Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's funds, without reimbursement therefor. Upon request of any Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaser.
Appears in 57 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-15), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002 7), Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.11 and otherwise complies with all other requirements of Section 4.103.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.11, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer, the Company Trustee or the NIMS Insurer, the Servicer shall cause to be delivered to such Purchaser person a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Master Servicer, the Trustee and the NIMS Insurer.
Appears in 52 contracts
Samples: Securitization Servicing Agreement (BNC Mortgage Loan Trust 2007-1), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2004-6), Securitization Servicing Agreement (Sasco 2007-Bnc1)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with Accepted Servicing Practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy certificate of such policy insurance and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaser.
Appears in 46 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-Wf1), Servicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel3), Servicing Agreement (Lehman Xs Trust Series 2005-3)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's ’s funds, without reimbursement therefor. Upon request of any Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaser.
Appears in 37 contracts
Samples: Flow Seller’s Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-1), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-4), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2007-5)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the CompanyServicer's funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer, the Company Servicer shall cause to be delivered to such Purchaser the Master Servicer a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaserthe Master Servicer.
Appears in 37 contracts
Samples: Correspondent Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22), Correspondent Servicing Agreement (Structured Asset Securities Corp 2004-18h), Correspondent Servicing Agreement (Structured Asset Sec Corp Mort Passthr Certs Ser 2003 40a)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with Accepted Servicing Practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy certificate of such policy insurance and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 thirty (30) days' prior written notice to such Purchaser.
Appears in 35 contracts
Samples: Seller's Warranties and Servicing Agreement (Sequoia Mortgage Trust 2007-3), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-4), Seller's Warranties and Servicing Agreement (Sequoia Mortgage Trust 2007-4)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.11 and otherwise complies with all other requirements of Section 4.103.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.04. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.11, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer, the Company Trustee or the NIMS Insurer, the Servicer shall cause to be delivered to such Purchaser person a certified true copy certificate of insurance of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Master Servicer, the Trustee and the NIMS Insurer.
Appears in 34 contracts
Samples: Securitization Subservicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc5), Securitization Subservicing Agreement (Sasco 2006-Bc3), Securitization Subservicing Agreement (Sail 2006-Bnc3)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.10 and otherwise complies with all other requirements of Section 4.103.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.10. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.10, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer or the NIMS Insurer, the Company Servicer shall cause to be delivered to such Purchaser party a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Master Servicer or the NIMS Insurer.
Appears in 28 contracts
Samples: Securitization Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Osi), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc3), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc10)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with Accepted Servicing Practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's funds, without reimbursement therefor. Upon request of any Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaser.
Appears in 26 contracts
Samples: Seller's Warranties and Servicing Agreement (Structured Asset Securities Corp Mort Pas-THR Cert Ser 2002-), Seller's Warranties and Servicing Agreement (Structured Asset Securities Corp), Master Servicing and Trust Agreement (GS Mortgage GSAA Home Eq. Trust 2004-7)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Seller shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.11 and otherwise complies with all other requirements of Section 4.102.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.11. Any amounts collected by the Company Seller under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.11, and there shall have been a loss which would have been covered by such policy, the Company Seller shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanySeller's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company Seller shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such the Purchaser.
Appears in 24 contracts
Samples: Master Interim Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22), Master Interim Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22), Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-14)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 4.02(k) and otherwise complies with all other requirements of Section 4.104.02(k), it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.104.02(k). Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.054.02(e). Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.104.02(k), and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer or the Indenture Trustee, the Company Servicer shall cause to be delivered to such Purchaser person a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Master Servicer and the Indenture Trustee.
Appears in 20 contracts
Samples: Transfer and Servicing Agreement (Fieldstone Mortgage Investment CORP), Transfer and Servicing Agreement (Fieldstone Mortgage Investment CORP), Transfer and Servicing Agreement (Aames Mortgage Investment Trust 2006-1)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with Accepted Servicing Practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.054.5. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's ’s funds, without reimbursement therefor. Upon request of any Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaser.
