Bidding Instructions

Servicer shall issue bidding instructions to its employees, agent or the attorney attending the foreclosure sale unless otherwise directed by MHMFA. With respect to Conventional Mortgage Loans, at least 15 days prior to the foreclosure sale, Servicer shall recommend the maximum amount whichshould be bid onbehalf of MHMFA and shall request approval of such amount. In the case of an FHA, VA or private mortgage insurance Mortgage Loan, bidding instructions shall be in conformity with FHA, VA and private mortgage insurance regulations. For VA guaranteed Mortgage Loans, no bid in excess of the "upset price" established by the VA shall be entered on behalf of MHMFA. If the VA upset price is not received by Servicer as of the date of the sale, the sale should be postponed.