Common use of Inspections Clause in Contracts

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 2014, or every second (2nd) calendar year beginning in 2015 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Loan, and solely as it relates to any A/B Whole Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner and any Seller. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 13 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11)

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Inspections. The Master Servicer (a) Purchaser shall have fifteen (15) days from receipt of notice of Seller’s acceptance of the offer (the “Inspection Period”), to have the title to the Property examined and to otherwise inspect the Property to determine the suitability of the Property for the development of the Property pursuant to the Plans. Should any title examination, survey or other inspection made by Purchaser reveal any title defect as would render the title unmarketable, or any existing condition which renders the Property unsuitable for its development pursuant to the Plans, Purchaser shall promptly give written notice of such title defect or condition (each hereinafter referred to as a “Defect”) to Seller no later than five (5) days after the end of the Inspection Period. If Purchaser fails to give notice of any Defects in a timely manner, Purchaser shall be deemed to have waived any Defects. Upon receipt of a timely notice of a Defect, Seller shall, at its own expensewithin ten (10) days after the end of the Inspection Period, inspect give Purchaser notice of any Defect that Seller intends to try and correct or cause remedy. If Seller does not timely agree to attempt to cure or remedy all such Defects (failure to give any such notice in a timely manner shall be inspected each Mortgaged Property other than Mortgaged Properties related deemed a refusal on Seller’s part to Specially Serviced Mortgage Loans take such action), Purchaser may, within fifteen (15) days after the end of the Inspection Period, elect by written notice to Seller to either (i) terminate this Agreement and Non-Serviced Mortgage Loans, every calendar year beginning in 2014have the Deposit returned, or every second (2ndii) calendar year beginning waive any such Defect and purchase the Property. Upon a failure to give such a notice in 2015 if a timely manner, Purchaser shall be deemed to have waived any Defect Seller has not agreed to correct or remedy. Should Seller fail to correct or remedy any Defect which it has agreed to attempt to correct or remedy within ninety (90) days after the Unpaid Principal Balance end of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shallInspection Period, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Loan, and solely as it relates to any A/B Whole Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner and any Seller. The Special Servicer Purchaser shall have the right same options set forth above to either terminate this Agreement or waive such Defect and close the Purchase of the Property. Such election shall be given to Seller within one hundred (100) days after the end of the Inspection Period. Failure to timely give such notice shall be deemed Purchaser’s election to terminate this Agreement effective as of the date of such notice and this Agreement shall be conclusively deemed terminated and each party shall be released from all further obligations hereunder. (b) For the purpose of subsection (a) above, the title to the Property shall not be deemed “unmarketable” if (1) First American Title Insurance Company or Fidelity National Title Insurance Company is willing to issue its regular Owner’s and/or Mortgagee policies of title insurance with no exceptions other than the routine and standard exceptions made in such policies and to any existing covenants, restrictions and easements of record which do not materially interfere with the construction of the improvements on the Property according to the Plans, and (2) the Property shall not be deemed “unsuitable” for the construction of such improvements if the Seller is willing and able to issue a building permit for such improvements. (c) Purchaser shall indemnify and hold Seller harmless from and against any and all losses, costs, expenses, claims or damages of any kind, including, but not limited to, attorney fees and other legal expenses, suffered or incurred by Seller arising in any way of Purchaser’s inspections of the obligation)Property. Seller makes no representations or warranties concerning the condition of the Property and Purchaser’s, in its sole discretionand Purchaser’s employees, to inspect contractors, agents or cause to be inspected (invitees shall enter upon the Property at its their own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) monthsrisk.

Appears in 8 contracts

Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 2014, or every second (2nd) calendar year beginning in 2015 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar not less frequently than once each year beginning commencing in 2015 2022, so long as a Special Servicing Loan Event is not then continuing; provided that the Servicer shall not be required to inspect the Mortgaged Property if the Special Servicer has inspected the Mortgaged Property in the past 12 months. The Special Servicer shall inspect or cause to be inspected the Mortgaged Property, as applicable, and as soon as practicable following the occurrence of a Special Servicing Loan Event and annually for so long as a Special Servicing Loan Event is continuing. The Servicer or the Special Servicer, as applicable, shall further inspect, or cause to be inspected, the Mortgaged Property whenever it receives information that the Mortgaged Property has been materially damaged, left vacant, or abandoned, or if waste is being committed thereto. All such inspections shall be performed in such manner as shall be consistent with Accepted Servicing Practices. The cost of the annual inspections referred to in the first sentence of this paragraph shall be an expense of the Servicer; the cost of all additional inspections referred to in this paragraph shall be a Trust Fund Expense (except to the extent such expense is required to be borne by the Companion Loan Holders pursuant to the terms of the Co-Lender Agreement) and if paid by the Servicer shall constitute a Property Protection Advance. If such amounts are reimbursed from amounts allocable to the Mortgage Loan, the Servicer (with respect to the Whole Loan when it is not a Specially Serviced Whole Loan) or Special Servicer (with respect to a Specially Serviced Whole Loan or Foreclosed Property) will be required, after receiving payment from amounts on deposit in the Collection Account allocable to the Mortgage Loan, if any, to (i) promptly notify the Companion Loan Pair continues Holders and (ii) use efforts consistent with Accepted Servicing Practices to be exercise on behalf of the Trust the rights of the Trust under the Co-Lender Agreement to obtain reimbursement from the Companion Loan Holders for a pro rata portion (based on the CREFC® Servicer Watch List; provided, if outstanding principal balance of the Notes) of such Mortgage Loan or Loan Pair is no longer on amount allocable to the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be requiredCompanion Loans. The Master Servicer or Special Servicer, as the case may be, shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report a written report of inspection and deliver it to the Certificate Administrator (who and the Companion Loan Holders in electronic format. The Certificate Administrator shall promptly upon receipt post it to such report on the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.78.15(b), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Loan, and solely as it relates to any A/B Whole Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner and any Seller. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 7 contracts

