Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To the extent required by the related Mortgage Note, the Servicer shall establish and maintain, or cause to be established and maintained, one or more accounts (the "Escrow Accounts"), into which all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit in the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Withdrawals of amounts from an Escrow Account may be made only to (i) effect payment of taxes, assessments, hazard insurance premiums, and comparable items in a manner and at a time that assures that the lien priority of the Mortgage is not jeopardized (or, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; or (v) clear and terminate the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In the event the Servicer shall deposit in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any of the other purposes set forth above.
Appears in 12 contracts
Samples: Pooling and Servicing Agreement (Meritage Mortgage Loan Trust 2005-2), Pooling and Servicing Agreement (Financial Asset Securities Corp First Franklin Mortgage Loan Trust 2004-Ffh3), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ff4)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To the extent required by the related Mortgage Note, the Servicer shall establish and maintain, or cause to be established and maintained, one or more accounts (the "“Escrow Accounts"”), into which all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit in the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Withdrawals of amounts from an Escrow Account may be made only to (i) effect payment of taxes, assessments, hazard insurance premiums, and comparable items in a manner and at a time that assures that the lien priority of the Mortgage is not jeopardized (or, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; or (v) clear and terminate the Escrow Account at the termination of the Servicer's ’s obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In the event the Servicer shall deposit in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any of the other purposes set forth above.
Appears in 11 contracts
Samples: Pooling and Servicing Agreement (Greenpoint Mortgage Funding Trust 2005-Hy1), Pooling and Servicing Agreement (Equifirst Mortgage Loan Trust 2005-1), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ffh3)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) The Servicer shall enforce the obligations under each paid-in-full, life-of-the-loan tax service contract in effect with respect to each Mortgage Loan (each, a "Tax Service Contract"). Each Tax Service Contract shall be assigned to the Trustee, or a successor Servicer at the Servicer's expense in the event that the Servicer is terminated as Servicer of the related Mortgage Loan.
(b) To the extent required by that the related Mortgage Noteservices described in this paragraph (b) are not otherwise provided pursuant to the Tax Service Contracts described in paragraph (a) hereof, the Servicer undertakes to perform such functions. The Servicer shall establish and maintain, or cause to be established and maintained, one or more accounts (the "Escrow Accounts"), into which all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activitiesactivities on a daily basis, and in no event more than one Business Day after the Servicer's receipt thereof, all collections from the Mortgagors (or related advances from Subservicers) for the payment of taxes, assessments, hazard insurance premiums and comparable items for the account of the Mortgagors ("Escrow Payments Payments") collected on account of the Mortgage Loans and shall thereafter deposit such Escrow Payments in the Escrow Accounts, in no event more than two Business Days after the receipt deposit of such Escrow Paymentsfunds in the clearing account, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Withdrawals of amounts from an Escrow Account may be made only to (i) effect payment of taxes, assessments, hazard insurance premiums, and comparable items in a manner and at a time that assures that the lien priority of the Mortgage is not jeopardized (or, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien)items; (ii) reimburse the Servicer (or a Sub-Servicer Subservicer to the extent provided in the related Sub-Servicing Subservicing Agreement) out of related collections for any Servicing Advances advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 3.13 (with respect to hazard insurance); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; or (v) clear and terminate the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement or (vi) recover amounts deposited in accordance with Article X. In the event the Servicer shall deposit in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Propertyerror. As part of its servicing duties, the Servicer or any Sub-Servicers Subservicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine whether any such payments are made by the Mortgagor in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure of a tax lien. The Servicer may pay to itself any excess interest on funds assumes full responsibility for the payment of all such bills within such time and shall effect payments of all such bills irrespective of the Mortgagor's faithful performance in the payment of same or the making of the Escrow AccountsPayments and shall make advances from its own funds to effect such payments; provided, to the extent however, that such action is in conformity with the Servicing Standard, is permitted by law and such amounts advances are not required deemed to be paid to Mortgagors or used for any of the other purposes set forth aboveServicing Advances.
Appears in 10 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Series 2003 Nc2), Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Cert Ser 2003-Nc4), Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Series 2003 Nc2)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Serviced Trust Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Trust Loan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Trust Loans, notwithstanding that the terms of such Trust Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Note, the Servicer Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Loan Documents. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Loan Documents require or permit it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee for the benefit of the registered Holders of Benchmark 2019-B12 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-B12, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Loan Combination, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Trust Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Trust Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, neither the Mortgaged Property, Master Servicer nor the Special Servicer shall apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt any Trust Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Trust Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Trust Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Loan Combination as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 8 contracts
Samples: Pooling and Servicing Agreement (Benchmark 2019-B13 Mortgage Trust), Pooling and Servicing Agreement (UBS Commercial Mortgage Trust 2019-C17), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2019-Gc42)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Serviced Trust Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Trust Loan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Trust Loans, notwithstanding that the terms of such Trust Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Note, the Servicer Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Loan Documents. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Loan Documents require or permit it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “Xxxxx Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2019-C7, Commercial Mortgage Pass-Through Certificates, Series 2019-C7, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Loan Combination, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Trust Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Trust Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, neither the Mortgaged Property, Master Servicer nor the Special Servicer shall apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt any Trust Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Trust Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Trust Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Loan Combination as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 8 contracts
Samples: Pooling and Servicing Agreement (Bank 2020-Bnk26), Pooling and Servicing Agreement (Benchmark 2020-B16 Mortgage Trust), Pooling and Servicing Agreement (Bank 2019-Bnk24)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required by to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan (other than an Outside Serviced Mortgage Loan) notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage NoteLoan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “Xxxxx Fargo Bank, National Association, as Master Servicer, on behalf of Deutsche Bank Trust Company Americas, as Trustee for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2017-P7, Commercial Mortgage Pass-Through Certificates, Series 2017-P7, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Loan Combination, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, neither the Mortgaged Property, Master Servicer nor the Special Servicer shall apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the any Mortgage being imposed, the Servicer will, within 10 Business Days of receipt Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Mortgage Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Mortgage Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Loan Combination as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2017-P8), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2017-Gs6), Pooling and Servicing Agreement (CD 2017-Cd4 Mortgage Trust)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To the extent required by the related Mortgage Noteprovides for Escrow Payments, the Servicer shall establish and maintain, or cause to be established and maintained, one or more segregated accounts (the "“Escrow Accounts"”), into which all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activitiesactivities on a daily basis, and in no event more than one Business Day after the Servicer’s receipt thereof, all collections from the Mortgagors (or related advances from Subservicers) for the payment of taxes, assessments, hazard insurance premiums and comparable items for the account of the Mortgagors (“Escrow Payments Payments”) collected on account of the Mortgage Loans and shall thereafter deposit such Escrow Payments in the Escrow Accounts, in no event more than two Business Days after the receipt deposit of such Escrow Paymentsfunds in the clearing account, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Withdrawals of amounts from an Escrow Account may be made only to (i) effect payment of taxes, assessments, hazard insurance premiums, and comparable items in a manner and at a time that assures that the lien priority of the Mortgage is not jeopardized (or, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien)items; (ii) reimburse the Servicer (or a Sub-Servicer Subservicer to the extent provided in the related Sub-Servicing Subservicing Agreement) out of related collections the collection for any Servicing Advances advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 3.13 (with respect to hazard insurance); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; or (v) clear and terminate the Escrow Account at the termination of the Servicer's ’s obligations and responsibilities in respect of the Mortgage Loans under this Agreement Agreement; or (vi) recover amounts deposited in accordance with Article X. In the event the Servicer shall deposit in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Propertyerror. As part of its servicing duties, the Servicer or any Sub-Servicers Subservicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine whether any such payments are made by the Mortgagor in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure of a tax lien. The Servicer may pay to itself any excess interest on funds assumes full responsibility for the payment of all such bills within such time and shall effect payments of all such bills irrespective of the Mortgagor’s faithful performance in the payment of same or the making of the Escrow AccountsPayments and shall make advances from its own funds to effect such payments; provided, to the extent however, that such action is in conformity with the Servicing Standard, is permitted by law and such amounts advances are not required deemed to be paid to Mortgagors or used for any of the other purposes set forth aboveServicing Advances.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (HSI Asset Loan Obligation Trust 2007-Wf1), Pooling and Servicing Agreement (Hsi Asset Securitization Corp Trust 2007-Opt1), Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2007-Wf1)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required by to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan (other than an Outside Serviced Mortgage Loan) notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage NoteLoan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Xxxxx Fargo Bank, National Association, as Trustee for the benefit of the registered Holders of CD 2017-CD3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2017-CD3, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Loan Combination, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, neither the Mortgaged Property, Master Servicer nor the Special Servicer shall apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the any Mortgage being imposed, the Servicer will, within 10 Business Days of receipt Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Mortgage Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Mortgage Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Loan Combination as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (UBS Commercial Mortgage Trust 2017-C1), Pooling and Servicing Agreement (CD 2017-Cd4 Mortgage Trust), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2017-P7)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Serviced Trust Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Trust Loan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders, the Uncertificated Interest Owners and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders, the Uncertificated Interest Owners and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders and the Uncertificated Interest Owners, be added to the amount owing under the related Trust Loans, notwithstanding that the terms of such Trust Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Note, the Servicer Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Loan Documents. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Loan Documents require or permit it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “KeyBank National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee for the benefit of the registered Holders of BMO 2022-C1 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2022-C1, the Uncertificated Interest Owners, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Loan Combination, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Trust Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Trust Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, neither the Mortgaged Property, Master Servicer nor the Special Servicer shall apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt any Trust Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Trust Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Trust Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Loan Combination as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (BMO 2022-C1 Mortgage Trust), Pooling and Servicing Agreement (BMO 2022-C3 Mortgage Trust), Pooling and Servicing Agreement (BMO 2022-C2 Mortgage Trust)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required by to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan (other than an Outside Serviced Mortgage Loan) notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage NoteLoan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan)). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “Xxxxx Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee for the benefit of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2016-P3, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Loan Combination, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, the Mortgaged Property, Master Servicer shall not apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the any Mortgage being imposed, the Servicer will, within 10 Business Days of receipt Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Mortgage Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Mortgage Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Loan Combination as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-P4), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2016-C34), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-Gc37)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required by to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan (other than an Outside Serviced Mortgage Loan) notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage NoteLoan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan)). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “KeyBank National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee for the benefit of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2016-GC36, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Loan Combination, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, the Mortgaged Property, Master Servicer shall not apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the any Mortgage being imposed, the Servicer will, within 10 Business Days of receipt Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Mortgage Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Mortgage Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Loan Combination as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-P4), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-C1), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-Gc37)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required by to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan (other than an Outside Serviced Mortgage Loan) notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage NoteLoan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders, the Uncertificated VRR Interest Owner and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders, the Uncertificated VRR Interest Owner and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders and the Uncertificated VRR Interest Owner, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2020-GC46, Commercial Mortgage Pass-Through Certificates, Series 2020-GC46, the Uncertificated VRR Interest Owner, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Loan Combination, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, neither the Mortgaged Property, Master Servicer nor the Special Servicer shall apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the any Mortgage being imposed, the Servicer will, within 10 Business Days of receipt Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Mortgage Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Mortgage Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Loan Combination as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2020-Gsa2), Pooling and Servicing Agreement (Benchmark 2020-B21 Mortgage Trust), Pooling and Servicing Agreement (JPMDB Commercial Mortgage Securities Trust 2020-Cor7)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard
that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required by to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Serviced Mortgage Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage NoteLoan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders, the Uncertificated VRR Interest Owners and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders, the Uncertificated VRR Interest Owners and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders and the Uncertificated VRR Interest Owners, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Loan Documents. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Loan Documents require or permit it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “KeyBank National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee for the benefit of the registered Holders of Benchmark 2022-B35 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2022-B35, the Uncertificated VRR Interest Owners, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Loan Combination, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, neither the Mortgaged Property, Master Servicer nor the Special Servicer shall apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the any Mortgage being imposed, the Servicer will, within 10 Business Days of receipt Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Mortgage Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Mortgage Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Loan Combination as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (BMO 2022-C3 Mortgage Trust), Pooling and Servicing Agreement (BMO 2022-C2 Mortgage Trust), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2022-Gc48)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required by to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Serviced Mortgage Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage NoteLoan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Loan Documents. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Loan Documents require or permit it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee for the benefit of the registered Holders of Benchmark 2019-B15 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-B15, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Loan Combination, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, neither the Mortgaged Property, Master Servicer nor the Special Servicer shall apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the any Mortgage being imposed, the Servicer will, within 10 Business Days of receipt Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Mortgage Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Mortgage Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Loan Combination as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Benchmark 2019-B14 Mortgage Trust), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2019-C7), Pooling and Servicing Agreement (Benchmark 2019-B15 Mortgage Trust)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Serviced Trust Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Trust Loan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders, the Uncertificated VRR Interest Owner and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders, the Uncertificated VRR Interest Owner and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders and the Uncertificated VRR Interest Owner, be added to the amount owing under the related Trust Loans, notwithstanding that the terms of such Trust Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Note, the Servicer Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Loan Documents. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Loan Documents require or permit it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee for the benefit of the registered Holders of Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23, the Uncertificated VRR Interest Owner, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Loan Combination, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Trust Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Trust Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, neither the Mortgaged Property, Master Servicer nor the Special Servicer shall apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt any Trust Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Trust Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Trust Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Loan Combination as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Benchmark 2021-B26 Mortgage Trust), Pooling and Servicing Agreement (Benchmark 2021-B25 Mortgage Trust), Pooling and Servicing Agreement (Benchmark 2021-B24 Mortgage Trust)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required by to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan (other than an Outside Serviced Mortgage Loan) notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage NoteLoan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders, the Uncertificated VRR Interest Owner and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders, the Uncertificated VRR Interest Owner and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders and the Uncertificated VRR Interest Owner, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2019-GC41, Commercial Mortgage Pass-Through Certificates, Series 2019-GC41, the Uncertificated VRR Interest Owner, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Loan Combination, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, neither the Mortgaged Property, Master Servicer nor the Special Servicer shall apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the any Mortgage being imposed, the Servicer will, within 10 Business Days of receipt Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Mortgage Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Mortgage Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Loan Combination as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (COMM 2019-Gc44 Mortgage Trust), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2019-Gc43), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2019-Gc42)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required by to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan (other than an Outside Serviced Mortgage Loan) notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage NoteLoan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “KeyBank National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee for the benefit of the registered Holders of Benchmark 2018-B6 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2018-B6, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Loan Combination, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, neither the Mortgaged Property, Master Servicer nor the Special Servicer shall apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the any Mortgage being imposed, the Servicer will, within 10 Business Days of receipt Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Mortgage Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Mortgage Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Loan Combination as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Benchmark 2018-B8 Mortgage Trust), Pooling and Servicing Agreement (Benchmark 2018-B7 Mortgage Trust), Pooling and Servicing Agreement (DBGS 2018-C1 Mortgage Trust)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required by to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan (other than an Outside Serviced Mortgage Loan) notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage NoteLoan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “Xxxxx Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series 2017-P8, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Loan Combination, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, neither the Mortgaged Property, Master Servicer nor the Special Servicer shall apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the any Mortgage being imposed, the Servicer will, within 10 Business Days of receipt Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Mortgage Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Mortgage Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Loan Combination as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (CD 2017-Cd6 Mortgage Trust), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2017-C4), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent required by such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage NoteLoan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to a Non-Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, or would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders and/or the related Serviced Companion Loan Holder(s) constituted a single lender) (and with respect to the Cxxxxxx River Plaza North Whole Loan, taking into account the subordinate nature of the Cxxxxxx River Plaza North Subordinate Companion Loan). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Whole Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in an account that is not an Eligible Account) and shall deposit in be entitled, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account benefit of the registered Holders of CSAIL 2015-C3 Commercial Mortgage Loans Trust, Commercial Mortgage Pass-Through Certificates, Series 2015-C3, any related Companion Loan Holders, and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Mortgage Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Whole Loan, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Serviced Whole Loan Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Whole Loan, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Whole Loan, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Whole Loan, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Mortgage Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein. In the event any Mortgage Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and Account for so long as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of Loan Documents permit such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to discretion.
