Due-on-Sale Clauses; Assumption and Substitution Agreements. (a) When a Property has been or is about to be conveyed by the Mortgagor, the Master Servicer shall, to the extent it has knowledge of such conveyance or prospective conveyance, exercise its rights to accelerate the maturity of the related Mortgage Loan under any "due on sale" clause contained in the related Mortgage or Note; provided, however, that the Master Servicer shall not exercise any such right if the "due on sale" clause, in the reasonable belief of the Master Servicer, is not enforceable under applicable law; and provided, further, that the Master Servicer may refrain from exercising any such right if the Certificate Insurer gives its prior consent to such non-enforcement.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Access Financial Lending Corp), Pooling and Servicing Agreement (Home Equity Securitization Corp), Pooling and Servicing Agreement (Access Financial Lending Corp)
Due-on-Sale Clauses; Assumption and Substitution Agreements. (a) When a Property has been or is about to be conveyed by the Mortgagor, the Master Servicer shall, to the extent it has knowledge of such conveyance or prospective conveyance, exercise its rights to accelerate the maturity of the related Mortgage Home Equity Loan under any "due on sale" clause contained in the related Mortgage or Mortgage Note; provided, however, that the Master Servicer shall not exercise any such right if the "due on sale" clause, in the reasonable belief of the Master Servicer, is not enforceable under applicable law; and provided, further, that the Master Servicer may refrain from exercising any such right if the Certificate Insurer Credit Enhancer gives its prior consent to such non-enforcement.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Ucfc Acceptance Corp)
Due-on-Sale Clauses; Assumption and Substitution Agreements. (a) When a Property has been or is about to be conveyed by the Mortgagor, the Master Servicer shall, to the extent it has knowledge of such conveyance or prospective conveyance, exercise its rights to accelerate the maturity of the related Mortgage Loan under any "due on sale" clause contained in the related Mortgage or Note; provided, however, that the Master Servicer shall not exercise any such right if the "due on sale" clause, in the reasonable belief of the Master Servicer, is not enforceable under applicable law; and provided, further, that the Master Servicer may refrain from exercising any such right if the Certificate Insurer gives its prior consent to such non-enforcement.. 122
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Access Financial Lending Corp)
