Purchaser's Election to Commence Foreclosure Proceedings. (a) In connection with any Mortgage Loan identified in a Delinquency Report under Section 2.01(a)(ii), the Purchaser, for so long as the Purchaser owns 100% of the Lowest Priority Certificates, may elect to instruct the Company to cause, to the extent that the Company as Master Servicer is granted such authority in the related Servicing Agreement, the related Servicer to proceed with the Commencement of Foreclosure as soon as practicable. Such election must be evidenced by written notice received by the Company by 5:00 p.m., New York City time, on the third Business Day following the delivery of such Delinquency Report.
Appears in 40 contracts
Samples: Custodial Agreement (Wells Fargo Mortgage Backed Securities 2007-12 Trust), Pooling and Servicing Agreement (Wells Fargo Mortgage Backed Securities 2006-Ar13 Trust), Pooling and Servicing Agreement (Wells Fargo Mortgage Backed Securities 2006-Ar12 Trust.)