Samples: Trust and Servicing Agreement (Benchmark 2022-B35 Mortgage Trust), Trust and Servicing Agreement (Bank 2022-Bnk41), Trust and Servicing Agreement (Benchmark 2022-B34 Mortgage Trust)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142015, or every second (2nd) calendar year beginning in 2015 2016 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2016 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Loan, and solely as it relates to any A/B Whole Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner and any Seller. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142005, or every second (2nd) calendar year beginning in 2015 2005 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer CMSA Watch List, the Master Servicer shall shall, at the expense of the Trust and at the request of the Controlling Class, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2005 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer CMSA Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer CMSA Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Rating Agencies, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)Placement Agents, the Trust Advisor (other than during any Subordinate Control Period)Underwriters, the Depositor, the Trustee, the Paying Agent, the Operating Adviser, the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Mortgage Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner Owner, any Seller and any Sellerthe Primary Servicer. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 TOP 17), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2004-Top16), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 TOP 17)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142013, or every second (2nd) calendar year beginning in 2015 2013 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® CREFC Servicer Watch List, the Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2013 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® CREFC Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® CREFC Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Loan, and solely as it relates to any A/B Whole Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner and any Seller. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2012-C4), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 2014, or every second (2nd) calendar year beginning in 2015 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2013 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Loan, and solely as it relates to any A/B Whole Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner and any Seller. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 2014, or every second (2nd) calendar year beginning in 2015 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Specially-Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided provided, further, that with respect to any Mortgage Loan (other than a Specially Specially-Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2014 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, provided that if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Loan, and solely as it relates to any A/B Whole Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner and any Seller. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142005 (provided that the Master Servicer shall have until March 2006 to complete any inspections required for the calendar year 2005), or every second (2nd) calendar year beginning in 2015 2005 (provided that the Master Servicer shall have until March 2006 to complete any inspections required for the calendar year 2005), if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer CMSA Watch List, the Master Servicer shall shall, at the expense of the Trust and at request of the Controlling Class, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2005 (provided that the Master Servicer shall have until March 2006 to complete any inspections required for the calendar year 2005) so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer CMSA Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer CMSA Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Rating Agencies, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)Placement Agents, the Trust Advisor (other than during any Subordinate Control Period)-190- Underwriters, the Depositor, the Trustee, the Operating Adviser, the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Mortgage Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner and any Seller. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 HQ5), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 HQ5), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 HQ5)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142005, or every second (2nd) calendar year beginning in 2015 2005 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer CMSA Watch List, the Master Servicer shall shall, at the expense of the Trust and at request of the Controlling Class, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2005 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer CMSA Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer CMSA Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Rating Agencies, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)Placement Agents, the Trust Advisor (other than during any Subordinate Control Period)Underwriters, the Depositor, the Trustee, the Paying Agent, the Operating Adviser, the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Mortgage Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner Owner, any Seller and any Sellerthe Primary Servicer. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 HQ4), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust Series 2004-Top15), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Sec Inc Trust 2004 Top14)

Inspections. The Master Primary Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142007, or every second (2nd) calendar year beginning in 2015 2007 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than under $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch ListWatchlist, the Master Servicer shall Primary Servicer, at its own expense, shall, at the request of the Controlling Class Representative, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2007 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® CMSA Servicer Watch List; and provided, further, that Primary Servicer will not be obligated to inspect any particular Mortgaged Property during any one-year or two-year, as applicable, period contemplated above in this sentence, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Special Servicer Watch List at has already done so during that period pursuant to the time the inspection was scheduled, no such inspection shall be requiredPooling and Servicing Agreement. The Master Primary Servicer shall prepare cause to be prepared an Inspection Report Report, in the form set forth in Exhibit H attached hereto, relating to each inspection. The Master Primary Servicer shall promptly forward three (3) copies of the applicable Inspection Report to the Certificate Administrator Master Servicer within twenty (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.420) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the Special Servicer, solely as it relates to any Loan Pair, to the holder days of the related Serviced Companion Loan, and solely as it relates to any A/B Whole Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner and any Sellerinspection. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to After a Mortgage Loan that is not becomes a Specially Serviced Mortgage Loan; provided that , the Special Primary Servicer notifies will have no obligations under this Section. However, once a Specially Serviced Mortgage Loan is rehabilitated and becomes a Corrected Mortgage Loan, the Master provisions of this Section 3.14 shall once again apply to the Primary Servicer prior with respect to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) monthsCorrected Mortgage Loan.

Appears in 3 contracts

Samples: Primary Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2006-Pwr13), Primary Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2006-Pwr14), Primary Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)

Inspections. The Each Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property for which it is acting as Master Servicer, other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142008, or every second (2nd) calendar year beginning in 2015 2008 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than under $2,000,000; provided that the each Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan for which it is acting as Master Servicer (other than a Specially Serviced Mortgage Loan Loan, or Non-Serviced Mortgage Loanif there has not been an inspection within the past six months) that has a Debt Service Coverage Ratio that falls below 1.0x and provided furtheror, that with respect to any Co-op Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage LoanLoans, 0.90x. The foregoing sentence shall not alter the terms of the applicable Special Servicer's obligation to inspect Mortgaged Properties as set forth in Section 9.4(b) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the hereto. The applicable Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare prepared an Inspection Report relating to each inspection. The applicable Inspection Reports shall be available for review by the Trustee, the applicable Special Servicer, the Rating Agencies, the Placement Agent, the Underwriters, the Depositor, the Operating Adviser, any Certificate Owner, any Seller and any Primary Servicer via password protocol and execution of an agreement relating thereto on the General Master Servicer shall promptly forward Servicer's Website. With respect to the NCB, FSB Loans, the applicable Inspection Report to Reports shall be available for review by the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Trustee, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the applicable Special Servicer, solely as it relates to any Loan Pairthe Rating Agencies, to the holder of Placement Agent, the related Serviced Companion LoanUnderwriters, and solely as it relates to any A/B Whole Loanthe Depositor, to the holder of the related B Note, and upon request, to any CertificateholderOperating Adviser, any Certificate Owner Owner, any Seller and any SellerPrimary Servicer via password protocol and execution of an agreement relating thereto on the NCB Master Servicer's Website (which shall be initially located at www.ncb.coop) by the Business Day following the Distribution Date in Xxxxx 0000. The NCB Master Servicer shall, upon request by any of such parties, deliver copies of such documents to any of the foregoing parties if such documents are not available on the NCB Master Servicer's Website at such time. The applicable Special Servicer shall have the right (right, but not the obligation), in its sole discretionno duty, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the such Special Servicer notifies the such Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq13), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq13), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq13)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142015, or every second (2nd) calendar year beginning in 2015 2016 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that that, to the extent the applicable Mortgaged Property has not been inspected within the prior 60 days, the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2016 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Loan, and solely as it relates to any A/B Whole Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner and any Seller. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16)

