Common use of Countrywide Servicing to Act as Servicer Clause in Contracts

Countrywide Servicing to Act as Servicer. Countrywide Servicing, as independent contract servicer, shall service and administer the Mortgage Loans in accordance with this Agreement and the normal and usual standards of practice of prudent mortgage lenders, and shall have full power and authority, acting alone, to do or cause to be done any and all things in connection with such servicing and administration which Countrywide Servicing may deem necessary or desirable and consistent with the terms of this Agreement; provided, however, that Countrywide Servicing shall not knowingly or intentionally take any action, or fail to take (or fail to cause to be taken) any action reasonably within its control and the scope of duties more specifically set forth herein, that, under the REMIC Provisions, if taken or not taken, as the case may be, would cause any REMIC created under this Agreement to fail to qualify as a REMIC or result in the imposition of a tax upon the Trust Fund (including but not limited to the tax on prohibited transactions as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code) unless Countrywide Servicing has received an Opinion of Counsel (but not at the expense of Countrywide Servicing) to the effect that the contemplated action will not cause any REMIC created under this Agreement to fail to qualify as a REMIC or result in the imposition of a tax upon any such REMIC created hereunder. Consistent with the terms of this Exhibit B, Countrywide Servicing may waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor if in Countrywide Servicing’s reasonable and prudent determination such waiver, modification, postponement or indulgence is not materially adverse to the Certificateholders; provided, however, that Countrywide Servicing shall not permit any modification with respect to any Mortgage Loan that would decrease the Mortgage Rate, defer or forgive the payment thereof or of any principal or interest payments, reduce the outstanding principal amount (except for actual payments of principal), make future advances or extend the final maturity date on such Mortgage Loan. Promptly after the execution of any modification of any Mortgage Loan, Countrywide Servicing shall deliver to the Trustee the originals of any documents evidencing such modification. Countrywide Servicing may permit forbearance or allow for suspension of Monthly Payments in either case for up to one hundred and eighty (180) days if the Mortgagor is in default or Countrywide Servicing determines in its reasonable discretion that default is imminent and if Countrywide Servicing determines that granting such forbearance or suspension is in the best interest of the Certificateholders. In the event that any such modification, forbearance or suspension as permitted above allows the deferral of interest or principal payments on any Mortgage Loan, Countrywide Servicing shall include in each remittance for any month in which any such principal or interest payment has been deferred (without giving effect to such modification, forbearance or suspension) an amount equal to, as the case may be, such month’s principal and one (1) month’s interest at the Net Mortgage Rate on the then unpaid principal balance of the Mortgage Loan and shall be entitled to reimbursement for such advances only to the same extent as for Monthly Advances made pursuant to Section 3.19. Without limiting the generality of the foregoing, Countrywide Servicing shall continue, and is hereby authorized and empowered to execute and deliver on behalf of itself, and the Trustee, all instruments of satisfaction or cancellation, or of partial or full release, discharge and all other comparable instruments, with respect to the Mortgage Loans and with respect to the Mortgaged Property. If reasonably required by Countrywide Servicing, the Trustee shall furnish Countrywide Servicing with any powers of attorney and other documents prepared by Countrywide Servicing necessary or appropriate to enable Countrywide Servicing to carry out its servicing and administrative duties under this Agreement. The Trustee shall not be liable for the actions of Countrywide Servicing under such Power of Attorney; provided however, Countrywide Servicing shall be able to rely on the authority of the Power of Attorney. To the extent consistent with the foregoing, Countrywide Servicing shall waive a Prepayment Charge only under the following circumstances: (i) such waiver is standard and customary in servicing similar Mortgage Loans and (ii) such waiver relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of Countrywide Servicing, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related Mortgage Loan or (iii) the collection of such Prepayment Charge would be in violation of applicable laws. In servicing and administering the Mortgage Loans, Countrywide Servicing shall employ procedures including collection procedures and exercise the same care that it customarily employs and exercises in servicing and administering mortgage loans for its own account giving due consideration to accepted mortgage servicing practices of prudent lending institutions.

