Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, in trust for Morgan Stanley Mortgage Capital Inc., owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". The Escrow Account shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts may be drawn on by the Servicer in accordance with Section 2.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-2ax)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.Xxxxx Fargo Bank Minnesota, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage LoansNational Association, and various Mortgagors"as Trustee for the Amortizing Residential Collateral Trust, 2002-BC10”. The Escrow Account Accounts shall be established with either (i) a Qualified DepositoryDepository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc10)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac “Chase Home Finance, LLC as subservicer for JPMorgan Chase Bank, F.S.B., as servicer, National Association in trust for Morgan Stanley Mortgage Capital Inc.U.S. Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, Series 2005-10 and various Mortgagors". mortgagors.” The Escrow Account Accounts shall be Eligible Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto. No later than 30 days after the Closing Date, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and, upon requestif required, to any subsequent Purchaserthe NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-10)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “FAIRBANKS CAPITAL CORP. in trust for Morgan Stanley Mortgage Capital Inc.Xxxxx Fargo Bank Minnesota, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage LoansNational Association, and various Mortgagors". as trustee for the Structured Asset Securities Corporation 2002-HF2 Trust.” The Escrow Account Accounts shall be established with a Qualified Depository, Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002 Hf2)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac BankCountrywide Home Loans, F.S.B., as servicerInc., in trust for Morgan Stanley the EMC Mortgage Capital Inc.Corporation, owner as purchaser of Conventional Fixxx Xxtx Xxxxxential Residential Adjustable Rate Mortgage Loans, Loans and various Mortgagors". The Escrow Account Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer Company in accordance with Section 2.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 E-1 hereto, in the case of an account established with the ServicerCompany, or by a letter agreement in the form of Exhibit 5 E-2 hereto, in the case of an account held by a depository other than the ServicerCompany. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Servicer Company shall deposit in the Escrow Account or Accounts on a daily basiswithin two Business Days of receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust II 2007-1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank“GMAC Mortgage, F.S.B.LLC, as servicer, in trust for Morgan Stanley the benefit of the Holders of GreenPoint Mortgage Capital Inc.Funding Trust Mortgage Pass-Through Certificates, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". Series 2006-AR7.” The Escrow Account Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account by the Servicer shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification letter agreement shall be furnished to the Purchaser andMaster Servicer, upon request, to any subsequent Purchaserthe Certificate Insurer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin two Business Days of receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts not deposited into a suspense account representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged PropertyProperty or released to the Mortgagor. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Ar7)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, and various Mortgagors"2003-BC7”. The Escrow Account Accounts shall be established with either (i) a Qualified DepositoryDepository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Inv Loan Mort Pass Thru Cer Ser 2003-Bc7)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Chase Manhattan Mortgage Corporation in trust for Morgan Stanley Mortgage Capital Inc.Xxxxx Fargo Bank Minnesota, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage LoansNational Association, and various Mortgagors"as Trustee for the Structured Asset Investment Loan Trust, Series 2003-BC12”. The Escrow Account Accounts shall be established with a Qualified Depository, Depository in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and, upon requestif required, to any subsequent Purchaserthe NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-Bc12)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac “Xxxxx Fargo Bank, F.S.B., as servicer, N.A. in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for Amortizing Residential Collateral Trust, and various Mortgagors". Series 2004-1.” The Escrow Account Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunderan Eligible Institution. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 C hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Amortizing Residential Collateral Trust, Series 2004-1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, titled "IndyMac Bank, F.S.B., as servicer, Aurora Loan Services Inc. in trust for Morgan Stanley Mortgage Capital Inc.Bank One, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage LoansNational Association, and various Mortgagors". as Trustee for the Amortizing Residential Collateral Trust, 2002-BC2." The Escrow Account Accounts shall be established with a Qualified Depository, Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. C. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and the NIMS Insurer and, upon request, to any subsequent Purchaserowner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac “Chase Home Finance, LLC as subservicer for JPMorgan Chase Bank, F.S.B., as servicer, National Association in trust for Morgan Stanley Mortgage Capital Inc.U.S. Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, Series 2005-4 and various Mortgagors". mortgagors.” The Escrow Account Accounts shall be Eligible Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto. No later than 30 days after the Closing Date, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and, upon requestif required, to any subsequent Purchaserthe NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-4)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B.“GMAC Mortgage Corporation, as servicer, in trust for Morgan Stanley the benefit of the Holders of Lxxxxx XS Trust Mortgage Capital Inc.Pass-Through Certificates, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". Series 2006-12N.” The Escrow Account Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account by the Servicer shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts not deposited into a suspense account representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged PropertyProperty or released to the Mortgagor. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Lehman XS Trust Series 2006-12n)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, and various Mortgagors". 2004-8.” The Escrow Account Accounts shall be established with a Qualified Depositoryeither (i) an Eligible Institution or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2004-8)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank“Xxxxx Fargo Home Mortgage, F.S.B., as servicer, Inc. in trust for Morgan Stanley Mortgage Capital Inc.U.S. Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for Structured Asset Securities Corporation, and various Mortgagors". Series 2004-GEL1.” The Escrow Account Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunderan Eligible Institution. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 C hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Sec Corp Mort Pass-THR Certs Ser 2004-Gel1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, in trust for Morgan Stanley Mortgage Capital Inc., owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". The Escrow Account Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Depository and may be drawn on by the Servicer in accordance with Section 2.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchasermaintained as interest-bearing accounts. The Servicer shall deposit in credit to the Escrow Account or Escrow Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, Loans for the purpose of effecting timely payment of any such items as are required under the terms of this AgreementAgreement and the related Mortgage or Mortgage Loan; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged PropertyProperty or refunded to the Mortgagor. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes. The Servicer shall be responsible for the administration of the Escrow Account or Escrow Accounts and shall be expected to make Servicing Advances to such account when a deficiency exists therein.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B.“Escrow Account of , as servicer, in trust Servicer for Morgan Stanley Mortgage Capital Inc., owner the benefit of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". First NLC Securitization Trust 200 - .” The Escrow Account shall be established with a Qualified Depositoryas an Eligible Account, in a manner which shall provide maximum available insurance thereunder. Upon request of the Master Servicer and within ten days thereof, the Servicer shall provide the Master Servicer with written confirmation of the existence of such Escrow Account. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. 4.8.