(c) [Reserved.]
(d) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Mortgage Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then-current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Whole Loan as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Whole Loan and report any such failure to the Special Servicer, the Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (CSAIL 2016-C6 Commercial Mortgage Trust), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2015-Ubs8), Pooling and Servicing Agreement (CSAIL 2015-C3 Commercial Mortgage Trust)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) Each Servicer shall ensure that each of the Mortgage Loans serviced by such Servicer shall be covered by a paid-in-full, life-of-the-loan tax service contract in effect with respect to each First Lien Mortgage Loan (each, a "Tax Service Contract") serviced by such Servicer. Each Tax Service Contract shall be assigned to the Trustee, or its designee, at the applicable Servicer's expense in the event that a Servicer is terminated as Servicer of the related Mortgage Loan.
(b) To the extent required that the services described in this paragraph (b) are not otherwise provided pursuant to the Tax Service Contracts described in paragraph (a) hereof, the applicable Servicer undertakes to perform such functions with respect to the Mortgage Loans serviced by such Servicer. To the extent the related Mortgage NoteLoan provides for Escrow Payments, the applicable Servicer shall establish and maintain, or cause to be established and maintained, one or more accounts (the "Escrow Accounts"), into which all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accounts. The Each Servicer shall deposit in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activitiesactivities on a daily basis, and in no event more than one Business Day after such Servicer's receipt thereof, all collections from the Mortgagors (or related advances from Subservicers) for the payment of taxes, assessments, hazard insurance premiums and comparable items for the account of the Mortgagors ("Escrow Payments Payments") collected on account of the Mortgage Loans and shall thereafter deposit such Escrow Payments in the Escrow Accounts, in no event more than two Business Days after the receipt deposit of such Escrow Paymentsfunds in the clearing account, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Withdrawals of amounts from an Escrow Account may be made only to (i) effect payment of taxes, assessments, fire and hazard insurance premiums, condominium charges and comparable items in a manner and at a time that assures that the lien priority of the Mortgage is not jeopardized (or, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien)items; (ii) reimburse the applicable Servicer (or a Sub-Servicer Subservicer to the extent provided in the related Sub-Servicing Subservicing Agreement) out of related collections for any Servicing Advances advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 3.13 (with respect to hazard insurance); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) apply to the restoration or repair of the Mortgaged Property in accordance with the Section 3.13; (v) transfer to the Collection Account and application to reduce the principal balance of the Mortgage Loan in accordance with the terms of the related Mortgage and Mortgage Note; (vi) pay interestinterest to the applicable Servicer and, if required and as described below, to Mortgagors on balances in the Escrow Account; or (vvii) clear and terminate the Escrow Account at the termination of the applicable Servicer's obligations and responsibilities in respect of the related Mortgage Loans under this Agreement Agreement; or (viii) recover amounts deposited in accordance with Article X. In the event the Servicer shall deposit in a Escrow Account any amount not required to be error or for which amounts previously deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property are returned due to a tax sale "not sufficient funds" or other denial of payment by the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Propertyrelated Mortgagor's banking institution. As part of its servicing duties, the each Servicer or any Sub-Servicers Subservicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The To the extent that a Mortgage does not provide for Escrow Payments, the applicable Servicer may pay shall use commercially reasonable efforts consistent with Accepted Servicing Practices to itself determine whether any excess interest on funds such payments are made by the Mortgagor in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. Each Servicer assumes full responsibility for the payment of all such bills within such time and shall effect payments of all such bills irrespective of the Mortgagor's faithful performance in the payment of same or the making of the Escrow AccountsPayments and shall make advances from its own funds to effect such payments; provided, to the extent however, that such action is in conformity with the Servicing Standard, is permitted by law and such amounts advances are not required deemed to be paid to Mortgagors or used for any of the other purposes set forth aboveServicing Advances.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (GS Mortgage GSAMP Trust 2005-He1), Pooling and Servicing Agreement (Gsamp Trust 2005-He2), Pooling and Servicing Agreement (Gs Mortgage Securities Corp. Gsamp Trust 2004-He2)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required by to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Serviced Mortgage Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage NoteLoan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders, the Uncertificated VRR Interest Owner and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders, the Uncertificated VRR Interest Owner and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders and the Uncertificated VRR Interest Owner, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Loan Documents. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Loan Documents require or permit it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee for the benefit of the registered Holders of Benchmark 2020-B19 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2020-B19, the Uncertificated VRR Interest Owner, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Loan Combination, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, neither the Mortgaged Property, Master Servicer nor the Special Servicer shall apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the any Mortgage being imposed, the Servicer will, within 10 Business Days of receipt Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Mortgage Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Mortgage Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Loan Combination as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2020-Gsa2), Pooling and Servicing Agreement (Benchmark 2020-B21 Mortgage Trust), Pooling and Servicing Agreement (Benchmark 2020-B20 Mortgage Trust)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required by to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan (other than an Outside Serviced Mortgage Loan) notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage NoteLoan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan)). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds; provided that in the event the Master Servicer is in receipt of properly identified funds that are not available to the Master Servicer, the Master Servicer may instead deposit such amounts into the applicable Escrow Account(s) on the same Business Day that such properly identified funds become available to the Master Servicer. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Deutsche Bank Trust Company Americas, as Trustee for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2016-C2, Commercial Mortgage Pass-Through Certificates, Series 2016-C2, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxesitems constituting Escrow Payments for the related Loan Documents and in accordance with the terms of the related Mortgage Loan or Serviced Loan Combination, assessmentsas applicable;
(ii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, hazard insurance premiumsthe Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of Escrow Payments thereunder;
(iii) for application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as applicable, and comparable items the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay from time to time to the related Mortgagor (a) any interest or investment income earned on funds deposited in a manner and at a time that assures that the lien priority Escrow Account if such income is required to be paid to the related Mortgagor under law or by the terms of the Mortgage is Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in an Escrow Account that were not jeopardized required to be deposited therein.
(c) In the event any Loan Documents permit the lender, at the discretion of the lender, to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the Maturity Date and in the absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Account for so long as the Loan Documents permit such discretion.
(d) Unless required by the related Loan Documents, the Master Servicer (or, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due any earnout escrows or reserves subject to a tax sale Special Servicer Decision, the Special Servicer) shall not apply (or consent to the foreclosure Master Servicer’s applying) any earnout escrows or reserves established with respect to any Mortgage Loan as a result prepayment of such Mortgage Loan if no event of default has occurred under such Mortgage Loan.
(e) To the extent that (i) an operations and maintenance plan is required to be established and executed pursuant to the terms of a tax lien); Serviced Loan, or (ii) reimburse the Servicer (any repairs, capital improvements, actions or a Sub-Servicer remediations are required to have been taken or completed pursuant to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; or (v) clear and terminate the Escrow Account at the termination terms of the Servicer's obligations and responsibilities in respect of Serviced Loan, the Mortgage Loans under this Agreement Master Servicer shall determine in accordance with Article X. In the Servicing Standard (which determination may be made on the basis of inquiry to the Mortgagor and this sentence shall in no event the Servicer shall deposit be construed to require a physical inspection other than inspections described in a Escrow Account any amount not Section 3.18 of this Agreement; provided that all deliveries required to be deposited therein, it may at made to Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or Serviced Loan Combination as of the date required under the related Mortgage Loan or Serviced Loan Combination and report any time withdraw such amount from such Escrow Account, any provision herein failure to the contrary notwithstanding. The Servicer will be responsible for Special Servicer, the administration of Serviced Companion Loan Holders and, prior to the Escrow Accounts occurrence and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result continuance of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposedConsultation Termination Event, the Servicer will, Controlling Class Representative within 10 Business Days a reasonable time after the date as of receipt of which such notice, advance actions or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts remediations are not required to be paid or to Mortgagors have been taken or used for any of the other purposes set forth abovecompleted.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-P5), Pooling and Servicing Agreement (JPMCC Commercial Mortgage Securities Trust 2016-Jp3), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2016-Lc24)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Master Servicer shall establish and maintain, or cause to be established and maintained, maintain one or more accounts (the each, an "Escrow AccountsAccount")) and deposit and retain therein all collections from the Mortgagors for the payment of taxes, into which all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit in assessments, hazard insurance premiums or comparable items for the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and Mortgagors. Nothing herein shall deposit require the Master Servicer to compel a Mortgagor to establish an Escrow Account in the Escrow Accounts, in no event more than two Business Days after the receipt violation of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made only to (i) effect timely payment of taxes, assessments, hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that the lien priority of the Mortgage is not jeopardized (oritems, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Master Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances payments made pursuant to Section 3.01 Sections 3.12 (with respect to taxes and assessmentsassessments and insurance premiums) and Section 3.14 3.13 (with respect to hazard insurance); (iii) , to refund to any Mortgagors any sums as may be determined to be overages; (iv) , to pay interest, if required and as described belowby law or the terms of the related Mortgage or Mortgage Note, to Mortgagors on balances in the Escrow Account; Account or (v) to clear and terminate the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 9.01. The Escrow Accounts shall not be a part of the event the Trust Fund.
