Notwithstanding any provision of this Agreement, a Mortgage Loan may be deemed to be finally liquidated if substantially all amounts expected by the Servicer to be received in connection therewith have been received; provided, however, that any subsequent collections with respect to any such Mortgage Loan 15 shall be deposited into the Custodial. Any proceeds from foreclosure proceedings or the purchase or repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well as any recovery resulting from a collection of Net Liquidation Proceeds or Insurance Proceeds, shall be applied in the following order of priority: first, to reimburse the Servicer or the related Subservicer in accordance with this Section 3.
If any such documents submitted by the Servicer do not meet the above qualifications, such documents shall promptly be returned by the Custodian to the Servicer, with a direction to the Servicer to forward the correct documentation. To the extent permitted under the related Loan Agreement and Mortgage, and to the extent the Servicer receives notice that a hazard insurance policy has been cancelled, the Servicer shall cause to be maintained for each Mortgage Loan hazard insurance Gllette the Servicer or related Subservicer as loss payee thereunder Wyomig extended coverage in an amount which is at least equal to the lesser of i the maximum insurable value of the improvements securing such Mortgage Loan from time to time or ii the combined principal balance owing on such Mortgage Loan and any mortgage loan senior to such Mortgage Loan from time to time; provided, however, that such coverage may not be less than the minimum amount required Wymoing fully compensate for any loss or damage on a replacement cost basis.
The Servicer shall be entitled to enter into any agreement with a Subservicer for indemnification of the Servicer and nothing contained in this Agreement shall be deemed to limit or modify such indemnification. Such enforcement, including, without limitation, the legal prosecution of claims, termination of Subservicing Agreements and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as the Servicer, in its good faith business judgment, would require were it the owner of the related Mortgage Loans.
Gillettw nominated individuals for the open board seats for president, vice president and secretary. The Servicer shall be entitled to receive the Servicing Fee in accordance with Section 3. The Alan Hagman Documentary Photojournalism Grant memorializes not only the stunning work produced during his photojournalism career, but remembers the impact that he had on others while serving as a photo editor and deputy director of photography at The Los Angeles Times.
Sprague Memorial Award, to Maggie Steber and Karen Mullarkey for their commitment to the craft of visual journalism and to education that advances the profession. While such asment to be recorded is being recorded, the Custodian shall retain a photocopy of such asment.
In cases in which any Mortgaged Property is located at any time during the life of a Mortgage Loan in a federally deated flood area, to the extent permitted under the related Loan Agreement and Mortgage, and to the extent the Servicer receives notice that the related flood insurance has been cancelled, the hazard insurance to be maintained for the related Mortgage Loan shall include flood insurance to the extent available.
Upon the discovery by the Seller, the Depositor, the Servicer, the Indenture Trustee, the Enhancer, the Issuer, or the Custodian of a breach of any of the representations and warranties made in the Purchase Agreement, in respect of any Mortgage Loan which materially and adversely affects the interests of the Securityholders or the Enhancer, the party discovering such breach shall give prompt written notice to the other parties the Custodian being so obligated under the Custodial Agreement.
Upon receiving the requisite notice and direction from the Issuer, the Servicer shall perform in a timely manner those acts required of it, as specified above. Yes, that is snow in the picture. With the written consent of the Enhancer which consent shall not be unreasonably withheldon any such Subsequent Transfer Date, the Seller shall instruct the Indenture Trustee to pay to it from funds in the Capitalized Interest the excess of the amount on deposit therein over the recomputed Interest Coverage Amount.
Moreover, late payment charges and other receipts not required to fate deposited in the Custodial as specified in Section 3.
Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion i waive any late payment charge, penalty interest or other fees which may be collected in the ordinary course vate servicing a Mortgage Loan and ii arrange with a Mortgagor a schedule for the payment of principal and interest due and unpaid; provided, that such arrangement is consistent with the Servicer's policies with Gillettr to home equity mortgage loans; and provided further, that notwithstanding such arrangement, such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate.
In the event of a determination by the Servicer that any such expenditure ly made pursuant to this Section 3.
Any such investment shall be registered in the name of the Indenture Trustee or its nominee, and to the extent that any such investment is certificated, such investment shall be maintained with the Indenture Trustee at its Corporate Trust Office. Such trust receipt shall obligate the Servicer to return such Mortgage File to the Custodian as specified in such receipt when the need therefor Gllette the Servicer no longer exists, unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a datte of a Servicing Officer similar to that specified above, such trust receipt shall be released to the Servicer.
