Common use of Superior Liens Clause in Contracts

Superior Liens. 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 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. 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.

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 Superior First Lien for the protection of the Trustee’s 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 foreclosure 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 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 Master 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 PracticesNoteholders 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 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 Second Lien Mortgage Loan. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced.

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 Superior First Lien for the protection of the 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 foreclosure 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 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 Master 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 PracticesNoteholders 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 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 Second Lien Mortgage Loan. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced.

Superior Liens. 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 Trustee’s 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 foreclosure foreclose such junior lienholder’s 's equity of redemption. If the Servicer is notified that any superior lienholder lien holder 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 take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Trust Fund Noteholders and the Certificateholders, and/or to preserve the security of the related Home Equity Loan. The Servicer shall advance the necessary funds to cure the default or reinstate the superior lien, if the Servicer reasonably believes such advance is in accordance with Accepted Servicing Practicesthe best interests of the Noteholders 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 Second Lien Mortgage Home Equity Loan. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced.

Superior Liens. 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 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. 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. 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 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 Trustee’s 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 foreclosure foreclose such junior lienholder’s 's equity of redemption. 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 take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Trust Fund Noteholders and the Certificateholders, and/or to preserve the security of the related Mortgage Loan. The Servicer shall advance the necessary funds to cure the default or reinstate the superior lien, if the Servicer reasonably believes such advance is in accordance with Accepted Servicing Practicesthe best interests of the Noteholders 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 Second Lien Mortgage Loan. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced.