Sale of Defaulted Mortgage Loans. (a) The holder of Certificates evidencing the greatest percentage interest in the Controlling Class, the Special Servicer and each Seller as to those Mortgage Loans sold to the Depositor by such Seller only (in such capacity, together with any assignee, the "Option Holder") shall, in that order, have the right, at its option (the "Option"), to purchase a Mortgage Loan (other than a Non-Serviced Mortgage Loan that is subject to a comparable option under the related Other Companion Loan Pooling and Servicing Agreement) from the Trust at a price equal to the Option Purchase Price upon receipt of notice from the Special Servicer that such Mortgage Loan has become at least 60 days delinquent as to any monthly debt service payment (or is delinquent as to its Balloon Payment); provided, however, that with respect to an A Note, the Option Holder's rights under this Section 9.36 are subject to the rights of the holder of the related B Note to purchase the A Note pursuant to the terms of the related Intercreditor Agreement. The Option is exercisable, subject to Section 2.3, from that date until terminated pursuant to clause (e) below, and during that period the Option shall be exercisable in any month only during the period from the 10th calendar day of such month through the 25th calendar day, inclusive, of such month. The Trustee on behalf of the Trust shall be obligated to sell such Mortgage Loan upon the exercise of the Option (whether exercised by the original holder thereof or by a holder that acquired such Option by assignment), but shall have no authority to sell such Mortgage Loan other than in connection with the exercise of an Option (or in connection with a repurchase of a Mortgage Loan under Article II, an optional termination pursuant to Section 10.1 or a qualified liquidation of a REMIC Pool) or if such Mortgage Loan is an A Note, to the holder of the related B Note pursuant to the terms of the related Intercreditor Agreement. Any Option Holder that exercises the Option shall be required to purchase the applicable Mortgage Loan on the 4th Business Day after such exercise. If any Option Holder desires to waive its right to exercise the Option, then it shall so notify the Trustee in writing, and the Trustee shall promptly notify the next party eligible to hold the Option set forth above of its rights hereunder. Any of the parties eligible to hold the Option set forth above may at any time notify the Trustee in writing of its desire to exercise the Optio...
Sale of Defaulted Mortgage Loans. (a) Promptly upon a Mortgage Loan becoming a Defaulted Mortgage Loan and if the Special Servicer determines in accordance with the Servicing Standard that it would be in the best interests of the Certificateholders (as a collective whole as if such Certificateholders constituted a single lender) to attempt to sell such Defaulted Mortgage Loan, the Special Servicer shall use reasonable efforts to solicit offers for such Defaulted Mortgage Loan on behalf of the Certificateholders in such manner as will be reasonably likely to realize a fair price. Subject to the provisions of this Section 9.17 and Section 10.3, the Special Servicer shall accept the first (and, if multiple offers are contemporaneously received, the highest) cash offer received from any Person that constitutes a fair price for such Defaulted Mortgage Loan.
Sale of Defaulted Mortgage Loans. Section 9.37 Operating Adviser; Elections................................. Section 9.38 Limitation on Liability of Operating Adviser................. Section 9.39
Sale of Defaulted Mortgage Loans. In lieu of exercising remedies pursuant to the terms of any Mortgage Loan and Mortgage, the Special Servicer may sell a Specially Serviced Mortgage Loan that is a Defaulted Mortgage Loan for cash in accordance with Section 9.36 hereof.
Sale of Defaulted Mortgage Loans. (a) The parties hereto may sell or purchase, or permit the sale or purchase of, a Mortgage Loan only on the terms and subject to the conditions set forth in this Section 3.18 or as otherwise expressly provided in or contemplated by Sections 2.03(a) and 9.01.
Sale of Defaulted Mortgage Loans. (a) Promptly upon a Mortgage Loan becoming a Defaulted Mortgage Loan and if the Special Servicer determines in accordance with the Servicing Standard that it would be in the best interests of the Certificateholders (as a collective whole as if such Certificateholders constituted a single lender) to attempt to sell such Defaulted Mortgage Loan, the Special Servicer shall use reasonable efforts to solicit offers for such Defaulted Mortgage Loan on behalf of the Certificateholders and any related B Note holder or Serviced Companion Loan holder in such manner as will be reasonably likely to realize a fair price. Subject to the provisions of this
Sale of Defaulted Mortgage Loans. (a) Promptly upon a Mortgage Loan becoming a Defaulted Mortgage Loan and if the Special Servicer determines in accordance with the Servicing Standard that it would be in the best interests of the Certificateholders (as a collective whole as if such Certificateholders constituted a single lender) to attempt to sell such Defaulted Mortgage Loan, the Special Servicer shall use reasonable efforts to solicit offers for such Defaulted Mortgage Loan on behalf of the Certificateholders and the related B Note holder or Serviced Companion Loan holder, as applicable, in such manner as will be reasonably likely to realize a fair price. Subject to the provisions of this Section 9.17 and Section 10.3, the Special Servicer shall accept the first (and, if multiple offers are contemporaneously received, the highest) cash offer received from any Person that constitutes a fair price for such Defaulted Mortgage Loan.
Sale of Defaulted Mortgage Loans. (a) The parties hereto may sell or purchase, or permit the sale or purchase of, any Mortgage Loan (other than the Mall at Millenia Mortgage Loan and the Geneva Commons Mortgage Loan) only on the terms and subject to the conditions set forth in this Section 3.18, any applicable Serviced Whole Loan Intercreditor Agreement, or with respect to the 000 Xxxxx Xxxxxx Whole Loan, subject to the purchase rights of the 000 Xxxxx Xxxxxx Mezzanine Lender under the 000 Xxxxx Xxxxxx Mezzanine Intercreditor Agreement, or as otherwise expressly provided in or contemplated by Sections 2.03(a), 3.30(a) and 9.01.
Sale of Defaulted Mortgage Loans. (a) The parties hereto may sell or purchase, or permit the sale or purchase of, any Mortgage Loan (other than the John Hancock Tower Mortgage Loan and the Boulevard Mall Mortgaxx Lxxx) xnly on the terms and subject to the conditions set forth in this Section 3.18, any applicable Serviced Whole Loan Intercreditor Agreement or as otherwise expressly provided in or contemplated by Sections 2.03(a) and 9.01.
Sale of Defaulted Mortgage Loans. In addition to the Servicer's obligations set forth in Sections 3.13 and 3.14, the Servicer shall deliver written notice to the Owner whenever a Mortgage Loan becomes a Defaulted Mortgage Loan or is otherwise in default. The Servicer shall not sell a Defaulted Mortgage Loan, unless the Owner directs the Servicer to do so in writing. Any Liquidation Proceeds received by the Servicer in connection with any Defaulted Mortgage Loan shall be promptly deposited by the Servicer in the Custodial Account.