Appears in 20 contracts
Samples: Flow Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2006-9f), Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar1), Flow Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2006-8f)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with prudent servicing practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's funds, without reimbursement therefor. Upon request of any Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaser.
Appears in 16 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-21xs), Seller's Warranties and Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002 Bc4)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's funds, without reimbursement therefor. Upon request of any Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy certificate of such policy and a statement from insurance setting forth the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaserrelated coverage.
Appears in 15 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-3), Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Seller's Warranties and Servicing Agreement (Structured Asset Sec Corp Mort Passthr Certs Ser 2003 40a)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's ’s funds, without reimbursement therefor. Upon request of any Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy certificate of such policy and a statement from insurance setting forth the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaserrelated coverage.
Appears in 14 contracts
Samples: Seller’s Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-8), Seller’s Warranties and Servicing Agreement (Lehman XS Trust Series 2007-12n), Servicing Agreement (Lehman Mortgage Trust 2007-5)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.11 and otherwise complies with all other requirements of Section 4.103.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.11, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer, the Company Trustee or the NIMS Insurer, the Servicer shall cause to be delivered to such Purchaser person a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaserpolicy.
Appears in 14 contracts
Samples: Securitization Servicing Agreement (Lehman XS Trust Series 2006-12n), Securitization Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Ar5), Securitization Servicing Agreement (Lehman XS Trust Series 2006-Gp1)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.11 and otherwise complies with all other requirements of Section 4.103.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.11, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer, the Company Trustee or the NIMS Insurer, the Servicer shall cause to be delivered to such Purchaser person a certified true copy certificate of insurance of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Master Servicer, the Trustee and the NIMS Insurer.
Appears in 14 contracts
Samples: Securitization Subservicing Agreement (Structured Asset Securities Corp), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc11), Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2004-6)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy (1) names the Company as loss payee, (2) provides coverage in an amount equal to the amount required pursuant to Section 4.10 without coinsurance and (3) otherwise complies with Accepted Servicing Practices and all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with Accepted Servicing Practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy certificate of such policy insurance and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaser.
Appears in 13 contracts
Samples: Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-G Trust), Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-3 Trust), Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-2 Trust)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. Any such policy shall be issued by an issuer that has a Best rating of A:VI or better. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's funds, without reimbursement therefor. Upon request of any Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaser.
Appears in 11 contracts
Samples: Master Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-A3), Master Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-A4), Master Seller's Warranties and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-A2)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.11 and otherwise complies with all other requirements of Section 4.103.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.04. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.11, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer, the Company Trustee or the NIMS Insurer, the Servicer shall cause to be delivered to such Purchaser person a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Master Servicer, the Trustee and the NIMS Insurer.
Appears in 11 contracts
Samples: Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff17), Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff12), Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2006-FFB)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy issued by an insurer acceptable to Xxxxxx Mae or Xxxxxxx Mac insuring against hazard losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 4.02(j) and otherwise complies with all other requirements of Section 4.104.02(j), it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. Any amounts collected by the Company under any 4.02(j), it being understood and agreed that such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which casecase the Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy complying with Section 4.104.02(j), and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause. In connection with its activities as servicer of the Mortgage Loans, the Servicer agrees to prepare and present, on behalf of the Master Servicer and the Indenture Trustee, claims under any such amount to deposited from blanket policy in a timely fashion in accordance with the Company's funds, without reimbursement thereforterms of such policy. Upon request of any Purchaserthe Master Servicer or Indenture Trustee, the Company Servicer shall cause to be delivered to such Purchaser the Master Servicer or the Indenture Trustee, as applicable, a certified true copy of such policy and shall use its best efforts to obtain a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 thirty (30) days' ’ prior written notice to such Purchaserthe Master Servicer and the Indenture Trustee.