(c) The Master Servicer shall deposit advance any payments referred to in a Escrow Account any amount Section 3.09(a) that are not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to timely paid by the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage Mortgagors on the Mortgaged Propertydate when the tax, premium or other cost for which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and is intended is due, but the Master Servicer receives notice of a tax lien with respect shall be required so to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveMaster Servicer, will be recoverable by the Master Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (CWMBS Inc), Pooling and Servicing Agreement (CWMBS Inc), Pooling and Servicing Agreement (Indymac MBS Inc)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To With respect to each EMC Mortgage Loan, to the extent required by the related Mortgage Note, the Servicer Company shall establish and maintain, or cause to be established and maintained, maintain one or more accounts (the each, an "Escrow AccountsAccount")) and deposit and retain therein all collections from the Mortgagors (or advances by the Company) for the payment of taxes, into which all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit in assessments, hazard insurance premiums or comparable items for the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and Mortgagors. Nothing herein shall deposit require the Company to compel a Mortgagor to establish an Escrow Account in the Escrow Accounts, in no event more than two Business Days after the receipt violation of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreementapplicable law. Withdrawals of amounts so collected from an the Escrow Account Accounts may be made only to (i) effect timely payment of taxes, assessments, hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that the lien priority of the Mortgage is not jeopardized (oritems, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) Company out of related collections for any Servicing Advances payments made with respect to each EMC Mortgage Loan pursuant to Section 3.01 (with respect to taxes and assessmentsassessments and insurance premiums) and Section 3.14 3.05 (with respect to hazard insurance); (iii) , to refund to any Mortgagors for any EMC Mortgage Loans any sums as may be determined to be overages; (iv) , to pay interest, if required and as described belowby law or the terms of the related Mortgage or Mortgage Note, to such Mortgagors on balances in the Escrow Account; Account or (v) to clear and terminate the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In the event the Servicer shall deposit in a Section 11.01 thereof. The Escrow Account any amount shall not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration a part of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any of the other purposes set forth aboveTrust Fund.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac2), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-Ac2), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac2)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required by to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Serviced Mortgage Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage NoteLoan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders, the Uncertificated Interest Owners and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders, the Uncertificated Interest Owners and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Whole Loan, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders and the Uncertificated Interest Owners, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Whole Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Loan Documents. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Loan Documents require or permit it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Computershare Trust Company, National Association, as Trustee for the benefit of the registered Holders of BMO 2023-C5 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2023-C5, the Uncertificated Interest Owners, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Whole Loan, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Whole Loan Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Whole Loan, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Whole Loan, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Whole Loan, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, neither the Mortgaged Property, Master Servicer nor the Special Servicer shall apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the any Mortgage being imposed, the Servicer will, within 10 Business Days of receipt Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Mortgage Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Mortgage Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Whole Loan as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Whole Loan and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (BMO 2023-C6 Mortgage Trust), Pooling and Servicing Agreement (BBCMS 2023-C20), Pooling and Servicing Agreement (BMO 2023-C4 Mortgage Trust)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgage Loan (other than any REO Mortgage Loan), the extent required by Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage NoteLoan. If a Borrower fails to make any such payment on a timely basis or collections from the Borrower are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in its good faith business judgment that such Advance would be a Nonrecoverable Advance. In the event that any such advance is made by the servicer under the Series 1998-XX XX Pooling Agreement, the Master Servicer shall, in accordance with the terms of the Co-Lender Agreement, make a Property Advance equal to the amount required under the terms of the Co-Lender Agreement. The Master Servicer shall be entitled to reimbursement of Advances, with interest thereon at the Advance Rate, that it makes pursuant to the preceding sentence from amounts received on or in respect of the related Mortgage Loan respecting which such Advance was made or if such Advance has become a Nonrecoverable Advance, to the extent permitted by Section 3.06 of this Agreement. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the each, an "Escrow AccountsAccount"), ) into which all Escrow Payments shall be deposited within two Business Days after receipt. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) and retainedany Insurance Proceeds or Liquidation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans that is not an Eligible Account) and shall deposit in the Escrow Accountsbe entitled, "GMAC Commercial Mortgage Corporation, as Master Servicer, in no event more than two Business Days after the receipt trust for LaSalle National Bank, as Trustee in trust for Holders of such Escrow PaymentsGS Mortgage Securities Corporation II, all Escrow Payments collected on account of the Commercial Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Pass-Through Certificates, Series 1998-C1 and Various Borrowers." Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan;
(orii) to transfer funds to the Collection Account to reimburse the Master Servicer, the Special Servicer, the Trustee or the Fiscal Agent, as applicable, for any Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums as may be determined to be overages; the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Borrower (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Borrower under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Borrowers pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any of the other purposes set forth above.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Gs Mortgages Sec Corp Ii Com Mort Pas THR Cert Ser 1998-C1), Pooling and Servicing Agreement (Gs Mortgages Sec Corp Ii Com Mort Pas THR Cert Ser 1998-C1), Pooling and Servicing Agreement (Gs Mortgages Sec Corp Ii Com Mort Pas THR Cert Ser 1998-C1)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Mortgage Loan or Whole Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent required by such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage NoteLoan or Whole Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, or would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Companion Loan Holder (as a collective whole as if the Certificateholders and such Companion Loan Holder constituted a single lender). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Whole Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans that is not an Eligible Account) and shall deposit in the Escrow Accountsbe entitled, in no event more than two Business Days after the receipt “Xxxxx Fargo Bank, National Association, as Master Servicer, on behalf of such Escrow PaymentsDeutsche Bank Trust Company Americas, all Escrow Payments collected on account of the Mortgage Loans as Trustee for the purpose registered Holders of effecting GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2014-GC18, the payment of any such items as required under the terms of this Agreement. Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Whole Loan, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Whole Loan Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Whole Loan, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Whole Loan, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Whole Loan, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein. In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to discretion.
(c) [Reserved]
(d) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Mortgage Loan or a Whole Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan or Whole Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Whole Loan as of the other purposes set forth abovedate required under the related Mortgage Loan or Whole Loan and report any such failure to the Special Servicer, the Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2014-Gc19), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2014-Gc18), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2014-Gc18)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To the extent required by the related Mortgage Note, the Servicer shall establish and maintain, or cause to be established and maintained, one or more accounts (the "Escrow Accounts"), into which all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit in the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Withdrawals of amounts from an Escrow Account may be made only to (i) effect payment of taxes, assessments, hazard insurance premiums, and comparable items in a manner and at a time that assures that the lien priority of the Mortgage is not jeopardized (or, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Sub- Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; or (v) clear and terminate the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In the event the Servicer shall deposit in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any of the other purposes set forth above.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp Asset Back Certs Ser 2003 Ffh2), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2004-Ff2), Pooling and Servicing Agreement (Financial Asset Secs Corp Asset Backed Cert Sers 2003 Ff5)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Serviced Trust Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Trust Loan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Trust Certificateholders, the Uncertificated Interest Owners and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Trust Certificateholders, the Uncertificated Interest Owners and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Whole Loan, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Trust Certificateholders and the Uncertificated Interest Owners, be added to the amount owing under the related Trust Loans, notwithstanding that the terms of such Trust Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Note, the Servicer Loan or Serviced Whole Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Loan Documents. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Loan Documents require or permit it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “KeyBank National Association, as Master Servicer, on behalf of Wilmington Savings Fund Society, FSB, as Trustee for the benefit of the registered Holders of BMO 2024-C10 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2024-C10, the Uncertificated Interest Owners, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Whole Loan, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Whole Loan Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Whole Loan, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Whole Loan, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Whole Loan, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Trust Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Trust Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, neither the Mortgaged Property, Master Servicer nor the Special Servicer shall apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt any Trust Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Trust Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Trust Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Whole Loan as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Whole Loan and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (BMO 2023-C7 Mortgage Trust), Pooling and Servicing Agreement (BBCMS Mortgage Trust 2024-C30), Pooling and Servicing Agreement (BMO 2024-C10 Mortgage Trust)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required by to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Serviced Mortgage Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage NoteLoan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders, the Uncertificated VRR Interest Owners and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders, the Uncertificated VRR Interest Owners and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders and the Uncertificated VRR Interest Owners, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Loan Documents. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Loan Documents require or permit it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee for the benefit of the registered Holders of Benchmark 2021-B27 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B27, the Uncertificated VRR Interest Owners, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Loan Combination, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, neither the Mortgaged Property, Master Servicer nor the Special Servicer shall apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the any Mortgage being imposed, the Servicer will, within 10 Business Days of receipt Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Mortgage Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Mortgage Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Loan Combination as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Benchmark 2021-B28 Mortgage Trust), Pooling and Servicing Agreement (Benchmark 2020-B17 Mortgage Trust), Pooling and Servicing Agreement (Benchmark 2021-B27 Mortgage Trust)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required by to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan (other than an Outside Serviced Mortgage Loan) notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage NoteLoan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “Xxxxx Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee for the benefit of the registered Holders of Benchmark 2019-B9 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-B9, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Loan Combination, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, neither the Mortgaged Property, Master Servicer nor the Special Servicer shall apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the any Mortgage being imposed, the Servicer will, within 10 Business Days of receipt Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Mortgage Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Mortgage Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Loan Combination as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Benchmark 2019-B10 Mortgage Trust), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2019-Gc38), Pooling and Servicing Agreement (Benchmark 2019-B9 Mortgage Trust)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To the extent required by the related Mortgage Note, the Servicer shall establish and maintain, or cause to be established and maintained, one or more accounts (the "Escrow Accounts"), into which all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit in the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Withdrawals of amounts from an Escrow Account may be made only to (i) effect payment of taxes, assessments, hazard insurance premiums, and comparable items in a manner and at a time that assures that the lien priority of the Mortgage is not jeopardized (or, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Sub- Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; or (v) clear and terminate the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In the event the Servicer shall deposit in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any of the other purposes set forth above.or
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2004-Ff5), Pooling and Servicing Agreement (Equifirst Mortgage Loan Trust 2004-2), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2004-Ffh2)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) In addition to the extent required by the related Mortgage NoteCustodial Account, the Master Servicer shall establish and maintain, or cause to be established and maintained, maintain one or more custodial accounts (the each, an "Escrow AccountsAccount")) and deposit and retain therein all collections from the Mortgagors (or advances by the Master Servicer) for the payment of taxes, into which all Escrow Payments shall be deposited assessments and retainedhazard insurance premiums or comparable items for the account of the Mortgagors. Escrow Accounts shall be Eligible Accounts. The All costs incurred by the Master Servicer or by the related Sub-Servicer in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall deposit in the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activitiesnot, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting calculating monthly distributions to the payment of any such items as required Certificateholders, be added to the Scheduled Principal Balance under the related Mortgage Loans, notwithstanding that the terms of this Agreement. such Mortgage Loans so permit.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made only to (i) effect timely payment of taxes, assessments, hazard insurance premiums or Primary Mortgage Insurance Policy premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that items, to reimburse the lien priority of the Mortgage is not jeopardized Master Servicer pursuant to Section 3.10 hereof (or, with respect to the payment of taxes, in a manner Primary Mortgage Insurance Policy) and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to this Section 3.01 3.08 (with respect to taxes and assessments) and Section 3.14 3.11 hereof (with respect to hazard insurance); (iii) , to refund to any Mortgagors any sums as may be determined to be overages; (iv) , to pay interest, if required and as described belowrequired, to Mortgagors on balances in the Escrow Account; Account or (v) to clear and terminate the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In the event the Servicer shall deposit in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged PropertySection 10.01 hereof. As part of its servicing duties, the Master Servicer or shall, and the Sub-Servicers shall, pursuant to any Sub-Servicers shall Servicing Agreement, be required to, pay to the Mortgagors interest on funds in the Escrow AccountsAccount, to the extent required by law andlaw.
(c) The Master Servicer shall, with respect to each Mortgage Loan, to the extent any related Sub-Servicer does not do so, advance the payments referred to in Section 3.08(b) that interest earned on funds in are not timely paid by the Escrow Accounts is insufficientMortgagors; provided, however, that the Master Servicer shall be required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, so advance only to the extent that such action is advances, in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the Master Servicer, will be recoverable by the Master Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise out of the related Mortgage Loan; and provided further, that such payments shall be advanced when the tax, premium or other purposes set forth abovecost for which such payment is intended is due.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent required by such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage NoteLoan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to a Non-Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, or would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders and/or the related Serviced Companion Loan Holder(s) constituted a single lender, taking into account the subordinate nature of the related Subordinate Companion Loan). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Whole Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in an account that is not an Eligible Account) and shall deposit in be entitled, “KeyBank National Association, as Master Servicer, on behalf of Xxxxx Fargo Bank, National Association, as Trustee for the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account benefit of the registered Holders of CSAIL 2015-C1 Commercial Mortgage Loans Trust, Commercial Mortgage Pass-Through Certificates, Series 2015-C1, any related Companion Loan Holders, and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Mortgage Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Whole Loan, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Serviced Whole Loan Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Whole Loan, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Whole Loan, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Whole Loan, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Mortgage Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein. In the event any Mortgage Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and Account for so long as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of Loan Documents permit such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to discretion.
(c) [Reserved.]
(d) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Mortgage Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then-current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Whole Loan as of the date required under the related Mortgage Loan or Serviced Whole Loan and report any such failure to the Special Servicer, the Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event and other purposes set forth abovethan in respect of an Excluded Loan then subject to an Exclusion Period, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (CSAIL 2015-C3 Commercial Mortgage Trust), Pooling and Servicing Agreement (CSAIL 2015-C2 Commercial Mortgage Trust), Pooling and Servicing Agreement (CSAIL 2015-C1 Commercial Mortgage Trust)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Mortgage Loan (other than the Non-Serviced Mortgage Loans) or Serviced Whole Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent required by such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage NoteLoan (other than the Non-Serviced Mortgage Loans) or Serviced Whole Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Non-Serviced Mortgage Loans) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, or would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Companion Loan Holder (as a collective whole as if the Certificateholders and such Companion Loan Holder constituted a single lender). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Whole Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans that is not an Eligible Account) and shall deposit in the Escrow Accountsbe entitled, in no event more than two Business Days after the receipt “Xxxxx Fargo Bank, National Association, as Master Servicer, on behalf of such Escrow PaymentsDeutsche Bank Trust Company Americas, all Escrow Payments collected on account of the Mortgage Loans as Trustee for the purpose registered Holders of effecting GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2014-GC22, the payment of any such items as required under the terms of this Agreement. Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Whole Loan, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Serviced Whole Loan Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Whole Loan, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Whole Loan, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Whole Loan, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to discretion.
(d) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Mortgage Loan (other than the Non-Serviced Mortgage Loans) or a Serviced Whole Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan (other than the Non-Serviced Mortgage Loans) or Serviced Whole Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Whole Loan as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Whole Loan and report any such failure to the Special Servicer, the Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2017-H1), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2014-Gc23), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2014-Gc22)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "[Insert name of Servicer], in trust for registered holders of Bank of America Mortgage Securities, Inc. Mortgage Pass-Through Certificates, Series 2002-E and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Mortgage Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Mortgage Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass Thru Cert Ser 2002-E), Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass Thru Cert Ser 2002-E)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Mortgage Loan or the Whole Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent required by such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage NoteLoan or the Whole Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Mortgage Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, or would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and the Companion Loan Holder (as a collective whole as if such Certificateholders and Companion Loan Holder constituted a single lender). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or the Whole Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two Business Days after receipt. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans that is not an Eligible Account) and shall deposit in the Escrow Accountsbe entitled, “Wxxxx Fargo Bank, National Association, as Master Servicer, in no event more than two Business Days after trust for Deutsche Bank National Trust Company, as Trustee in trust for Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2011-GC5, the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Companion Loan Holder and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan;
(orii) to transfer funds to the Collection Account and/or the Whole Loan Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums as may be determined to be overages; the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) If the Trustee, it may at any time withdraw the Certificate Administrator or the Master Servicer has received notice from Fitch, Mxxxx’x or Morningstar that the Master Servicer no longer is an approved master servicer then such amount from such Escrow Accountparty shall promptly notify the others and the Special Servicer, any provision herein to and the contrary notwithstanding. The Servicer will be responsible for Certificate Administrator shall notify the administration Companion Loan Holder of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to same.
