Custodial Capacity. Subject to Subsection 5.4(2), the Master Servicer or Trustee may permit a Direct Servicer or Custodian (without regard to whether such Person is also the Seller of a Mortgage Loan or its affiliate) to hold Mortgage Documents in a custodial capacity. The Master Servicer may adopt and modify its policies and procedures regarding the custody of Mortgage Documents from time to time, subject to the general standard of care in Subsection 5.1(1). Neither the Master Servicer nor the Trustee will have liability arising from the possession of Mortgage Documents by a Seller or its affiliate in accordance with this Subsection 3.4(2), provided the custody of Mortgage Documents is in accordance with the policies and procedures of the Master Servicer at that time.
Appears in 7 contracts
Samples: Second Amended and Restated 2016 Single Family Master Trust Agreement, Single Family Master Trust Agreement, Second Amended and Restated 2007 Single Family Master Trust Agreement
Custodial Capacity. Subject to Subsection 5.4(2), the Master Servicer or Trustee may permit a Direct Primary Servicer or Custodian (without regard to whether such Person is also the Seller of a Mortgage Loan or its affiliate) to hold Mortgage Documents in a custodial capacity. The Master Servicer may adopt and modify its policies and procedures regarding the custody of Mortgage Documents from time to time, subject to the general standard of care in Subsection 5.1(1). Neither the Master Servicer nor the Trustee will have liability arising from the possession of Mortgage Documents by a Seller or its affiliate in accordance with this Subsection 3.4(2), provided the custody of Mortgage Documents is in accordance with the policies and procedures of the Master Servicer at that time.time.‌
Appears in 5 contracts
Samples: Amended and Restated 2021 Multifamily Master Trust Agreement, Multifamily Master Trust Agreement, 2021 Multifamily Master Trust Agreement
Custodial Capacity. Subject to Subsection 5.4(2), the Master Servicer or Trustee may permit a Direct Primary Servicer or Custodian (without regard to whether such Person is also the Seller of a Mortgage Loan or its affiliate) to hold Mortgage Documents in a custodial capacity. The Master Servicer may adopt and modify its policies and procedures regarding the custody of Mortgage Documents from time to time, subject to the general standard of care in Subsection 5.1(1). Neither the Master Servicer nor the Trustee will have liability arising from the possession of Mortgage Documents by a Seller or its affiliate in accordance with this Subsection 3.4(2), provided the custody of Mortgage Documents is in accordance with the policies and procedures of the Master Servicer at that time.
Appears in 2 contracts
Samples: Master Trust Agreement, 2010 Multifamily Master Trust Agreement
Custodial Capacity. Subject to Subsection 5.4(2), the Master Servicer or Trustee may permit a Direct Primary Servicer or Custodian (without regard to whether such Person is also the Seller of a Mortgage Loan or its affiliate) to hold Mortgage Documents in a custodial capacity. The Master Servicer may adopt and modify its policies and procedures regarding the custody of Mortgage Documents from time to time, subject to the general standard of care in Subsection 5.1(1). Neither the Master Servicer nor the Trustee will have liability arising from the possession of Mortgage Documents by a Seller or its affiliate in in‌ accordance with this Subsection 3.4(2), provided the custody of Mortgage Documents is in accordance with the policies and procedures of the Master Servicer at that time.
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