(b) The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin two Business Days of Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.8. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the any Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the a Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (First NLC Securitization, Inc.)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, and various Mortgagors". 2003-BC10.” The Escrow Account Accounts shall be established with either (i) a Qualified DepositoryDepository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc10)
Establishment of and Deposits to Escrow Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B.“Escrow of , as servicer, in trust Servicer for Morgan Stanley Mortgage Capital Inc., owner the benefit of Conventional Fixxx Xxtx Xxxxxential Trustee of Mortgage Loans, and various Mortgagors". .” The Escrow Account Accounts shall be established with a Qualified Depositoryas Eligible Accounts, in a manner which shall provide maximum available insurance thereunder. Upon request of the Trustee and within ten days thereof, the Servicer shall provide the Trustee with written confirmation of the existence of such Escrow Account. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. 4.8.
(b) The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin two Business Days of Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.8. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First NLC Securitization, Inc.)
Establishment of and Deposits to Escrow Account. The Servicer Subservicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank“Provident Funding Associates, F.S.B.L.P., as servicer, in trust for Morgan Stanley the benefit of Provident Mortgage Capital Inc.Associates, owner of Conventional Fixxx Xxtx Xxxxxential Inc. (or applicable Mortgage LoansLoan Holder) and/or various mortgagors, and various Mortgagors"respectively”. The Escrow Account Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer Subservicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Servicer Subservicer shall deposit in the Escrow Account or Accounts on a daily basiswithin two (2) Business Days of Subservicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Subservicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer Subservicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Subservicer shall pay from its own funds pay, without reimbursement, interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Strategic Alliance Agreement (Provident Mortgage Capital Associates, Inc.)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley U.S. Bank National Association, as Indenture Trustee for the SASCO Mortgage Capital Inc., owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". Loan Trust 2003-GEL1.” The Escrow Account Accounts shall be established with either (i) a Qualified DepositoryDepository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Sasco Mortgage Loan Trust Series 2003-Gel1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac “Xxxxx Fargo Bank, F.S.B., as servicer, N.A. in trust for Morgan Stanley U.S. Bank National Association, as Indenture Trustee for SASCO Mortgage Capital Inc., owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". Loan Trust 2004-GEL3.” The Escrow Account Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunderan Eligible Institution. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 C hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (SASCO Mortgage Loan Trust 2004-Gel3)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac “Wxxxx Fargo Bank, F.S.B., as servicerN.A., in trust for Morgan Stanley Mortgage Capital Inc., owner the Purchaser and/or subsequent purchasers of Conventional Fixxx Xxtx Xxxxxential Residential Mortgage Loans, and various Mortgagors". Mortgagors - T & I.” The Escrow Account Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Escrow Account. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer Company in accordance with Section 2.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Servicer Company shall deposit in the Escrow Account or Accounts on a daily basiswithin two (2) Business Days of Company’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds or Subsidy Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payments are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes. The Company shall reimburse the Escrow Account for any losses incurred as a result of the investment of amounts on deposit in the Escrow Account.