(d) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Mortgage Loan or the Whole Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan or the Whole Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any the Whole Loan as of the other purposes set forth abovedate required under the related Mortgage Loan or the Whole Loan and report any such failure to the Special Servicer, the Companion Loan Holder and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2011-Gc5), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2011-Gc5)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Mortgage Loan (other than the Non-Serviced Mortgage Loan) or Serviced Whole Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent required by such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage NoteLoan (other than the Non-Serviced Mortgage Loan) or Serviced Whole Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Non-Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, or would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Companion Loan Holder (as a collective whole as if the Certificateholders and such Companion Loan Holder constituted a single lender, taking into account the subordinate nature of the related Subordinate Companion Loan). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Whole Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans that is not an Eligible Account) and shall deposit in the Escrow Accountsbe entitled, in no event more than two Business Days after the receipt “[Master Servicer], as Master Servicer, on behalf of such Escrow PaymentsWxxxx Fargo Bank, all Escrow Payments collected on account of the Mortgage Loans National Association, as Trustee for the purpose registered Holders of effecting GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2014-GC20, the payment of any such items as required under the terms of this Agreement. Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Whole Loan, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Serviced Whole Loan Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Whole Loan, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Whole Loan, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Whole Loan, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to discretion.
(d) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Mortgage Loan (other than the Non-Serviced Mortgage Loan) or a Serviced Whole Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan (other than the Non-Serviced Mortgage Loan) or Serviced Whole Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Whole Loan as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Whole Loan and report any such failure to the Special Servicer, the Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2014-Gc21), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2014-Gc20)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) Each Servicer shall enforce the obligations under each paid-in-full, life-of-the-loan tax service contract in effect with respect to each Mortgage Loan (each, a "Tax Service Contract"). Each Tax Service Contract shall be assigned to the Trustee, or a successor Servicer at the applicable Servicer's expense in the event that a Servicer is terminated as Servicer of the related Mortgage Loan.
(b) To the extent required by that the related Mortgage Noteservices described in this paragraph (b) are not otherwise provided pursuant to the Tax Service Contracts described in paragraph (a) hereof, the Servicer undertakes to perform such functions. The Servicer shall establish and maintain, or cause to be established and maintained, one or more accounts (the "Escrow Accounts"), into which all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activitiesactivities on a daily basis, and in no event more than one Business Day after the Servicer's receipt thereof, all collections from the Mortgagors (or related advances from Subservicers) for the payment of taxes, assessments, hazard insurance premiums and comparable items for the account of the Mortgagors ("Escrow Payments Payments") collected on account of the Mortgage Loans and shall thereafter deposit such Escrow Payments in the Escrow Accounts, in no event more than two Business Days after the receipt deposit of such Escrow Paymentsfunds in the clearing account, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Withdrawals of amounts from an Escrow Account may be made only to (i) effect payment of taxes, assessments, hazard insurance premiums, and comparable items in a manner and at a time that assures that the lien priority of the Mortgage is not jeopardized (or, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien)items; (ii) reimburse the Servicer (or a Sub-Servicer Subservicer to the extent provided in the related Sub-Servicing Subservicing Agreement) out of related collections for any Servicing Advances advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 3.13 (with respect to hazard insurance); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; or (v) clear and terminate the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement or (vi) recover amounts deposited in accordance with Article X. In the event the Servicer shall deposit in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Propertyerror. As part of its servicing duties, the Servicer or any Sub-Servicers Subservicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine whether any such payments are made by the Mortgagor in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure of a tax lien. The Servicer may pay to itself any excess interest on funds assumes full responsibility for the payment of all such bills within such time and shall effect payments of all such bills irrespective of the Mortgagor's faithful performance in the payment of same or the making of the Escrow AccountsPayments and shall make advances from its own funds to effect such payments; provided, to the extent however, that such action is in conformity with the Servicing Standard, is permitted by law and such amounts advances are not required deemed to be paid to Mortgagors or used for any of the other purposes set forth aboveServicing Advances.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc Trust 2003-He2), Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc Trust 2003-He2)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Mortgage Loan or Serviced Whole Loan (other than the Non-Serviced Mortgage Loan), the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent required by such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage NoteLoan (other than the Non-Serviced Mortgage Loan) or Serviced Whole Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Non-Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan notwithstanding that the Master Servicer has determined that such a Property Advance would be nonrecoverable if making the payment would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, if, in each instance, the Special Servicer determines (which determination shall be made, in the case of a Mortgage Loan that is not a Specially Serviced Mortgage Loan, with reasonable promptness following a request therefor by the Master Servicer; provided the Special Servicer receives all information from the Master Servicer that it reasonably requests to make such a determination) in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Companion Loan Noteholder (as a collective whole). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Whole Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the each, an "Escrow AccountsAccount"), ) into which all Escrow Payments shall be deposited within two Business Days after receipt. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) and retainedany Insurance Proceeds or Liquidation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans that is not an Eligible Account) and shall deposit in the Escrow Accountsbe entitled, "Wachovia Bank, National Association, as Master Servicer, in no event more than two Business Days after the receipt trust for Wells Fargo Bank, N.A., as Trustee in trust for Holders of such Escrow PaymentsGS Mortgage Xxxxxities Corporation II, all Escrow Payments collected on account of the Commercial Mortgage Loans for the purpose of effecting the payment of Pass-Through Certificates, Series 2006-GG8, any such items as required under the terms of this Agreement. related Companion Loan Noteholder and Various Mortgagors." Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan;
(orii) to transfer funds to the Collection Account and/or the applicable Whole Loan Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums as may be determined to be overages; the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein .
(c) The parties acknowledge that pursuant to the contrary notwithstanding. The Other Pooling Agreement, the related Other Master Servicer will be responsible for the administration of the Escrow Accounts and will be is obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien servicing advances with respect to the Non-Serviced Mortgage being imposed, the Loan. The Other Master Servicer will, within 10 Business Days of receipt of such notice, advance or cause shall be entitled to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay reimbursement for Nonrecoverable Property Advances with respect to the Mortgagors Non-Serviced Mortgage Loan (with, in each case, any accrued and unpaid interest on funds thereon provided for under the Other Pooling Agreement) in the Escrow Accounts, to manner set forth in the extent required by law and, to Other Pooling Agreement and the Fair Lakes Office Park Intercreditor Agreement. If the Trustee or the Master Servicer has received notice from Moody's or Fitch that the Master Servicer no longer is an approved mastxx xxxxicer then such party shall promptly notify the other and the Special Servicer and the Trustee shall notify the related Companion Loan Noteholder(s) of the same.
(d) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid established and executed pursuant to Mortgagors the terms of a Mortgage Loan or used for a Serviced Whole Loan (other than the Non-Serviced Mortgage Loan), or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan or Serviced Whole Loan (other purposes set forth abovethan the Non-Serviced Mortgage Loan), the Master Servicer shall determine (which determination may be made on the basis of inquiry to the Mortgagor and this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.19; provided that all deliveries required to be made to Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or Serviced Whole Loan as of the date required under the related Mortgage Loan or Serviced Whole Loan and report any such failure to the Special Servicer and the related Companion Loan Noteholders within a reasonable time after the later of March 31, 2007 and the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2006-Gg8), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2006-Gg8)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgage Loan (other than any REO Mortgage Loan), the extent required by Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage NoteLoan. If a Borrower fails to make any such payment on a timely basis or collections from the Borrower are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in its good faith business judgment that such Advance would be a Nonrecoverable Advance. The Master Servicer shall be entitled to reimbursement of Advances, with interest thereon at the Advance Rate, that it makes pursuant to the preceding sentence from amounts received on or in respect of the related Mortgage Loan respecting which such Advance was made or if such Advance has become a Nonrecoverable Advance, to the extent permitted by Section 3.06 of this Agreement. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the each, an "Escrow AccountsAccount"), ) into which all Escrow Payments shall be deposited within two Business Days after receipt. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments pursuant to Section 3.07(b) and retainedany Insurance Proceeds or Liquidation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans that is not an Eligible Account) and shall deposit in the Escrow Accountsbe entitled, "GMAC Commercial Mortgage Corporation, as Master Servicer, in no event more than two Business Days after the receipt trust for LaSalle National Bank, as Trustee in trust for Holders of such Escrow PaymentsGS Mortgage Securities Corporation II, all Escrow Payments collected on account of the Commercial Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Pass-Through Certificates, Series 1998-XX XX and Various Borrowers." Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan;
(orii) to transfer funds to the Collection Account to reimburse the Master Servicer, the Special Servicer, the Trustee or the Fiscal Agent, as applicable, for any Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums as may be determined to be overages; the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Borrower (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Borrower under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Borrowers pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any of the other purposes set forth above.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Commercial Mortgage Pass Through Cert Series 1998 Gl Ii), Pooling and Servicing Agreement (Commercial Mortgage Pass Through Cert Series 1998 Gl Ii)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Mortgage Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent required by such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage NoteLoan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, or would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders (as a collective whole as if the Certificateholders constituted a single lender). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans that is not an Eligible Account) and shall deposit in the Escrow Accountsbe entitled, in no event more than two Business Days after the receipt “Wxxxx Fargo Bank, National Association, as Master Servicer, on behalf of such Escrow PaymentsDeutsche Bank Trust Company Americas, all Escrow Payments collected on account of the Mortgage Loans as Trustee for the purpose registered Holders of effecting the payment of any such items as required under the terms of this Agreement. GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2013-GCJ12 and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan, as applicable;
(orii) to transfer funds to the Collection Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein. In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to discretion.
(c) [Reserved]
(d) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Mortgage Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors or used for any Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan as of the other purposes set forth abovedate required under the related Mortgage Loan and report any such failure to the Special Servicer and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2013-Gcj12), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2013-Gcj12)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To With respect to each EMC Mortgage Loan that is not a Second Lien Group II HELOC, to the extent required by the related Mortgage Note, the Servicer Company shall establish and maintain, or cause to be established and maintained, maintain one or more accounts (each, an “Escrow Account”) and deposit and retain therein all collections from the "Escrow Accounts")Mortgagors (or Servicing Advances by the Company) for the payment of taxes, into which all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit in assessments, hazard insurance premiums or comparable items for the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and Mortgagors. The Company shall only be required to deposit in into an Escrow Account collections from the Escrow AccountsMortgagors (or Servicing Advances by the Company) for the payment of taxes, in no event more than two Business Days after assessments, hazard insurance premiums or comparable items for the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for Mortgagors with respect to any First Lien Group II HELOCs if the purpose Company is aware of effecting the first lien position of such First Lien Group II HELOCs. Nothing herein shall require the Company to compel a Mortgagor to establish an Escrow Account in violation of applicable law. The Company shall not be required to maintain records relating to the payment of taxes, or deposit or retain any such items as required under collections from the terms Mortgagors for the payment of this Agreementtaxes, assessments, insurance premiums or comparable items, with respect to the Group II HELOCs. Withdrawals of amounts so collected from an the Escrow Account Accounts may be made only to (i) effect timely payment of taxes, assessments, hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that the lien priority of the Mortgage is not jeopardized (oritems, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) Company out of related collections for any Servicing Advances payments made with respect to each EMC Mortgage Loan pursuant to Section 3.01 (with respect to taxes and assessmentsassessments and insurance premiums) and Section 3.14 3.05 (with respect to hazard insurance); (iii) , to refund to any Mortgagors for any EMC Mortgage Loans any sums as may be determined to be overages; (iv) , to pay interest, if required and as described belowby law or the terms of the related Mortgage or Mortgage Note, to such Mortgagors on balances in the Escrow Account; Account or (v) to clear and terminate the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In the event the Servicer shall deposit in a Section 11.01 thereof. The Escrow Account any amount shall not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration a part of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any of the other purposes set forth aboveTrust Fund.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Saco I Trust 2005-5), Pooling and Servicing Agreement (Mortgage Pass-Through Certificates, Series 2005-5)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Mortgage Loan (other than a Non-Serviced Trust Loan), the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent required by such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage NoteLoan (other than a Non-Serviced Trust Loan). With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to a Non-Serviced Trust Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, or would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders (as a collective whole as if the Certificateholders constituted a single lender). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans that is not an Eligible Account) and shall deposit in the Escrow Accountsbe entitled, in no event more than two Business Days after the receipt “Xxxxx Fargo Bank, National Association, as Master Servicer, on behalf of such Escrow PaymentsU.S. Bank National Association, all Escrow Payments collected on account of the Mortgage Loans as Trustee for the purpose registered Holders of effecting the payment of any such items as required under the terms of this Agreement. GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2012-GCJ9, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan;
(orii) to transfer funds to the Collection Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums as may be determined to be overages; the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to .
(c) [Reserved]
(d) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Mortgage Loan (other than a Non-Serviced Trust Loan), or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan (other than a Non-Serviced Trust Loan), the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors or used for any Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan as of the other purposes set forth abovedate required under the related Mortgage Loan and report any such failure to the Special Servicer and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2012-Gcj9), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2012-Gcj9)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) The Servicer shall ensure that each of the Mortgage Loans shall be covered by a paid-in-full, life-of-the-loan tax service contract in effect with respect to each First Lien Mortgage Loan (each, a "Tax Service Contract") serviced by the Servicer. Each Tax Service Contract shall be assigned to the Trustee, or its designee, at the Servicer's expense in the event that the Servicer is terminated as Servicer of the related Mortgage Loan.
