master Servicer Subservicer shall file (or cause to be filed) of record a request for notice of any action by a superior lienholder under a First Superior Lien for the protection of the IssuerOwner's interest, where permitted by local law and whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder's equity of redemption. . (b) If the Master Servicer Subservicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First a Superior Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged any Mortgage Property sold or foreclosed, the Master Servicer Subservicer shall take, on behalf of the TrustOwner, whatever all reasonable actions that are necessary to protect the interests of the Noteholders and the CertificateholdersOwner, and/or to preserve the security of the related Mortgage Loan. The Master Servicer shall advance the , including making any Expense Advances that are necessary funds to cure the default or reinstate the superior lien, if Superior Lien. The Subservicer shall immediately notify the Servicer and Master Servicer reasonably believes of any such advance is in action or circumstances. Any Expense Advances by the best interests Subservicer pursuant to this SECTION 4.09 shall comply with the requirements of the Noteholders and the Certificateholders. The Master Servicer shall not make such an advance except to the extent that it determines in its reasonable good faith judgment that the advance would be recoverable from Liquidation Proceeds on the related Mortgage LoanSECTION 4.01(b) hereof.

Superior Liens. The Master Servicer shall file (or cause to -------------- be filed) of record a request for notice of any action by a superior lienholder under a First Lien for the protection of the Issuer's interest, where permitted by local law and whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings proceed ings in order to foreclose such junior lienholder's equity of redemption. If the Master Servicer is notified that any superior lienholder lien holder has accelerated or intends to accelerate the obligations secured by the First Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Master Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Noteholders and the Certificateholders, and/or to preserve the security of the related Mortgage Home Equity Loan. The Master Servicer shall advance the necessary funds to cure the default or reinstate the superior lien, if the Master Servicer reasonably believes such advance is in the best interests of the Noteholders and the Certificateholders. The Master Servicer shall not make such an advance except to the extent that it determines in its reasonable good faith judgment that the advance would be recoverable from Liquidation Proceeds on the related Mortgage Home Equity Loan.

Superior Liens. The Master Servicer shall file (or cause to be filed) of record a request for notice of any action by a superior lienholder under a First Lien for the protection of the Issuer's interest, where permitted by local law and whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder's equity of redemption. If the Master Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Master Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Noteholders and the Certificateholders, and/or to preserve the security of the related Mortgage Loan. The Master Servicer shall advance the necessary funds to cure the default or reinstate the superior lien, if the Master Servicer reasonably believes such advance is in the best interests of the Noteholders and the Certificateholders. The Master Servicer shall not make such an advance except to the extent that it determines in its reasonable good faith judgment that the advance would be recoverable from Liquidation Proceeds on the related Mortgage Loan.

Superior Liens. The Master Servicer shall file (or cause to be filed) of record a request for notice of any action by a superior lienholder under a First Superior Lien for the protection of the Issuer's Trustee’s interest, where permitted by local law and whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose foreclosure such junior lienholder's ’s equity of redemption. If the Master Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Superior Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Master Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Noteholders and the Certificateholders, and/or to preserve the security of the related Mortgage LoanTrust Fund in accordance with Accepted Servicing Practices. The Master Servicer shall advance the necessary funds to cure the default or reinstate the superior lien, if the Master Servicer reasonably believes such advance is in the best interests of the Noteholders and the Certificateholders. The Master Servicer shall not make such an advance a Servicing Advance except to the extent that it determines in its reasonable good faith judgment that the such advance would be recoverable from Liquidation Proceeds on the related Mortgage Loan. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced. The Servicer is not authorized, without the prior approval of the Master Servicer or the Seller, to consent to the refinancing of any Superior Lien on Mortgaged Property.

Superior Liens. The Master Servicer shall file (or cause to be filed) of record a request for notice of any action by a superior lienholder under a First Lien for the protection of the Issuer's ’s interest, where permitted by local law and whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder's ’s equity of redemption. If the Master Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Master Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Noteholders and the Certificateholders, and/or to preserve the security of the related Mortgage Loan. The Master Servicer shall advance the necessary funds to cure the default or reinstate the superior lien, if the Master Servicer reasonably believes such advance is in the best interests of the Noteholders and the Certificateholders. The Master Servicer shall not make such an advance except to the extent that it determines in its reasonable good faith judgment that the advance would be recoverable from Liquidation Proceeds on the related Mortgage Loan.