Appears in 1 contract
Samples: Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, and various Mortgagors". 2003-BC9.” The Escrow Account Accounts shall be established with either (i) a Qualified DepositoryDepository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc9)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B.“National City Mortgage Co., as servicerServicer, in trust for Morgan Stanley Mortgage Capital Inc., owner the Purchaser of Conventional Fixxx Xxtx Xxxxxential Residential Fixed Rate and Adjustable Rate Mortgage Loans, Loans and various Mortgagors"”. The Escrow Account Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer Company in accordance with Section 2.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 E-1 hereto, in the case of an account established with the ServicerCompany, or by a letter agreement in the form of Exhibit 5 E-2 hereto, in the case of an account held by a depository other than the ServicerCompany. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Servicer Company shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac “Chase Home Finance, LLC as subservicer for JPMorgan Chase Bank, F.S.B., as servicer, National Association in trust for Morgan Stanley Mortgage Capital Inc.U.S. Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, Series 2006-3 and various Mortgagors". mortgagors.” The Escrow Account Accounts shall be Eligible Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto. No later than 30 days after the Closing Date, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and, upon requestif required, to any subsequent Purchaserthe NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.Bank One, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage LoansNational Association, and various Mortgagors"as Trustee for the Amortizing Residential Collateral Trust, 2002-BC3”. The Escrow Account Accounts shall be established with a Qualified Depository, Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2002 Bc3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, accounts titled in trust the name of “PNMAC Loan Svc LLC ttee and/or bailee for Morgan Stanley Mortgage Capital Inc., owner [description of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors"applicable owners or investors]” or titled in another reasonable manner indicating that such account is held in a custodial capacity. The Each Escrow Account shall be established with a Qualified Depository, in Depository as a manner which shall provide maximum available insurance thereunderSpecial Deposit Account. Funds deposited in the Escrow Accounts may be drawn on by the Servicer in accordance with Section 2.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by Servicer (provided the Servicer qualifies as a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the ServicerQualified Depository). A copy of such certification shall be furnished to the Purchaser and, upon request, Owner on or prior to any subsequent Purchaserthe execution of this Agreement. The Servicer shall segregate and hold all funds in any Escrow Account separate and apart from the Servicer’s own funds and general assets. With respect to the Non-Agency Mortgage Loans, the Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain thereintherein the following collections received by the Servicer:
(i) all related Escrow Payments collected on account of the Non-Agency Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing related Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any related Mortgaged Property. NY1 8630204v.6 The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.07. The Servicer shall be entitled to retain any Any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law institution and relating to be paid any Distressed Whole Loan shall accrue to the Mortgagorbenefit of the Servicer. To the extent required by law, the Servicer shall be responsible to pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-non interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Flow Servicing Agreement (PennyMac Mortgage Investment Trust)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.Xxxxx Fargo Bank Minnesota, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage LoansNational Association, and various Mortgagors". as trustee for the Amortizing Residential Collateral Trust, 2002-BC9.” The Escrow Account Accounts shall be established with either (i) a Qualified Depository, Depository in a manner that shall provide maximum available insurance thereunder or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc9)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B.National City Mortgage Corp., as servicerServicer, in trust for Morgan Stanley Mortgage Capital Inc., owner the Purchaser of Conventional Fixxx Xxtx Xxxxxential Residential Fixed Rate Mortgage Loans, Loans and various Mortgagors". The Escrow Account Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer Company in accordance with Section 2.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 EXHIBIT E-1 hereto, in the case of an account established with the ServicerCompany, or by a letter agreement in the form of Exhibit 5 EXHIBIT E-2 hereto, in the case of an account held by a depository other than the ServicerCompany. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Servicer Company shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Brots Mort Sec Vii Inc Citigroup Mort Ln Tr 03 Hyb1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Chase Manhattan Mortgage Corporation in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, and various Mortgagors"Series 2004-3”. The Escrow Account Accounts shall be Eligible Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and, upon requestif required, to any subsequent Purchaserthe NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2004-3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac “Xxxxx Fargo Bank, F.S.B., as servicer, N.A. in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for Structured Asset Investment Loan Trust, and various Mortgagors". Series 2004-9.” The Escrow Account Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunderan Eligible Institution. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 C hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2004-9)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “FAIRBANKS CAPITAL CORP. in trust for Morgan Stanley JPMorgan Chase Bank, as trustee for the SASCO Mortgage Capital Inc.Loan Trust, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors"2003-BC1”. The Escrow Account Accounts shall be established with a Qualified Depository, Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003 Bc1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.Xxxxx Fargo Bank Minnesota, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage LoansNational Association, and various Mortgagors"as Trustee for the Encore Credit Corporation, 2003-1”. The Escrow Account Accounts shall be established with either (i) a Qualified DepositoryDepository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Encore Credit Corp Mortgage Pass Through Certs Ser 2003-1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, titled "IndyMac Bank, F.S.B., as servicer, Aurora Loan Services Inc. in trust for Morgan Stanley Mortgage Capital Inc.Bank One, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage LoansNational Association, and various Mortgagors". as Trustee for the Amortizing Residential Collateral Trust, 2002-BC3." The Escrow Account Accounts shall be established with a Qualified Depository, Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. C. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and the NIMS Insurer and, upon request, to any subsequent Purchaserowner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2002 Bc3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, titled “Xxxxxx Loan Servicing LP in trust for Morgan Stanley Xxxxx Fargo Bank, N.A., as Indenture Trustee, for the Fieldstone Mortgage Capital Inc.Investment Trust, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, Series 2007-1 and for various Mortgagors". mortgagors.” The Escrow Account Accounts shall be established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.074.02(g). The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 F hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Servicer shall deposit in the Escrow Account or Accounts on a daily basisbasis but not more than two (2) Business Days after determining proper cash allocation, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged PropertyProperty related to a First Lien Mortgage Loan. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.02(g). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that the interest earnings paid thereon is are insufficient for such purposes.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Fieldstone Mortgage Investment CORP)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Chase Manhattan Mortgage Corporation in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, and various Mortgagors". Series 2004-9.” The Escrow Account Accounts shall be Eligible Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and, upon requestif required, to any subsequent Purchaserthe NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2004-9)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, in trust for Morgan Stanley Mortgage Capital Inc., owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". The Escrow Account or Accounts shall be established with a Qualified Depository. If the Custodial Account is held at a Qualified Depository the deposit accounts of which are insured by the FDIC, any funds deposited in a manner which the Custodial Account shall provide maximum available insurance thereunderat all times be insured to the full extent permitted under applicable law. Funds deposited in the Escrow Accounts may be drawn on by the Servicer in accordance with Section 2.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin one Business Day of receipt, and retain therein:
(i) a. all Escrow Payments payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) b. all amounts representing Insurance Proceeds or Condemnation Proceeds proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.07. The Servicer shall be entitled to retain any interest paid on on, or other income generated by and paid on, funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law or the Mortgage Loan Documents to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest noninterest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Servicing Agreement (Chevy Chase Preferred Capital Corp)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, SouthTrust Mortgage Corporation in trust for Morgan Stanley Mortgage Centre Capital Group, Inc., owner of Conventional Fixxx Xxtx Xxxxxential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors"" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Account Accounts shall be established with a Qualified Depository, Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 D hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification letter agreement shall be furnished to the Purchaser Owner and, upon request, to any subsequent Purchaserowner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin 48 hours of receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Master Servicing Agreement (Structured Asset Securities Corp)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B.“GMAC Mortgage Corporation, as servicer, in trust for Morgan Stanley the benefit of the Holders of Xxxxxx XS Trust Mortgage Capital Inc.Pass-Through Certificates, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". Series 2006-GP3.” The Escrow Account Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account by the Servicer shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts not deposited into a suspense account representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged PropertyProperty or released to the Mortgagor. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Lehman XS Trust Series 2006-Gp3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.Bank One, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage LoansNational Association, and various Mortgagorsas Trustee for the Amortizing Residential Collateral Trust, 2002-BC4". The Escrow Account Accounts shall be established with a Qualified Depository, Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002 Bc4)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titledtitled “Fieldstone Servicing Corp. (or Chase Home Finance, "IndyMac LLC as subservicer for JPMorgan Chase Bank, F.S.B.National Association, as servicer, Subservicer) in trust for Morgan Stanley HSBC Bank USA, National Association, as Indenture Trustee, for the Fieldstone Mortgage Capital Inc.Investment Trust, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, Series 2006-1 and for various Mortgagors". mortgagors.” The Escrow Account Accounts shall be established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.074.02(g). The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 F hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.02(g). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that the interest earnings paid thereon is are insufficient for such purposes.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Fieldstone Mortgage Investment CORP)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac “Xxxxx Fargo Bank, F.S.B., as servicer, N.A. in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for Structured Asset Investment Loan Trust, and various Mortgagors". Series 2004-11.” The Escrow Account Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunderan Eligible Institution. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 C hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust Series 2004-11)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac “Chase Home Finance, LLC as subservicer for JPMorgan Chase Bank, F.S.B., as servicer, National Association in trust for Morgan Stanley Mortgage Capital Inc.U.S. Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, Series 2006-BNC2 and various Mortgagors". mortgagors.” The Escrow Account Accounts shall be Eligible Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto. No later than 30 days after the Closing Date, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and, upon requestif required, to any subsequent Purchaserthe NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Sail 2006-Bnc2)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B.National City Mortgage Co., as servicerServicer, in trust for Morgan Stanley the Purchaser of Fixed and ARM Rate Conventional, FHA or VA Residential Mortgage Capital Inc., owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, Loans and various Mortgagors". The Escrow Account Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer Company in accordance with Section 2.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 E-1 hereto, in the case of an account established with the ServicerCompany, or by a letter agreement in the form of Exhibit 5 E-2 hereto, in the case of an account held by a depository other than the ServicerCompany. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Servicer Company shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Flow Master Seller's Warranties and Servicing Agreement (Sunset Financial Resources Inc)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.Xxxxx Fargo Bank Minnesota, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage LoansNational Association, and various Mortgagors". as Trustee for the Structured Asset Investment Loan Trust, 2003-BC3.” The Escrow Account Accounts shall be established with either (i) a Qualified DepositoryDepository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac “Xxxxx Fargo Bank, F.S.B., as servicer, N.A. in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for Structured Asset Investment Loan Trust, and various Mortgagors". Series 2004-8.” The Escrow Account Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunderan Eligible Institution. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 C hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2004-8)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Chase Manhattan Mortgage Corporation in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Amortizing Residential Collateral Trust, and various Mortgagors". Series 2004-1.” The Escrow Account Accounts shall be Eligible Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and, upon requestif required, to any subsequent Purchaserthe NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Amortizing Residential Collateral Trust, Series 2004-1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Xxxxxx Loan Servicing LP in trust for Morgan Stanley U.S. Bank National Association, as Trustee for the Finance America Mortgage Capital Inc., owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors"Loan Trust 2004-1”. The Escrow Account Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, Master Servicer and the NIMS Insurer upon request, to any subsequent Purchaser. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, within two (2) Business Days of receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at a Qualified Depository selected by the Servicer.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Finance America Mortgage Loan Trust 2004-1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac “Chase Home Finance, LLC as subservicer for JPMorgan Chase Bank, F.S.B., as servicer, National Association in trust for Morgan Stanley Mortgage Capital Inc.U.S. Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, Series 2006-1 and various Mortgagors". mortgagors.” The Escrow Account Accounts shall be Eligible Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto. No later than 30 days after the Closing Date, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and, upon requestif required, to any subsequent Purchaserthe NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2006-1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac “Xxxxx Fargo Bank, F.S.B., as servicer, N.A. in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for Structured Asset Investment Loan Trust, and various Mortgagors". Series 2004-5.” The Escrow Account Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunderan Eligible Institution. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 C hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Securities Corp)
Establishment of and Deposits to Escrow Account. (a) The Servicer Subservicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B.“Escrow Account of Ocwen Federal Bank FSB, as servicer, in trust Subservicer for Morgan Stanley Mortgage Capital Inc., owner the benefit of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". First NLC Trust 2005-1.” The Escrow Account shall be established with a Qualified Depositoryas an Eligible Account, in a manner which shall provide maximum available insurance thereunder. Upon request of the Master Servicer and within ten days thereof, the Subservicer shall provide the Master Servicer with written confirmation of the existence of such Escrow Account. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer Subservicer in accordance with Section 2.07. 4.8.