Countrywide Servicing to Act as Servicer. Countrywide Servicing, as independent contract servicer, shall service and administer the Mortgage Loans in accordance with this Agreement and the normal and usual standards of practice of prudent mortgage lenders, and shall have full power and authority, acting alone, to do or cause to be done any and all things in connection with such servicing and administration which Countrywide Servicing may deem necessary or desirable and consistent with the terms of this Agreement; provided, however, that Countrywide Servicing shall not knowingly or intentionally take any action, or fail to take (or fail to cause to be taken) any action reasonably within its control and the scope of duties more specifically set forth herein, that, under the REMIC Provisions, if taken or not taken, as the case may be, would cause any REMIC created under this Agreement to fail to qualify as a REMIC or result in the imposition of a tax upon the Trust Fund (including but not limited to the tax on prohibited transactions as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code) unless Countrywide Servicing has received an Opinion of Counsel (but not at the expense of Countrywide Servicing) to the effect that the contemplated action will not cause any REMIC created under this Agreement to fail to qualify as a REMIC or result in the imposition of a tax upon any such REMIC created hereunder. Consistent with the terms of this Exhibit B, Countrywide Servicing may waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor if in Countrywide Servicing’s reasonable and prudent determination such waiver, modification, postponement or indulgence is not materially adverse to the Certificateholders; provided, however, that Countrywide Servicing shall not permit any modification with respect to any Mortgage Loan that would decrease the Mortgage Rate, defer or forgive the payment thereof or of any principal or interest payments, reduce the outstanding principal amount (except for actual payments of principal), make future advances or extend the final maturity date on such Mortgage Loan. Promptly after the execution of any modification of any Mortgage Loan, Countrywide Servicing shall deliver to the Trustee the originals of any documents evidencing such modification. Countrywide Servicing may permit forbearance or allow for suspension of Monthly Payments in either case for up to one hundred and eighty (180) days if the Mortgagor is in default or Countrywide Servicing determines in its reasonable discretion that default is imminent and if Countrywide Servicing determines that granting such forbearance or suspension is in the best interest of the Certificateholders. In the event that any such modification, forbearance or suspension as permitted above allows the deferral of interest or principal payments on any Mortgage Loan, Countrywide Servicing shall include in each remittance for any month in which any such principal or interest payment has been deferred (without giving effect to such modification, forbearance or suspension) an amount equal to, as the case may be, such month’s principal and one (1) month’s interest at the Net Mortgage Rate on the then unpaid principal balance of the Mortgage Loan and shall be entitled to reimbursement for such advances only to the same extent as for Monthly Advances made pursuant to Section 3.19. Without limiting the generality of the foregoing, Countrywide Servicing shall continue, and is hereby authorized and empowered to execute and deliver on behalf of itself, and the Trustee, all instruments of satisfaction or cancellation, or of partial or full release, discharge and all other comparable instruments, with respect to the Mortgage Loans and with respect to the Mortgaged Property. If reasonably required by Countrywide Servicing, the Trustee shall furnish Countrywide Servicing with any powers of attorney and other documents prepared by Countrywide Servicing necessary or appropriate to enable Countrywide Servicing to carry out its servicing and administrative duties under this Agreement. The Trustee shall not be liable for the actions of Countrywide Servicing under such Power of Attorney; provided however, Countrywide Servicing shall be able to rely on the authority of the Power of Attorney. To the extent consistent with the foregoing, Countrywide Servicing shall waive a Prepayment Charge only under the following circumstances: (i) such waiver is standard and customary in servicing similar Mortgage Loans and (ii) such waiver relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of Countrywide Servicing, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related Mortgage Loan or (iii) the collection of such Prepayment Charge would be in violation of applicable laws. In servicing and administering the Mortgage Loans, Countrywide Servicing shall employ procedures including collection procedures and exercise the same care that it customarily employs and exercises in servicing and administering mortgage loans for its own account giving due consideration to accepted mortgage servicing practices of prudent lending institutions.

