Loan Mod: what terms would you use here?

[Gabe K.]

I own this paper and the borrower made a solid offer to start paying $6000 up front and $700/month.  He has a 6-figure income and can afford it.  Here are the other numbers:

MV = $50k and declining
UPB + arrears = $211k (that is not a typo)
I paid $34k

I think I would want to hold this note as long as possible and just collect the payments. How would you structure the mod and forbearance? Thanks.