(b) To the extent required that the services described in this paragraph (b) are not otherwise provided pursuant to the Tax Service Contracts described in paragraph (a) hereof, the Servicer undertakes to perform such functions with respect to the Mortgage Loans serviced by the Servicer. To the extent the related Mortgage NoteLoan provides for Escrow Payments, the Servicer shall establish and maintain, or cause to be established and maintained, one or more accounts (the "Escrow Accounts"), into which all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activitiesactivities on a daily basis, and in no event more than one Business Day after the Servicer's receipt thereof, all collections from the Mortgagors (or related advances from Subservicers) for the payment of taxes, assessments, hazard insurance premiums and comparable items for the account of the Mortgagors ("Escrow Payments Payments") collected on account of the Mortgage Loans and shall thereafter deposit such Escrow Payments in the Escrow Accounts, in no event more than two Business Days after the receipt deposit of such Escrow Paymentsfunds in the clearing account, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Withdrawals of amounts from an Escrow Account may be made only to (i) effect payment of taxes, assessments, fire and hazard insurance premiums, condominium charges and comparable items in a manner and at a time that assures that the lien priority of the Mortgage is not jeopardized (or, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien)items; (ii) reimburse the Servicer (or a Sub-Servicer Subservicer to the extent provided in the related Sub-Servicing Subservicing Agreement) out of related collections for any Servicing Advances advances made pursuant to Section 3.01 3.01(b) (with respect to taxes and assessments) and Section 3.14 3.13(a) (with respect to hazard insurance); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) apply to the restoration or repair of the Mortgaged Property in accordance with Section 3.13(a); (v) transfer to the Collection Account and application to reduce the principal balance of the Mortgage Loan in accordance with the terms of the related Mortgage and Mortgage Note; (vi) pay interestinterest to the Servicer and, if required and as described below, to Mortgagors on balances in the Escrow Account; or (vvii) clear and terminate the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect of the related Mortgage Loans under this Agreement Agreement; or (viii) recover amounts deposited in accordance with Article X. In the event the Servicer shall deposit in a Escrow Account any amount not required to be error or for which amounts previously deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property are returned due to a tax sale "not sufficient funds" or other denial of payment by the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Propertyrelated Mortgagor's banking institution. As part of its servicing duties, the Servicer or any Sub-Servicers Subservicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. To the extent that a First Lien Mortgage Loan does not provide for Escrow Payments, the Servicer shall use commercially reasonable efforts consistent with Accepted Servicing Practices to determine whether any such payments are made by the Mortgagor in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. The Servicer may pay to itself any excess interest on funds assumes full responsibility for the payment of all such bills within such time and shall effect payments of all such bills irrespective of the Mortgagor's faithful performance in the payment of same or the making of the Escrow AccountsPayments and shall make advances from its own funds to effect such payments; provided, to the extent however, that such action is in conformity with the Servicing Standard, is permitted by law and such amounts advances are not required deemed to be paid to Mortgagors or used for any of the other purposes set forth aboveServicing Advances.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (GSAMP Trust 2005-He4), Pooling and Servicing Agreement (GSAMP Trust 2005-He4)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "[Insert name of Servicer], in trust for registered holders of Bank of America Mortgage Securities, Inc. Mortgage Pass-Through Certificates, Series 2002-D and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Mortgage Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Mortgage Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bank of America Mortgage Securities Inc M Pa Th Ce Se 2002-H), Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass THR Cert Ser 2002 D)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To the extent required by the related Mortgage Note, the Servicer shall establish and maintain, or cause to be established and maintained, one or more accounts (the "“Escrow Accounts"”), into which all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit in the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Withdrawals of amounts from an Escrow Account may be made only to (i) effect payment of taxes, assessments, hazard insurance premiums, and comparable items in a manner and at a time that assures that the lien priority of the Mortgage is not jeopardized (or, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; or (v) clear and terminate the Escrow Account at the termination of the Servicer's ’s obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any of the other purposes set forth above.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-2), Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-4, Asset-Backed Certificates, Series 2005-4)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Mortgage Loan or Whole Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent required by such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage NoteLoan or Whole Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, or would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Companion Loan Holder (as a collective whole as if the Certificateholders and such Companion Loan Holder constituted a single lender). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Whole Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two Business Days after receipt. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in an account that is not an Eligible Account) and shall deposit in be entitled, “Wxxxx Fargo Bank, National Association, as Master Servicer, on behalf of U.S. Bank National Association, as Trustee, for the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account benefit of the registered Holders of Citigroup Commercial Mortgage Loans Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2012-GC8, the Companion Loan Holders, and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Whole Loan, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Whole Loan Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Whole Loan, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Whole Loan, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Whole Loan, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to .
(c) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Mortgage Loan or a Whole Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of a Mortgage Loan or Whole Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made and, if not, the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Whole Loan as of the other purposes set forth abovedate required under the related Mortgage Loan or Whole Loan and report any such failure to the Special Servicer, the Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2012-Gc8), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2012-Gc8)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To the extent required by the related (a) With respect to each Mortgage NoteLoan (other than any REO Mortgage Loan), the Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, the Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage Loan. If a Borrower fails to make any such payment on a timely basis or collections from the Borrower are insufficient to pay any such item before the applicable penalty or termination date, the Servicer shall advance the amount of any shortfall as a Property Advance unless the Servicer determines in its good faith business judgment that such Advance would be a Nonrecoverable Advance. The Servicer shall be entitled to reimbursement of Advances, with interest thereon at the Advance Rate, that it makes pursuant to the preceding sentence from amounts received on or in respect of the related Mortgage Loan respecting which such Advance was made or if such Advance has become a Nonrecoverable Advance, to the extent permitted by Section 3.06 of this Agreement. No costs incurred by the Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the each, an "Escrow AccountsAccount"), ) into which all Escrow Payments shall be deposited within one (1) Business Day after receipt. The Servicer shall also deposit into each Escrow Account any amounts representing losses on Permitted Investments pursuant to Section 3.07(b) and retainedany Insurance Proceeds or Liquidation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires it to be held in the clearing an account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans that is not an Eligible Account) and shall deposit in the Escrow Accountsbe entitled "AMRESCO Services, L.P., as Servicer, in no event more than two Business Days after the receipt trust for LaSalle National Bank, as Trustee in trust for Holders of such Escrow PaymentsAsset Securitization Corporation, all Escrow Payments collected on account of the Commercial Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this AgreementPass-Through Certificates, Series 1997-D5, and Various Borrowers". Withdrawals of amounts from an Escrow Account may be made only to by the Servicer only:
(i) to effect payment timely payments of taxesitems constituting Escrow Payments for the related Mortgage;
(ii) to transfer funds to the Collection Account to reimburse the Servicer, assessmentsthe Special Servicer, hazard insurance premiumsthe Trustee or the Fiscal Agent, and comparable items in a manner and as applicable, for any Advance (with interest thereon at a time that assures that the lien priority of the Mortgage is not jeopardized (orAdvance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums as may be determined to be overages; the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Borrower any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Borrower under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan, or otherwise to the Servicer; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any of the other purposes set forth above.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Asset Securitization Corp Series 1997-D5), Pooling and Servicing Agreement (Asset Securitization Corp Series 1997-D5)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) The Servicer shall ensure that each First Lien Mortgage Loan shall be covered by a paid-in-full, life-of-the-loan tax service contract (each, a "Tax Service Contract"); provided, that the applicable Original Loan Seller transferred a fully transferable Tax Service Contract to the Servicer at no expense to the Servicer. Each Tax Service Contract shall be assigned to the Master Servicer (or successor servicer), as applicable, at the Servicer's expense in the event that the Servicer is terminated as Servicer of the related Mortgage Loan.
(b) To the extent required by that the services described in this paragraph (b) are not otherwise provided pursuant to the Tax Service Contracts described in paragraph (a) above, the Servicer undertakes to perform such functions. To the extent the related Mortgage NoteLoan provides for Escrow Payments, the Servicer shall establish and maintain, or cause to be established and maintained, one or more segregated accounts (the "Escrow Accounts"), into which all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activitiesactivities on a daily basis, and in no event more than one Business Day after the Servicer's receipt thereof, all collections from the Mortgagors (or related advances from Subservicers) for the payment of taxes, assessments, hazard insurance premiums and comparable items for the account of the Mortgagors ("Escrow Payments Payments") collected on account of the Mortgage Loans and shall thereafter deposit such Escrow Payments in the Escrow Accounts, in no event more than two Business Days after the receipt deposit of such Escrow Paymentsfunds in the clearing account, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Withdrawals of amounts from an Escrow Account may be made only to (i) effect payment of taxes, assessments, hazard insurance premiums, and comparable items in a manner and at a time that assures that the lien priority of the Mortgage is not jeopardized (or, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien)items; (ii) reimburse the Servicer (or a Sub-Servicer Subservicer to the extent provided in the related Sub-Servicing Subservicing Agreement) out of related collections for any Servicing Advances advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 3.13 (with respect to hazard insurance); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; or (v) clear and terminate the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement Agreement; or (vi) recover amounts deposited in accordance with Article X. In error. As part of its servicing duties, the event Servicer or Subservicer shall pay to the Mortgagors interest on funds in Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall deposit determine whether any such payments are made by the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may manner and at any a time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, that is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage Loan being imposed, the Servicer will, within 10 Business Days promptly and to the extent required to avoid loss of receipt of such noticethe Mortgaged Property, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part The Servicer assumes full responsibility for the payment of its servicing duties, all such bills within such time and shall effect payments of all such bills irrespective of the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds Mortgagor's faithful performance in the Escrow Accounts, to payment of same or the extent required by law and, to the extent that interest earned on funds in making of the Escrow Accounts is insufficient, to pay such interest Payments and shall make advances from its or their own fundsfunds to effect such payments; provided, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accountshowever, to the extent that such action is in conformity with the Servicing Standard, is permitted by law and such amounts advances are not required deemed to be paid to Mortgagors or used for any of the other purposes set forth aboveServicing Advances.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (GSAMP Trust 2007-He1), Pooling and Servicing Agreement (GSAMP Trust 2007-He2)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "Bank of America, N.A., in trust for registered holders of Banc of America Mortgage Securities, Inc., Mortgage Pass-Through Certificates, Series 2003-9 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust Ser 2003 9), Pooling and Servicing Agreement (Banc of America MTG Sec Inc Mort Pass THR Certs Ser 2003-9)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To With respect to each Mortgaged Property securing a Mortgage Loan or the extent required by the related Mortgage NoteLoan Combination, the Master Servicer shall establish and maintain, or cause maintain accurate records with respect to be established and maintained, one or more accounts (each related Mortgaged Property reflecting the "Escrow Accounts"), into which all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit in the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Withdrawals of amounts from an Escrow Account may be made only to (i) effect payment status of taxes, assessments, hazard ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and comparable items (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in a manner and at a time that assures that each case employing for such purpose Escrow Payments as allowed under the lien priority terms of the related Mortgage is not jeopardized (Loan or the Loan Combination. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Mortgage Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment of taxes, in a manner and at a time that avoids would prevent (i) the loss of the related Mortgaged Property due to from being uninsured or being sold at a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse any event that would cause a loss of the Servicer (or a Sub-Servicer to priority of the extent provided in lien of the related Sub-Servicing Agreement) out Mortgage, or the loss of any security for the related collections for Mortgage Loan, or would remediate any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; adverse environmental condition or (v) clear and terminate the Escrow Account circumstance at the termination of related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement , as applicable, determines in accordance with Article X. In the event Servicing Standard that making the payment is in the best interest of the Certificateholders and the Non-Trust Mortgage Interest Holder (as a collective whole as if such Certificateholders and Non-Trust Mortgage Interest Holder constituted a single lender). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall deposit make such payment from the Collection Account. No costs incurred by the Master Servicer in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to effecting the contrary notwithstanding. The Servicer will be responsible for the administration payment of the Escrow Accounts taxes and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage assessments on the Mortgaged PropertyProperties shall, or which for the Servicer knowspurpose of calculating distributions to Certificateholders, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect be added to the amount owing under the related Mortgage being imposedLoans, notwithstanding that the Servicer will, within 10 Business Days of receipt terms of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any of the other purposes set forth aboveMortgage Loans so permit.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (RBS Commercial Funding Inc.), Pooling and Servicing Agreement (RBS Commercial Funding Inc.)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required by to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan (other than an Outside Serviced Mortgage Loan) notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage NoteLoan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2017-C4, Commercial Mortgage Pass-Through Certificates, Series 2017-C4, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized (orLoan or Serviced Loan Combination, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); applicable;
(ii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Trustee, as applicable, for any Servicing Advances made pursuant to Section 3.01 Property Advance (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; or (v) clear and terminate the Escrow Account interest thereon at the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In the event the Servicer shall deposit in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any of the other purposes set forth above.Advance
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2017-C41), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2017-C4)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Mortgage Loan or Whole Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent required by such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage NoteLoan or Whole Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Mortgage Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, or would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Companion Loan Holder (as a collective whole as if the Certificateholders and such Companion Loan Holder constituted a single lender). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Whole Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two Business Days after receipt. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans that is not an Eligible Account) and shall deposit in the Escrow Accountsbe entitled, “Wxxxx Fargo Bank, National Association, as Master Servicer, in no event more than two Business Days after trust for Deutsche Bank National Trust Company, as Trustee in trust for Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2012-GCJ7, the receipt of such Escrow PaymentsCompanion Loan Holders, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan;
(orii) to transfer funds to the Collection Account and/or the applicable Whole Loan Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums as may be determined to be overages; the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to .
