Common use of Judicial Foreclosure Sale Clause in Contracts

Judicial Foreclosure Sale. Servicer shall not initiate judicial foreclosure proceedings against the Borrower without the express written consent of a Lender Majority. If, following an Event of Default, Servicer reasonably believes that a judicial foreclosure and proceedings against the Borrower may be in the best interests of the Lenders, Servicer may engage legal counsel on the Lenders’ behalf for the sole purpose of reviewing the Loan Documents, assessing the rights of the Lenders with respect to a judicial foreclosure and attending a meeting with the Lenders to provide the Lenders with an overview of the potential costs and benefits of proceeding with a judicial foreclosure (a “Judicial Foreclosure Meeting”). Any fees and costs incurred to present the Judicial Foreclosure Meeting shall be Loan Expenses governed by Article VI, of this Agreement whether or not a Lender Majority ultimately decides to pursue a judicial foreclosure action.

Judicial Foreclosure Sale. Servicer shall not initiate judicial foreclosure proceedings against the Borrower without the express written consent of a Lender Majority. If, following an Event of Default, Servicer reasonably believes that a judicial foreclosure and proceedings against the Borrower may be in the best interests of the Lenders, Servicer may engage legal counsel on the Lenders’ behalf for the sole purpose of reviewing the Loan Documents, assessing the rights of the Lenders with respect to a judicial foreclosure and attending a meeting with the Lenders to provide the Lenders with an overview of the potential costs and benefits of proceeding with a judicial foreclosure (a “Judicial Foreclosure Meeting”). Any fees and costs incurred to present the Judicial Foreclosure Meeting shall be Loan Expenses governed by Article VISection 10, of this Agreement whether or not a Lender Majority ultimately decides to pursue a judicial foreclosure action.