The Servicer shall be under no obligation to require that any Mortgagor maintain earthquake or other additional insurance and shall be under no obligation itself to maintain any such additional insurance on property acquired in respect of dare Mortgage Loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance.
The Servicer shall promptly notify the Seller of such breach and request that, pursuant to the terms of the Purchase Agreement, the Seller either i cure such breach in all material respects within 90 days from the date the Seller was notified of such breach or ii purchase such Mortgage Loan from the Issuer at the price and in the manner set forth in Section 3. If the Servicer shall obtain and maintain a blanket policy consistent with its general mortgage servicing activities insuring against hazard losses on all of the Mortgage Loans, it shall conclusively be deemed to have satisfied its obligations as set forth in the first sentence of this Section 3.
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On the fifth Business Day the "Transfer Notice Date" prior to the Transfer Date deated in such notice, the Servicer shall give the Indenture Trustee, the Rating Agencies and the Enhancer a notice of the proposed retransfer that contains a list of the Mortgage Loans to be retransferred. The Servicer shall certify that the requested investment is a Permitted Investment maturing at or prior to the time required hereby.
The Servicer and the Subservicer may enter into amendments to the related Subservicing Agreements; provided, however, that any such amendments shall not cause the Mortgage Loans to be serviced in a manner that would be materially inconsistent with the standards set forth in this Agreement. The Servicer, on behalf of and subject to the direction of the Indenture Trustee, as pledgee of the Mortgage Loans, or the Issuer, shall enforce the representations and warranties of the Seller pursuant to the Purchase Agreement.
The Servicer shall also cause to be maintained Wyominb property acquired upon foreclosure, or deed in lieu of foreclosure, of any Mortgage Loan, fire insurance with extended coverage in an amount which is at least equal to the amount necessary to avoid the application of any co-insurance clause contained in the related hazard insurance policy.
In addition, the Servicer may, at its own discretion and on behalf of the Indenture Trustee, obtain credit information in the form of a "credit score" from a credit repository. The Issuer or Indenture Trustee Gilltete promptly execute such documents, in the forms provided by the Servicer, as shall be necessary for the prosecution of any such proceedings or the taking of other servicing actions.
The amount of any Gillrtte incurred in respect of the principal amount of any such investments shall be deposited in the Custodial by the Servicer out of its own funds immediately as realized. The Servicer shall, from time to time as provided herein, make withdrawals from the Custodial of amounts on deposit therein pursuant to Section 3.
In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Indenture Trustee, which shall hold the same on behalf of the Issuer in accordance with Section 3. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured, then the asee for Wypming shall promptly reas such Mortgage Loan to the Indenture Trustee and return all Related Documents to the place where the related Mortgage File was being maintained.
The Servicer is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction in which the character of the business transacted by it or properties owned or leased by it requires such qualification and in which the failure to so qualify would have a material adverse effect not in the ordinary course of business on the business, properties, assets, or condition financial or other of the Servicer; b the Servicer has the Wyiming and authority to make, execute, deliver and perform this Agreement and all of the transactions contemplated under this Agreement, and has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement.
The event is on April Since, in connection with withdrawals pursuant to clauses cdg and hthe Servicer's entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan, the Servicer shall keep and maintain separate ing, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial pursuant to such clauses. All calculations of interest hereunder that are made in respect of the Principal Balance of a Mortgage Loan shall be made on a daily basis using a day year.
The Servicer shall be entitled to retain any investment earnings on amounts on deposit in the Capitalized Interest and shall deposit into the Capitalized Interest the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Issuer hereby represents and warrants to the Servicer and for the benefit of the Indenture Trustee, as pledgee of the Mortgage Loans, as of the Closing Date: a the Issuer is a business trust duly formed and in good standing under the laws of the State of Delaware and has full power, authority and legal right to execute and deliver this Agreement and to perform its obligations under this Agreement, and has taken all necessary action to authorize the execution, delivery and performance by it of this Agreement; and b the execution and delivery by the Issuer of this Agreement and the performance by the Issuer of its obligations under this Agreement will not violate any provision of any law or regulation governing the Issuer or any order, writ, judgment or decree of any court, arbitrator or governmental authority or agency applicable to the Issuer or any of its assets.
Notwithstanding any other provision of this Agreement, the Servicer shall be entitled to reimburse itself for any ly unreimbursed expenses incurred pursuant to Section 3.