(c) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Mortgage Loan or a Whole Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan or Whole Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Whole Loan as of the other purposes set forth abovedate required under the related Mortgage Loan or Whole Loan and report any such failure to the Special Servicer, the Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2012-Gcj7), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2012-Gcj7)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Mortgage Loan (other than an Outside Serviced Trust Loan) or Serviced Loan Combination, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent required by such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage NoteLoan (other than an Outside Serviced Trust Loan) or Serviced Loan Combination. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Trust Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan (other than an Outside Serviced Trust Loan) notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder (as a collective whole as if the Certificateholders and such Serviced Companion Loan Holder constituted a single lender). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in an account that is not an Eligible Account) and (subject to any changes in the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account identities of the Mortgage Loans and Master Servicer and/or the Trustee) shall deposit in be entitled, “Xxxxx Fargo Bank, National Association, as Master Servicer, on behalf of U.S. Bank National Association, as Trustee for the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account benefit of the registered Holders of Citigroup Commercial Mortgage Loans for Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2014-GC19, the purpose of effecting the payment of any such items as required under the terms of this Agreement. Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Loan Combination, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to discretion.
(d) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Mortgage Loan (other than an Outside Serviced Trust Loan) or a Serviced Loan Combination, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan (other than an Outside Serviced Trust Loan) or Serviced Loan Combination, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Loan Combination as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2014-Gc22), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2014-Gc19)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "Bank of America, N.A., in trust for registered holders of Banc of America Mortgage Securities, Inc., Mortgage Pass-Through Certificates, Series 2005-9 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Banc of America Mortgage Securities Mortgage Pass-Through Certificates Series 2005-9 Trust), Pooling and Servicing Agreement (Banc of America Mortgage Securities Mortgage Pass-Through Certificates Series 2005-9 Trust)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) Each Servicer shall ensure that each of the Mortgage Loans serviced by such Servicer shall be covered by a paid-in-full, life-of-the-loan tax service contract in effect with respect to each Mortgage Loan (each, a "Tax Service Contract") serviced by such Servicer. Each Tax Service Contract shall be assigned to the Trustee, or its designee, at the applicable Servicer's expense in the event that a Servicer is terminated as Servicer of the related Mortgage Loan.
(b) To the extent required that the services described in this paragraph (b) are not otherwise provided pursuant to the Tax Service Contracts described in paragraph (a) hereof, the applicable Servicer undertakes to perform such functions with respect to the Mortgage Loans serviced by such Servicer. To the extent the related Mortgage NoteLoan provides for Escrow Payments, the applicable Servicer shall establish and maintain, or cause to be established and maintained, one or more accounts (the "Escrow Accounts"), into which all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accounts. The Each Servicer shall deposit in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activitiesactivities on a daily basis, and in no event more than one Business Day after such Servicer's receipt thereof, all collections from the Mortgagors (or related advances from Subservicers) for the payment of taxes, assessments, hazard insurance premiums and comparable items for the account of the Mortgagors ("Escrow Payments Payments") collected on account of the Mortgage Loans and shall thereafter deposit such Escrow Payments in the Escrow Accounts, in no event more than two Business Days after the receipt deposit of such Escrow Paymentsfunds in the clearing account, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Withdrawals of amounts from an Escrow Account may be made only to (i) effect payment of taxes, assessments, fire and hazard insurance premiums, condominium charges and comparable items in a manner and at a time that assures that the lien priority of the Mortgage is not jeopardized (or, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien)items; (ii) reimburse the applicable Servicer (or a Sub-Servicer Subservicer to the extent provided in the related Sub-Servicing Subservicing Agreement) out of related collections for any Servicing Advances advances made pursuant to Section 3.01 3.01(b) (with respect to taxes and assessments) and Section 3.14 3.13(a) (with respect to hazard insurance); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) apply to the restoration or repair of the Mortgaged Property in accordance with Section 3.13(a); (v) transfer to the Collection Account and application to reduce the principal balance of the Mortgage Loan in accordance with the terms of the related Mortgage and Mortgage Note; (vi) pay interestinterest to the applicable Servicer and, if required and as described below, to Mortgagors on balances in the Escrow Account; or (vvii) clear and terminate the Escrow Account at the termination of the applicable Servicer's obligations and responsibilities in respect of the related Mortgage Loans under this Agreement Agreement; or (viii) recover amounts deposited in accordance with Article X. In the event the Servicer shall deposit in a Escrow Account any amount not required to be error or for which amounts previously deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property are returned due to a tax sale "not sufficient funds" or other denial of payment by the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Propertyrelated Mortgagor's banking institution. As part of its servicing duties, the each Servicer or any Sub-Servicers Subservicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The To the extent that a Mortgage does not provide for Escrow Payments, the applicable Servicer may pay shall use commercially reasonable efforts consistent with Accepted Servicing Practices to itself determine whether any excess interest on funds such payments are made by the Mortgagor in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. Each Servicer assumes full responsibility for the payment of all such bills within such time and shall effect payments of all such bills irrespective of the Mortgagor's faithful performance in the payment of same or the making of the Escrow AccountsPayments and shall make advances from its own funds to effect such payments; provided, to the extent however, that such action is in conformity with the Servicing Standard, is permitted by law and such amounts advances are not required deemed to be paid to Mortgagors or used for any of the other purposes set forth aboveServicing Advances.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ff2), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ff2)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Serviced Trust Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Trust Loan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Trust Certificateholders, the Uncertificated Interest Owners and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Trust Certificateholders, the Uncertificated Interest Owners and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Whole Loan, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Trust Certificateholders and the Uncertificated Interest Owners, be added to the amount owing under the related Trust Loans, notwithstanding that the terms of such Trust Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Note, the Servicer Loan or Serviced Whole Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Loan Documents. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Loan Documents require or permit it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Computershare Trust Company, National Association, as Trustee for the benefit of the registered Holders of BMO 2024-5C7 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2024-5C7, the Uncertificated Interest Owners, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Whole Loan, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Whole Loan Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Whole Loan, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Whole Loan, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Whole Loan, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Trust Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Trust Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, neither the Mortgaged Property, Master Servicer nor the Special Servicer shall apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt any Trust Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Trust Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Trust Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Whole Loan as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Whole Loan and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Benchmark 2024-V11 Mortgage Trust), Pooling and Servicing Agreement (BMO 2024-5c7 Mortgage Trust)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent required by such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage NoteLoan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to a Non-Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, or would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders and/or the related Serviced Companion Loan Holder(s) constituted a single lender). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Whole Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in an account that is not an Eligible Account) and shall deposit in be entitled, “Xxxxx Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee for the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account benefit of the registered Holders of CSAIL 2015-C2 Commercial Mortgage Loans Trust, Commercial Mortgage Pass-Through Certificates, Series 2015-C2, any related Companion Loan Holders, and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Mortgage Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Whole Loan, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Serviced Whole Loan Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Whole Loan, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Whole Loan, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Whole Loan, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Mortgage Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein. In the event any Mortgage Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and Account for so long as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of Loan Documents permit such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to discretion.
(c) [Reserved.]
(d) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Mortgage Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then-current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Whole Loan as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Whole Loan and report any such failure to the Special Servicer, the Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CSAIL 2015-C3 Commercial Mortgage Trust), Pooling and Servicing Agreement (CSAIL 2015-C2 Commercial Mortgage Trust)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To the extent required by the related (a) With respect to each Mortgage NoteLoan (other than any REO Mortgage Loan), the Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, the Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage Loan. If a Borrower fails to make any such payment on a timely basis or collections from the Borrower are insufficient to pay any such item before the applicable penalty or termination date, the Servicer shall advance the amount of any shortfall as a Property Advance unless the Servicer determines in its good faith business judgment that such Advance would be a Nonrecoverable Advance. The Servicer shall be entitled to reimbursement of Advances, with interest thereon at the Advance Rate, that it makes pursuant to the preceding sentence from amounts received on or in respect of the related Mortgage Loan respecting which such Advance was made or if such Advance has become a Nonrecoverable Advance, to the extent permitted by Section 3.06 of this Agreement. No costs incurred by the Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the each, an "Escrow AccountsAccount"), ) into which all Escrow Payments shall be deposited within one (1) Business Day after receipt. The Servicer shall also deposit into each Escrow Account any amounts representing losses on Permitted Investments pursuant to Section 3.07(b) and retainedany Insurance Proceeds or Liquidation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires it to be held in the clearing an account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans that is not an Eligible Account) and shall deposit in the Escrow Accountsbe entitled "AMRESCO Management, Inc., as Servicer, in no event more than two Business Days after the receipt trust for LaSalle National Bank, as Trustee in trust for Holders of such Escrow PaymentsAsset Securitization Corporation, all Escrow Payments collected on account of the Commercial Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this AgreementPass-Through Certificates, Series 1997-D4, and Various Borrowers". Withdrawals of amounts from an Escrow Account may be made only to by the Servicer only:
(i) to effect payment timely payments of taxesitems constituting Escrow Payments for the related Mortgage;
(ii) to transfer funds to the Collection Account to reimburse the Servicer, assessmentsthe Special Servicer, hazard insurance premiumsthe Trustee or the Fiscal Agent, and comparable items in a manner and as applicable, for any Advance (with interest thereon at a time that assures that the lien priority of the Mortgage is not jeopardized (orAdvance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums as may be determined to be overages; the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Borrower any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Borrower under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan, or otherwise to the Servicer; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any of the other purposes set forth above.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Asset Securitization Corp Comm Mort Pass THR Cer Ser 1997-D4), Pooling and Servicing Agreement (Asset Securitization Corp Comm Mort Pass THR Cer Ser 1997-D4)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "Bank of America, N.A., in trust for registered holders of Banc of America Mortgage Securities, Inc., Mortgage Pass-Through Certificates, Series 2004-11 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Banc of America Mortgage Securities Mortgage Pass-Through Certificates Series 2004-11Trust), Pooling and Servicing Agreement (Banc of America Mortgage Securities Inc)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "[Insert name of Servicer], in trust for registered holders of Bank of America Mortgage Securities, Inc. Mortgage Pass-Through Certificates, Series 2000-1 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass THR Cert Ser 2000 1), Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass THR Cert Ser 2000 1)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "Bank of America, N.A., in trust for registered holders of Banc of America Alternative Loan Trust 2005-7 Mortgage Pass-Through Certificates, Series 2005-7 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "[Insert name of Servicer], in trust for registered holders of Banc of America Alternative Loan Trust 2003-9 Mortgage Pass-Through Certificates, Series 2003-9 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust Ser 2003 9)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "Bank of America, National Association, in trust for registered holders of Banc of America Alternative Loan Trust 2006-8 Mortgage Pass-Through Certificates, Series 2006-8 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by Fannie Mae or Freddie Mac as an eligible institution for escrow accouxxx xxd xxich xx x xxmber of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust 2006-8)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To the extent required by the related Mortgage Noteprovides for Escrow Payments, the Servicer shall establish and maintain, or cause to be established and maintained, one or more segregated accounts (the "“Escrow Accounts"”), into which all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activitiesactivities on a daily basis, and in no event more than one Business Day after the Servicer’s receipt thereof, all collections from the Mortgagors (or related advances from Subservicers) for the payment of taxes, assessments, hazard insurance premiums and comparable items for the account of the Mortgagors (“Escrow Payments Payments”) collected on account of the Mortgage Loans and shall thereafter deposit such Escrow Payments in the Escrow Accounts, in no event more than two Business Days after the receipt deposit of such Escrow Paymentsfunds in the clearing account, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Withdrawals of amounts from an Escrow Account may be made only to (i) effect payment of taxes, assessments, hazard insurance premiums, and comparable items in a manner and at a time that assures that the lien priority of the Mortgage is not jeopardized (or, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien)items; (ii) reimburse the Servicer (or a Sub-Servicer Subservicer to the extent provided in the related Sub-Servicing Subservicing Agreement) out of related collections for any Servicing Advances advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 3.13 (with respect to hazard insurance); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; or (v) clear and terminate the Escrow Account at the termination of the Servicer's ’s obligations and responsibilities in respect of the Mortgage Loans under this Agreement Agreement; or (vi) recover amounts deposited in accordance with Article X. In the event the Servicer shall deposit in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Propertyerror. As part of its servicing duties, the Servicer or any Sub-Servicers Subservicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine whether any such payments are made by the Mortgagor in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure of a tax lien. The Servicer may pay to itself any excess interest on funds assumes full responsibility for the payment of all such bills within such time and shall effect payments of all such bills irrespective of the Mortgagor’s faithful performance in the payment of same or the making of the Escrow AccountsPayments and shall make advances from its own funds to effect such payments; provided, to the extent however, that such action is in conformity with the Servicing Standard, is permitted by law and such amounts advances are not required deemed to be paid to Mortgagors or used for any of the other purposes set forth aboveServicing Advances.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HASCO Trust 2005-Opt1)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "Bank of America, National Association, in trust for registered holders of Banc of America Alternative Loan Trust 2006-6 Mortgage Pass-Through Certificates, Series 2006-6 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by Fannie Mae or Freddie Mac as an eligible institution for escrow accouxxx xxd xxich xx x xxmber of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust 2006-6)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "Bank of America, N.A., in trust for registered holders of Banc of America Alternative Loan Trust 2005-3 Mortgage Pass-Through Certificates, Series 2005-3 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "Bank of America, N.A., in trust for registered holders of Banc of America Mortgage Securities, Inc., Mortgage Pass-Through Certificates, Series 2005-1 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To the extent required by the related Mortgage Note, the (a) The Servicer shall establish and maintain, or cause to be established and maintained, one or more accounts (the "maintain Escrow Accounts"), Accounts into which all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accountsdeposited. The Servicer shall deposit notify the Indenture Trustee and the Issuer in the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account writing of the Mortgage Loans location and account number of each Escrow Account it establishes and shall deposit in notify the Escrow Accounts, in no event more than two Business Days after Indenture Trustee and the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of Issuer prior to any such items as required under the terms of this Agreementchange thereof. Withdrawals of amounts from an Escrow Account may be made made, subject to the terms governing the use of the related Escrow Payments, only to to: (i) effect payment of taxes, assessments, hazard tenant improvements, leasing commissions, insurance premiums, property maintenance or repair expenses, capital expenditure, ground rents and comparable items in a manner and at a time that assures that the lien priority of the Mortgage is not jeopardized (or, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien)items; (ii) reimburse the Servicer (refund to Obligors any sums determined to be overages or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance)remove funds erroneously deposited therein; (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described belowrequired, to Mortgagors Obligors on balances in the Escrow Account; (iv) withdraw interest or other income which lawfully belongs to the Issuer; (v) clear and terminate the Escrow Account at the termination of this Agreement and (vi) if permitted by the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan documents, apply such amounts or any portion thereof to principal, interest or other amounts due and owing on such Loan. The Servicer shall inform the Master Servicer prior to any advance or need for an advance to pay Escrow Payments in accordance with Article X. In the event manner set forth in the last paragraph of Section 2.01.
