Common use of Mortgage Notes Clause in Contracts

Mortgage Notes. The Assignor shall notify the Lender (x) of (i) any payment default in respect of any pledged Collateral which has continued for 30 days, 60 days or 90 days, respectively, and any other material default in any other term of any pledged Collateral, (ii) the occurrence of an Insolvency Event (of which the Borrower has knowledge) in respect of any obligor on any Mortgage Loan pledged as Collateral and (iii) the commencement of foreclosure or similar proceedings in respect of the premises which secure any Mortgage Loan pledged as Collateral, such notice to be delivered not later than three (3) Business Days following the occurrence thereof in the case of clauses (i) and (iii) and promptly upon the Assignor's receiving notice or otherwise becoming aware thereof in the case of clause (ii) and (y) immediately upon the payment by any mortgagor of principal under any Mortgage Note then held by the Lender hereunder in an amount of $1,000 or more in excess of the regularly scheduled installment thereon, identifying the loan number of such Mortgage Loan and the amount so paid.

Mortgage Notes. The Assignor shall notify the Lender (x) of (i) any payment default in respect of any pledged Collateral which has continued for 30 days, 60 days or 90 days, respectively, and any other material default in any other term of any pledged Collateral, (ii) the occurrence of an Insolvency Event (of which the Borrower has knowledge) in respect of any obligor on any Mortgage Loan pledged as Collateral and (iii) the commencement of foreclosure or similar proceedings in respect of the premises which secure any Mortgage Loan pledged as Collateral, such notice to be delivered not later than three (3) Business Days following the occurrence thereof in the case of clauses (i) and (iii) and promptly upon the Assignor's receiving notice or otherwise becoming aware thereof in the case of clause (ii) and (y) immediately upon the payment by any mortgagor of principal under any Mortgage Note then held by the Lender hereunder in an amount of $1,000 or more in excess of the regularly scheduled installment thereon, identifying the loan number of such Mortgage Loan and the amount so paid.

Mortgage Notes. The Assignor shall notify the Lender Security Agent (x) of (i) any payment default in respect of any pledged Collateral which has continued for 30 days, 60 days or 90 days, respectively, and any other material default in In any other term of any pledged Collateral, (ii) the occurrence of an Insolvency Event (of which the Borrower has knowledge) in respect of any obligor on any Mortgage Loan pledged as Collateral and (iii) the commencement of foreclosure or similar proceedings in respect of the premises which secure any Mortgage Loan pledged as Collateral, such notice to be delivered not later than three (3) Business Days following the occurrence thereof in the case cast of clauses (i) and (iii) and promptly upon the AssignorAssignee's receiving notice or otherwise becoming aware thereof in the case of clause (ii) and (y) immediately upon the payment by any mortgagor of principal under any Mortgage Note then held hold by the Lender Security Agent hereunder in an amount of $1,000 or more in excess of the regularly scheduled installment thereon, identifying the loan number of such Mortgage Loan and the amount so paid.