(b) The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Servicer Subservicer shall deposit in the Escrow Account or Accounts on a daily basiswithin two Business Days of Subservicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Subservicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.8. The Servicer Subservicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the any Mortgagor. To the extent required by law, the Servicer Subservicer shall pay from its own funds interest on escrowed funds to the a Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (FBR Securitization, Inc.)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicertitled “Telebank, in trust for Morgan Stanley Mortgage Capital Inc., owner Owners of Conventional Fixxx Xxtx Xxxxxential Residential Mortgage Loans, and various Mortgagors"”. The Escrow Account shall be established with a Qualified DepositoryNational City Bank, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts may be drawn on by the Servicer in accordance with Section 2.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer3. A copy of such certification shall be furnished to the Purchaser Owner and, upon request, to any subsequent Purchaser. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-26)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicerFirst Nationwide Mortgage Corporation, in trust for Morgan Stanley Mortgage Capital Inc., owner the Purchaser of Conventional Fixxx Xxtx Xxxxxential Residential Fixed Rate Mortgage Loans, Group No. 1997-FN-01, and various Mortgagors". The Escrow Account Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer Company in accordance with Section 2.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 E-1 hereto, in the case of an account established with the ServicerCompany, or by a letter agreement in the form of Exhibit 5 E-2 hereto, in the case of an account held by a depository other than the ServicerCompany. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Servicer Company shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-non- interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Seller's Warranties and Servicing Agreement (Structured Asset Securities Corporation)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B.“National City Mortgage Corp., as servicerServicer, in trust for Morgan Stanley Mortgage Capital Inc., owner the Purchaser of Conventional Fixxx Xxtx Xxxxxential Residential Fixed and Adjustable Rate Mortgage Loans, Loans and various Mortgagors"”. The Escrow Account Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer Company in accordance with Section 2.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 E-1 hereto, in the case of an account established with the ServicerCompany, or by a letter agreement in the form of Exhibit 5 E-2 hereto, in the case of an account held by a depository other than the ServicerCompany. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Servicer Company shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Master Seller’s Warranties and Servicing Agreement (MASTR Asset Securitization Trust 2007-1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley JPMorgan Chase Bank, as Trustee for the Structured Asset Securities Corporation, Mortgage Capital Inc.Pass-Through Certificates, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors"Series 2003-AM1”. The Escrow Account Accounts shall be established with either (i) a Qualified DepositoryDepository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 Am1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, titled “HomeBanc Mortgage Corporation in trust for Morgan Stanley U.S. Bank National Association, as Trustee, for the HomeBanc Mortgage Capital Inc., owner of Conventional Fixxx Xxtx Xxxxxential Trust 2007-1 Mortgage Loans, and various Mortgagors". Pass-Through Certificates.” The Escrow Account Accounts shall be established with an Eligible Account. Nothing herein shall require the Servicer to compel a Qualified Depository, Mortgagor to establish an Escrow Account in a manner which shall provide maximum available insurance thereunderviolation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.074.02(g). The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 D hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and in the Escrow Account or Accounts no later than 48 hours after receipt of funds, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, if required, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement to be paid by the related Mortgagor to the Servicer; 217412 HomeBanc 2007-1 Pooling and Servicing Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property; and
(iii) all Servicing Advances for Mortgagors whose Escrow Payments are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.02(g). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that the interest earnings paid thereon is are insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, and various Mortgagors". 2004-11.” The Escrow Account Accounts shall be established with a Qualified Depositoryeither (i) an Eligible Institution or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust Series 2004-11)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac “Wxxxx Fargo Bank, F.S.B., as servicer, N.A. in trust for Morgan Stanley U.S. Bank National Association, as Indenture Trustee for SASCO Mortgage Capital Inc., owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". Loan Trust 2004-GEL2.” The Escrow Account Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunderan Eligible Institution. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 C hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Sasco Mortgage Loan Trust Series 2004-Gel2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, and various Mortgagors". 2005-1.” The Escrow Account Accounts shall be established with a Qualified Depositoryeither (i) an Eligible Institution or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-1)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac BankABN AMRO Mortgage Group, F.S.B., as servicerInc., in trust for Morgan Stanley Mortgage Capital Inc., owner the Purchaser of Conventional Fixxx Xxtx Xxxxxential Residential Adjustable Rate Mortgage Loans, Group No. 2002-1, and various Mortgagors". The Escrow Account Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer Company in accordance with Section 2.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 E-1 hereto, in the case of an account established with the ServicerCompany, or by a letter agreement in the form of Exhibit 5 E-2 hereto, in the case of an account held by a depository other than the ServicerCompany. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Servicer Company shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, and various Mortgagors". 2003-BC8.” The Escrow Account Accounts shall be established with either (i) a Qualified DepositoryDepository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc8)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.Xxxxx Fargo Bank Minnesota, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage LoansNational Association, and various Mortgagors". as Trustee for the Amortizing Residential Collateral Trust, 2002-BC5." The Escrow Account Accounts shall be established with a Qualified Depository, Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Securities Corp)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.Xxxxx Fargo Bank Minnesota, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage LoansNational Association, and various Mortgagors". as Trustee for the Structured Asset Investment Loan Trust, 2003-BC4.” The Escrow Account Accounts shall be established with either (i) a Qualified DepositoryDepository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc4)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, and various Mortgagors". 