Inspections. The Each Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property for which it is acting as Master Servicer, other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142007, or every second (2nd) calendar year beginning in 2015 2008 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than under $2,000,000; provided that the each Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan for which it is acting as Master Servicer (other than a Specially Serviced Mortgage Loan Loan, or Non-Serviced Mortgage Loanif there has not been an inspection within the past six months) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect 1.0x. The foregoing sentence shall not alter the terms of the Special Servicer's obligation to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loaninspect Mortgaged Properties as set forth in Section 9.4(b) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the hereto. The applicable Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare prepared an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to Reports shall be available for review by the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period)Trustee, the Special Servicer, solely as it relates to any Loan Pairthe Rating Agencies, to the holder Placement Agent, the Underwriters, the Depositor, the Paying Agent, the Operating Adviser (in the case of the related Serviced Companion Loaninitial Operating Advisor, and solely as it relates to any A/B Whole Loan, to in accordance with the holder of the related B Note, and upon request, to any CertificateholderARCap Naming Convention), any Certificate Owner Owner, any Seller and any SellerPrimary Servicer via password protocol and execution of an agreement relating thereto on the General Master Servicer's Website. With respect to the Prudential Loans, the applicable Inspection Reports shall be available for review by the Trustee, the Special Servicer, the Rating Agencies, the Placement Agent, the Underwriters, the Depositor, the Paying Agent, the Operating Adviser, any Certificate Owner, any Seller and any Primary Servicer via password protocol and execution of an agreement relating thereto on the Prudential Master Servicer's Website. The Special Servicer shall have the right (right, but not the obligation), in its sole discretionno duty, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the such Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Iq12), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Iq12)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142013, or every second (2nd) calendar year beginning in 2015 2014 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® CREFC Servicer Watch List, the Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2013 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® CREFC Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® CREFC Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Loan, and solely as it relates to any A/B Whole Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner and any Seller. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142007, or every second (2nd) calendar year beginning in 2015 2008 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,0002,000,000 (it being understood that such Mortgaged Properies securing a Mortgage Loan or Loan Pair with a Principal Balance of less than $2,000,000 will be inspected in the 2008 calendar year and every second calendar year thereafter); provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer CMSA Watch List, the Master Servicer shall shall, at the expense of the Trust and at the request of the Controlling Class, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2007 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer CMSA Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer CMSA Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Rating Agencies, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)Placement Agents, the Trust Advisor (other than during any Subordinate Control Period)Underwriters, the Depositor, the Trustee, the Paying Agent, the Operating Adviser, the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Mortgage Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner Owner, any Seller and any Sellerthe Primary Servicer. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Top23), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2006-Top24)

Inspections. The applicable Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 2014, 2006 or every second (2nd) calendar year beginning in 2015 2006, if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the applicable Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer CMSA Watch List, the applicable Master Servicer shall shall, at the expense of the Trust and at request of the Controlling Class, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2006 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer CMSA Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer CMSA Watch List at the time the inspection was scheduled, no such inspection shall be required. The applicable Master Servicer shall prepare an Inspection Report relating to each inspection. The applicable Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Trustee, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period)Operating Adviser, the Special Servicer, solely as it relates to any Loan Pair, also to the holder of the related Serviced Companion Mortgage Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner Owner, the Underwriters, the Rating Agencies and any Seller. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the applicable Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005-Hq6), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005-Hq6)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 2014, or every second (2nd) calendar year beginning in 2015 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided provided, further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2014 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Loan, and solely as it relates to any A/B Whole Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner and any Seller. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142004, or every second (2nd) calendar year beginning in 2015 2004 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and and; provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or the Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the Master Servicer shall shall, at the expense of the Trust and at request of the Controlling Class, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2004 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Rating Agencies, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)Placement Agents, the Trust Advisor (other than during any Subordinate Control Period)Underwriters, the Depositor, the Trustee, the Paying Agent, the Operating Adviser, the Special Servicer, solely as it relates to any the Loan Pair, to the holder of the related Serviced WestShore Plaza Companion Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner Owner, any Seller and any SellerPrimary Servicer. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Ii Inc), Pooling and Servicing Agreement (Bear Stearns Commercial Mort Sec Tru 2003-Top12)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142012, or every second (2nd) calendar year beginning in 2015 2013 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,0002,000,000 (it being understood that such Mortgaged Properties securing a Mortgage Loan or Loan Pair with an Unpaid Principal Balance of less than $2,000,000 will be inspected in the 2013 calendar year and every second (2nd) calendar year thereafter); provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® CREFC Servicer Watch List, the Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2012 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® CREFC Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® CREFC Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Loan, and solely as it relates to any A/B Whole Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner and any Seller. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) 12 months.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2011-C3), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2011-C3)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142005, or every second (2nd) calendar year beginning in 2015 2005 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer CMSA Watch List, the Master Servicer shall shall, at the expense of the Trust and at request of the Controlling Class, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2005 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer CMSA Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer CMSA Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Rating Agencies, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)Placement Agents, the Trust Advisor (other than during any Subordinate Control Period)Underwriters, the Depositor, the Trustee, the Paying Agent, the Operating Adviser, the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Mortgage Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner and any Seller. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 HQ4), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 HQ4)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142003, or every second (2nd) calendar year beginning in 2015 2003 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and and; provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the Master Servicer shall shall, at the expense of the Trust and at request of the Controlling Class, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2003 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Rating Agencies, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)Placement Agents, the Trust Advisor (other than during any Subordinate Control Period)Underwriters, the Depositor, the Trustee, the Paying Agent, the Operating Adviser, the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner Owner, any Seller and any SellerPrimary Servicer. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Ser 2003 Top9), Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Ser 2003 Top9)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142008, or every second (2nd) calendar year beginning in 2015 2009 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; (it being understood that such Mortgaged Properties securing a Mortgage Loan or Loan Pair with a Principal Balance of less than $2,000,000 will be inspected in the 2009 calendar year and every second calendar year thereafter) provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer CMSA Watch List, the Master Servicer shall shall, at the expense of the Trust and at the request of the Operating Adviser, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2008 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer CMSA Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer CMSA Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Rating Agencies, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)Placement Agents, the Trust Advisor (other than during any Subordinate Control Period)Underwriters, the Depositor, the Trustee, the Paying Agent, the Operating Adviser, the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Mortgage Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner Owner, any Seller and any SellerPrimary Servicer. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Hq11)

