Common use of Escrow Obligations Clause in Contracts

Escrow Obligations. In connection with impounded Mortgage Loans, the Owner shall (i) cause all taxes and assessments with respect to which the related tax xxxx is due within thirty (30) days following the related Servicing Transfer Date to be paid prior to such Servicing Transfer Date, and (b) cause all hazard, flood, earthquake, PMI Policy and other insurance premiums that are due on or prior to the thirtieth (30th) day following such Servicing Transfer Date to be paid on or prior to such Servicing Transfer Date. The Owner shall be responsible for any losses including but not limited to tax penalties (including any loss of discount for which any Mortgagor or any third party for the benefit of the Mortgagor has a legal claim) for the current tax due period or for any tax period that ends no more than twelve (12) months earlier than the date of the last paid installment of the Mortgage Loan, as well as for its advances to pay the delinquent taxes themselves in connection with any Mortgage Loan for which the Owner failed to pay taxes as required by this Section 2.30 as the result of an action or inaction of a previous servicer.