Common use of Modifications Consents Clause in Contracts

Modifications Consents. If any Borrower proposes to convey all or any portion of its interests in a Mortgaged Property, or if such a conveyance has actually occurred, the Sub-Servicer shall promptly give notice to the Directing Party, the Buyer and Servicer of such conveyance or proposed conveyance. Subject to Section 3.07(d), the Sub-Servicer shall take such actions consistent with Accepted Servicing Practices, including (i) preparing any necessary application, reviewing and analyzing such conveyance or proposed conveyance and making a recommendation to the Directing Party with respect to approval, (ii) waiving or enforcing any due-on-sale clause or due-on-encumbrance clause contained in the applicable Loan Documents, to the extent permitted under the terms of the applicable Loan Documents and applicable Law, (iii) upon consent from the Directing Party and the Buyer, and consistent with Section 3.07(d), entering into an assumption or substitution agreement and any other necessary documentation and (iv) closing the transaction. The Sub-Servicer shall forward to the Directing Party, the Buyer and the Servicer a copy (with the originals going to the Custodian) of any assumption agreement, release, amendment or other documentation prepared or processed by the Sub-Servicer within ten (10) Business Days of closing.