Inspections. The Each Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property for which it is acting as Master Servicer, other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142008, or every second (2nd) calendar year beginning in 2015 2008 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than under $2,000,000; provided that the each Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan for which it is acting as Master Servicer (other than a Specially Serviced Mortgage Loan Loan, or Non-Serviced Mortgage Loanif there has not been an inspection within the past six months) that has a Debt Service Coverage Ratio that falls below 1.0x and provided furtheror, that with respect to any Co-op Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage LoanLoans, 0.90x. The foregoing sentence shall not alter the terms of the applicable Special Servicer's obligation to inspect Mortgaged Properties as set forth in Section 9.4(b) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the hereto. The applicable Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare prepared an Inspection Report relating to each inspection. The Master Servicer shall promptly forward With respect to the Mortgage Loans other than the RBC Loans, the Nationwide Loans and the NCB, FSB Loans, the applicable Inspection Report to Reports shall be available for review by the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Trustee, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the General Special Servicer, solely as it relates to any Loan Pairthe Rating Agencies, to the holder Placement Agent, the Underwriters, the Depositor, the Paying Agent, the Operating Adviser (in the case of the related Serviced Companion Loaninitial Operating Advisor, and solely as it relates to any A/B Whole Loan, to in accordance with the holder of the related B Note, and upon request, to any CertificateholderCenterline Naming Convention), any Certificate Owner Owner, any Seller and any SellerPrimary Servicer via password protocol and execution of an agreement relating thereto on the Capmark Master Servicer's Website. With respect to the RBC Loans and the Nationwide Loans, the applicable Inspection Reports shall be available for review by the Trustee, the General Special Servicer, the Rating Agencies, the Placement Agent, the Underwriters, the Depositor, the Paying Agent, the Operating Adviser (in the case of the initial Operating Advisor, in accordance with the Centerline Naming Convention), any Certificate Owner, any Seller and any Primary Servicer via password protocol and execution of an agreement relating thereto on the Wells Fargo Master Servicer's Websxxx. With respect to the NCB, FSB Loans, the applicable Inspection Reports shall be available for review by the Trustee, the Co-op Special Servicer, the Rating Agencies, the Placement Agent, the Underwriters, the Depositor, the Paying Agent, the Operating Adviser, any Certificate Owner, any Seller and any Primary Servicer via password protocol and execution of an agreement relating thereto on the NCB Master Servicer's Website (which shall be initially located at www.ncb.coop) by the Business Day xxxxxxxxx xxe Distribution Date in December 2007. The NCB Master Servicer shall, upon request by any of such parties, deliver copies of such documents to any of the foregoing parties if such documents are not available on the NCB Master Servicer's Website at such time. The applicable Special Servicer shall have the right (right, but not the obligation), in its sole discretionno duty, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the such Special Servicer notifies the such Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq16)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loansthe Xxxx Xxxxxxx Tower Pari Passu Loan, every calendar year beginning in 20142004, or every second (2nd) calendar year beginning in 2015 2004 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and and; provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the Master Servicer shall shall, at the expense of the Trust and at request of the Controlling Class, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2004 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Rating Agencies, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)Placement Agents, the Trust Advisor (other than during any Subordinate Control Period)Underwriters, the Depositor, the Trustee, the Paying Agent, the Operating Adviser, the Special Servicer, solely as it relates to any the Loan Pair, to the holder of the related Serviced RSA Companion Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner Owner, any Seller and any SellerPrimary Servicer. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Trust 2003-Top 11)

Inspections. The Each Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property for which it is acting as Master Servicer, other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142007, or every second (2nd) calendar year beginning in 2015 2008 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than under $2,000,000; provided that the each Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan for which it is acting as Master Servicer (other than a Specially Serviced Mortgage Loan Loan, or Non-Serviced Mortgage Loanif there has not been an inspection within the past six months) that has a Debt Service Coverage Ratio that falls below 1.0x and provided furtheror, that with respect to any Co-op Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage LoanLoans, 0.90x. The foregoing sentence shall not alter the terms of the applicable Special Servicer's obligation to inspect Mortgaged Properties as set forth in Section 9.4(b) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the hereto. The applicable Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare prepared an Inspection Report relating to each inspection. The applicable Inspection Reports shall be available for review by the Trustee, the applicable Special Servicer, the Rating Agencies, the Placement Agent, the Underwriters, the Depositor, the Paying Agent, the Operating Adviser, any Certificate Owner, any Seller and any Primary Servicer via password protocol and execution of an agreement relating thereto on the General Master Servicer shall promptly forward Servicer's Website. With respect to the NCB, FSB Loan and the NCCB Loan, the applicable Inspection Report to Reports shall be available for review by the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Trustee, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)applicable Special Servicer and, upon request, the Trust Advisor (other than during any Subordinate Control Period)Rating Agencies, the Special ServicerPlacement Agent, the Underwriters, the Depositor, the Paying Agent, the Operating Adviser, any Seller, any Primary Servicer and, solely as it relates to any a Serviced Loan PairGroup, to the holder of the related Serviced Companion Loan, via password protocol and solely as it relates execution of an agreement relating thereto on the NCB Master Servicer's Website (which shall be initially located at www.ncb.coop) by the Business Day following the Distribution Date in Xxxx 0000. Xhe NCB Master Servicer shall, upon request by any of such parties, deliver copies of such documents to any A/B Whole Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner and any Sellerforegoing parties if such documents are not available on the NCB Master Servicer's Website at such time. The applicable Special Servicer shall have the right (right, but not the obligation), in its sole discretionno duty, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the such Special Servicer notifies the such Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Iq11)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142006, or every second (2nd) calendar year beginning in 2015 2006 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer CMSA Watch List, the Master Servicer shall shall, at the expense of the Trust and at the request of the Controlling Class, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2006 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer CMSA Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer CMSA Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator Rating Agencies, the Placement Agents, the Underwriters, the Depositor, the Trustee, the Paying Agent, the Operating Adviser (who shall promptly upon receipt post it or the Monmouth Mall Mortgage Loan Operating Adviser with respect only to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control PeriodMonmouth Mall Mortgage Loan), the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Mortgage Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner Owner, any Seller and any Sellerthe Primary Servicer. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Top21)

