Engagement; Servicing Standard. (a) As of the Servicing Transfer Date, the Issuer hereby engages the Servicer and Special Servicer, as the case may be, to perform, and the Servicer or the Special Servicer, as the case may be, hereby agrees to perform, Servicing and Special Servicing, as applicable, with respect to each of the Serviced Loans for the benefit of the Relevant Parties in Interest throughout the term of this Agreement, upon and subject to the terms, covenants and provisions hereof.
(b) Each of the Servicer and the Special Servicer shall diligently service and administer the Serviced Loans and REO Properties it is obligated to service or special service, as the case may be, pursuant to this Agreement on behalf of the Issuer and Trustee in the best interests of and for the benefit of the Relevant Parties in Interest (as a collective whole) (as determined by the Servicer or the Special Servicer, as the case may be, in its reasonable judgment), in accordance with applicable law, the terms of this Agreement and the Asset Documents. To the extent consistent with the foregoing, the Servicer and the Special Servicer shall service and special service, as applicable, the Serviced Loans:
(i) in accordance with the higher of the following standards of care:
(A) with the same care, skill, prudence and diligence with which the Servicer or the Special Servicer, as the case may be, services and administers comparable commercial real estate loans with similar borrowers and comparable REO properties for other third party portfolios (giving due consideration to the customary and usual standards of practice of prudent institutional commercial real estate loan servicers servicing commercial real estate loans similar to the Commercial Real Estate Loans and REO Properties); and
(B) with the same care, skill, prudence and diligence with which the Servicer or the Special Servicer, as the case may be, services and administers comparable commercial real estate loans and REO properties owned by the Servicer or the Special Servicer, as the case may be; and in either case, exercising reasonable business judgment and acting in accordance with applicable law, the terms of this Agreement and the terms of the respective Commercial Real Estate Loan (and any related Participation Agreements);
(ii) with a view to the timely recovery of all payments of principal and interest, including Balloon Payments, under the applicable Commercial Real Estate Loans or, in the case of a Specially Serviced Loan or an REO Propert...
Engagement; Servicing Standard. The Owner hereby engages the Master Servicer and each of the Special Servicers to perform, and the Master Servicer and each of the Special Servicers hereby agree to perform, Loan Servicing with respect to each of the Mortgage Loans throughout the term of this Agreement, upon and subject to the terms, covenants and provisions hereof. The Master Servicer and each Special Servicer shall perform its services hereunder (a) in accordance with (i) applicable federal, state, and local laws, regulations, and ordinances, and investor requirements (ii) the terms and provisions of the Mortgage Loan Documents, (iii) the express terms hereof, and (iv) the customary and usual standards of practice of prudent institutional commercial mortgage loan servicers, and (b) to the extent consistent with the foregoing requirements, in the same manner in which the Master Servicer or each Special Servicer services commercial mortgage loans for itself, its Affiliates, or other third party portfolios of mortgage loans similar to the Mortgage Loans, but without regard to any relationship which the Master Servicer or each Special Servicer or any Affiliate of the Master Servicer or the Special Servicer may have with the related Borrower or any Affiliate of such Borrower or to the Master Servicer’s or each Special Servicer’s right to receive compensation for its services hereunder. The servicing standards described in the preceding sentence are herein referred to as “Accepted Servicing Practices”.
Engagement; Servicing Standard. The Owner hereby engages the Servicer to perform, and the Servicer hereby agrees to perform, Loan Servicing with respect to each of the Mortgage Loans throughout the term of this Agreement, upon and subject to the terms, covenants and provisions hereof. The Servicer shall perform its services hereunder (a) in accordance with (i) applicable laws, (ii) the terms and provisions of the Mortgage Loan Documents, (iii) the express terms hereof, and (iv) the customary and usual standards of practice of prudent institutional commercial mortgage loan servicers, and (b) to the extent consistent with the foregoing requirements, in the same manner in which the Servicer services commercial mortgage loans for other third party portfolios of mortgage loans similar to the Mortgage Loans, but without regard to any relationship which the Servicer or any Affiliate of the Servicer may have with the related Borrower or any Affiliate of such Borrower or to the Servicer's right to receive compensation for its services hereunder. The servicing standards described in the preceding sentence are herein referred to as "Accepted Servicing Practices". ----------------------------
Engagement; Servicing Standard. (a) Owner hereby engages Servicer to perform, and Servicer hereby agrees to perform, Loan Servicing with respect to each of the Serviced Loans throughout the term of this Agreement, upon and subject to the terms, covenants and provisions hereof. At any time and from time to time, the term “Serviced Loans” shall be deemed to include each Serviced Loan for which Servicer receives the Servicing File or any portion thereof and for which Servicer has delivered to Owners a notice of receipt of the Servicing File, or portion thereof, including a description of the Serviced Loan, and Owner has failed to notify Servicer that such Serviced Loan is not to be serviced under this Agreement within three (3) Business Days after its receipt of such notice from Servicer. For purposes of this Section 2.01(a), any notice of receipt of all or a portion of a Servicing File delivered by Servicer to Owner shall be delivered by email or facsimile to: MOGULREIT I, LLC _________________________ _________________________ _________________________
Engagement; Servicing Standard. 2.1.1 Owner hereby engages Servicer and Special Servicer, as the case may be, to perform, and Servicer and Special Servicer, as the case may be, hereby agree to perform, Loan Servicing and Special Servicing, as applicable, with respect to each of the Investments throughout the term of this Agreement, upon and subject to the terms, covenants and provisions hereof.
