Loan Modifications. In certain circumstances, the Servicer may deem it prudent to modify the payment terms of a Mortgage Loan ("Modification"), to effect a sale of the Mortgage Premises for less than the Unpaid Principal Balance of the related Mortgage Loans (a "Short Sale") or to permit the Borrower to pay off the Mortgage Loan at less that its Unpaid Principal Balance (a "Discounted Payoff"). All modifications, Short Sales and Discounted Payoffs shall require the prior written consent of the Owner. The Servicer shall not allow a Modification unless the Modification is properly documented and the priority of the related mortgage and the enforceability of the Note are not affected by the Modification.
Appears in 2 contracts
Sources: Sale and Master Servicing Agreement (Painewebber Mort Acce Corp Iv Fremont Home Ln Own Tr 1999-2), Sale and Master Servicing Agreement (Painewebber Mort Acce Corp Iv Fremont Home Ln Own Tr 1999-1)