Appears in 11 contracts
Samples: Transfer and Servicing Agreement (Homebanc Corp), Transfer and Servicing Agreement (Homebanc Corp), Transfer and Servicing Agreement (Homebanc Corp)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Special Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Transferred Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.11 and otherwise complies with all other requirements of Section 4.103.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.11. Any amounts collected by the Company Special Servicer under any such policy relating to a Transferred Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.11, and there shall have been a loss which would have been covered by such policy, the Company Special Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Special Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer or the Trustee, the Company Special Servicer shall cause to be delivered to such Purchaser person a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Master Servicer.
Appears in 10 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp. 2005-16), Servicing Agreement (Lehman Mortgage Trust 2005-1), Servicing Agreement (Structured Asset Securities Corp. 2005-15)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. Any such policy shall be issued by an issuer that has a Best rating of A:VI or better. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's ’s funds, without reimbursement therefor. Upon request of any Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaser.
Appears in 9 contracts
Samples: Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar), Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax), Master Seller’s Warranties and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-4)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Servicer shall prepare and make any claims on the blanket policy as deemed necessary by the Servicer in accordance with Accepted Servicing Practices. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanyServicer's funds, without reimbursement therefor. Upon request of any Purchaserthe Owner, the Company Servicer shall cause to be delivered to such Purchaser Owner a certified true copy certificate of such policy insurance and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such PurchaserOwner.
Appears in 9 contracts
Samples: Sale and Servicing Agreement (Bear Stearns ARM Trust 2007-2), Flow Servicing Agreement (Citigroup Mortgage Loan Trust Inc., Series 2006-Ar3), Flow Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar6)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with Accepted Servicing Practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.054.5. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's funds, without reimbursement therefor. Upon request of any Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaser.
Appears in 8 contracts
Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-1), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3), Trust Agreement (GSAA Home Equity Trust 2005-3)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.11 and otherwise complies with all other requirements of Section 4.103.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.11, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer, the Company Trustee or the NIMS Insurer, the Servicer shall cause to be delivered to such Purchaser person a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Master Servicer and, at its request, the NIMS Insurer.
Appears in 8 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-7), Securitization Servicing Agreement (Fremont Home Loan Trust 2004-3), Securitization Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Bc2)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Seller shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.11 and otherwise complies with all other requirements of Section 4.102.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.11. Any amounts collected by the Company Seller under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.11, and there shall have been a loss which would have been covered by such policy, the Company Seller shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's Seller’s funds, without reimbursement therefor. Upon request of any the Purchaser, the Company Seller shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such the Purchaser.
Appears in 7 contracts
Samples: Flow Interim Servicing Agreement (Lehman XS Trust Series 2006-Gp3), Flow Interim Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Ar4), Flow Interim Servicing Agreement (Greenpoint Mortgage Funding Trust 2007-Ar2)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.11 and otherwise complies with all other requirements of Section 4.103.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.04. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.11, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer, the Company Trustee or the NIMS Insurer, the Servicer shall cause to be delivered to such Purchaser person a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaserpolicy.
Appears in 7 contracts
Samples: Securitization Servicing Agreement (Lehman XS 2007-4n), Securitization Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Ar8), Securitization Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Ar6)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with Accepted Servicing Practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's ’s funds, without reimbursement therefor. Upon request of any the Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy certificate of such policy insurance and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 thirty (30) days' ’ prior written notice to such Purchaser.
Appears in 6 contracts
Samples: Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-8xs), Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-10xs), Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy (1) names the Company as loss payee, (2) provides coverage in an amount equal to the amount required pursuant to Section 4.10 without coinsurance, and (3) otherwise complies with Accepted Servicing Practices and all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with prudent servicing practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's funds, without reimbursement therefor. Upon request of any Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaser.
Appears in 6 contracts
Samples: Flow Sale and Servicing Agreement (Banc of America Funding 2006-5 Trust), Flow Sale and Servicing Agreement (Banc of America Funding 2006-3 Trust), Flow Sale and Servicing Agreement (Banc of America Funding 2006-2 Trust)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy (1) names the Company as loss payee, (2) provides coverage in an amount equal to the amount required pursuant to Section 4.10 without coinsurance and (3) otherwise complies with Accepted Servicing Practices and all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with Accepted Servicing Practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's ’s funds, without reimbursement therefor. Upon request of any the Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy certificate of such policy insurance and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaser.
