Common use of Superior Liens Clause in Contracts

Superior Liens. (a) The Servicer shall file (or cause -------------- to be filed) of record a request for notice of any action by a 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 foreclose such junior lienholder's equity of redemption. (b) If the Servicer is notified that any lienholder under a Superior Lien has accelerated or intends to accelerate the obligations secured by such Superior Lien, or has declared or intends to declare a default under the related mortgage or promissory note secured thereby, or has filed or intends to file an election to have any Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Issuer and the Indenture Trustee, all reasonable actions that are necessary to protect the interests of the Securityholders, and/or to preserve the security of the related Home Loan, including making any Servicing Advances that are necessary to cure the default or reinstate the Superior Lien. The Servicer shall immediately notify the Issuer and the Indenture Trustee of any such action or circumstances. Any Servicing Advances by the Servicer pursuant to its obligations in this Section 4.06 shall comply with requirements set forth in Section 4.01(b) hereof.

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 Lien for the protection of the Indenture 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 foreclose foreclosure such junior lienholder's ’s equity of redemption. (b) If the Servicer is notified that any superior lienholder under a Superior Lien has accelerated or intends to accelerate the obligations secured by such the Superior Lien, or has declared or intends to declare a default under the related mortgage or the promissory note secured thereby, or has filed or intends to file an election to have any the Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf 145322 HomeBanc 2005-2 Transfer and Servicing Agreement 77 of the Issuer and the Indenture TrusteeTrust, all reasonable whatever actions that are necessary to protect the interests of the Securityholders, and/or to preserve the security of the related Home Loan, including making any Trust in accordance with Accepted Servicing Advances that are necessary to cure the default or reinstate the Superior LienPractices. The Servicer shall immediately notify not make such a Servicing Advance except to the Issuer and extent that it determines in its reasonable good faith judgment that such advance would be recoverable from Liquidation Proceeds on the Indenture Trustee 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 such action or circumstances. Any Servicing Advances by the Servicer pursuant to its obligations in this Section 4.06 shall comply with requirements set forth in Section 4.01(b) hereofSuperior 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 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 foreclose such junior lienholder's equity of redemption. (b) If the Servicer is notified that any lienholder under a Superior Lien has accelerated or intends to accelerate the obligations secured by such Superior Lien, or has declared or intends to declare a default under the related mortgage or promissory note secured thereby, or has filed or intends to file an election to have any Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Issuer and the Indenture Trustee, all reasonable actions that are necessary to protect the interests of the Securityholders, and/or to preserve the security of the related Home Loan, including making any Servicing Advances that are necessary to cure the default or reinstate the Superior Lien. The Servicer shall immediately notify the Issuer and the Indenture Trustee of any such action or circumstances. Any Servicing Advances by the Servicer pursuant to its obligations in this Section 4.06 shall comply with requirements set forth in Section 4.01(b) hereof.

Superior Liens. (a) The Servicer shall file (or cause -------------- to be filed) of record a request for notice of any action by a 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 foreclose such junior lienholder's equity of redemption. (b) If the Servicer is notified that any lienholder under a Superior Lien has accelerated or intends to accelerate the obligations secured by such Superior Lien, or has declared or intends to declare a default under the related mortgage or promissory note secured thereby, or has filed or intends to file an election to have any Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Issuer and the Indenture Trustee, all reasonable actions that are necessary to protect the interests of the SecurityholdersSecurityholders and the Securities Insurer, and/or to preserve the security of the related Home Loan, including making any Servicing Advances that are necessary to cure the default or reinstate the Superior Lien. The Servicer shall immediately notify the Issuer and the Indenture Trustee of any such action or circumstances. Any Servicing Advances by the Servicer pursuant to its obligations in this Section 4.06 shall comply with requirements set forth in Section 4.01(b) hereof.

Superior Liens. (a) The Servicer Servicer[s] shall file (or cause -------------- to be filed) of record a request for notice of any action by a superior lienholder under a Superior Lien for the protection of the Indenture 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 foreclose foreclosure such junior lienholder's ’s equity of redemption. (b) If the [related] Servicer is notified that any superior lienholder under a Superior Lien has accelerated or intends to accelerate the obligations secured by such the Superior Lien, or has declared or intends to declare a default under the related mortgage or the promissory note secured thereby, or has filed or intends to file an election to have any the Mortgaged Property sold or foreclosed, the [related] Servicer shall take, on behalf of the Issuer and the Indenture TrusteeTrust, all reasonable whatever actions that are necessary to protect the interests of the Securityholders, and/or Trust Fund in accordance with Accepted Servicing Practices. The [related] Servicer shall not make such a Servicing Advance except to preserve the security of extent that it determines in its reasonable good faith judgment that such advance would be recoverable from Liquidation Proceeds on the related Home Mortgage Loan, including making any Servicing Advances that are . The [related] Servicer shall thereafter take such action as is necessary to cure recover the default or reinstate amount so advanced. (c) The Servicer[s] may, in accordance with Accepted Servicing Practices, consent to the Superior Lien. The Servicer shall immediately notify the Issuer and the Indenture Trustee refinancing of any such action or circumstances. Any Servicing Advances by the Servicer pursuant to its obligations in this Section 4.06 shall comply with requirements set forth in Section 4.01(b) hereofSuperior Lien on a Mortgaged Property.

