Limitation of Duties. NCCI shall be responsible for the performance of only those duties expressly stated in this agreement. NCCI shall exercise reasonable care to collect, account for, and disburse all funds received pursuant to the instructions contained in this Agreement. The SELLER/HOLDER shall be responsible for the collection and payment of any taxes due on their proceeds from this account. Unless the Agreement states otherwise, NCCI is not required to report to the SELLER/HOLDER ownership changes, cancellation or other lapse of insurance, outstanding real estate taxes and other assessments, or any other matters or conditions which may affect the agreement(s) between BUYER/MAKER and SELLER/HOLDER, and/or the collateral described therein. NCCI may elect, at NCCI's option, to provide notice of any such matters which come to its attention, however, no such election shall create a continuing obligation on the part of NCCI to provide any other notice(s) not specifically provided in this Agreement.
Appears in 14 contracts
Samples: Contract Collection Agreement, Contract Collection Agreement, Contract Collection Agreement