Appears in 6 contracts
Samples: Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-1f), Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-2f), Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-3f)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.10 and otherwise complies with all other requirements of Section 4.102.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.10. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.10, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any the Purchaser, the Company Servicer shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such the Purchaser.
Appears in 6 contracts
Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-12), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002 Hf1), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003 Bc1)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.10 and otherwise complies with all other requirements of Section 4.103.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.10. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.10, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer, the Company Trustee or the NIMS Insurer, the Servicer shall cause to be delivered to such Purchaser party a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Master Servicer, the Trustee or the NIMS Insurer.
Appears in 6 contracts
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1), Securitization Servicing Agreement (Amoritizing Residential Col Tr Mor Pas Thru Cer Ser 2002-Bc6), Securitization Servicing Agreement (Structured Asset Securities Corp)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.10 and otherwise complies with all other requirements of Section 4.102.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.10. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.10, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Owner, the Company Servicer shall cause to be delivered to such Purchaser the Owner a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Owner.
Appears in 5 contracts
Samples: Servicing Agreement (GSR Mortgage Loan Trust 2006-3f), Servicing Agreement (GSR 2006-4f), Servicing Agreement (GSR Mortgage Loan Trust 2006-2f)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.10 and otherwise complies with all other requirements of Section 4.102.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.10. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.10, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanyServicer's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company Servicer shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 thirty (30) days' prior written notice to such the Purchaser.
Appears in 5 contracts
Samples: Servicing Agreement (Chevy Chase Preferred Capital Corp), Servicing Agreement (Franklin Finance Corp), Servicing Agreement (Chevy Chase Preferred Capital Corp)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy issued by an insurer acceptable to Xxxxxx Mae or Xxxxxxx Mac insuring against hazard losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 4.02(j) and otherwise complies with all other requirements of Section 4.104.02(j), it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. Any amounts collected by the Company under any 4.02(j), it being understood and agreed that such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which casecase the Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy complying with Section 4.104.02(j), and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause. In connection with its activities as servicer of the Mortgage Loans, the Servicer agrees to prepare and present, on behalf of the Master Servicer and the Trustee, claims under any such amount to deposited from blanket policy in a timely fashion in accordance with the Company's funds, without reimbursement thereforterms of such policy. Upon request of any Purchaserthe Master Servicer or Trustee, the Company Servicer shall cause to be delivered to such Purchaser the Master Servicer or the Trustee, as applicable, a certified true copy of such policy and shall use its best efforts to obtain a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 thirty (30) days' ’ prior written notice to such Purchaserthe Master Servicer and the Trustee.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (HomeBanc 2007-1), Pooling and Servicing Agreement (Homebanc Corp), Pooling and Servicing Agreement (Homebanc Corp)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire fire, flood and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 without coinsurance and otherwise complies with Accepted Servicing Practices and all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Servicer shall prepare and make any claims on the blanket policy as deemed necessary by the Servicer in accordance with Accepted Servicing Practices. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanyServicer's funds, without reimbursement therefor. Upon request of any Purchaserthe Owner, the Company Servicer shall cause to be delivered to such Purchaser Owner a certified true copy certificate of such policy insurance and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such PurchaserOwner.
Appears in 5 contracts
Samples: Servicing Agreement (Banc of America Funding 2006-5 Trust), Servicing Agreement (Banc of America Funding 2006-8t2 Trust), Servicing Agreement (Banc of America Funding 2007-6 Trust)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. Any such policy shall be issued by an issuer that has a Best's rating of A:VI or better. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's funds, without reimbursement therefor. Upon request of any Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaser.
