Common use of Transfers of Mortgaged Property Clause in Contracts

Transfers of Mortgaged Property. The Servicer shall enforce any "due-on-sale" provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note; provided that, if the Servicer determines that a due-on-sale provision is not enforceable or that either a decision not to exercise the due-on-sale provision or a decision to permit an assumption of the Mortgage Loan is in the best interests of the Owner, it may, with the prior consent of the primary mortgage guaranty insurer, if applicable, permit such conveyance of the Property without resort to the due-on-sale clause or permit such assumption, as applicable, with notice to the Owner.

Transfers of Mortgaged Property. The Servicer shall enforce any "“due-on-sale" ” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note; provided that, if the Servicer determines that a due-on-sale provision is not enforceable or that either a decision not to exercise the due-on-sale provision or a decision to permit an assumption of the Mortgage Loan is in the best interests of the Owner, it may, with the prior consent of the primary mortgage guaranty insurer, if applicable, permit such conveyance of the Property without resort to the due-on-sale clause or permit such assumption, as applicable, with notice to the Owner.