2003-BC11.” The Escrow Account Accounts shall be established with either (i) a Qualified DepositoryDepository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc11)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “New Century Mortgage Corporation in trust for Morgan Stanley Mortgage Capital Inc.U.S. Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for Structured Asset Investment Loan Trust, and various Mortgagors". Series 2005-9.” The Escrow Account Accounts shall be Eligible Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and, upon requestif required, to any subsequent Purchaserthe NIMS Insurer within thirty days of the establishment of such account. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-9)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B.titled “Fieldstone Servicing Corp. (or Chase Manhattan Mortgage Corporation, as servicer, Subservicer) in trust for Morgan Stanley HSBC Bank USA, National Association, as Indenture Trustee, for the Fieldstone Mortgage Capital Inc.Investment Trust, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". Series 2004-5.” The Escrow Account Accounts shall be established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.074.02(g). The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 F hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.02(g). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that the interest earnings paid thereon is are insufficient for such purposes.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Fieldstone Mortgage Investment Trust, Series 2004-5)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Chase Manhattan Mortgage Corporation in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, and various Mortgagors"Series 2004-5”. The Escrow Account Accounts shall be Eligible Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and, upon requestif required, to any subsequent Purchaserthe NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Securities Corp)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer“Countrywide Home Loans Inc., in trust for Morgan Stanley Mortgage Capital Inc., owner the Purchaser of Conventional Fixxx Xxtx Xxxxxential Residential Fixed Rate Mortgage Loans, Group No. 2004-1 and various Mortgagors"”. The Escrow Account Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer Company in accordance with Section 2.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 E-1 hereto, in the case of an account established with the ServicerCompany, or by a letter agreement in the form of Exhibit 5 E-2 hereto, in the case of an account held by a depository other than the ServicerCompany. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Servicer Company shall deposit in the Escrow Account or Accounts on a daily basiswithin two Business Days of receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp 2004-S3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.JPMorgan Chase Bank, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Securities Corporation, and various Mortgagors". Series 2003-BC3.” The Escrow Account Accounts shall be established with either (i) a Qualified DepositoryDepository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Series 2003 Bc3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, and various Mortgagors"2003-BC5”. The Escrow Account Accounts shall be established with either (i) a Qualified DepositoryDepository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc5)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, titled "IndyMac Bank, F.S.B., as servicer, _________________________ in trust for Morgan Stanley Mortgage Capital Inc.____________________________________, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Indenture Trustee, and various Mortgagors". for [ ] 200__-[ ]." The Escrow Account Accounts shall be established with an Eligible Institution. Nothing herein shall require the Servicer to compel a Qualified Depository, Mortgagor to establish an Escrow Account in a manner which shall provide maximum available insurance thereunderviolation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.074.09(b). The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 D hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserServicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.09(b). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that the interest earnings paid thereon is are insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titledtitled “NYMT Servicing Corporation (or Cenlar FSB as subservicer for NYMT Servicing Corporation, "IndyMac Bank, F.S.B.a federal savings bank, as servicer, Subservicer) in trust for Morgan Stanley U.S. Bank National Association, as Indenture Trustee, for the New York Mortgage Capital Inc., owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". Trust 2005-3.” The Escrow Account Accounts shall be established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.074.02(g). The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 F hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.02(g). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that the interest earnings paid thereon is are insufficient for such purposes.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (New York Mortgage Trust 2005-3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac “Chase Home Finance, LLC as subservicer for JPMorgan Chase Bank, F.S.B., as servicer, National Association in trust for Morgan Stanley Mortgage Capital Inc.U.S. Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, Series 2005-8 and various Mortgagors". mortgagors.” The Escrow Account Accounts shall be Eligible Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto. No later than 30 days after the Closing Date, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and, upon requestif required, to any subsequent Purchaserthe NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Securities Corp)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac “Chase Home Finance, LLC as subservicer for JPMorgan Chase Bank, F.S.B., as servicer, National Association in trust for Morgan Stanley Mortgage Capital Inc.U.S. Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, Series 2005-3 and various Mortgagors". mortgagors.” The Escrow Account Accounts shall be Eligible Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto. No later than 30 days after the Closing Date, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and, upon requestif required, to any subsequent Purchaserthe NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, titled "IndyMac Bank, F.S.B., as servicer, Aurora Loan Services Inc. in trust for Morgan Stanley Mortgage Capital Inc.Bank One, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage LoansNational Association, and various Mortgagors". as Trustee for the Amortizing Residential Collateral Trust, 2002-BC4." The Escrow Account Accounts shall be established with a Qualified Depository, Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. C. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and the NIMS Insurer and, upon request, to any subsequent Purchaserowner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002 Bc4)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Amortizing Residential Collateral Trust, and various Mortgagors". 2004-1.” The Escrow Account Accounts shall be established with a Qualified Depositoryeither (i) an Eligible Institution or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Amortizing Residential Collateral Trust, Series 2004-1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.U.S. Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Securities Corporation, and various Mortgagors". 2004-GEL1.” The Escrow Account Accounts shall be established with a Qualified Depositoryeither (i) an Eligible Institution or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass-THR Certs Ser 2004-Gel1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicerHousehold Finance Corporation, in trust for Morgan Stanley Mortgage Capital Inc.Xxxxxx Brothers Bank FSB, owner of Conventional Fixxx Xxtx Xxxxxential Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2002-1 and various Mortgagors". The Escrow Account Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002 Hf1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, titled “Aames Funding Corporation in trust for Morgan Stanley Deutsche Bank National Trust Company, as Indenture Trustee, for Aames Mortgage Capital Inc., owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". Investment Trust 2006-1.” The Escrow Account Accounts shall be established with an Eligible Institution. Nothing herein shall require the Servicer to compel a Qualified Depository, Mortgagor to establish an Escrow Account in a manner which shall provide maximum available insurance thereunderviolation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.074.02(g). The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 F hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.02(g). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that the interest earnings paid thereon is are insufficient for such purposes.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Aames Mortgage Investment Trust 2006-1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac BankWaterfield Mortgage Company, F.S.B.Xxx. xx xrust for Centre Capital Group, as servicer, in trust for Morgan Stanley Mortgage Capital Inc., owner of Conventional Fixxx Xxtx Xxxxxential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors"" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Account Accounts shall be established with a Qualified Depository, Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 D hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification letter agreement shall be furnished to the Purchaser Owner and, upon request, to any subsequent Purchaserowner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin 48 hours of receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Series 2003-7h)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac “Chase Home Finance, LLC as subservicer for JPMorgan Chase Bank, F.S.B., as servicer, National Association in trust for Morgan Stanley Mortgage Capital Inc.U.S. Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, Series 2006-2 and various Mortgagors". mortgagors.” The Escrow Account Accounts shall be Eligible Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto. No later than 30 days after the Closing Date, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and, upon requestif required, to any subsequent Purchaserthe NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.Xxxxx Fargo Bank Minnesota, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage LoansNational Association, and various Mortgagors". as Trustee for the Amortizing Residential Collateral Trust, 2002-BC6.” The Escrow Account Accounts shall be established with a Qualified Depository, Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Amoritizing Residential Col Tr Mor Pas Thru Cer Ser 2002-Bc6)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Securitized Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more an Escrow AccountsAccount, in the form of a time deposit or demand accountsaccount, titledtitled "Thornburg Mortgage Home Loans, "IndyMac Bank, F.S.B., as servicer, Inc. in trust for Morgan Stanley one or more Thornburg Mortgage Capital Inc., owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". Securities Trusts." The Escrow Account Xxxxxx Xccount shall be established with a Qualified Depository, in a Depositxxx xx x manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any the Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. C. A copy of such certification or letter agreement shall be furnished to each Trustee and the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Securitized Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the related Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the related Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Mortgage Investments Ii Inc)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac “Chase Home Finance, LLC as subservicer for JPMorgan Chase Bank, F.S.B., as servicer, National Association in trust for Morgan Stanley Mortgage Capital Inc.U.S. Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, Series 2005-11 and various Mortgagors". mortgagors.” The Escrow Account Accounts shall be Eligible Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto. No later than 30 days after the Closing Date, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and, upon requestif required, to any subsequent Purchaserthe NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-11)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac “Xxxxx Fargo Bank, F.S.B., as servicer, N.A. in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for Structured Asset Investment Loan Trust, and various Mortgagors". Series 2004-7.” The Escrow Account Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunderan Eligible Institution. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 C hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2004-7)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, titled "IndyMac Bank, F.S.B., as servicer, in trust for Morgan Stanley Mortgage Capital Inc.Wells Fargo Bank Minnesota, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage LoansNational Association, and various Mortgagors". as Master Servicer fxx XXC 2000-BC3 Trust." The Escrow Account Accounts shall be established with a Qualified Depository, Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. C. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and, upon request, to any subsequent Purchaserowner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Servicing Agreement (Amortizing Resi Collateral Tr Mor Pas Thru Cert Ser 2000-Bc3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, titled “_________________________ in trust for Morgan Stanley Mortgage Capital Inc.____________________________________, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Indenture Trustee, and various Mortgagors". for [ ] 200__-[ ].” The Escrow Account Accounts shall be established with an Eligible Institution. Nothing herein shall require the Servicer to compel a Qualified Depository, Mortgagor to establish an Escrow Account in a manner which shall provide maximum available insurance thereunderviolation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.074.09(b). The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 D hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserServicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.09(b). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that the interest earnings paid thereon is are insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Xxxxx Fargo Bank, F.S.B., as servicer, National Association in trust for Morgan Stanley HSBC Bank USA, as Trustee for Structured Adjustable Rate Mortgage Capital Inc.Loan Trust, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". 2004-7." The Escrow Account Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunderan Eligible Institution. