Common use of Collection of Taxes, Assessments and Similar Items; Escrow Accounts; Maintenance of Records Clause in Contracts

Collection of Taxes, Assessments and Similar Items; Escrow Accounts; Maintenance of Records. (a) To the extent required by the related Mortgage Note and not violative of current law, the Master Servicer shall establish and maintain one or more accounts (each, an "Escrow Account") and deposit, on a daily basis, and retain therein all collections from the Mortgagors (or advances by the Master Servicer) constituting Escrow Payments separate and apart from any of its own funds and general assets for the account of the Mortgagors. Nothing herein shall require the Master Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law or unless required by the applicable Mortgage Loan. (b) Withdrawals of amounts so collected from the Escrow Accounts may be made only to effect timely payment of ground rents, taxes, assessments, water rates, mortgage insurance premiums, fire, flood and hazard insurance premiums, condominium or PUD association dues, or comparable items constituting Escrow Payments for the related Mortgage, to reimburse the Master Servicer out of related collections for any payments made pursuant to Sections 3.01 hereof (with respect to taxes and assessments and insurance premiums) and 3.09 hereof (with respect to hazard insurance), to refund to any Mortgagors any sums determined to be in excess of the amounts required under the terms of the related Mortgage Note, to pay interest, if required by law or the terms of the related Mortgage or Mortgage Note, to Mortgagors on balances in the Escrow Account or to clear and terminate the Escrow Account at the termination of this Agreement in accordance with Section 9.01 hereof. The Escrow Accounts shall not be a part of the Trust Fund. (c) With respect to each Mortgage Loan, the Master Servicer shall maintain accurate records reflecting the status of ground rents, taxes, assessments, water rates, sewer rents, and the charges which are or may become a lien upon the Mortgaged Property and the status of fire, flood and hazard insurance coverage and with respect to each Mortgage Loan which provides for Escrow Payments, the Master Servicer shall obtain, from time to time, all bills for the payment of such charges (including renewal premiums) and shall effect payment thereof prior to the applicable penalty or termination date, employing for such purpose deposits of the Mortgagor in the Escrow Account which shall have been estimated and accumulated by the Master Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. The Master Servicer shall advance any payments referred to in Section 3.06(a) that are not timely paid by the Mortgagors in accordance with Accepted Servicing Practices, but the Master Servicer shall be required so to advance only to the extent that such advances, in the good faith judgment of the Master Servicer, will be recoverable by the Master Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise. (d) The Master Servicer shall be entitled to retain any interest on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Master Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.

Collection of Taxes, Assessments and Similar Items; Escrow Accounts; Maintenance of Records. (a) To the extent required by the related Mortgage Note and not violative of current law, the Master Servicer shall establish and maintain one or more accounts (each, an "“Escrow Account"”) and deposit, on a daily basis, and retain therein all collections from the Mortgagors (or advances by the Master Servicer) constituting Escrow Payments separate and apart from any of its own funds and general assets for the account of the Mortgagors. Nothing herein shall require the Master Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law or unless required by the applicable Mortgage Loan. (b) Withdrawals of amounts so collected from the Escrow Accounts may be made only to effect timely payment of ground rents, taxes, assessments, water rates, mortgage insurance premiums, fire, flood and hazard insurance premiums, condominium or PUD association dues, or comparable items constituting Escrow Payments for the related Mortgage, to reimburse the Master Servicer out of related collections for any payments made pursuant to Sections 3.01 hereof (with respect to taxes and assessments and insurance premiums) and 3.09 hereof (with respect to hazard insurance), to refund to any Mortgagors any sums determined to be in excess of the amounts required under the terms of the related Mortgage Note, to pay interest, if required by law or the terms of the related Mortgage or Mortgage Note, to Mortgagors on balances in the Escrow Account or to clear and terminate the Escrow Account at the termination of this Agreement in accordance with Section 9.01 hereof. The Escrow Accounts shall not be a part of the Trust Fund. (c) With respect to each Mortgage Loan, the Master Servicer shall maintain accurate records reflecting the status of ground rents, taxes, assessments, water rates, sewer rents, and the charges which are or may become a lien upon the Mortgaged Property and the status of fire, flood and hazard insurance coverage and with respect to each Mortgage Loan which provides for Escrow Payments, the Master Servicer shall obtain, from time to time, all bills for the payment of such charges (including renewal premiums) and shall effect payment thereof prior to the applicable penalty or termination date, employing for such purpose deposits of the Mortgagor in the Escrow Account which shall have been estimated and accumulated by the Master Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. The Master Servicer shall advance any payments referred to in Section 3.06(a) that are not timely paid by the Mortgagors in accordance with Accepted Servicing Practices, but the Master Servicer shall be required so to advance only to the extent that such advances, in the good faith judgment of the Master Servicer, will be recoverable by the Master Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise. (d) The Master Servicer shall be entitled to retain any interest on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Master Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.

Collection of Taxes, Assessments and Similar Items; Escrow Accounts; Maintenance of Records. (a) To the extent required by the related Mortgage Note and not violative of current law, the Master Servicer shall establish and maintain one or more accounts (each, an "Escrow Account") and deposit, on a daily basis, and retain therein all collections from the Mortgagors (or advances by the Master Servicer) constituting Escrow Payments separate and apart from any of its own funds and general assets for the account of the Mortgagors. Nothing herein shall require the Master Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law or unless required by the applicable Mortgage Loan. (b) Withdrawals of amounts so collected from the Escrow Accounts may be made only to effect timely payment of ground rents, taxes, assessments, water rates, mortgage insurance premiums, fire, flood and hazard insurance premiums, condominium or PUD association dues, or comparable items constituting Escrow Payments for the related Mortgage, to reimburse the Master Servicer out of related collections for any payments made pursuant to Sections 3.01 hereof (with respect to taxes and assessments and insurance premiums) and 3.09 hereof (with respect to hazard insurance), to refund to any Mortgagors any sums determined to be in excess of the amounts required under the terms of the related Mortgage Note, to pay interest, if required by law or the terms of the related Mortgage or Mortgage Note, to Mortgagors on balances in the Escrow Account or to clear and terminate the Escrow Account at the termination of this Agreement in accordance with Section 9.01 hereof. The Escrow Accounts shall not be a part of the Trust Fund. (c) With respect to each Mortgage Loan, the Master Servicer shall maintain accurate records reflecting the status of ground rents, taxes, assessments, water rates, sewer rents, and the charges which are or may become a lien upon the Mortgaged Property and the status of fire, flood and hazard insurance coverage and with respect to each Mortgage Loan which provides for Escrow Payments, the Master Servicer shall obtain, from time to time, all bills for the payment of such charges (including renewal premiums) and shall effect payment thereof prior to the applicable penalty or termination date, employing for such purpose deposits of the Mortgagor in the Escrow Account which shall have been estimated and accumulated by the Master Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. The Master Servicer shall advance any payments referred to in Section 3.06(a) that are not timely paid by the Mortgagors in accordance with Accepted Servicing Practices, but the Master Servicer shall be required so to advance only to the extent that such advances, in the good faith judgment of the Master Servicer, will be recoverable by the Master Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise. (d) The Master Servicer shall be entitled to retain any interest on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Master Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.including