Common use of Compliance with FHA Regulations and Filing of FHA Claims Clause in Contracts

Compliance with FHA Regulations and Filing of FHA Claims. (i) The Contract of Insurance Holder shall at all times be reflected as the lender of record solely for FHA regulatory purposes with respect to each FHA Asset and shall maintain its status as a HUD approved lender. To the extent applicable to the duties of the Contract of Insurance Holder hereunder, the Contract of Insurance Holder shall take or refrain from taking such actions as directed by the Claims Administrator, as necessary or appropriate to maintain FHA Insurance for the FHA Assets. (ii) As of the Closing Date and at all times thereafter, FHA Insurance will cover the FHA Assets. The Servicer and Claims Administrator, in each such capacity, covenants and agrees that it shall not take any action that would reduce or otherwise diminish the protection of the FHA Insurance. On or before March 1 of each year after the date of this Agreement, the Servicer shall submit to the Trustee a certification letter substantially in the form attached hereto as Exhibit SC. (iii) The Trustee hereby appoints the Claims Administrator to facilitate the servicing of FHA Assets. The Claim Administrator shall perform on behalf of the Contract of Insurance Holder the duties associated with the submission of FHA claims in connection with the FHA Insurance, except to the extent that certain documents must be signed by the Contract of Insurance Holder (in which case the Contract of Insurance Holder may appoint an attorney-in-fact to sign on its behalf) and shall not, in its capacity as Claims Administrator or as Servicer, take any action or omit to take any action that would cause the Contract of Insurance Holder to violate this Section 15 or otherwise fail to maintain valid FHA Insurance or cause any denial by FHA of an insurance claim. (iv) The Contract of Insurance Holder shall not be deemed to have violated this Section 15 and shall otherwise incur no liability hereunder if any failure to maintain valid FHA Insurance or to comply with FHA regulations requirements or any denial by FHA of an insurance claim shall have been caused by any act or omission of the Servicer or Claims Administrator in the performance of its duties hereunder. (v) No Certificateholder, by virtue of holding a Certificate that evidences a beneficial interest in any FHA Asset, shall have any right against FHA or HUD with respect to the FHA Insurance applicable to any FHA Asset, and each Certificateholder, by its acceptance of such Certificate, or any interest therein, shall be deemed to have agreed to the foregoing.

Compliance with FHA Regulations and Filing of FHA Claims. (ia) The Contract of Insurance Holder shall at all times be reflected as the lender mortgagee of record solely for FHA regulatory purposes with respect to each FHA Asset and shall maintain its status as a HUD approved lendermortgagee. To the extent applicable to the duties of the Contract of Insurance Holder hereunder, the Contract of Insurance Holder shall take or refrain from taking such actions as directed by the Claims Administrator, as necessary or appropriate to maintain FHA Insurance for the FHA Assets. (iib) As of the Closing Date and at all times thereafterthereafter until the Termination Date, FHA Insurance will cover the FHA Assets. The Master Servicer and Claims Administrator, in each such capacity, covenants and agrees that it shall not take any action that would reduce or otherwise diminish the protection of the FHA Insurance. On or before March 1 of each year after the date of this Agreement, the Servicer shall submit to the Trustee a certification letter substantially in the form attached hereto as Exhibit SC. (iiic) The Trustee hereby appoints the Claims Administrator to facilitate the servicing of FHA AssetsLoans. The Claim Administrator shall perform on behalf of the Contract of Insurance Holder the duties associated with the submission of FHA claims in connection with the FHA Insurance, except to the extent that certain documents must be signed by the Contract of Insurance Holder (in which case the Contract of Insurance Holder may appoint an attorney-in-fact to sign on its behalf) and shall not, in its capacity as Claims Administrator or as Master Servicer, take any action or omit to take any action that would cause the Contract of Insurance Holder to violate this Section 15 12.01 or otherwise fail to maintain valid FHA Insurance or cause any denial by FHA of an insurance claim. (ivd) The Contract of Insurance Holder shall not be deemed to have violated this Section 15 12.01 and shall otherwise incur no liability hereunder if any failure to maintain valid FHA Insurance or to comply with FHA regulations requirements or any denial by FHA of an insurance claim shall have been caused by any act or omission of the Master Servicer or Claims Administrator in the performance of its duties hereunder. (ve) No Certificateholder, by virtue of holding a Certificate that evidences a beneficial interest in any FHA Asset, shall have any right against FHA or HUD with respect to the FHA Insurance applicable to any FHA Asset, and each Certificateholder, by its acceptance of such Certificate, or any interest therein, shall be deemed to have agreed to the foregoing.