Common use of EMC Servicer to Service EMC Mortgage Loans Clause in Contracts

EMC Servicer to Service EMC Mortgage Loans. For and on behalf of the Certificateholders, the EMC Servicer shall service and administer the EMC Mortgage Loans in accordance with customary and usual standards of practice of prudent mortgage loan servicers in the respective states in which the Mortgaged Properties are located. In connection with such servicing and administration, the EMC Servicer shall have full power and authority, acting alone and/or through subservicers as provided in Section 1.02 of this Exhibit K, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided herein), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) subject to Section 1.12(a) of this Exhibit K, to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any EMC Mortgage Loan; provided that the EMC Servicer shall take no action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any EMC Mortgage Loan or the rights and interests of the Depositor and the Trustee under the Agreement. The EMC Servicer shall represent and protect the interest of the Trust Fund in the same manner as it currently protects its own interest in EMC Mortgage Loans in its own portfolio in any claim, proceeding or litigation regarding an EMC Mortgage Loan and shall not make or permit any modification, waiver or amendment of any term of any EMC Mortgage Loan which would cause the Trust Fund to fail to qualify as a REMIC or result in the imposition of any tax under the REMIC Provisions, but in any case not in any manner that is a lesser standard than that provided in the first sentence of this Section 1.01. Without limiting the generality of the foregoing, the EMC Servicer, in its own name or in the name of the Trust, the Depositor or the Trustee, is hereby authorized and empowered by the Trust, the Depositor and the Trustee, when the EMC Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the EMC Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The EMC Servicer shall prepare and deliver to the Depositor and/or the Trustee such documents requiring execution and delivery by any or all of them as are necessary or appropriate to enable the EMC Servicer to service and administer the EMC Mortgage Loans. Upon receipt of such documents, the Depositor and/or the Trustee shall execute such documents and deliver them to the EMC Servicer. In accordance with the standards of the preceding paragraph, the EMC Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 1.06 of this Exhibit K, and further as provided in Section 1.08 of this Exhibit K. All costs incurred by the EMC Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balance under the related EMC Mortgage Loans, notwithstanding that the terms of such EMC Mortgage Loans so permit. The EMC Servicer shall deliver a list of Servicing Officers to the Master Servicer and the Trustee by the Closing Date.

EMC Servicer to Service EMC Mortgage Loans. For and on behalf of the Certificateholders, the EMC Servicer shall service and administer the EMC Mortgage Loans in accordance with customary and usual standards of practice of prudent mortgage loan servicers in the respective states in which the Mortgaged Properties are located. In connection with such servicing and administration, the EMC Servicer shall have full power and authority, acting alone and/or through subservicers as provided in Section 1.02 of this Exhibit K, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided herein), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) subject to Section 1.12(a) of this Exhibit K, to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any EMC Mortgage Loan; provided that the EMC Servicer shall take no action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any EMC Mortgage Loan or the rights and interests of the Depositor and the Trustee under the Agreement. The EMC Servicer shall represent and protect the interest of the Trust Fund in the same manner as it currently protects its own interest in EMC Mortgage Loans in its own portfolio in any claim, proceeding or litigation regarding an EMC Mortgage Loan and shall not make or permit any modification, waiver or amendment of any term of any EMC Mortgage Loan which would cause the Trust Fund to fail to qualify as a REMIC or result in the imposition of any tax under the REMIC Provisions, but in any case not in any manner that is a lesser standard than that provided in the first sentence of this Section 1.01. Without limiting the generality of the foregoing, the EMC Servicer, in its own name or in the name of the Trust, the Depositor or the Trustee, is hereby authorized and empowered by the Trust, the Depositor and the Trustee, when the EMC Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the EMC Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The EMC Servicer shall prepare and deliver to the Depositor and/or the Trustee such documents requiring execution and delivery by any or all of them as are necessary or appropriate to enable the EMC Servicer to service and administer the EMC Mortgage Loans. Upon receipt of such documents, the Depositor and/or the Trustee shall execute such documents and deliver them to the EMC Servicer. In accordance with the standards of the preceding paragraph, the EMC Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 1.06 of this Exhibit K, and further as provided in Section 1.08 of this Exhibit K. All costs incurred by the EMC Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balance under the related EMC Mortgage Loans, notwithstanding that the terms of such EMC Mortgage Loans so permit. The EMC Servicer shall deliver a list of Servicing Officers to the Master Servicer and the Trustee by the Closing Date.EMC