Common use of Collection of Certain Loan Payments; Custodial Account for P&I Clause in Contracts

Collection of Certain Loan Payments; Custodial Account for P&I. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to conventional mortgage loans it services for itself and any of its Affiliates; provided, however, that the Servicer agrees not to permit any modification with respect to any Loan that would change the manner in which the Mortgage Interest Rate is computed, forgive any principal or interest or change the term of such Loan. Consistent with the foregoing, the Servicer may in its discretion (i) waive any assumption fee, late payment charge or other charge in connection with a Loan, and (ii) arrange a schedule, running for no more than 180 days after the scheduled Due Date, for payment of any installment on any Mortgage Note or after the due date of any other payment due under the related Mortgage Note for the liquidation of delinquent items, provided, that the Servicer shall continue to be obligated to make Advances in accordance with Section 4.3 during the continuance of such period. With respect to any Loans which provide for the right of the holder thereof to call for early repayment thereof at times specified therein, neither the Trustee nor the Servicer shall exercise any such right, except that the Trustee shall exercise such right at the written direction of the Servicer set forth in an Officer's Certificate in connection with a default under the related Note. Notwithstanding anything herein to the contrary, neither the Servicer nor any other party may take any action that would cause a "significant modification" of any Loan within the meaning of the REMIC Provisions that would cause REMIC I or REMIC II to fail to qualify as a REMIC at any time or cause a tax to be imposed on the Trust Fund under the REMIC Provisions.

Collection of Certain Loan Payments; Custodial Account for P&I. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to conventional mortgage loans it services for itself and any of its Affiliates; provided, however, that the Servicer agrees not to permit any modification with respect to any Loan that would change the manner in which the Mortgage Interest Rate is computed, forgive any principal or interest or change the term of such Loan. Consistent with the foregoing, the Servicer may in its discretion (i) waive any assumption fee, late payment charge or other charge in connection with a Loan, and (ii) arrange a schedule, running for no more than 180 days after the scheduled Due Date, for payment of any installment on any Mortgage Note or after the due date of any other payment due under the related Mortgage Note for the liquidation of delinquent items, provided, that the Servicer shall continue to be obligated to make Advances in accordance with Section 4.3 during the continuance of such period. With respect to any Loans which provide for the right of the holder thereof to call for early repayment thereof at times specified therein, neither the Trustee nor the Servicer shall exercise any such right, except that the Trustee shall exercise such right at the written direction of the Servicer set forth in an Officer's Certificate in connection with a default under the related Note. Notwithstanding anything herein to the contrary, neither the Servicer nor any other party may take any action that would cause a "significant modification" of any Loan within the meaning of the REMIC Provisions that would cause REMIC I I, REMIC II or REMIC II III to fail to qualify as a REMIC at any time or cause a tax to be imposed on the Trust Fund under the REMIC Provisions.

Collection of Certain Loan Payments; Custodial Account for P&I. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to conventional mortgage loans it services for itself and any of its Affiliates; providedPROVIDED, howeverHOWEVER, that the Servicer agrees not to permit any modification with respect to any Loan that would change the manner in which the Mortgage Interest Rate is computed, forgive any principal or interest or change the term of such Loan. Consistent with the foregoing, the Servicer may in its discretion (i) waive any assumption fee, late payment charge or other charge in connection with a Loan, and (ii) arrange a schedule, running for no more than 180 days after the scheduled Due Date, for payment of any installment on any Mortgage Note or after the due date of any other payment due under the related Mortgage Note for the liquidation of delinquent items, providedPROVIDED, that the Servicer shall continue to be obligated to make Advances in accordance with Section 4.3 during the continuance of such period. With respect to any Loans which provide for the right of the holder thereof to call for early repayment thereof at times specified therein, neither the Trustee nor the Servicer shall exercise any such right, except that the Trustee shall exercise such right at the written direction of the Servicer set forth in an Officer's Certificate in connection with a default under the related Note. Notwithstanding anything herein to the contrary, neither the Servicer nor any other party may take any action that would cause a "significant modification" of any Loan within the meaning of the REMIC Provisions that would cause REMIC I or REMIC II to fail to qualify as a REMIC at any time or cause a tax to be imposed on the Trust Fund under the REMIC Provisions.