Appears in 4 contracts
Samples: Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-2 Trust), Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-3 Trust), Warranties and Servicing Agreement (Banc of America Funding 2007-a Trust)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire fire, flood and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Servicer shall prepare and make any claims on the blanket policy as deemed necessary by the Servicer in accordance with Accepted Servicing Practices. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanyServicer's funds, without reimbursement therefortherefore. Upon request of any Purchaserthe Owner, the Company Servicer shall cause to be delivered to such Purchaser Owner a certified true copy certificate of such policy insurance and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such PurchaserOwner.
Appears in 4 contracts
Samples: Servicing Agreement (Luminent Mortgage Trust 2007-2), Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar2), Trust Agreement (GSAA Home Equity Trust 2006-13)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Seller shall obtain and maintain maintain, at its own expense, a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.10 and otherwise complies with all other requirements of Section 4.102.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.10. Any amounts collected by the Company Seller under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.10, and there shall have been a loss which would have been covered by such policy, the Company Seller shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanySeller's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company Seller shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such the Purchaser.
Appears in 4 contracts
Samples: Trust Agreement (BCAP LLC Trust 2007-Aa1), Pooling and Servicing Agreement (BCAP LLC Trust 2008-Ind2), Master Servicing and Trust Agreement (BCAP LLC Trust 2006-Aa2)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.10 and otherwise complies with all other requirements of Section 4.102.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.10. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.10, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanyServicer's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company Servicer shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such the Purchaser.
Appears in 4 contracts
Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-17xs), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-3xs), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-1xs)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Interim Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.11 and otherwise complies with all other requirements of Section 4.102.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.11. Any amounts collected by the Company Interim Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.11, and there shall have been a loss which would have been covered by such policy, the Company Interim Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's Interim Servicer’s funds, without reimbursement therefor. Upon request of any the Purchaser, the Company Interim Servicer shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such the Purchaser.
Appears in 4 contracts
Samples: Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-12), Interim Servicing Agreement (Lehman XS Trust Series 2006-Gp2), Interim Servicing Agreement (Lehman XS Trust Series 2006-Gp1)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 5.10 and otherwise complies with all other requirements of Section 4.105.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.105.10. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account or Escrow Account subject to withdrawal pursuant to Section 4.055.06. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.105.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account or Escrow Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's ’s funds, without reimbursement therefor. Upon request of any Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaser.
Appears in 4 contracts
Samples: Mortgage Loan Purchase Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc5), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Sasco 2006-Bc3), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Sasco 2006-Bc4)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.11 and otherwise complies with all other requirements of Section 4.103.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.11, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer or the Trustee, the Company Servicer shall cause to be delivered to such Purchaser person a certified true copy certificate of insurance of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Master Servicer and the Trustee.
Appears in 4 contracts
Samples: Securitization Subservicing Agreement (Structured Asset Sec Corp Mort Pass-THR Certs Ser 2004-Gel1), Securitization Servicing Agreement (Wells Fargo Home Equity Trust Mort Pass Thru Cert Ser 2004-1), Securitization Servicing Agreement (Wells Fargo Home Equity Trust Mort Pass Thru Cert Ser 2004-1)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Seller shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.11 and otherwise complies with all other requirements of Section 4.102.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.11. Any amounts collected by the Company Seller under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property or Cooperative Unit, as applicable, a policy complying with Section 4.102.11, and there shall have been a loss which would have been covered by such policy, the Company Seller shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanySeller's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company Seller shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such the Purchaser.
Appears in 3 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Flow Interim Servicing Agreement (Sturctured Asset Securities Corp Mort Pass Thru Ser 2004-1), Flow Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with Accepted Servicing Practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's ’s funds, without reimbursement therefor. Upon request of any the Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy certificate of such policy insurance and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaser.
Appears in 3 contracts
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2005-4), Servicing Agreement (SASCO Mortgage Loan Trust 2005-Wf3), Servicing Agreement (Sasco Mortgage Loan Trust Series 2004-Gel2)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Subservicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.11 and otherwise complies with all other requirements of Section 4.103.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.11. Any amounts collected by the Company Subservicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.11, and there shall have been a loss which would have been covered by such policy, the Company Subservicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Subservicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer, the Company Servicer, the Trustee or the NIMS Insurer, the Subservicer shall cause to be delivered to such Purchaser person a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaserpolicy.