(b) With respect to each Mortgaged Property and REO, the Servicer shall deposit monitor and evaluate compliance by the applicable Obligors of their obligations and shall maintain accurate records, with respect to the status of taxes, assessments and other similar items that are or may become a lien thereon and the status of insurance premiums payable with respect thereto as well as the payment of ground rents with respect to each Ground Lease. The Servicer shall use reasonable and diligent efforts to obtain, from time to time, originals or copies of all bills for the payment of such items (including renewal premiums), and shall cause the applicable Obligor to pay or, if and to the extent the Servicer holds adequate funds in a an Escrow Account any amount not required maintained for such expenses with respect to be deposited thereinsuch Loan, it may at any time withdraw such amount shall itself pay from such Escrow Account, any provision herein such amounts, prior to the contrary notwithstandingapplicable penalty or termination date. The Servicer will be responsible for To the administration of the Escrow Accounts and will be obligated extent that a Loan does not require an Obligor to make Servicing Advances to such accounts when payments for taxes, assessments, insurance premiums and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertyother similar items in escrow, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary shall use reasonable and diligent efforts to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If require that any such payment has not been be made and by the Obligor at the time they first become due. If an Obligor fails to make any such payment on a timely basis or collections from an Obligor are insufficient to pay any such item prior to delinquency, the amount of any shortfall shall be paid by the Servicer receives notice of as a tax lien with respect to the Mortgage being imposedProperty Protection Expense, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, except to the extent such action payment is in conformity inconsistent with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any provisions of the other purposes set forth abovefinal sentence of Section 2.16 (b).
Appears in 1 contract
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "[Insert name of Servicer], in trust for registered holders of Banc of America Mortgage Securities, Inc. Mortgage Pass-Through Certificates, Series 2003-C and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Mort Sec Inc Mort Pass THR Cert Ser 2003-C)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "Bank of America, N.A., in trust for registered holders of Banc of America Mortgage Securities, Inc. Mortgage Pass-Through Certificates, Series 2004-L and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the each Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan serviced by such Servicer which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "[Insert name of Servicer], in trust for registered holders of Bank of America Mortgage Securities, Inc. Mortgage Pass-Through Certificates, Series 1999-1 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Each Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accountsserviced by such Servicer, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require either Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the related Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse such Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by such Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the related Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event the Trust Estate.
(c) With respect to each Mortgage Loan it services, each Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. Each 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by such Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the related Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The related Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Payments. The related Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If shall advance any such payment has payments that are not been made and the timely paid, but such Servicer receives notice of a tax lien with respect shall be required so to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficientgood faith judgment of such Servicer, to pay will be recoverable by such interest from its Servicer out of Insurance Proceeds, Liquidation Proceeds or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any of the other purposes set forth aboveotherwise.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bank of America Mortgage Securities Inc)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "GreenPoint, in trust for registered holders of Banc of America Funding Corporation, Mortgage Pass-Through Certificates, Series 2005-C and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Mortgage Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.10(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan it services, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Mortgage Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-C Trust)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "[Insert name of Servicer], in trust for registered holders of Banc of America Alternative Loan Trust 2003-4 Mortgage Pass-Through Certificates, Series 2003-4 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Alternative Loan Trust Mort Pass Through Cert Series 2003-4)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "Bank of America, N.A., in trust for registered holders of Banc of America Alternative Loan Trust 2004-4 Mortgage Pass-Through Certificates, Series 2004-4 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "[Insert name of Servicer], in trust for registered holders of Banc of America Alternative Loan Trust 2003-2 Mortgage Pass-Through Certificates, Series 2003-2 and various Mortgagors". The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Mortgage Sec Inc Alternative Loan Tr 2003-2)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "Bank of America, N.A., in trust for registered holders of Banc of America Alternative Loan Trust 2004-5 Mortgage Pass-Through Certificates, Series 2004-5 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgage Loan (other than any REO Mortgage Loan), the extent required by Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage NoteLoan. If a Borrower fails to make any such payment on a timely basis or collections from the Borrower are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in its good faith business judgment that such Advance would be a Nonrecoverable Advance. The Master Servicer shall be entitled to reimbursement of Advances, with interest thereon at the Advance Rate, that it makes pursuant to the preceding sentence from amounts received on or in respect of the related Mortgage Loan respecting which such Advance was made or if such Advance has become a Nonrecoverable Advance, to the extent permitted by Section 3.06 of this Agreement. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the each, an "Escrow AccountsAccount"), ) into which all Escrow Payments shall be deposited within two Business Days after receipt. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) and retainedany Insurance Proceeds or Liquidation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans that is not an Eligible Account) and shall deposit in the Escrow Accountsbe entitled, "GMAC Commercial Mortgage Corporation, as Master Servicer, in no event more than two Business Days after the receipt trust for LaSalle National Bank, as Trustee in trust for Holders of such Escrow PaymentsGS Mortgage Securities Corporation II, all Escrow Payments collected on account of the Commercial Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Pass-Through Certificates, Series 1999-C1 and Various Borrowers." Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan;
(orii) to transfer funds to the Collection Account to reimburse the Master Servicer, the Trustee or the Fiscal Agent, as applicable, for any Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums as may be determined to be overages; the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Borrower (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Borrower under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Borrowers pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to .
(c) To the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid established and executed pursuant to Mortgagors the terms of a Mortgage Loan, or used for (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the other purposes set forth aboveMortgage Loan, the Master Servicer shall determine whether the related Borrower has failed to perform such obligations under the related Mortgage Loan as of the date required under the related Mortgage Loan and report any such failure to the Special Servicer within a reasonable time after the later of January 1, 2000 and the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Gs Mortgage Sec Corp Ii Comm Mort Pa Thro Cer Ser 1999-C1)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "[Insert name of Servicer], in trust for registered holders of Wachovia Asset Securitization, Inc. Mortgage Pass-Through Certificates, Series 200 - and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Wachovia Asset Securitization Inc)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "[Insert name of Servicer], in trust for registered holders of Banc of America Mortgage Securities, Inc. Mortgage Pass-Through Certificates, Series 2003-A and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Mortgage Sec Inc MRT Pas THR Cert Ser 2003-A)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "[Insert name of Servicer], in trust for registered holders of Banc of America Mortgage Securities, Inc. Mortgage Pass-Through Certificates, Series 2002-L and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass-THR Cert Ser 2002-L)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "[Insert name of Servicer], in trust for registered holders of Banc of America Alternative Loan Trust 2003-5 Mortgage Pass-Through Certificates, Series 2003-5 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust 2003-5)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To In addition to the extent required by the related Mortgage NoteCustodial Account, the Servicer shall establish and maintain, or cause to be established and maintained, maintain one or more custodial accounts (the each, an "Escrow AccountsAccount")) and deposit and retain therein all collections from the Mortgagors (or advances by the Servicer) for the payment of taxes, into which all Escrow Payments shall be deposited assessments and retainedhazard insurance premiums or comparable items for the account of the Mortgagors. Escrow Accounts shall be Eligible Accounts. The All costs incurred by the Servicer or by the related Sub-Servicer in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall deposit in the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activitiesnot, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting calculating monthly distributions to the payment of any such items as required Certificateholders, be added to the Principal Balance under the related Mortgage Loans, notwithstanding that the terms of this Agreementsuch Mortgage Loans so permit. Withdrawals of amounts so collected from an the Escrow Account Accounts may be made only to (i) effect timely payment of taxes, assessments, hazard insurance premiums or Primary Mortgage Insurance Policy premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that items, to reimburse the lien priority of the Mortgage is not jeopardized Servicer pursuant to Sections 3.10 hereof (or, with respect to the payment of taxes, in a manner Primary Mortgage Insurance Policy) and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 3.08 hereof (with respect to taxes and assessments) and Section 3.14 3.11 hereof (with respect to hazard insurance); (iii) , to refund to any Mortgagors any sums as may be determined to be overages; (iv) , to pay interest, if required and as described belowrequired, to Mortgagors on balances in the Escrow Account; Account or (v) to clear and terminate the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In the event the Servicer shall deposit in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged PropertySection 10.01 hereof. As part of its servicing duties, the Servicer or shall, and the Sub-Servicers shall, pursuant to any Sub-Servicers shall Servicing Agreement, be required to, pay to the Mortgagors interest on funds in the Escrow AccountsAccount, to the extent required by law andlaw. The Servicer shall, with respect to each Mortgage Loan, to the extent that interest earned on funds any related Sub-Servicer does not do so, advance the payments referred to in the Escrow Accounts is insufficientpreceding paragraph that are not timely paid by the Mortgagors; PROVIDED, HOWEVER, that the Servicer shall be required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, so advance only to the extent that such action is advances, in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the Servicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise out of the related Mortgage Loan; and PROVIDED FURTHER, that such payments shall be advanced when the tax, premium or other purposes set forth abovecost for which such payment is intended is due.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the each Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan serviced by such Servicer which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "[Insert name of Servicer], in trust for registered holders of Banc of America Funding Corporation, Mortgage Pass-Through Certificates, Series 2005-B and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Each Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accountsserviced by such Servicer, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Mortgage Insurance Policy. Nothing herein shall require any Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the related Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse such Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by such Servicer pursuant to Section 3.01 (3.10(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the related Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event the Trust Estate.
(c) With respect to each Mortgage Loan it services, each Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Mortgage Insurance Policy premiums and fire and hazard insurance coverage. Each 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by each Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the related Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The related Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Payments. The related Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If shall advance any such payment has payments that are not been made and the timely paid, but such Servicer receives notice of a tax lien with respect shall be required so to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficientgood faith judgment of such Servicer, to pay will be recoverable by such interest from its Servicer out of Insurance Proceeds, Liquidation Proceeds or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any of the other purposes set forth aboveotherwise.
Appears in 1 contract
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "[Insert name of Servicer], in trust for registered holders of Banc of America Mortgage Securities, Inc. Mortgage Pass-Through Certificates, Series 2003-3 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Mort Sec Inc Mort Pass THR Certs Ser 2003-3)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "[Insert name of Servicer], in trust for registered holders of Bank of America Mortgage Securities, Inc. Mortgage Pass-Through Certificates, Series 2002-C and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Mortgage Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Mortgage Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Pass Through Certificates Series 2002-C)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "Bank of America, N.A., in trust for registered holders of Banc of America Alternative Loan Trust 2005-10 Mortgage Pass-Through Certificates, Series 2005-10 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "Bank of America, National Association, in trust for registered holders of Banc of America Mortgage 2007-2 Trust, Mortgage Pass-Through Certificates, Series 2007-2 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by Fannie Mae or Freddie Mac as an eligible institution for escrow accouxxx xxd xxich xx x xxmber of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Mortgage 2007-2 Trust)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "[Insert name of Servicer], in trust for registered holders of Bank of America Mortgage Securities, Inc. Mortgage Pass-Through Certificates, Series 2001-E and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Mortgage Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Mortgage Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Pass Through Certificates Series 2001 E)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "[Insert name of Servicer], in trust for registered holders of Bank of America Mortgage Securities, Inc. Mortgage Pass-Through Certificates, Series 2002-2 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bank of America Mortgage Securities Inc 2002-2)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "Bank of America, N.A., in trust for registered holders of Banc of America Mortgage Securities, Inc. Mortgage Pass-Through Certificates, Series 2005-I and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "Bank of America, N.A., in trust for registered holders of Banc of America Mortgage Securities, Inc., Mortgage Pass-Through Certificates, Series 2004-7 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To the extent required by the related Mortgage Note, the Servicer shall establish and maintain, or cause to be established and maintained, maintain one or more accounts (the each, an "Escrow AccountsAccount"), into which ) and deposit and retain therein all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit in collections from the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of Mortgagors (or advances by the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans Servicer) for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Withdrawals of amounts from an Escrow Account may be made only to (i) effect payment of taxes, assessments, hazard insurance premiums, and premiums or comparable items for the account of the Mortgagors. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. With respect to each first lien Mortgage Loan, the Servicer shall maintain accurate records reflecting the status of ground rents, taxes, assessments, water rates and other charges which are or may become a lien upon the Mortgaged Property and fire, flood and hazard insurance coverage and 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in the Escrow Account which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage or Applicable Regulations. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer (i) shall determine whether any such payments are made by the Mortgagor in a manner and at a time that assures that the lien priority of the Mortgage is not jeopardized (or, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; or (v) clear and terminate the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In the event the Servicer shall deposit in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lienlien and (ii) shall ensure that all insurance required to be maintained on the Mortgaged Property pursuant to this Agreement is maintained. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage Loan being imposed, the Servicer will, within 10 Business Days to the extent required to avoid loss of receipt of such noticethe Mortgaged Property, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any of the other purposes set forth above.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2004-Ec1)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the each Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "“Escrow Accounts"”), into which all in each case titled “[Insert name of Servicer], in trust for registered holders of Wachovia Mortgage Loan Trust, LLC Mortgage Pass-Through Certificates, Series 2006-A and various Mortgagors.” Each Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, each Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Each Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the restoration or repair of any related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require a Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law or the terms of this Agreement. the related Mortgage Loan.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by a Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) pay interestfor transfer to a Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, if required and as described below, to Mortgagors on balances in the Escrow Account; or (v) clear and terminate the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In the event the Servicer shall deposit in a Escrow Account any amount not required for application to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on restore or repair the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary (vi) to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow AccountsMortgagor, to the extent required by law andor the terms of the Mortgage Loan, any interest paid on the funds deposited in the applicable Escrow Account, (vii) to the extent that pay to itself any interest earned on funds deposited in the applicable Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law (and such amounts are not required to be paid to Mortgagors or used for any the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into an Escrow Account, (x) to withdraw any amounts inadvertently deposited in and Escrow Account or (xi) to clear and terminate any Escrow Account upon the termination of this Agreement in accordance with Section 10.01. Any Escrow Account shall not be a part of the Trust Estate.