Collection of Certain Loan Payments; Custodial Account for P&I. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to conventional mortgage loans it services for itself and any of its Affiliates; provided, however, that the Servicer agrees not to permit any modification with respect to any Loan that would change the manner in which the Mortgage Interest Rate is computed, forgive any principal or interest or change the term of such Loan. Consistent with the foregoing, the Servicer may in its discretion (i) waive any assumption fee, late payment charge or other charge in connection with a Loan, and (ii) arrange a schedule, running for no more than 180 days after the scheduled Due Date, for payment of any installment on any Mortgage Note or after the due date of any other payment due under the related Mortgage Note for the liquidation of delinquent items, provided, that the Servicer shall continue to be obligated to make Advances in accordance with Section 4.3 during the continuance of such period. With respect to any Loans which provide for the right of the holder thereof to call for early repayment thereof at times specified therein, neither the Trustee nor the Servicer shall exercise any such right, except that the Trustee shall exercise such right at the written direction of the Servicer set forth in an Officer's Certificate in connection with a default under the related Note. Notwithstanding anything herein to the contrary, neither the Servicer nor any other party may take any action that would cause a "significant modification" of any Loan within the meaning of the REMIC Provisions that would cause REMIC I I, REMIC II, REMIC III or REMIC II IV to fail to qualify as a REMIC at any time or cause a tax to be imposed on the Trust Fund under the REMIC Provisions.

Collection of Certain Loan Payments; Custodial Account for P&I. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to conventional mortgage loans it services for itself and any of its Affiliates; provided, however, that the Servicer agrees not to permit any modification with respect to any Loan that would change the manner in which the Mortgage Interest Rate is computed, forgive any principal or interest or change the term of such Loan. Consistent with the foregoing, the Servicer may in its discretion (i) waive any assumption fee, late payment charge or other charge in connection with a Loan, and (ii) arrange a schedule, running for no more than 180 days after the scheduled Due Date, for payment of any installment on any Mortgage Note or after the due date of any other payment due under the related Mortgage Note for the liquidation of delinquent items, provided, that the Servicer shall continue to be obligated to make Advances in accordance with Section 4.3 during the continuance of such period. With respect to any Loans which provide for the right of the holder thereof to call for early repayment thereof at times specified therein, neither the Trustee nor the Servicer shall exercise any such right, except that the Trustee shall exercise such right at the written direction of the Servicer set forth in an Officer's Certificate in connection with a default under the related Note. Notwithstanding anything herein to the contrary, neither the Servicer nor any other party may take any action that would cause a "significant modification" of any Loan within the meaning of the REMIC Provisions that would cause REMIC I or REMIC II the Trust Fund to fail to qualify as a REMIC at any time or cause a tax to be imposed on the Trust Fund under the REMIC Provisions.

Collection of Certain Loan Payments; Custodial Account for P&I. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to conventional mortgage loans it services for itself and any of its Affiliates; provided, however, that the Servicer agrees not to permit any modification with respect to any Loan that would change the manner in which the Mortgage Interest Rate is computed, forgive any principal or interest or change the term of such Loan. Consistent with the foregoing, the Servicer may in its discretion (i) waive any assumption fee, late payment charge or other charge in connection with a Loan, and (ii) arrange a schedule, running for no more than 180 days after the scheduled Due Date, for payment of any installment on any Mortgage Note or after the due date of any other payment due under the related Mortgage Note for the liquidation of delinquent items, provided, that the Servicer shall continue to be obligated to make Advances in accordance with Section 4.3 during the continuance of such period. With respect to any Loans which provide for the right of the holder thereof to call for early repayment thereof at times specified therein, neither the Trustee nor the Servicer shall exercise any such right, except that the Trustee shall exercise such right at the written direction of the Servicer set forth in an Officer's Certificate in connection with a default under the related Note. Notwithstanding anything herein to the contrary, neither the Servicer nor any other party may take any action that would cause a "significant modification" of any Loan within the meaning of the REMIC Provisions that would cause REMIC REMCI I or REMIC II to fail to qualify as a REMIC at any time or cause a tax to be imposed on the Trust Fund under the REMIC Provisions.