Inspections. The Each Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property for which it is acting as Master Servicer, other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142006, or every second (2nd) calendar year beginning in 2015 2007 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than under $2,000,000; provided that the each Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan for which it is acting as Master Servicer (other than a Specially Serviced Mortgage Loan Loan, or Non-Serviced Mortgage Loanif there has not been an inspection within the past six months) that has a Debt Service Coverage Ratio that falls below 1.0x and provided furtheror, that with respect to any Co-op Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage LoanLoans, 0.90x. The foregoing sentence shall not alter the terms of the applicable Special Servicer's obligation to inspect Mortgaged Properties as set forth in Section 9.4(b) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the hereto. The applicable Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare prepared an Inspection Report relating to each inspection. The Each Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Trustee, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the applicable Special Servicer, solely as it relates to the Rating Agencies, the Placement Agent, the Underwriters, the Depositor, the Paying Agent, the Operating Adviser, any Loan PairCertificate Owner, any Seller and any Primary Servicer. With respect to the holder of NCB, FSB Loans, the related Serviced Companion Loanapplicable Inspection Reports shall be available for review by the Trustee, and solely as it relates to any A/B Whole Loanthe applicable Special Servicer and, to the holder of the related B Note, and upon request, the Rating Agencies, the Placement Agent, the Underwriters, the Depositor, the Paying Agent, the Operating Adviser, any Seller and any Primary Servicer via password protocol and execution of an agreement relating thereto on the NCB Master Servicer's Website (which shall be initially located at www.ncb.coop) by the Business Day following the Distribution Date in Xxxxx 0000. The NCB Master Servicer shall, upon request by any of such parties, deliver copies of such documents to any Certificateholder, any Certificate Owner and any Sellerof the foregoing parties if such documents are not available on the NCB Master Servicer's Website at such time. The applicable Special Servicer shall have the right (right, but not the obligation), in its sole discretionno duty, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the such Special Servicer notifies the such Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 IQ9)

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Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142004, or every second (2nd) calendar year beginning in 2015 2004 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and and; provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the Master Servicer shall shall, at the expense of the Trust and at request of the Controlling Class, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2004 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Rating Agencies, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)Placement Agents, the Trust Advisor (other than during any Subordinate Control Period)Underwriters, the Depositor, the Trustee, the Paying Agent, the Operating Adviser, the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Mortgage Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner Owner, any Seller and any SellerPrimary Servicer. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stan Dean Wit Cap Com Mort Ps THR CRTS Ser 2003-Top13)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142008, or every second (2nd) calendar year beginning in 2015 2009 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,0002,000,000 (it being understood that such Mortgaged Properties securing a Mortgage Loan or Loan Pair with a Principal Balance of less than $2,000,000 will be inspected in the 2009 calendar year and every second calendar year thereafter); provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer CMSA Watch List, the Master Servicer shall shall, at the expense of the Trust and at the request of the Controlling Class, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2008 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer CMSA Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer CMSA Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Rating Agencies, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)Placement Agents, the Trust Advisor (other than during any Subordinate Control Period)Underwriters, the Depositor, the Trustee, the Paying Agent, the Operating Adviser, the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Mortgage Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner Owner, any Seller and any Sellerthe Primary Servicer. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.-188-

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Top25)

Inspections. The Master Primary Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142008, or every second (2nd) calendar year beginning in 2015 2008 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than under $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch ListWatchlist, the Master Servicer shall Primary Servicer, at its own expense, shall, at the request of the Controlling Class Representative, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2008 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® CMSA Servicer Watch List; and provided, further, that Primary Servicer will not be obligated to inspect any particular Mortgaged Property during any one-year or two-year, as applicable, period contemplated above in this sentence, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Special Servicer Watch List at has already done so during that period pursuant to the time the inspection was scheduled, no such inspection shall be requiredPooling and Servicing Agreement. The Master Primary Servicer shall prepare cause to be prepared an Inspection Report Report, in the form set forth in Exhibit H attached hereto, relating to each inspection. The Master Primary Servicer shall promptly forward three (3) copies of the applicable Inspection Report to the Certificate Administrator Master Servicer within twenty (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.420) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the Special Servicer, solely as it relates to any Loan Pair, to the holder days of the related Serviced Companion Loan, and solely as it relates to any A/B Whole Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner and any Sellerinspection. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to After a Mortgage Loan that is not becomes a Specially Serviced Mortgage Loan; provided that , the Special Primary Servicer notifies will have no obligations under this Section. However, once a Specially Serviced Mortgage Loan is rehabilitated and becomes a Corrected Mortgage Loan, the Master provisions of this Section 3.14 shall once again apply to the Primary Servicer prior with respect to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) monthsCorrected Mortgage Loan.

Appears in 1 contract

Samples: Primary Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2007-Pwr15)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142006, or every second (2nd) calendar year beginning in 2015 2006 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer CMSA Watch List, the Master Servicer shall shall, at the expense of the Trust and at the request of the Operating Adviser, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2006 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer CMSA Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer CMSA Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Rating Agencies, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)Placement Agents, the Trust Advisor (other than during any Subordinate Control Period)Underwriters, the Depositor, the Trustee, the Paying Agent, the Operating Adviser, the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Mortgage Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner Owner, any Seller and any SellerPrimary Servicer. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.189

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Hq8)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142008, or every second (2nd) calendar year beginning in 2015 2009 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,0002,000,000 (it being understood that such Mortgaged Properties securing a Mortgage Loan or Loan Pair with a Principal Balance of less than $2,000,000 will be inspected in the 2009 calendar year and every second calendar year thereafter); provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer CMSA Watch List, the Master Servicer shall shall, at the expense of the Trust and at the request of the Controlling Class, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2008 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer CMSA Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer CMSA Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Placement Agent, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)Underwriters, the Trust Advisor (other than during any Subordinate Control Period), the Special ServicerDepositor, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Mortgage Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to the Trustee, the Operating Adviser, the Special Servicer, the Rating Agencies, any Certificateholder, any Certificate Owner Owner, any Seller and any SellerPrimary Servicer; provided that, the Master Servicer shall make the applicable Inspection Reports available to the Trustee, the Operating Adviser and the Special Servicer in a downloadable format on the Master Servicer's internet website. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the Master Servicer prior to such inspection. The inspection and provides the Master Servicer is not required with a copy of such inspection promptly following its completion. If the Special Servicer inspects, or causes to inspect be inspected, any Mortgaged Property that has been inspected by for a non-Specially Serviced Mortgage Loan pursuant to the Special Servicer during immediately preceding sentence within the preceding prior twelve (12) monthsmonths and the Master Servicer has no actual knowledge of any material change in the condition of the related Mortgaged Property since the date of the related inspection, the Master Servicer shall not be required to inspect such Mortgaged Property pursuant to this Section 8.17 for a period of up to twelve (12) months after the date of such inspection by the Special Servicer.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Hq13)

Inspections. The Master Primary Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142006, or every second (2nd) calendar year beginning in 2015 2006 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than under $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Pooled Mortgage Loan) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch ListWatchlist, the Master Servicer shall Primary Servicer, at its own expense, shall, at the request of the Controlling Class Representative, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2006 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® CMSA Servicer Watch List; and provided, further, that Primary Servicer will not be obligated to inspect any particular Mortgaged Property during any one-year or two-year, as applicable, period contemplated above in this sentence, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Special Servicer Watch List at has already done so during that period pursuant to the time the inspection was scheduled, no such inspection shall be requiredPooling and Servicing Agreement. The Master Primary Servicer shall prepare cause to be prepared an Inspection Report Report, in the form set forth in Exhibit H attached hereto, relating to each inspection. The Master Primary Servicer shall promptly forward three (3) copies of the applicable Inspection Report to the Certificate Administrator Master Servicer within twenty (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.420) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the Special Servicer, solely as it relates to any Loan Pair, to the holder days of the related Serviced Companion Loan, and solely as it relates to any A/B Whole Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner and any Sellerinspection. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to After a Mortgage Loan that is not becomes a Specially Serviced Mortgage Loan; provided that , the Special Primary Servicer notifies will have no obligations under this Section. However, once a Specially Serviced Mortgage Loan is rehabilitated (a "Rehabilitated Mortgage Loan"), the Master provisions of this Section 3.14 shall once again apply to the Primary Servicer prior with respect to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) monthsRehabilitated Mortgage Loan.

