Common use of Waive or Modify Loans Clause in Contracts

Waive or Modify Loans. The Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) will be permitted to waive (i) any portion of the Prepayment Premium payable to the Primary Servicer under the Servicing Contract, and (ii) any portion of the assumption fee, late payment charge, or other administrative or servicing-related fee permitted by the Mortgage Documents and payable to the Primary Servicer under the Servicing Contract, in each case except as may otherwise be provided in the related Issue Supplement. If the Master Servicer so directs, the Primary Servicer will (i) waive any portion of the Prepayment Premium payable to the Master Servicer, (ii) waive any portion of any assumption fee, late payment charge, default interest or other administrative or servicing-related fee permitted by the Mortgage Documents and payable to the Master Servicer, in each case except as may otherwise be provided in the related Issue Supplement, (iii) grant a Borrower relief during the period needed to ascertain the facts if a disaster, terrorist attack, unusual hardship or other catastrophe occurs that was caused by either nature or a Person other than the Borrower and that the Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) reasonably believes may adversely affect either the value or habitability of the related Mortgaged Property or the Borrower’s ability to make further payments or payment in full on the related Mortgage Loan, (iv) commit to a Loss Mitigation Alternative subject to the conditions provided in paragraph (b) of this Subsection 5.3(3), (v) modify the terms of any Mortgage Loan if such modification (x) does not constitute a “significant modification” under applicable Treasury Regulations or (y) becomes effective within 90 days following the Issue Date of the related Trust, and (vi) modify the terms of any Mortgage Loan to cure the material breach of any representation or warranty made in connection with the sale of such Mortgage Loan to the Issuer, provided that such modification becomes effective no later than two years following the Issue Date. Neither (a) an adjustment to the interest rate or other terms of any Mortgage Loan as required to comply with a Relief Act or to comply with the decision or order of a court nor (b) the re-amortization of any Mortgage Loan following a partial Prepayment to provide for a lower monthly payment under the related Mortgage Documents or as permitted by the related Servicing Contract, will be subject to any of the limitations on modification provided in this Subsection 5.3(3) and may be entered into without regard to whether the Mortgage Loan is in payment default.

Waive or Modify Loans. The Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) will be permitted to waive (i) any portion of the Prepayment Premium payable to the Primary Servicer under the Servicing Contract, and (ii) any portion of the assumption fee, late payment charge, or other administrative or servicing-related fee permitted by the Mortgage Documents and payable to the Primary Servicer under the Servicing Contract, in each case except as may otherwise be provided in the related Issue Supplement. If the Master Servicer so directs, the Primary Servicer will (i) waive any portion of the Prepayment Premium payable to the Master Servicer, (ii) waive any portion of any assumption fee, late payment charge, default interest or other administrative or servicing-related fee permitted by the Mortgage Documents and payable to the Master Servicer, in each case except as may otherwise be provided in the related Issue Supplement, (iii) grant a Borrower relief during the period needed to ascertain the facts if a disaster, terrorist attack, unusual hardship or other catastrophe occurs that was caused by either nature or a Person other than the Borrower and that the Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) reasonably believes may adversely affect either the value or habitability of the related Mortgaged Property or the Borrower’s ability to make further payments or payment in full on the related Mortgage Loan, (iv) commit to a Loss Mitigation Alternative subject to the conditions provided in paragraph (b) of this Subsection 5.3(3), (v) modify the terms of any Mortgage Loan if such modification (x) does not constitute a “significant modification” under applicable Treasury Regulations or (y) becomes effective within 90 days following the Issue Date of the related Trust, and (vi) modify the terms of any Mortgage Loan to cure the material breach of any representation or warranty made in connection with the sale of such Mortgage Loan to the Issuer, provided that such modification becomes effective no later than two years following the Issue Date. With respect to any Mortgage Loan, the conditions related to the modifications specified in clauses (v) and (vi) of the preceding sentence will apply only until such time as the Guarantor is provided an Opinion of Counsel to the effect that the restrictions are no longer required to comply with the Code or applicable Treasury Regulations to maintain the status of the Trust as a Fixed Investment Trust or to otherwise comply with the requirements of Subsection 2.1(6). Neither (a) an adjustment to the interest rate or other terms of any Mortgage Loan as required to comply with a Relief Act or to comply with the a decision or order of a court nor (b) the re-amortization of any Mortgage Loan following a partial Prepayment to provide for a lower monthly payment under the related Mortgage Documents or as permitted by the related Servicing Contract, will be subject to any of the limitations on modification provided in this Subsection 5.3(3) and either may be entered into without regard to whether the Mortgage Loan is in payment default.

Waive or Modify Loans. The Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) will be permitted to waive (i) any portion of the Prepayment Premium payable to the Primary Servicer under the Servicing Contract, and (ii) any portion of the assumption fee, late payment charge, or other administrative or servicing-related fee permitted by the Mortgage Documents and payable to the Primary Servicer under the Servicing Contract, in each case except as may otherwise be provided in the related Issue Supplement. If the Master Servicer so directs, the Primary Servicer will (i) waive any portion of the Prepayment Premium payable to the Master Servicer, (ii) waive any portion of any assumption fee, late payment charge, default interest or other administrative or servicing-related fee permitted by the Mortgage Documents and payable to the Master Servicer, in each case except as may otherwise be provided in the related Issue Supplement, (iii) grant a Borrower relief during the period needed to ascertain the facts if a disaster, terrorist attack, unusual hardship or other catastrophe occurs that was caused by either nature or a Person other than the Borrower and that the Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) reasonably believes may adversely affect either the value or habitability of the related Mortgaged Property or the Borrower’s ability to make further payments or payment in full on the related Mortgage Loan, (iv) commit to a Loss Mitigation Alternative subject to the conditions provided in paragraph (b) of this Subsection 5.3(3), (v) modify the terms of any Mortgage Loan if such modification (x) does not constitute a “significant modification” under applicable Treasury Regulations or Regulations, (y) becomes effective within 90 days following the Issue Date of the related TrustTrust or (z) is otherwise permitted under the REMIC rules in the Code, and the applicable Treasury Regulations, and (vi) modify the terms of any Mortgage Loan to cure the material breach of any representation or warranty made in connection with the sale of such Mortgage Loan to the Issuer, provided that such modification becomes effective no later than two years following the Issue Date. With respect to any Mortgage Loan, the conditions related to the modifications specified in clauses (v) and (vi) of the preceding sentence will apply only until such time as the Guarantor is provided an Opinion of Counsel to the effect that the restrictions are no longer required to comply with the Code or applicable Treasury Regulations to maintain the status of any REMIC as a REMIC, if applicable, or to maintain the status of the Trust as a Fixed Investment Trust or to otherwise comply with the requirements of Subsection 2.1(6). Neither (a) an adjustment to the interest rate or other terms of any Mortgage Loan as required to comply with a Relief Act or to comply with the a decision or order of a court nor (b) the re-amortization of any Mortgage Loan following a partial Prepayment to provide for a lower monthly payment under the related Mortgage Documents or as permitted by the related Servicing Contract, will be subject to any of the limitations on modification provided in this Subsection 5.3(3) and may be entered into without regard to whether the Mortgage Loan is in payment default.nor