2.1.2 Each of Servicer and Special Servicer shall diligently perform its services hereunder (a) in accordance with (i) applicable laws, (ii) the terms and provisions of the Investment File, (iii) the express terms hereof, and (iv) the customary and usual standards of practice of prudent institutional commercial mortgage loan servicers, and (b) to the extent consistent with the foregoing requirements, in the same manner in which Servicer and Special Servicer services commercial loans for its own account and for other third party portfolios of loans similar to the Investments, whichever is higher, but without regard to any relationship that Servicer and Special Servicer or any Affiliate of Servicer and Special Servicer may have with the related Mortgagor or any Affiliate of such Mortgagor or to Servicer's and Special Servicer's right to receive compensation for its services hereunder. The servicing standards described in the preceding sentence are herein referred to as "Accepted Servicing Practices".
2.1.3 Without limiting the foregoing, subject to Section 3.9, Special Servicer shall service and administer any Investment as to which a Special Servicing Transfer Event has occurred and is continuing (in each case, a "Specially Serviced Investment"); provided, that Servicer shall continue to receive payments and make all calculations, and prepare, or cause to be prepared, all reports, required hereunder with respect to the Specially Serviced Investments, except for the reports specified herein as prepared by Special Servicer, as if no Special Servicing Transfer Event had occurred, and to render such services with respect to such Specially Serviced Investments as are specifically provided for herein; provided, further, however, that Servicer shall not be liable for failure to comply with such duties insofar as such failure results from a failure of Special Servicer to provide sufficient information to Servicer to comply with such duties or failure by Special Servicer to otherwise comply with its obligations hereunder. Each Investment that becomes a Specially Serviced Investment shall continue as such un...
Engagement; Servicing Standard. As of the Servicing Transfer Date, the Issuer hereby engages the Servicer and Special Servicer, as the case may be, to perform, and the Servicer or the Special Servicer, as the case may be, hereby agrees to perform, Servicing and Special Servicing, as applicable, with respect to each of the Serviced Mortgage Loans for the benefit of the Relevant Parties in Interest throughout the term of this Agreement, upon and subject to the terms, covenants and provisions hereof.
Engagement; Servicing Standard. The Purchaser hereby engages Settlement Funding, as the Purchaser’s agent, to act as the Servicer during the term of this Agreement with respect to the Purchased Assets. The Servicer shall manage, service, administer, preserve, protect and make collections on the Purchased Assets and, in connection therewith, the Servicer shall take or cause to be taken all such actions as may be reasonably necessary or advisable from time to time, all in accordance with applicable Law and the Credit and Collection Policy, with reasonable care and diligence; and the Servicer shall perform its duties and obligations under and in accordance with the Trust Agreement and SUBI Supplement. The Servicer shall exercise the same level and type of care and apply the same procedures and policies with respect to the collection, administration, management and servicing of the Purchased Assets that it would exercise and apply to Litigation Proceeds Purchase Contracts that it services for itself and others (the “Servicing Standard”). The Servicer shall provide at least thirty (30) days prior written notice to the Purchaser before implementing any proposed material change to the Credit and Collection Policy, along with a written description of the proposed change and the reason therefor.
Engagement; Servicing Standard. The Owner hereby engages the Servicer to perform, and the Servicer hereby agrees to perform, Loan Servicing with respect to each of the Loan Assets throughout the term of this Agreement, upon and subject to the terms, covenants and provisions hereof. The Servicer shall perform its services hereunder in a manner consistent with Accepted Servicing Practices. In addition, the Servicer, in performing its services hereunder shall (i) comply with all applicable federal, state and local laws and regulations, (ii) maintain all state and federal licenses necessary for it to perform its servicing responsibilities hereunder and (iii) not impair the rights of the Owner in any related Loan Assets (or payment thereunder) pledged to the Owner pursuant to the terms of the applicable Loan Asset Documents.
Engagement; Servicing Standard. The Owner hereby engages the Servicer to perform, and the Servicer hereby agrees to perform, Servicing with respect to each of the REO Properties throughout the term of this Agreement, upon and subject to the terms, covenants and provisions hereof. The Servicer shall perform its services hereunder in a manner consistent with Accepted Servicing Practices. In addition, the Servicer, in performing its services hereunder shall (i) comply with all applicable federal, state and local laws and regulations, (ii) maintain all state and federal licenses necessary for it to perform its servicing responsibilities hereunder and (iii) not impair the rights of the Owner in any REO Properties (or the proceeds thereof) owned by the Owner.
Engagement; Servicing Standard. The Purchaser hereby engages Imperial, as its agent to act as Servicer during the term of this Agreement with respect to the Acquired Assets. [CONFIDENTIAL PORTION OMITTED AND FILED SEPARATELY WITH THE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT].