Superior Liens. (a) The Servicer shall Administrator may file (or cause -------------- to be filed) of record a request for notice of any action by a 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 foreclose such junior lienholder's equity of redemption. (b) If Subject to (a) above, if the Servicer is notified that any lienholder under a Superior Lien has accelerated or intends to accelerate the obligations secured by such Superior Lien, or has declared or intends to declare a default under the related mortgage or promissory note secured thereby, or has filed or intends to file an election to have any Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Issuer and the Indenture Trustee, all reasonable actions that are necessary to protect the interests of the Securityholders, and/or to preserve the security of the related Home Loan, including making any Servicing Advances that are necessary to cure the default or reinstate the Superior Lien. The Servicer shall immediately notify the Issuer and the Indenture Trustee of any such action or circumstances. Any Servicing Advances by the Servicer pursuant to its obligations in this Section 4.06 4.08 shall comply with requirements set forth in Section 4.01(b) hereof.

Superior Liens. (a) The Servicer shall file (or cause -------------- to be filed) of record a request for notice of any action by a 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 foreclose such junior lienholder's equity of redemption. (b) If the Servicer is notified that any lienholder under a Superior Lien has accelerated or intends to accelerate the obligations secured by such Superior Lien, or has declared or intends to declare a default under the related mortgage or promissory note secured thereby, or has filed or intends to file an election to have any Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Issuer and the Indenture Trustee, all reasonable actions that are necessary to protect the interests of the SecurityholdersSecurityholders and the Note Insurer, and/or to preserve the security of the related Home Loan, including making any Servicing Advances that are necessary to cure the default or reinstate the Superior Lien. The Servicer shall immediately notify the Issuer and the Indenture Trustee of any such action or circumstances. Any Servicing Advances by the Servicer pursuant to its obligations in this Section 4.06 5.31 shall comply with requirements set forth in Section 4.01(b) 5.21 hereof.

Superior Liens. (a) The Servicer Servicer[s] shall file (or cause -------------- to be filed) of record a request for notice of any action by a superior lienholder under a Superior Lien for the protection of the Indenture 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 foreclose foreclosure such junior lienholder's ’s equity of redemption. (b) If the [the/a] Servicer is notified that any superior lienholder under a Superior Lien has accelerated or intends to accelerate the obligations secured by such the Superior Lien, or has declared or intends to declare a default under the related mortgage or the promissory note secured thereby, or has filed or intends to file an election to have any the Mortgaged Property sold or foreclosed, the [related] Servicer shall take, on behalf of the Issuer and the Indenture TrusteeTrust, all reasonable whatever actions that are necessary to protect the interests of the Securityholders, and/or Trust in accordance with Accepted Servicing Practices. The [related] Servicer shall not make such a Servicing Advance except to preserve the security of extent that it determines in its reasonable good faith judgment that such advance would be recoverable from Liquidation Proceeds on the related Home Mortgage Loan, including making any Servicing Advances that are necessary to cure the default or reinstate the Superior Lien. The Servicer shall immediately notify thereafter take such action as is necessary to recover the Issuer and amount so advanced. (c) The Servicer[s] may, in accordance with Accepted Servicing Practices, consent to the Indenture Trustee refinancing of any such action or circumstances. Any Servicing Advances by the Servicer pursuant to its obligations in this Section 4.06 shall comply with requirements set forth in Section 4.01(b) hereofSuperior 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 Lien for the protection of the Indenture 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 foreclose foreclosure such junior lienholder's ’s equity of redemption. (b) If the Servicer is notified that any superior lienholder under a Superior Lien has accelerated or intends to accelerate the obligations secured by such the Superior Lien, or has declared or intends to declare a default under the related mortgage or the promissory note secured thereby, or has filed or intends to file an election to have any the Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of 201359 HomeBanc 2006-2 Transfer and Servicing Agreement the Issuer and the Indenture TrusteeTrust, all reasonable whatever actions that are necessary to protect the interests of the Securityholders, and/or to preserve the security of the related Home Loan, including making any Trust in accordance with Accepted Servicing Advances that are necessary to cure the default or reinstate the Superior LienPractices. The Servicer shall immediately notify not make such a Servicing Advance except to the Issuer and extent that it determines in its reasonable good faith judgment that such advance would be recoverable from Liquidation Proceeds on the Indenture Trustee 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 such action or circumstances. Any Servicing Advances by the Servicer pursuant to its obligations in this Section 4.06 shall comply with requirements set forth in Section 4.01(b) hereofSuperior 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 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 foreclose such junior lienholder's equity of redemption. (b) If the Servicer is notified that any lienholder under a Superior Lien has accelerated or intends to accelerate the obligations secured by such Superior Lien, or has declared or intends to declare a default under the related mortgage or promissory note secured thereby, or has filed or intends to file an election to have any Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Issuer and the Indenture Trustee, all reasonable actions that are necessary to protect the interests of the Securityholders, and/or to preserve the security of the related Home Loan, including making any Servicing Advances that are necessary to cure the default or reinstate the Superior Lien. The Servicer shall immediately notify the Issuer and the Indenture Trustee of any such action or circumstances. Any Servicing Advances by the Servicer pursuant to its obligations in this Section 4.06 shall comply with requirements set forth in Section 4.01(b) hereof.