Collection of Certain Loan Payments; Custodial Account for P&I. (a) The Each Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to conventional mortgage loans it services for itself and any of its Affiliates; provided, however, that the Servicer agrees Servicers agree not to permit any modification with respect to any Loan that would change the manner in which the Mortgage Interest Rate is computed, forgive any principal or interest or change the term of such Loan. Consistent with the foregoing, the each Servicer may in its discretion (i) waive any assumption fee, late payment charge or other charge in connection with a Loan, and (ii) arrange a schedule, running for no more than 180 days after the scheduled Due Date, for payment of any installment on any Mortgage Note or after the due date of any other payment due under the related Mortgage Note for the liquidation of delinquent items, provided, that the such Servicer shall continue to be obligated to make Advances in accordance with Section 4.3 during the continuance of such period. With respect to any Loans which provide for the right of the holder thereof to call for early repayment thereof at times specified therein, neither the Trustee nor the a Servicer shall exercise any such right, except that the Trustee shall exercise such right at the written direction of the a Servicer set forth in an Officer's Certificate in connection with a default under the related Note. Notwithstanding anything herein to the contrary, neither the Servicer Servicers nor any other party may take any action that would cause a "significant modification" of any Loan within the meaning of the REMIC Provisions that would cause REMIC I I, REMIC II or REMIC II III to fail to qualify as a REMIC at any time or cause a tax to be imposed on the Trust Fund under the REMIC Provisions.

Collection of Certain Loan Payments; Custodial Account for P&I. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to conventional mortgage loans it services for itself and any of its Affiliates; providedPROVIDED, howeverHOWEVER, that the Servicer agrees not to permit any modification with respect to any Loan that would change the manner in which the Mortgage Interest Rate is computed, forgive any principal or interest or change the term of such Loan. Consistent with the foregoing, the Servicer may in its discretion (i) waive any assumption fee, late payment charge or other charge in connection with a Loan, and (ii) arrange a schedule, running for no more than 180 days after the scheduled Due Date, for 45 payment of any installment on any Mortgage Note or after the due date of any other payment due under the related Mortgage Note for the liquidation of delinquent items, providedPROVIDED, that the Servicer shall continue to be obligated to make Advances in accordance with Section 4.3 during the continuance of such period. With respect to any Loans which provide for the right of the holder thereof to call for early repayment thereof at times specified therein, neither the Trustee nor the Servicer shall exercise any such right, except that the Trustee shall exercise such right at the written direction of the Servicer set forth in an Officer's Certificate in connection with a default under the related Note. Notwithstanding anything herein to the contrary, neither the Servicer nor any other party may take any action that would cause a "significant modification" of any Loan within the meaning of the REMIC Provisions that would cause REMIC I I, REMCI II or REMIC II III to fail to qualify as a REMIC at any time or cause a tax to be imposed on the Trust Fund under the REMIC Provisions.

Collection of Certain Loan Payments; Custodial Account for P&I. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to conventional mortgage loans it services for itself and any of its Affiliates; providedPROVIDED, howeverHOWEVER, that the Servicer agrees not to permit any modification with respect to any Loan that would change the manner in which the Mortgage Interest Rate is computed, forgive any principal or interest or change the term of such Loan. Consistent with the foregoing, the Servicer may in its discretion (i) waive any assumption fee, late payment charge or other charge in connection with a Loan, and (ii) arrange a schedule, running for no more than 180 days after the scheduled Due Date, for payment of any installment on any Mortgage Note or after the due date of any other payment due under the related Mortgage Note for the liquidation of delinquent items, providedPROVIDED, that the Servicer shall continue to be obligated to make Advances in accordance with Section 4.3 during the continuance of such period. With respect to any Loans which provide for the right of the holder thereof to call for early repayment thereof at times specified therein, neither the Trustee nor the Servicer shall exercise any such right, except that the Trustee shall exercise such right at the written direction of the Servicer set forth in an Officer's Certificate in connection with a default under the related Note. Notwithstanding anything herein to the contrary, neither the Servicer nor any other party may take any action that would cause a "significant modification" of any Loan within the meaning of the REMIC Provisions that would cause REMIC I I, REMIC II, REMIC III or REMIC II IV to fail to qualify as a REMIC at any time or cause a tax to be imposed on the Trust Fund under the REMIC Provisions.