Common use of Realization upon Defaulted Contracts Clause in Contracts

Realization upon Defaulted Contracts. Subject to applicable law, the Servicer shall repossess, foreclose upon or otherwise comparably convert the ownership of Manufactured Homes and any related Mortgaged Property securing all Contracts that come into default and which the Servicer believes in its good faith business judgment will not be brought current; provided, however, that notwithstanding anything else in this Agreement to the contrary, but subject to the requirements of law, the Servicer shall commence repossession, foreclosure and other realization procedures in respect of any Contract that is at any one time delinquent as to all or part of five or more (or ten or more, in the case of Bi-weekly Contracts and Semi-Monthly Contracts) scheduled payments; provided that if the Servicer has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Servicer shall not cause the Trust Fund to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. For purposes of the last proviso in the preceding sentence, the Servicer shall not be deemed to have actual knowledge that a Mortgaged Property is affected by hazardous waste unless it shall have received written notice that hazardous waste is present on such property and such written notice has been made a part of the Servicing File with respect to the related Contract. Such written notice shall be provided to the Trustee. In the event that the Trustee is responsible for foreclosing on a Contract, if the Trustee has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Trustee shall not cause the Trust Fund to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such repossession, foreclosure or other conversion, the Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be consistent with Section 5.02. Subject to the foregoing proviso, in the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Trustee, as Trustee, or, at its election, to its nominee on behalf of the Trustee, as Trustee. The Servicer shall manage, conserve and protect such Manufactured Homes and any related Mortgaged Property for the purposes of their prompt disposition and sale, and shall dispose of such Manufactured Homes and any related Mortgaged Property on such terms and conditions as it deems in the best interests of the Certificateholders. In connection with such activities, the Servicer shall follow such practices and procedures as are consistent with Section 5.02.

Realization upon Defaulted Contracts. (a) Subject to applicable law, the Servicer shall repossess, foreclose upon or otherwise comparably convert the ownership of Manufactured Homes and any related Mortgaged Property Collateral securing all Contracts that come into default and which the Servicer believes in its good faith business judgment will not be brought current; provided, however, that notwithstanding anything else in this Agreement . Subject to the contrary, but subject to the requirements of lawSection 4.17, the Servicer shall commence repossessionmanage, foreclosure conserve and other realization procedures in respect protect such Collateral for the purposes of any Contract that is at any one time delinquent their prompt disposition and sale, and shall dispose of such Collateral on such terms and conditions as to all or part of five or more (or ten or more, it deems in the case best interests of Bi-weekly Contracts and Semi-Monthly Contracts) scheduled payments; provided that if the Certificateholders. If the Servicer has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Servicer shall not cause the Trust Fund or the Trustee to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. For purposes of the last proviso in the preceding sentence, the Servicer shall not be deemed to have actual knowledge that a Mortgaged Property Collateral is affected by hazardous waste unless it shall have received written notice that hazardous waste is present on such property and such written notice has been made a part of the Servicing File with respect to the related Contract. Such written notice shall be provided to the Trustee. In the event that the Trustee is responsible for foreclosing on a Contract, if the Trustee has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Trustee shall not cause the Trust Fund to acquire title to such Mortgaged Property in a foreclosure or similar proceedingproperty. In connection with such repossession, foreclosure or other conversion, the Servicer shall follow take such practices and procedures action as it shall deem necessary or advisable and as (i) shall be consistent with Section 5.02. Subject 3.01, (ii) the Servicer shall determine consistently with Accepted Servicing Practices to the foregoing proviso, be in the event best interest of the Trustee and Certificateholders, and (iii) is consistent with the requirements of the insurer under any Required Insurance Policy; provided, however, that title the Servicer shall not be required to expend its own funds in connection with any Mortgaged Property is acquired in foreclosure or by deed in lieu towards the restoration of foreclosure, any property unless it shall determine (i) that such restoration and/or foreclosure will increase the deed or certificate proceeds of sale shall be issued to the Trustee, as Trustee, or, at its election, to its nominee on behalf liquidation of the Trustee, as Trusteerelated Contract after reimbursement to itself of such expenses and (ii) that such expenses will be recoverable to it through Liquidation Proceeds (respecting which it shall have priority for purposes of withdrawals from the related Collection Account). The Servicer shall managebe responsible for all other costs and expenses incurred by it in any such proceedings; provided, conserve and protect such Manufactured Homes and any however, that it shall be entitled to reimbursement thereof from the Liquidation Proceeds with respect to the related Mortgaged Property for the purposes of their prompt disposition and sale, and shall dispose of such Manufactured Homes and any related Mortgaged Property on such terms and conditions as it deems in the best interests of the Certificateholders. In connection with such activities, the Servicer shall follow such practices and procedures as are consistent with or otherwise pursuant to Section 5.023.07(a).