Appears in 1 contract

Samples: Primary Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2006-Pwr11)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142004, or every second (2nd) calendar year beginning in 2015 2004 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and and; provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer CMSA Watch List, the Master Servicer shall shall, at the expense of the Trust and at request of the Controlling Class, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2004 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer CMSA Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer CMSA Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Rating Agencies, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)Placement Agent, the Trust Advisor (other than during any Subordinate Control Period)Underwriters, the Depositor, the Trustee, the Operating Adviser, the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Mortgage Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner and any the Seller. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Capital I Tr 2004-Hq3)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142007, or every second (2nd) calendar year beginning in 2015 2008 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; (it being understood that such Mortgaged Properties securing a Mortgage Loan or Loan Pair with a Principal Balance of less than $2,000,000 will be inspected in the 2008 calendar year and every second calendar year thereafter) provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer CMSA Watch List, the Master Servicer shall shall, at the expense of the Trust and at the request of the Operating Adviser, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2007 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer CMSA Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer CMSA Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Rating Agencies, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)Placement Agents, the Trust Advisor (other than during any Subordinate Control Period)Underwriters, the Depositor, the Trustee, the Paying Agent, the Operating Adviser, the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Mortgage Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner Owner, any Seller and any SellerPrimary Servicer. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.ccxii

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Hq10)

Inspections. The Each Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property for which it is acting as Master Servicer, other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142008, or every second (2nd) calendar year beginning in 2015 2008 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than under $2,000,000; provided that the each Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan for which it is acting as Master Servicer (other than a Specially Serviced Mortgage Loan Loan, or Non-Serviced Mortgage Loanif there has not been an inspection within the past six months) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect 1.0x. The foregoing sentence shall not alter the terms of the applicable Special Servicer's obligation to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loaninspect Mortgaged Properties as set forth in Section 9.4(b) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the hereto. The applicable Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare prepared an Inspection Report relating to each inspection. The Master Servicer shall promptly forward With respect to the Mortgage Loans other than the Prudential Loans, the applicable Inspection Report to Reports shall be available for review by the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Trustee, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the General Special Servicer, solely as it relates to any Loan Pairthe Rating Agencies, to the holder Placement Agent, the Underwriters, the Depositor, the Paying Agent, the Operating Adviser (in the case of the related Serviced Companion Loaninitial Operating Advisor, and solely as it relates to any A/B Whole Loan, to in accordance with the holder of the related B Note, and upon request, to any CertificateholderCenterline Naming Convention), any Certificate Owner Owner, any Seller and any SellerPrimary Servicer via password protocol and execution of an agreement relating thereto on the Capmark Master Servicer's Website. With respect to the Prudential Loans, the applicable Inspection Reports shall be available for review by the Trustee, the applicable Special Servicer, the Rating Agencies, the Placement Agent, the Underwriters, the Depositor, the Paying Agent, the Operating Adviser, any Certificate Owner, any Seller and any Primary Servicer via password protocol and execution of an agreement relating thereto on the Prudential Master Servicer's website. The applicable Special Servicer shall have the right (right, but not the obligation), in its sole discretionno duty, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the such Special Servicer notifies the such Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq15)

Inspections. The Each Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property for which it is acting as Master Servicer, other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142006, or every second (2nd) calendar year beginning in 2015 2007 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than under $2,000,000; provided that the each Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan for which it is acting as Master Servicer (other than a Specially Serviced Mortgage Loan Loan, or Non-Serviced Mortgage Loanif there has not been an inspection within the past six months) that has a Debt Service Coverage Ratio that falls below 1.0x and provided furtheror, that with respect to any Co-op Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage LoanLoans, 0.90x. The foregoing sentence shall not alter the terms of the applicable Special Servicer's obligation to inspect Mortgaged Properties as set forth in Section 9.4(b) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the hereto. The applicable Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare prepared an Inspection Report relating to each inspection. The applicable Inspection Reports shall be available for review by the Trustee, the applicable Special Servicer, the Rating Agencies, the Placement Agent, the Underwriters, the Depositor, the Paying Agent, the Operating Adviser, any Certificate Owner, any Seller and any Primary Servicer via password protocol and execution of an agreement relating thereto on the General Master Servicer shall promptly forward Servicer's Website. With respect to the NCB, FSB Loans, the applicable Inspection Report to Reports shall be available for review by the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Trustee, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)applicable Special Servicer and, the Trust Advisor (other than during any Subordinate Control Period), the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Loan, and solely as it relates to any A/B Whole Loan, to the holder of the related B Note, and upon request, the Rating Agencies, the Placement Agent, the Underwriters, the Depositor, the Paying Agent, the Operating Adviser, any Seller and any Primary Servicer via password protocol and execution of an agreement relating thereto on the NCB Master Servicer's Website (which shall be initially located at www.ncb.coop) by the Business Day following the Distribution Date in Xxxxxxxx 0005. The NCB Master Servicer shall, upon request by any of such parties, deliver copies of such documents to any Certificateholder, any Certificate Owner and any Sellerof the foregoing parties if such documents are not available on the NCB Master Servicer's Website at such time. The applicable Special Servicer shall have the right (right, but not the obligation), in its sole discretionno duty, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the such Special Servicer notifies the such Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 IQ10)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property for which it is acting as Master Servicer, other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 201420__, or every second (2nd) calendar year beginning in 2015 20__ if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than under $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan for which it is acting as Master Servicer (other than a Specially Serviced Mortgage Loan Loan, or Non-Serviced Mortgage Loanif there has not been an inspection within the past six months) that has a Debt Service Coverage Ratio that falls below [1.0x and provided furtheror, that with respect to any Co-op Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage LoanLoans, 0.90x]. The foregoing sentence shall not alter the terms of the Special Servicer’s obligation to inspect Mortgaged Properties as set forth in Section 9.4(b) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be requiredhereto. The Master Servicer shall prepare cause to be prepared an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to Reports shall be available for review by the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period)Trustee, the Special Servicer, solely as it relates to any Loan Pairthe Rating Agencies, to the holder of Placement Agent, the related Serviced Companion LoanUnderwriters, and solely as it relates to any A/B Whole Loanthe Depositor, to the holder of Paying Agent, the related B Note, and upon request, to any CertificateholderOperating Adviser, any Certificate Owner Owner, any Seller and any SellerPrimary Servicer via password protocol and execution of an agreement relating thereto on the Master Servicer’s Website. The Special Servicer shall have the right (right, but not the obligation), in its sole discretionno duty, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc.)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142007, or every second (2nd) calendar year beginning in 2015 2007 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer CMSA Watch List, the Master Servicer shall shall, at the expense of the Trust and at the request of the Controlling Class, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2007 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer CMSA Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer CMSA Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Rating Agencies, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)Placement Agents, the Trust Advisor (other than during any Subordinate Control Period)Underwriters, the Depositor, the Trustee, the Paying Agent, the Operating Adviser, the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Mortgage Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner Owner, any Seller and any Sellerthe Primary Servicer. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage SecuritiesTrust 2006-Top22)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142006, or every second (2nd) calendar year beginning in 2015 2006 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer CMSA Watch List, the Master Servicer shall shall, at the expense of the Trust and at the request of the Controlling Class, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2006 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer CMSA Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer CMSA Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Rating Agencies, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)Placement Agents, the Trust Advisor (other than during any Subordinate Control Period)Underwriters, the Depositor, the Trustee, the Paying Agent, the Operating Adviser, the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Mortgage Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner Owner, any Seller and any Sellerthe Primary Servicers. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005-Hq7)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 20142006, or every second (2nd) calendar year beginning in 2015 2006 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer CMSA Watch List, the Master Servicer shall shall, at the expense of the Trust and at the request of the Controlling Class, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2006 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer CMSA Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer CMSA Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator Rating Agencies, the Placement Agents, the Underwriters, the Depositor, the Trustee, the Paying Agent, the Operating Adviser (who shall promptly upon receipt post it or the Lakeforest Mall Mortgage Loan Operating Adviser with respect only to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control PeriodLakeforest Mall Mortgage Loan), the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Mortgage Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner Owner, any Seller and any Sellerthe Primary Servicer. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.related