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 C hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin one (1) Business Day of the Servicer's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Securities Corp)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B.National City Mortgage Co., as servicerServicer, in trust for Morgan Stanley the Purchaser of Fixed and ARM Rate Conventional, FHA or VA Residential Mortgage Capital Inc., owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, Loans and various Mortgagors". The Escrow Account Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer Company in accordance with Section 2.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 E-l hereto, in the case of an account established with the ServicerCompany, or by a letter agreement in the form of Exhibit 5 E-2 hereto, in the case of an account held by a depository other than the ServicerCompany. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Servicer Company shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Servicing Agreement (Luminent Mortgage Trust 2007-2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac “Chase Home Finance, LLC as subservicer for JPMorgan Chase Bank, F.S.B., as servicer, National Association in trust for Morgan Stanley Mortgage Capital Inc.U.S. Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, Series 2005-9 and various Mortgagors". mortgagors.” The Escrow Account Accounts shall be Eligible Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto. No later than 30 days after the Closing Date, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and, upon requestif required, to any subsequent Purchaserthe NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-9)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley U.S. Bank National Association, as Indenture Trustee for the SASCO Mortgage Capital Inc., owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". Loan Trust 2004-GEL3.” The Escrow Account Accounts shall be established with a Qualified Depositoryeither (i) an Eligible Institution or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (SASCO Mortgage Loan Trust 2004-Gel3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.U.S. Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, and various Mortgagors". 2005-3.” The Escrow Account Accounts shall be established with a Qualified Depositoryeither (i) an Eligible Institution or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto. Not later than 30 days after the Closing Date, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, and various Mortgagors". 2004-9.” The Escrow Account Accounts shall be established with a Qualified Depositoryeither (i) an Eligible Institution or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2004-9)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Chase Manhattan Mortgage Corporation in trust for Morgan Stanley U.S. Bank National Association, as Indenture Trustee for the SASCO Mortgage Capital Inc., owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors"Loan Trust 2004-GEL3”. The Escrow Account Accounts shall be Eligible Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the Indenture Trustee. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (SASCO Mortgage Loan Trust 2004-Gel3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, titled "IndyMac Bank, F.S.B., as servicer, Aurora Loan Services Inc. in trust for Morgan Stanley Mortgage Capital Inc.Bank One, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage LoansNational Association, and various Mortgagors". as Trustee for the Amortizing Residential Collateral Trust, 2002-BC1." The Escrow Account Accounts shall be established with a Qualified Depository, Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. C. A copy of such certification or letter agreement shall be furnished to the Purchaser Master Servicer and the NIMS Insurer and, upon request, to any subsequent Purchaserowner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank“Xxxxx Fargo Home Mortgage, F.S.B., as servicer, Inc. in trust for Morgan Stanley Mortgage Capital Inc.LaSalle Bank National Association, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loansas Trustee for Structured Asset Investment Loan Trust, and various Mortgagors". Series 2003-BC11.” The Escrow Account Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 C hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc11)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titledtitled "Fieldstone Servicing Corp. (or Chase Home Finance, "IndyMac LLC as subservicer for JPMorgan Chase Bank, F.S.B.National Association, as servicer, Subservicer) in trust for Morgan Stanley HSBC Bank USA, National Association, as Indenture Trustee, for the Fieldstone Mortgage Capital Inc.Investment Trust, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". Series 2005-3." The Escrow Account Accounts shall be established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.074.02(g). The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 F hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.02(g). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that the interest earnings paid thereon is are insufficient for such purposes.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Fieldstone Mortgage Investment CORP)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, “Ocwen Federal Bank FSB in trust for Morgan Stanley U.S. Bank National Association, as Indenture Trustee for the SASCO Mortgage Capital Inc., owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". Loan Trust 2004-GEL2.” The Escrow Account Accounts shall be established with a Qualified Depositoryeither (i) an Eligible Institution or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Sasco Mortgage Loan Trust Series 2004-Gel2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., as servicer, titled in trust for Morgan Stanley Mortgage Capital Inc., owner the name of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors"the Mortgagor. The Escrow Account Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts Depository and may be drawn on by the Servicer in accordance with Section 2.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchasermaintained as interest-bearing accounts. The Servicer shall deposit in credit to the Escrow Account or Escrow Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, Loans for the purpose of effecting timely payment of any such items as are required under the terms of this AgreementAgreement and the related Mortgage or Mortgage Loan; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged PropertyProperty or refunded to the Mortgagor. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes. The Servicer shall be responsible for the administration of the Escrow Account or Escrow Accounts and shall be expected to make Servicing Advances to such account when a deficiency exists therein.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B.titled “Fieldstone Servicing Corp. (or Chase Manhattan Mortgage Corporation, as servicer, Subservicer) in trust for Morgan Stanley HSBC Bank USA, National Association, as Indenture Trustee, for the Fieldstone Mortgage Capital Inc.Investment Trust, owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". Series 2004-3.” The Escrow Account Accounts shall be established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Accounts Account may be drawn on by the Servicer in accordance with Section 2.074.02(g). The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 F hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 2.074.02(g). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that the interest earnings paid thereon is are insufficient for such purposes.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Fieldstone Mortgage Investment Trust, Series 2004-3)