(c) With respect to each Mortgage Loan, each Servicer shall maintain accurate records reflecting the status of taxes, assessments and other purposes set forth abovecharges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. Each 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in the Escrow Account, if any, which shall have been estimated and accumulated by such Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage Loan. To the extent that a Mortgage Loan does not provide for Escrow Payments, such Servicer shall determine whether any such payments are made by the Mortgagor. Each Servicer assumes full responsibility for the timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor’s faithful performance in the payment of same or the making of the Escrow Payments. Each Servicer shall advance any such payments that are not timely paid, but each Servicer shall be required so to advance only to the extent that such Servicing Advances, in the good faith judgment of the related Servicer, will be recoverable by such Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust, Series 2006-A)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To the extent required by the related Mortgage Note, the Servicer shall establish and maintain, or cause to be established and maintained, one or more accounts (the "Escrow Accounts"), into which all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit in the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit such Escrow Payments in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. Withdrawals of amounts from an Escrow Account may be made only to (i) effect payment of taxes, assessments, hazard insurance premiums, and comparable items in a manner and at a time that assures that the lien priority of the Mortgage is not jeopardized (or, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; or (v) clear and terminate the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In the event the Servicer shall deposit in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstanding. The Servicer will be responsible for the administration of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any of the other purposes set forth above.within
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2003-Ff2)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To The Servicer and the extent required by the related Mortgage Note, the Servicer Subservicer shall establish and maintain, or cause to be established and maintained, maintain one or more accounts (the "“Escrow Accounts"”), into which all Escrow Payments shall be deposited and retained. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit in and retain therein all collections from the clearing account in which it customarily deposits payments Mortgagors (or related advances from the Subservicer) for the payment of taxes, assessments, hazard insurance policy premiums, and collections on mortgage loans in connection with its mortgage loan servicing activities, all Escrow Payments collected on comparable items for the account of the Mortgage Loans and shall deposit in Mortgagors, to the Escrow Accounts, in no event more than two Business Days after extent that the receipt of Servicer or the Subservicer customarily escrows for such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreementamounts. Withdrawals of amounts so collected from an a Escrow Account may be made only to (i) effect payment timely payments of ground rents, taxes, assessments, hazard water rates, mortgage insurance premiums, condominium charges, fire and comparable hazard insurance premiums or other items in a manner and at a time that assures that constituting Escrow Payments for the lien priority of the Mortgage is not jeopardized (or, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien)related Mortgage; (ii) reimburse the Servicer (or a Sub-Servicer the Subservicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances payments made pursuant to Section Sections 3.01 (with respect to taxes and assessments) ), and Section 3.14 (with respect to hazard insuranceinsurance policies); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, payment of investment income to Mortgagors on balances the extent provided in the Escrow Account; mortgage loan documentation or (v) clear and terminate the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In the event the Servicer shall deposit in a Escrow Account any amount not required pursuant to be deposited therein, it may at any time withdraw such amount from such Escrow Account, any provision herein to the contrary notwithstandingSection 9.01. The Servicer will or the Subservicer shall, be responsible entitled to retain any interest paid on fund deposited in the Escrow Account by a depository institution, other than interest on escrowed funds required by Applicable Law to be paid to the Mortgagor. To the extent required by Applicable Law, the Servicer or Subservicer shall pay from its own funds 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. With respect to each Mortgage Loan, the Servicer or the Subservicer shall maintain accurate records reflecting the status of ground rents, taxes, assessments, water rates, sewer rents, and other charges which are or may become a lien upon the Mortgaged Property and the status of any mortgage insurance policy and fire and hazard insurance coverage and shall obtain, from time to time, all bills for the administration 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 Servicer of the Subservicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage Loan does not provide for Escrow Payments, the Servicer or the Subservicer shall determine that any such payments are made by the Mortgagor at the time they first become due. The Servicer or the Subservicer assumes full responsibility for the timely payment of all such bills and shall effect payments of all such bills irrespective of the Mortgagor’s faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to Payments. The Servicer or the Subservicer shall make Servicing Advances from its own funds to effect such accounts when and as necessary payments within the time period required to avoid penalties and interest and no later than the lapse of insurance coverage on the Mortgaged Property, or which the Servicer knows, or in the exercise of the time required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the related Mortgaged Property due to by foreclosure from a tax sale or other lien. The Servicer or the foreclosure as a result Subservicer will charge the Mortgagor for such advances of a tax lien. If taxes and any such payment has not been made and delinquency penalties paid by the Servicer receives notice of a tax lien or the Subservicer in connection with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing dutiesNotwithstanding the foregoing, if the Servicer or the Subservicer determines that such Servicing Advance would be a Nonrecoverable Advance, the Servicer or the Subservicer shall have no obligation to make such Servicing Advance. If Servicer or the Subservicer fails to make a Servicing Advance with respect to any Sub-Servicers payment prior to the date on which any late payment penalties or costs related to protecting the lien accrue, except in the case of a Nonrecoverable Advance, the Servicer or the Subservicer shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to the extent that interest earned on funds in the Escrow Accounts is insufficient, to pay such interest from its own funds any such penalties or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any of the other purposes set forth abovecost.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Alliance Bancorp Trust 2007-Oa1)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the each Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan serviced by such Servicer which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "[Insert name of Servicer], in trust for registered holders of Bank of America Mortgage Securities, Inc. Mortgage Pass-Through Certificates, Series 1999-6 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Each Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accountsserviced by such Servicer, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require either Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the related Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse such Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by such Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the related Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event the Trust Estate.
(c) With respect to each Mortgage Loan it services, each Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. Each 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by such Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the related Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The related Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Property, or which the Payments. The related Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If shall advance any such payment has payments that are not been made and the timely paid, but such Servicer receives notice of a tax lien with respect shall be required so to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficientgood faith judgment of such Servicer, to pay will be recoverable by such interest from its Servicer out of Insurance Proceeds, Liquidation Proceeds or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any of the other purposes set forth aboveotherwise.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass THR Cert Ser 1999-6)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. To (a) With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required by to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan (other than an Outside Serviced Mortgage Loan) notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage NoteLoan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain, or cause to be established and maintained, maintain one or more segregated custodial accounts (the "each, an “Escrow Accounts"), Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and retainedany Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in the clearing an account that is not an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection accordance with its mortgage loan servicing activities, all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow Accounts, in no event more than two Business Days after the receipt of such Escrow Payments, all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment of any such items as required under the terms of this Agreement. the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “Xxxxx Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2018-C6, Commercial Mortgage Pass-Through Certificates, Series 2018-C6, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals of amounts from an Escrow Account may be made only to by the Master Servicer only:
(i) to effect payment timely payments of taxes, assessments, hazard insurance premiums, items constituting Escrow Payments for the related Loan Documents and comparable items in a manner and at a time that assures that accordance with the lien priority terms of the related Mortgage is not jeopardized Loan or Serviced Loan Combination, as applicable;
(orii) to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the payment related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); Escrow Payments thereunder;
(iii) refund for application to Mortgagors any sums the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as may be determined to be overages; applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay interest, if required and as described below, from time to Mortgagors time to the related Mortgagor (a) any interest or investment income earned on balances funds deposited in the Escrow Account; Account if such income is required to be paid to the related Mortgagor under law or (v) clear and terminate by the Escrow Account at the termination of the Servicer's obligations and responsibilities in respect terms of the Mortgage Loans under this Agreement Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in accordance with Article X. In the event the Servicer shall deposit in a an Escrow Account any amount that were not required to be deposited therein.
(c) In the event any Loan Documents permit the lender, it may at any time withdraw such amount from such Escrow Accountthe discretion of the lender, any provision herein to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the contrary notwithstanding. The Servicer will be responsible for Maturity Date and in the administration absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Accounts and will be obligated to make Servicing Advances to Account for so long as the Loan Documents permit such accounts when and as necessary to avoid discretion.
(d) Unless required by the lapse of insurance coverage on related Loan Documents, neither the Mortgaged Property, Master Servicer nor the Special Servicer shall apply any earnout escrows or which the Servicer knows, or in the exercise of the required standard of care of the Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien reserves established with respect to the any Mortgage being imposed, the Servicer will, within 10 Business Days of receipt Loan as a prepayment of such notice, advance or cause to be advanced funds necessary to discharge Mortgage Loan if no event of default has occurred under such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, to Mortgage Loan.
(e) To the extent that interest earned on funds in the Escrow Accounts (i) an operations and maintenance plan is insufficient, required to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, be established and executed pursuant to the extent such action is terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in conformity accordance with the Servicing Standard, is permitted by law Standard (which determination may be made on the basis of inquiry to the Mortgagor and such amounts are not this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be paid made to Mortgagors Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or used for any Serviced Loan Combination as of the other purposes set forth abovedate required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSAIL 2018-C14 Commercial Mortgage Trust)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) To the extent required by the related Mortgage NoteNote and not violative of current law, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments in trust separate and apart from any of its own funds and general assets and for such purpose shall establish and maintain, or cause to be established and maintained, maintain one or more escrow accounts (collectively, the "Escrow AccountsAccount"), into which all titled "[Insert name of Servicer], in trust for registered holders of Bank of America Mortgage Securities, Inc. Mortgage Pass-Through Certificates, Series 2002-8 and various Mortgagors." The Escrow Payments Account shall be deposited established with a commercial bank, a savings bank or a savings and retainedloan association that meets the guidelines set forth by FNMA or FHLMC as an eligible institution for escrow accounts and which is a member of the Automated Clearing House. In any case, the Escrow Accounts Account shall be Eligible Accountsinsured by the FDIC to the fullest extent permitted by law. The Servicer shall deposit in the clearing account in which it customarily deposits payments appropriate Escrow Account on a daily basis, and collections on mortgage loans in connection with its mortgage loan servicing activities, retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans and shall deposit in the Escrow AccountsLoans, in no event more than two Business Days after the receipt of such Escrow Payments, (ii) all Escrow Payments collected on account of the Mortgage Loans for the purpose of effecting the payment amounts representing proceeds of any such items as required under hazard insurance policy which are to be applied to the terms restoration or repair of this Agreementany related Mortgaged Property and (iii) all amounts representing proceeds of any Primary Insurance Policy. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.
(b) Withdrawals of amounts so collected from an the Escrow Account Accounts may be made by the Servicer only to (i) to effect timely payment of taxes, assessments, mortgage insurance premiums, fire and hazard insurance premiums, and condominium or PUD association dues, or comparable items in a manner and at a time that assures that constituting Escrow Payments for the lien priority related Mortgage, (ii) to reimburse the Servicer out of the Mortgage is not jeopardized (or, related Escrow Payments made with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections Mortgage Loan for any Servicing Advances Advance made by the Servicer pursuant to Section 3.01 (3.09(c) with respect to taxes and assessments) and Section 3.14 (with respect to hazard insurance); such Mortgage Loan, (iii) to refund to Mortgagors any Mortgagor any sums as may be determined to be overages; , (iv) for transfer to the Servicer Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (v) for application to restore or repair the Mortgaged Property, (vi) to pay interest, if required and as described belowto the Mortgagor, to Mortgagors the extent required by law, any interest paid on balances the funds deposited in the Escrow Account; , (vii) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (viii) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (ix) to withdraw suspense payments that are deposited into the Escrow Account, (x) to withdraw any amounts inadvertently deposited in the Escrow Account or (vxi) to clear and terminate the Escrow Account at upon the termination of the Servicer's obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. In Section 10.01. Any Escrow Account shall not be a part of the event Trust Estate.
(c) With respect to each Mortgage Loan, the Servicer shall deposit maintain accurate records reflecting the status of taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy premiums and fire and hazard insurance coverage. The 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 and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in a Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from such the Escrow Account, if any, which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any provision herein to such payments are made by the contrary notwithstandingMortgagor. The Servicer will be responsible assumes full responsibility for the administration timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Accounts and will be obligated to make Servicing Advances to Payments. The Servicer shall advance any such accounts when and as necessary to avoid the lapse of insurance coverage on the Mortgaged Propertypayments that are not timely paid, or which but the Servicer knows, or in the exercise of the shall be required standard of care of the Servicer hereunder should know, is necessary so to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage being imposed, the Servicer will, within 10 Business Days of receipt of such notice, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. As part of its servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors interest on funds in the Escrow Accounts, to the extent required by law and, only to the extent that interest earned on funds such Servicing Advances, in the Escrow Accounts is insufficient, to pay such interest from its or their own funds, without any reimbursement therefor. The Servicer may pay to itself any excess interest on funds in the Escrow Accounts, to the extent such action is in conformity with the Servicing Standard, is permitted by law and such amounts are not required to be paid to Mortgagors or used for any good faith judgment of the other purposes set forth aboveServicer, will be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bank of America Mortgage Sec Inc Mor Ps THR Cer Ser 2002-8)