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2005-Top20)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loansthe 1290 Pari Passu Loan and the Perryville I Corporate Park Office Pari Passu Loan, every calendar year beginning in 20142004, or every second (2nd) calendar year beginning in 2015 2004 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and and; provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the Master Servicer shall shall, at the expense of the Trust and at request of the Controlling Class, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2004 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Rating Agencies, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)Placement Agents, the Trust Advisor (other than during any Subordinate Control Period)Underwriters, the Depositor, the Trustee, the Paying Agent, the Operating Adviser, the Special Servicer, solely as it relates to any the Loan Pair, to the holder of the related Serviced Federal Center Plaza Companion Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner Owner, any Seller and any SellerPrimary Servicer. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2003-Top10)

Inspections. The Commencing in 2000, the Master Servicer shall, at its own cost and expense, inspect or cause the inspection of each Mortgaged Property at least once every two years (or, if the related Mortgage Loan has a then current balance greater than $2,000,000, or if the long-term debt rating given by a Rating Agency with respect to the Tenant under the related Mortgage Loan has been downgraded by one rating letter grade or below "BB-" or its equivalent, then at the time of such downgrade, and thereafter at least once every year), provided that at least 50% of the Mortgaged Properties (by both number and aggregate Stated Principal Balances of the related Mortgage Loans) 109 will be inspected each Mortgaged Property other than Mortgaged Properties related to year by the Master Servicer (or an entity employed by the Master Servicer for such purpose) or, in accordance with the second succeeding sentence, by the Special Servicer. The Master Servicer shall be responsible for such inspections only in respect of (i) Mortgage Loans that are not Specially Serviced Mortgage Loans and Non-Serviced (ii) Corrected Mortgage Loans. The Special Servicer, every calendar year beginning subject to statutory limitations or limitations set forth in 2014the related Mortgage Loan documents, shall perform or every second (2nd) calendar year beginning in 2015 if cause to be performed a physical inspection of a Mortgaged Property as soon as practicable after the Unpaid Principal Balance servicing of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause transferred thereto pursuant to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage LoanSection 3.21(a) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 annually thereafter so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair it is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Loan, and solely as it relates to any A/B Whole Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner and any Seller. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; provided that . The Master Servicer and the Special Servicer notifies shall each prepare or cause to be prepared as soon as reasonably possible a written report of each such inspection performed or caused to be performed thereby detailing the condition of the Mortgaged Property and specifying the existence of (i) any vacancy in the Mortgaged Property that is, in the reasonable judgment of the Master Servicer prior to or Special Servicer (or their respective designees), as the case may be, material and is evident from such inspection, (ii) any abandonment of the Mortgaged Property, (iii) any change in the condition or value of the Mortgaged Property that is, in the reasonable judgment of the Master Servicer or Special Servicer (or their respective designees), as the case may be, material and is evident from such inspection, (iv) any waste on or deferred maintenance in respect of the Mortgaged Property that is evident from such inspection or (v) any capital improvements made that are evident from such inspection. The Master Servicer is not required and Special Servicer each shall, within 10 days of the preparation thereof, deliver to inspect the Trustee, the Directing Certificateholder, the Rating Agencies, the Certificate Insurer, each other and, upon request of a Class X, Class B, Class C, Class D, Class E and Class F Certificateholder, such Holder, a copy of (and, upon request by any Mortgaged Property that has been inspected such Person, shall promptly discuss therewith the contents of) each such written report prepared or caused to be prepared by or on behalf of it. Furthermore, the Master Servicer shall obtain (and shall deliver to the requesting party and the Trustee) such additional information with respect to the matters addressed in such written report as the Special Servicer, the Certificate Insurer, and/or the Directing Certificateholder, may reasonably request and shall cooperate with and reasonably assist the Special Servicer in making direct inquiries with any Mortgagor to the extent any such direct inquiry by the Special Servicer during would not violate the terms of any applicable Sub-Servicing Agreement; provided that if the Special Servicer or any such Certificateholder shall desire such an inquiry to be made of a Mortgagor, and if the subject Mortgage Loan is then being primary serviced by a Sub-Servicer, then the Master Servicer shall in each instance (regardless of whether such Mortgage Loan was originated by such Sub-Servicer), unless otherwise agreed by such Sub-Servicer, first request that such Sub-Servicer make such inquiry (and the Master Servicer or the Special Servicer may contact such Mortgagor directly in such instance if such request has been so made to such Sub-Servicer and the requested information has not thereafter been obtained by such Sub-Servicer within a reasonable time). The Trustee shall make available to Certificateholders, Certificate Owners and prospective Certificateholders and Certificate Owners (which prospective Certificateholders and Certificate Owners have been certified to it as such by a Certificateholder or a Certificate Owner), in accordance with Section 8.12(b), copies of all the written reports delivered to it pursuant to this Section 3.12 and, if and to the extent delivered to it in a written or electronic format, the related additional information referred to in the preceding twelve (12) monthssentence. In the absence of actual knowledge that the Master Servicer or the Special Servicer is in default under this Section 3.12, the Trustee shall have no 110 obligation to confirm that inspections of the Mortgaged Properties are being performed in accordance with this Section 3.12.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)

