Actions with Respect to Distressed Mortgage Loans. The Servicer will exercise its discretion, consistent with the Servicing Standard and the terms of this Agreement, with respect to the enforcement and servicing of Distressed Mortgage Loans in such manner as will maximize the receipt of principal and interest with respect thereto, including but not limited to the sale of such Mortgage Loan to a third party, the modification of such Mortgage Loan, or foreclosure upon the related Mortgaged Property and disposition thereof. The Majority Class X Certificateholders shall have the option to purchase any such loans from the Trust Fund at the Purchase Price. The Seller may appoint, with the written consent of the Depositor, the Trustee and the NIMS Insurer, if any, a Special Servicer to special service any Distressed Mortgage Loans. Any applicable Termination Fee related to the termination of the Servicer and the appointment of any Special Servicer shall be paid by the Seller. Any fees paid to any such Special Servicer shall not exceed the Servicing Fee Rate. The Special Servicer shall have the same discretion as is granted to the Servicer above with respect to Distressed Mortgage Loans.
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Samples: Pooling and Servicing Agreement (Aegis Asset Backed Sec Tr Mort Pass THR Cert Ser 2004 1), Pooling and Servicing Agreement (Aegis Asset Backed Sec Corp Mort Pas THR Certs Series 2003 3), Pooling and Servicing Agreement (Aegis Asset Backed Sec Corp Mort Pass THR Certs Ser 2003-2)
Actions with Respect to Distressed Mortgage Loans. The Servicer will exercise its discretion, consistent with the Servicing Standard customary and usual standards of practice of prudent mortgage loan servicers and the terms of this Agreement, with respect to the enforcement and servicing of Distressed Mortgage Loans in such manner as will maximize the receipt of principal and interest with respect thereto, including but not limited to the sale of such Mortgage Loan to a third party, the modification of such Mortgage Loan, or foreclosure upon the related Mortgaged Property and disposition thereof. The Majority Class X Certificateholders Certificateholder shall have the option to purchase any such loans from the Trust Fund at the Purchase Price. The Seller may appoint, with the written consent of the Depositor, the Trustee and the NIMS Insurer, if any, a Special Servicer to special service any Distressed Mortgage Loans. Any applicable Termination Fee related to the termination of the Servicer and the appointment of any Special Servicer shall be paid by the Seller. Any fees paid to any such Special Servicer shall not exceed the Servicing Fee Rate. The Special Servicer shall have the same discretion as is granted to the Servicer above with respect to Distressed Mortgage Loans.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Aegis Asset Backed Securities Corp)