Realization upon Defaulted Contracts. Subject to applicable law, the Servicer shall repossess, foreclose upon or otherwise comparably convert the ownership of Manufactured Homes and any related Mortgaged Property securing all Contracts that come into default and which the Servicer believes in its good faith business judgment will not be brought current; provided, however, that notwithstanding anything else in this Agreement to the contrary, but subject to the requirements of law, the Servicer shall commence repossession, foreclosure and other realization procedures in respect of any Contract that is at any one time delinquent as to all or part of five or more (or ten or more, in the case of Bi-weekly Contracts and Semi-Monthly Contracts) scheduled payments; provided that if the Servicer has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Servicer shall not cause the Trust Fund to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. For purposes of the last proviso in the preceding sentence, the Servicer shall not be deemed to have actual knowledge that a Mortgaged Property is affected by hazardous waste unless it shall have received written notice that hazardous waste is present on such property and such written notice has been made a part of the Servicing File with respect to the related Contract. Such written notice shall be provided to the Trustee. In the event that the Trustee is responsible for foreclosing on a Contract, if the Trustee has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Trustee shall not cause the Trust Fund to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such repossession, foreclosure or other conversion, the Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be consistent with Section 5.02. Subject to the foregoing proviso, in the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Trustee, as Trustee, or, at its election, to its nominee on behalf of the Trustee, as Trustee. The Servicer shall manage, conserve and protect such Manufactured Homes and any related Mortgaged Property for the purposes of their prompt disposition and sale, and shall dispose of such Manufactured Homes and any related Mortgaged Property on such terms and conditions as it deems in the best interests of the Certificateholders. In connection with such activities, the Servicer shall follow such practices and procedures as are consistent with Section 5.02.and

Realization upon Defaulted Contracts. Subject to ------------------------------------ applicable law, the Servicer shall repossess, foreclose upon or otherwise comparably convert the ownership of Manufactured Homes and any related Mortgaged Property securing all Contracts that come into default and which the Servicer believes in its good faith business judgment will not be brought current; provided, however, that notwithstanding anything else in this -------- ------- Agreement to the contrary, but subject to the requirements of law, the Servicer shall commence repossession, foreclosure and other realization procedures in respect of any Contract that is at any one time delinquent as to all or part of five or more (or ten or more, in the case of Bi-weekly Contracts and Semi-Monthly Contracts) scheduled payments; provided that if -------- the Servicer has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Servicer shall not cause the Trust Fund to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. For purposes of the last proviso in the preceding sentence, the Servicer shall not be deemed to have actual knowledge that a Mortgaged Property is affected by hazardous waste unless it shall have received written notice that hazardous waste is present on such property and such written notice has been made a part of the Servicing File with respect to the related Contract. Such written notice shall be provided to the Trustee. In the event that the Trustee is responsible for foreclosing on a Contract, if the Trustee has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Trustee shall not cause the Trust Fund to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such repossession, foreclosure or other conversion, the Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be consistent with Section 5.02. Subject to the foregoing proviso, in the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Trustee, as Trustee, or, at its election, to its nominee on behalf of the Trustee, as Trustee. The Servicer shall manage, conserve and protect such Manufactured Homes and any related Mortgaged Property for the purposes of their prompt disposition and sale, and shall dispose of such Manufactured Homes and any related Mortgaged Property on such terms and conditions as it deems in the best interests of the Certificateholders. In connection with such activities, the Servicer shall follow such practices and procedures as are consistent with Section 5.02.