Inspections. (a) The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 2014, or every second (2nd) calendar year beginning in 2015 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the Master Servicer shall inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Loan, and solely as it relates to any ABuyers/B Whole Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner and any Seller. The Special Servicer Buyers' Guarantor shall have the right to inspect each Vessel (but not the obligation)an "Inspection") and its classification records on or before 10 February 2021 and shall declare, in respect of each Vessel, whether the same are accepted or not within ten (10) Banking Days after the completion of the inspection and in all circumstances, no later than 10 February 2021 (each declaration of acceptance, an "Inspection Acceptance Notice"). If the Buyers/Buyers' Guarantor do not accept the findings of an inspection of a Vessel and its sole discretionclassification records within the aforementioned period, the provisions of this Master Agreement that relate to inspect or cause to that Vessel shall automatically be inspected null and void save for Clauses 16, 19 and 21. (at its own expenseb) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; provided The Charterers shall make each Vessel available for such inspection and during the inspection, the Vessel's deck and engine log books shall be made available for examination by the Buyers/Buyers' Guarantor. The Buyers/Buyers' Guarantor shall ensure that the Special Servicer notifies inspections shall not cause undue delay to the Master Servicer Vessels. (c) The Buyers/Buyers' Guarantor shall have the right at their cost and expense to arrange for an underwater inspection of each Vessel by a diver approved by that Vessel's Classification Society prior to the Delivery in respect of that Vessel. The Charterers at their cost and expense make the Vessel available for such inspection. This inspection shall be carried out without undue delay (and such underwater inspection shall not cause undue delay to the Vessels) and in the presence of a Classification Society surveyor arranged for by the Charterers and paid for by the Buyers/Buyers' Guarantor. The Master Servicer Buyers/Buyers' Guarantor representative(s) shall have the right to be present at the diver's inspection as observer only without interfering with the work or decisions of the Classification Society surveyor. The extent of the inspection and the conditions under which it is performed shall be to the satisfaction of the Vessel's Classification Society. (d) If the rudder propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or defective so as to affect a Vessel's class (by way of condition), then such defects shall be made good by the Charterers at their cost and expense to the satisfaction of the Classification Society without condition/recommendation prior to Delivery and the Charterers shall pay for the underwater inspection and the Classification Society's attendance. In the Buyers/Buyers' Guarantors' option, the Charterers shall not be required to inspect any Mortgaged Property that has been inspected make good such defects if the Charterers make a payment on Delivery to the Buyers Guarantor (or as the Buyers Guarantor directs) of an amount sufficient to cover the costs and expenses in connection with the required repairs (including but not limited to the cost of labour and materials), as may be determined by the Special Servicer during Buyers, acting reasonably. Such payment may, in the preceding twelve Buyers' Guarantors' option, be netted off against the Cash Consideration payable for the Vessels. (12e) monthsThe Buyers have the right to place up to two (2) representatives on board each Vessel, at the sole risk and expense of the Buyers and the relevant Charterer shall make all reasonable commercial efforts to ensure such representatives are able to board the Vessel after a strict quarantine/Covid-19 protocol to be agreed between the Guarantor and Buyers' Guarantor. These representatives are on board for the sole purpose of familiarisation and in the capacity of observers only, and they shall not interfere in any respect with the operation of the Vessel. The Buyers and the Buyers' representatives shall sign the Charterer's P&I Club standard letter of indemnity prior to their embarkation. Any Buyers' representative coming on board prior to delivery of the Vessel shall take a PCR COVID-19 test 48 hours prior to boarding the Vessel.

Appears in 1 contract

Samples: Master Agreement (Star Bulk Carriers Corp.)

Inspections. The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage LoansLoans and the 633 17th Street B Note, every calendar year beginning in 20142007, or every second (2nd) calendar exxxx xxxxxx xxxxxdar year beginning in 2015 2008 if the Unpaid Principal Balance of the related Mortgage Loan or Loan Pair is less than $2,000,000; (it being understood that such Mortgaged Properties securing a Mortgage Loan or Loan Pair with a Principal Balance of less than $2,000,000 will be inspected in the 2008 calendar year and every second calendar year thereafter) provided that the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each Mortgaged Property related to a Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) that has a Debt Service Coverage Ratio that falls below 1.0x and provided further, that with respect to any Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid a Principal Balance of less than $2,000,000 and has been placed on the CREFC® Servicer CMSA Watch List, the Master Servicer shall shall, at the expense of the Trust and at the request of the Operating Adviser, inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2015 2007 so long as such Mortgage Loan or Loan Pair continues to be on the CREFC® Servicer CMSA Watch List; provided, if such Mortgage Loan or Loan Pair is no longer on the CREFC® Servicer CMSA Watch List at the time the inspection was scheduled, no such inspection shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7)Rating Agencies, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period)Placement Agents, the Trust Advisor (other than during any Subordinate Control Period)Underwriters, the Depositor, the Trustee, the Paying Agent, the Operating Adviser, the Special Servicer, solely as it relates to any Loan Pair, to the holder of the related Serviced Companion Mortgage Loan, and solely as it relates to any A/B Whole Mortgage Loan, to the holder of the related B Note, and upon request, to any Certificateholder, any Certificate Owner Owner, any Seller and any SellerPrimary Servicer. The Special Servicer shall have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every calendar year any Mortgaged Property related to a Mortgage Loan that is not a Specially Serviced Mortgage Loan; , provided that the Special Servicer notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding twelve (12) months.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006 - HQ9)

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