Appears in 3 contracts
Samples: Securitization Subservicing Agreement (Lehman XS Trust Series 2006-Gp1), Securitization Subservicing Agreement (Lehman XS Trust Series 2006-4n), Securitization Subservicing Agreement (Lehman XS Trust Series 2006-Gp2)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Seller shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.10 and otherwise complies with all other requirements of Section 4.102.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.10. Any amounts collected by the Company Seller under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.10, and there shall have been a loss which would have been covered by such policy, the Company Seller shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanySeller's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company Seller shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 thirty (30) days' prior written notice to such the Purchaser.
Appears in 3 contracts
Samples: Commercial Servicing Agreement (Peoples Preferred Capital Corp), Commercial Servicing Agreement (Peoples Preferred Capital Corp), Residential Servicing Agreement (Peoples Preferred Capital Corp)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.10 and otherwise complies with all other requirements of Section 4.103.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.10. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.10, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer, the Company Servicer shall cause to be delivered to such Purchaser party a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Master Servicer.
Appears in 3 contracts
Samples: Securitization Servicing Agreement (SASCO Mortgage Loan Trust 2004-Gel3), Securitization Servicing Agreement (Sasco Mortgage Loan Trust Series 2004-Gel2), Securitization Servicing Agreement (Sasco Mortgage Loan Trust Series 2003-Gel1)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Interim Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.11 and otherwise complies with all other requirements of Section 4.102.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.11. Any amounts collected by the Company Interim Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.11, and there shall have been a loss which would have been covered by such policy, the Company Interim Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanyInterim Servicer's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company Interim Servicer shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such the Purchaser.
Appears in 3 contracts
Samples: Interim Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Ser 2002-8a), Interim Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2002-1a), Interim Servicing Agreement (Structured Asset Securities Corp Mort Pas-THR Cert Ser 2002-)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.11 and otherwise complies with all other requirements of Section 4.103.11, it the Servicer shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.04. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.11, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer, the Company Trustee or the NIMS Insurer, the Servicer shall cause to be delivered to such Purchaser person a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Master Servicer, the Trustee and the NIMS Insurer.
Appears in 3 contracts
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003-Bc2), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc10), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003 Bc1)
Maintenance of Mortgage Impairment Insurance. In the event that the The Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on any or all of the Mortgage Loans, thenLoans and, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 thirty (30) days' prior written notice to such the Purchaser.
Appears in 3 contracts
Samples: Mortgage Loan Sale, Warranties and Servicing Agreement (Structured Asset Securities Corporation), Mortgage Loan Sale, Warranties and Servicing Agreement (Structured Asset Securities Corp), Mortgage Loan Sale, Warranties and Servicing Agreement (Structured Asset Securities Corp)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire fire, flood and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.10 and otherwise complies with all other requirements of Section 4.102.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.10. The Servicer shall prepare and make any claims on the blanket policy as deemed necessary by the Servicer in accordance with Accepted Servicing Practices. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.5. Such blanket policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property, a policy complying with Section 4.102.11, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Owners, the Company Servicer shall cause to be delivered to such Purchaser the Owners a certified true copy certificate of insurance for such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 thirty (30) days' ’ prior written notice to such Purchaserthe related Owner.
Appears in 3 contracts
Samples: Loan Servicing Agreement (Franklin Credit Management Corp), Loan Servicing Agreement (Franklin Credit Holding Corp/De/), Loan Servicing Agreement (Franklin Credit Holding Corp/De/)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.11 and otherwise complies with all other requirements of Section 4.103.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.04. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.11, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer or the Trustee, the Company Servicer shall cause to be delivered to such Purchaser person a certified true copy certificate of insurance of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Master Servicer and the Trustee.
