Common use of Superior Liens Clause in Contracts

Superior Liens. (a) The Servicer shall file (or cause to be filed) a request for notice of any action by a superior lienholder under a Superior Lien for the protection of the Indenture 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 foreclosure such junior lienholder’s equity of redemption. (b) If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the 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 Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Trust in accordance with Accepted Servicing Practices. The Servicer shall not make such a Servicing Advance except to the extent that it determines in its reasonable good faith judgment that 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. (c) The Servicer may, in accordance with Accepted Servicing Practices, consent to the refinancing of any Superior Lien on a Mortgaged Property.

Superior Liens. (a) The Servicer shall file (or cause to be filed) a request for notice of any action by a superior lienholder under a Superior Lien for the protection of the Indenture 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 foreclosure such junior lienholder’s equity of redemption. (b) . If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the 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 Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Trust Fund in accordance with Accepted Servicing Practices. The Servicer shall not make such a Servicing Advance except to the extent that it determines in its reasonable good faith judgment that such advance would be recoverable from Liquidation Proceeds on the related Second Lien Mortgage Loan. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced. (c) The Servicer may, in accordance with Accepted Servicing Practices, consent to the refinancing of any Superior Lien on a Mortgaged Property.

Superior Liens. (a) The Servicer shall file (or cause to be filed) of record a request for notice of any action by a superior lienholder under a Superior First Lien for the protection of the Indenture Depositor's and the Trustee’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 foreclosure foreclose such junior lienholder’s 's equity of redemption. . The Servicer shall also notify any superior lienholder in writing of the existence of the Mortgage Loan and request notification of any action (bas described below) to be taken against the Mortgagor or the Mortgaged Property by the superior lienholder. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the Superior 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 Servicer shall takeadvance the necessary funds to cure the default or reinstate the superior lien, on behalf of if such advance is in the Trust, whatever actions are necessary to protect the best interests of the Trust in accordance with Accepted Servicing PracticesDepositors, the Certificate Insurer and the Certificateholders. The Servicer shall not make such a Servicing Advance an advance except to the extent that it determines in its reasonable good faith judgment that such 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. (c) The Servicer may, in accordance with Accepted Servicing Practices, consent to the refinancing of any Superior Lien on a Mortgaged Property.

Superior Liens. (a) The Servicer shall file (or cause to be filed) a request for notice of any action by a superior lienholder under a Superior Lien for the protection of the Indenture 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 foreclosure such junior lienholder’s equity of redemption. (b) If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the 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 Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Trust Fund in accordance with Accepted Servicing Practices. The Servicer shall not make such a Servicing Advance except to the extent that it determines in its reasonable good faith judgment that 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. (c) The Servicer may, in accordance with Accepted Servicing Practices, consent to the refinancing of any Superior Lien on a Mortgaged Property.