Countrywide Servicing to Act as Servicer. Countrywide Servicing, as independent contract servicer, shall service and administer the Mortgage Loans in accordance with this Agreement and the normal and usual standards of practice of prudent mortgage lenders, and shall have full power and authority, acting alone, to do or cause to be done any and all things in connection with such servicing and administration which Countrywide Servicing may deem necessary or desirable and consistent with the terms of this Agreement; provided, however, that Countrywide Servicing shall not knowingly or intentionally take any action, or fail to take (or fail to cause to be taken) any action reasonably within its control and the scope of duties more specifically set forth herein, that, under the REMIC Provisions, if taken or not taken, as the case may be, would cause any REMIC created under this Agreement to fail to qualify as a REMIC or result in the imposition of a tax upon the Trust Fund (including but not limited to the tax on prohibited transactions as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code) unless Countrywide Servicing has received an Opinion of Counsel (but not at the expense of Countrywide Servicing) to the effect that the contemplated action will not cause any REMIC created under this Agreement to fail to qualify as a REMIC or result in the imposition of a tax upon any such REMIC created hereunder. Consistent with the terms of this Exhibit B, Countrywide Servicing may waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor if in Countrywide Servicing’s 's reasonable and prudent determination such waiver, modification, postponement or indulgence is not materially adverse to the Certificateholders; provided, however, that Countrywide Servicing shall not permit any modification with respect to any Mortgage Loan that would decrease the Mortgage Rate, defer or forgive the payment thereof or of any principal or interest payments, reduce the outstanding principal amount (except for actual payments of principal), make future advances or extend the final maturity date on such Mortgage Loan. Promptly after the execution of any modification of any Mortgage Loan, Countrywide Servicing shall deliver to the Trustee the originals of any documents evidencing such modification. Countrywide Servicing may permit forbearance or allow for suspension of Monthly Payments in either case for up to one hundred and eighty (180) days if the Mortgagor is in default or Countrywide Servicing determines in its reasonable discretion that default is imminent and if Countrywide Servicing determines that granting such forbearance or suspension is in the best interest of the Certificateholders. In the event that any such modification, forbearance or suspension as permitted above allows the deferral of interest or principal payments on any Mortgage Loan, Countrywide Servicing shall include in each remittance for any month in which any such principal or interest payment has been deferred (without giving effect to such modification, forbearance or suspension) an amount equal to, as the case may be, such month’s 's principal and one (1) month’s 's interest at the Net Mortgage Rate on the then unpaid principal balance of the Mortgage Loan and shall be entitled to reimbursement for such advances only to the same extent as for Monthly Advances made pursuant to Section 3.19. Without limiting the generality of the foregoing, Countrywide Servicing shall continue, and is hereby authorized and empowered to execute and deliver on behalf of itself, and the Trustee, all instruments of satisfaction or cancellation, or of partial or full release, discharge and all other comparable instruments, with respect to the Mortgage Loans and with respect to the Mortgaged Property. If reasonably required by Countrywide Servicing, the Trustee shall furnish Countrywide Servicing with any powers of attorney and other documents prepared by Countrywide Servicing necessary or appropriate to enable Countrywide Servicing to carry out its servicing and administrative duties under this Agreement. The Trustee shall not be liable for the actions of Countrywide Servicing under such Power of Attorney; provided however, Countrywide Servicing shall be able to rely on the authority of the Power of Attorney. To the extent consistent with the foregoing, Countrywide Servicing shall waive a Prepayment Charge only under the following circumstances: (i) such waiver is standard and customary in servicing similar Mortgage Loans and (ii) such waiver relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of Countrywide Servicing, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related Mortgage Loan or (iii) the collection of such Prepayment Charge would be in violation of applicable laws. In servicing and administering the Mortgage Loans, Countrywide Servicing shall employ procedures including collection procedures and exercise the same care that it customarily employs and exercises in servicing and administering mortgage loans for its own account giving due consideration to accepted mortgage servicing practices of prudent lending institutions.