Appears in 3 contracts
Samples: Securitization Subservicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel2), Securitization Subservicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel3), Securitization Subservicing Agreement (Structured Asset Securities Corporation, 2005-Gel4)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.11 and otherwise complies with all other requirements of Section 4.103.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.11, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer, the Company Trustee or the NIMS Insurer, the Servicer shall cause to be delivered to such Purchaser person a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to each such Purchaserperson.
Appears in 3 contracts
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 Am1), Securitization Servicing Agreement (Structured Asset Inv Loan Mort Pass Thru Cer Ser 2003-Bc7), Securitization Servicing Agreement (Aames Mortgage Tr Mort Pas Thru Cert Sers 2003-1)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from flood, fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.10 and otherwise complies with all other requirements of Section 4.102.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.10. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.10, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Owner, the Company Servicer shall cause to be delivered to such Purchaser the Owner a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Owner.
Appears in 3 contracts
Samples: Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2006-Ab3), Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa2), Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Oa1)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 4.02(k) and otherwise complies with all other requirements of Section 4.104.02(k), it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.104.02(k). Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.054.02(e). Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.104.02(k), and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the CompanyServicer's funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer or the Indenture Trustee, the Company Servicer shall cause to be delivered to such Purchaser person a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 [30] days' prior written notice to such Purchaserthe Master Servicer and the Indenture Trustee.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (Cwabs Inc), Sale and Servicing Agreement (CWMBS Inc), Sale and Servicing Agreement (Cwalt Inc)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.10 and otherwise complies with all other requirements of Section 4.102.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.10. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.10, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanyServicer's funds, without reimbursement therefor. Upon request of any Purchaserthe Owner, the Company Servicer shall cause to be delivered to such Purchaser the Owner a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaserthe Owner.
Appears in 2 contracts
Samples: Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-4), Trust Agreement (GSAA Home Equity 2005-12)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy (1) names the Company as loss payee, (2) provides coverage in an amount equal to the amount required pursuant to Section 4.10 without 33 coinsurance and (3) otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with prudent servicing practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's funds, without reimbursement therefor. Upon request of any Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaser.
Appears in 2 contracts
Samples: Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-3 Trust), Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-2 Trust)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy (1) names the Company as loss payee, (2) provides coverage in an amount equal to the amount required pursuant to Section 4.10 without coinsurance, and (3) otherwise complies with Accepted Servicing Practices and all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with prudent servicing practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 thirty (30) days' prior written notice to such the Purchaser.
Appears in 2 contracts
Samples: Mortgage Loan Sale and Servicing Agreement (Banc of America Funding 2006-H Trust), Mortgage Loan Flow Purchase, Sale and Servicing Agreement (SunTrust Real Estate Trust, LLC)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 4.02(k) and otherwise complies with all other requirements of Section 4.104.02(k), it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.104.02(k). Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.054.02(e). Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.104.02(k), and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the CompanyServicer's funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer or the Indenture Trustee, the Company Servicer shall cause to be delivered to such Purchaser person a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaserthe Master Servicer and the Indenture Trustee.
Appears in 2 contracts
Samples: Transfer and Servicing Agreement (Aames Mortgage Investment Trust 2005-2), Transfer and Servicing Agreement (Fieldstone Mortgage Investment CORP)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy (1) names the Company as loss payee, (2) provides coverage in an amount equal to the amount required pursuant to Section 4.10 without coinsurance, and (3) otherwise complies with Accepted Servicing Practices and all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with prudent servicing practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company shall cause to be delivered to such the Purchaser a certified true copy certificate of insurance evidencing the existence of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaserpolicy.
Appears in 2 contracts
Samples: Flow Sale and Servicing Agreement (Luminent Mortgage Trust 2006-7), Flow Sale and Servicing Agreement (Luminent Mortgage Trust 2006-6)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer or any subservicer of the Mortgage Loans shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.10 and otherwise complies with all other requirements of Section 4.102.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.10. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.5. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.10, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanyServicer's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company Servicer shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 thirty days' prior written notice to such the Purchaser.