Realization upon Defaulted Contracts. Subject to ------------------------------------ applicable law, the Servicer shall repossess, foreclose upon or otherwise comparably convert the ownership of Manufactured Homes and any related Mortgaged Property securing all Contracts that come into default and which the Servicer believes in its good faith business judgment will not be brought current; provided, however, that notwithstanding anything else in this -------- ------- Agreement to the contrary, but subject to the requirements of law, the Servicer shall commence repossession, foreclosure and other realization procedures in respect of any Contract that is at any one time delinquent as to all or part of five or more (or ten or more, in the case of Bi-weekly Contracts and Semi-Monthly Contracts) scheduled payments; provided that if the Servicer has actual -------- knowledge that a Mortgaged Property is affected by hazardous waste, then the Servicer shall not cause the Trust Fund to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. For purposes of the last proviso in the preceding sentence, the Servicer shall not be deemed to have actual knowledge that a Mortgaged Property is affected by hazardous waste unless it shall have received written notice that hazardous waste is present on such property and such written notice has been made a part of the Servicing File with respect to the related Contract. Such written notice shall be provided to the Trustee. In the event that the Trustee is responsible for foreclosing on a Contract, if the Trustee has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Trustee shall not cause the Trust Fund to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such repossession, foreclosure or other conversion, the Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be consistent with Section 5.02. Subject to the foregoing proviso, in the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Trustee, as Trustee, or, at its election, to its nominee on behalf of the Trustee, as Trustee. The Servicer shall manage, conserve and protect such Manufactured Homes and any related Mortgaged Property for the purposes of their prompt disposition and sale, and shall dispose of such Manufactured Homes and any related Mortgaged Property on such terms and conditions as it deems in the best interests of the Certificateholders. In connection with such activities, the Servicer shall follow such practices and procedures as are consistent with Section 5.02.

Realization upon Defaulted Contracts. Subject to applicable ------------------------------------ law, the Servicer shall repossess, foreclose upon or otherwise comparably convert the ownership of Manufactured Homes and any related Mortgaged Property securing all Contracts that come into default and which the Servicer believes in its good faith business judgment will not be brought current; provided, -------- however, that notwithstanding anything else in this Agreement to the contrary, ------- but subject to the requirements of law, the Servicer shall commence repossession, foreclosure and other realization procedures in respect of any Contract that is at any one time delinquent as to all or part of five or more (or ten or more, in the case of Bi-weekly Contracts and Semi-Monthly Contracts) scheduled payments; provided that if the Servicer has actual -------- knowledge that a Mortgaged Property is affected by hazardous waste, then the Servicer shall not cause the Trust Fund to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. For purposes of the last proviso in the preceding sentence, the Servicer shall not be deemed to have actual knowledge that a Mortgaged Property is affected by hazardous waste unless it shall have received written notice that hazardous waste is present on such property and such written notice has been made a part of the Servicing File with respect to the related Contract. Such written notice shall be provided to the Trustee. In the event that the Trustee is responsible for foreclosing on a Contract, if the Trustee has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Trustee shall not cause the Trust Fund to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such repossession, foreclosure or other conversion, the Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be consistent with Section 5.02. Subject to the foregoing proviso, in the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Trustee, as Trustee, or, at its election, to its nominee on behalf of the Trustee, as Trustee. The Servicer shall manage, conserve and protect such Manufactured Homes and any related Mortgaged Property for the purposes of their prompt disposition and sale, and shall dispose of such Manufactured Homes and any related Mortgaged Property on such terms and conditions as it deems in the best interests of the Certificateholders. In connection with such activities, the Servicer shall follow such practices and procedures as are consistent with Section 5.02.