Superior Liens. (a) The Servicer shall file (or cause -------------- to be filed) of record a request for notice of any action by a lienholder under a Superior Lien for the protection of the Indenture TrusteeIssuer'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 Servicer is notified that any lienholder under a Superior Lien has accelerated or intends to accelerate the obligations secured by such Superior Lien, or has declared or intends to declare a default under the related mortgage or promissory note secured thereby, or has filed or intends to file an election to have any Mortgaged Property sold or foreclosed, the Servicer shall take, SALE AND SERVICING AGREEMENT (Series 1996-4) - Page 52 61 on behalf of the Issuer and the Indenture Trustee, all reasonable actions that are necessary to protect the interests of the SecurityholdersSecurityholders and the Securities Insurer, and/or to preserve the security of the related Home Loan, including making any Servicing Advances that are necessary to cure the default or reinstate the Superior Lien. The Servicer shall immediately notify the Issuer and the Indenture Trustee of any such action or circumstances. Any Servicing Advances by the Servicer pursuant to its obligations in this Section 4.06 shall comply with requirements set forth in Section 4.01(b) hereof.

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 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 foreclose such junior lienholder's equity of redemption. (b) If the Servicer is notified that any superior lienholder under a Superior Lien has accelerated or intends to accelerate the obligations secured by such a Superior Lien, or has declared or intends to declare a default under the related mortgage or the promissory note secured thereby, or has filed or intends to file an election to have any Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Issuer and the Indenture TrusteeTrust Fund, all reasonable actions that are necessary to protect the interests of the SecurityholdersCertificateholders, and/or to preserve the security of the related Home Mortgage Loan, including making any Servicing Advances that are necessary to cure the default or reinstate the Superior Lien, subject to the application of the REMIC Provisions. The Servicer shall immediately notify the Issuer Trustee (and the Indenture Trustee any FHA Claims Administrator) of any such action or circumstances. Any Servicing Advances by the Servicer pursuant to its obligations in this Section 4.06 5.10 shall comply with requirements set forth in Section 4.01(b5.01(b) hereof.

Superior Liens. (a) The Servicer shall file (or cause -------------- to be filed) of record a request for notice of any action by a 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 foreclose such junior lienholder's equity of redemption. (b) If the Servicer is notified that any lienholder under a Superior Lien has accelerated or intends to accelerate the obligations secured by such Superior Lien, or has declared or intends to declare a default under the related mortgage or promissory note secured thereby, or has filed or intends to file an election to have any Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Issuer and the Indenture Trustee, all reasonable actions that are necessary to protect the interests of the SecurityholdersNoteholders and the Note Insurer, and/or to preserve the security of the related Home Loan, including making any Servicing Advances that are necessary to cure the default or reinstate the Superior Lien. The Servicer shall immediately notify the Issuer and the Indenture Trustee of any such action or circumstances. Any Servicing Advances by the Servicer pursuant to its obligations in this Section 4.06 shall comply with requirements set forth in Section 4.01(b) hereof.

Superior Liens. (a) The Servicer shall file (or cause -------------- to be filed) of record a request for notice of any action by a lienholder under a Superior Lien for the protection of the Indenture TrusteeIssuer'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 Servicer is notified that any lienholder under a Superior Lien has accelerated or intends to accelerate the obligations secured by such Superior Lien, or has declared or intends to declare a default under the related mortgage or promissory note secured thereby, or has filed or intends to file an election to have any Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Issuer and the Indenture Trustee, all reasonable actions that are necessary to protect the interests of the SecurityholdersSecurityholders and the Securities Insurer, and/or to preserve the security of the related Home Loan, including making any Servicing Advances that are necessary to cure the default or reinstate the Superior Lien. The Servicer shall immediately notify the Issuer and the Indenture Trustee of any such action or circumstances. Any Servicing Advances by the Servicer pursuant to its obligations in this Section 4.06 shall comply with requirements set forth in Section 4.01(b) hereof.