Common use of Superior Liens Clause in Contracts

Superior Liens. The Servicer shall file of record a request for notice of any action by a superior lienholder under a Prior Lien for the protection of the Trust's interest, where permitted by local law and whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder's equity of redemption. With respect to each Mortgage Loan, the Servicer must also notify any superior lienholder in writing of the existence of the Mortgage Loan and request notification of any action (as described below) to be taken against the Obligor or the Mortgaged Property by the superior lienholder. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by any Prior Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Issuer, whatever actions are necessary to protect the interests of the related Noteholders and the Certificateholders, and/or to preserve the security of the related Mortgage Loan. The Servicer shall immediately notify the Owner Trustee of any such action or circumstances. The Servicer will advance the necessary funds to cure the default or reinstate the superior lien, if such advance is in the best interests of the Noteholders and the Certificateholders. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced.

Superior Liens. The Servicer shall file (or cause to be filed) of record a request for notice of any action by a superior lienholder under a Prior First Lien for the protection of the TrustDepositor's and the Trustee's interest, where permitted by local law and whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder's equity of redemption. With respect to each Mortgage Loan, the The Servicer must shall also notify any superior lienholder in writing of the existence of the Mortgage Loan and request notification of any action (as described below) to be taken against the Obligor Mortgagor or the Mortgaged Property by the superior lienholder. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by any Prior the First Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Issuer, whatever actions are necessary to protect the interests of the related Noteholders and the Certificateholders, and/or to preserve the security of the related Mortgage Loan. The Servicer shall immediately notify the Owner Trustee of any such action or circumstances. The Servicer will advance the necessary funds to cure the default or reinstate the superior lien, if such advance is in the best interests of the Noteholders Depositors, the Certificate Insurer and the Certificateholders. The Servicer shall not make such an advance except to the extent that it determines in its reasonable good faith judgment that the advance would be recoverable from Liquidation Proceeds on the related Mortgage Loan. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced.

Superior Liens. The Servicer shall file (or cause to be filed) of record a request for notice of any action by a superior lienholder under a Prior First Lien for the protection of the TrustDepositor's and the Trustee's interest, where permitted by local law and whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder's equity of redemption. With respect to each Mortgage Loan, the The Servicer must also notify any superior lienholder in writing of the existence of the Mortgage Loan and request notification of any action (as described below) to be taken against the Obligor Mortgagor or the Mortgaged Property by the superior lienholder. If the Servicer is notified that any superior lienholder lien holder has accelerated or intends to accelerate the obligations secured by any Prior the First Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Issuer, whatever actions are necessary to protect the interests of the related Noteholders and the Certificateholders, and/or to preserve the security of the related Mortgage Loan. The Servicer shall immediately notify the Owner Trustee of any such action or circumstances. The Servicer will advance the necessary funds to cure the default or reinstate the superior lien, if such advance is in the best interests of the Noteholders Depositors, the Certificate Insurer and the Certificateholders. The Servicer shall not make such an advance except to the extent that it determines in its reasonable good faith judgment that the advance would be recoverable from Liquidation Proceeds on the related Mortgage Loan. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced.

Superior Liens. The Servicer shall file (or cause to be filed) of record a request for notice of any action by a superior lienholder under a Prior First Lien for the protection of the TrustDepositor's and the Trustee's interest, where permitted by local law and whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder's equity of redemption. With respect to each Mortgage Loan, the The Servicer must also notify any superior lienholder in writing of the existence of the Mortgage Loan and request notification of any action (as described below) to be taken against the Obligor Mortgagor or the Mortgaged Property by the superior lienholder. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by any Prior the First Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Issuer, whatever actions are necessary to protect the interests of the related Noteholders and the Certificateholders, and/or to preserve the security of the related Mortgage Loan. The Servicer shall immediately notify the Owner Trustee of any such action or circumstances. The Servicer will advance the necessary funds to cure the default or reinstate the superior lien, if such advance is in the best interests of the Noteholders Depositors, the Certificate Insurer and the Certificateholders. The Servicer shall thereafter take not make such action as is necessary an advance except to recover the amount so advanced.extent that it determines in its reasonable good faith judgment that the advance would be recoverable from Liquidation Proceeds on the related

Superior Liens. The Servicer shall file (or cause to be filed) of record a request for notice of any action by a superior lienholder under a Prior First Lien for the protection of the TrustDepositor's and the Trustee's interest, where permitted by local law and whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder's equity of redemption. With respect to each Mortgage Loan, the The Servicer must also notify any superior lienholder in writing of the existence of the Mortgage Loan and request notification of any action (as described below) to be taken against the Obligor Mortgagor or the Mortgaged Property by the superior lienholder. If the Servicer is notified that any superior lienholder lien holder has accelerated or intends to accelerate the obligations secured by any Prior the First Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Issuer, whatever actions are necessary to protect the interests of the related Noteholders and the Certificateholders, and/or to preserve the security of the related Mortgage Loan. The Servicer shall immediately notify the Owner Trustee of any such action or circumstances. The Servicer will advance the necessary funds to cure the default or reinstate the superior lien, if such advance is in the best interests of the Noteholders Depositors, the Certificate Insurer and the Certificateholders. The Servicer shall not make such an advance except to the extent that it determines in its reasonable good faith judgment that the advance would be recoverable from Liquidation Proceeds on the related Mortgage Loan. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced.. ARTICLE VI