Appears in 2 contracts
Samples: Servicing Agreement (First Nationwide Preferred Capital Corp), Servicing Agreement (California Federal Preferred Capital Corpation)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy (1) names the Company as loss payee, (2) provides coverage in an amount equal to the amount required pursuant to Section 4.10 without coinsurance and (3) otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with prudent servicing practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's ’s funds, without reimbursement therefor. Upon request of any Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaser.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-10), Servicing Agreement (Structured Asset Securities Corp. 2005-14)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.11 and otherwise complies with all other requirements of Section 4.103.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.11, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the CompanyServicer's funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer, the Company Trustee or the NIMS Insurer, the Servicer shall cause to be delivered to such Purchaser person a certified true copy certificate of insurance of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaserthe Master Servicer, the Trustee and the NIMS Insurer.
Appears in 2 contracts
Samples: Securitization Subservicing Agreement (Structured Asset Securities Corp), Securitization Subservicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy issued by an insurer acceptable to Xxxxxx Xxx and/or Xxxxxxx Mac insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.11 and otherwise complies with all other requirements of Section 4.103.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.04. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.11, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer, the Company Servicer shall cause to be delivered to such Purchaser person a certified true copy certificate of insurance of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Master Servicer and the Trustee.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (TBW 2006-2), Securitization Servicing Agreement (TBW 2006-1)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.11 and otherwise complies with all other requirements of Section 4.103.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.11, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer or the Indenture Trustee, the Company Servicer shall cause to be delivered to such Purchaser person a certified true copy certificate of insurance of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Master Servicer and the Indenture Trustee.
Appears in 2 contracts
Samples: Securitization Subservicing Agreement (Sasco Mortgage Loan Trust Series 2004-Gel2), Securitization Subservicing Agreement (SASCO Mortgage Loan Trust 2004-Gel3)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Seller shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 4(j) and otherwise complies with all other requirements of Section 4.104(j), it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.104(j). Any amounts collected by the Company Seller under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account or Escrow Account subject to withdrawal pursuant to Section 4.054(f). Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.104(j), and there shall have been a loss which would have been covered by such policy, the Company Seller shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Seller’s funds, without reimbursement therefor. Upon request of any Purchaser, the Company Seller shall cause to be delivered to such Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 thirty (30) days' ’ prior written notice to such Purchaser.
Appears in 2 contracts
Samples: Mortgage Loan Purchase Agreement (Lehman XS Trust Series 2007-15n), Mortgage Loan Purchase Agreement (Lehman XS Trust Series 2007-7n)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy (1) names the Company as loss payee, (2) provides coverage in an amount equal to the amount required pursuant to Section 4.10 without coinsurance, and (3) otherwise complies with Accepted Servicing Practices and all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with prudent servicing practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's ’s funds, without reimbursement therefor. Upon request of any Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaser.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-26), Flow Sale and Servicing Agreement (GSR Mortgage Loan Trust 2007-4f)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, then to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with Accepted Servicing Practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's ’s funds, without reimbursement therefor. Upon request of any Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 thirty (30) days' ’ prior written notice to such Purchaser.
Appears in 2 contracts
Samples: Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar1), Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar2)
Maintenance of Mortgage Impairment Insurance. In If the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 4.11 hereof and otherwise complies with all other requirements of Section 4.104.11, it shall conclusively be deemed to have satisfied its obligations as set forth in such Section 4.104.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Collection Account subject to withdrawal pursuant to Section 4.054.6 hereof. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.104.11 hereof, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Collection Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any the Purchaser, the Company Servicer shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaserpolicy.
Appears in 2 contracts
Samples: Mortgage Loan Purchase and Servicing Agreement (New Century Financial Corp), Mortgage Loan Purchase and Servicing Agreement (New Century Financial Corp)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with Acceptable Servicing Practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's funds, without reimbursement therefor. Upon request of any Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaser.
Appears in 2 contracts
Samples: Servicing Agreement (Greenwich Capital Acceptance Inc), Servicing Agreement (Structured Asset Mortgage Investments Inc)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.9 and otherwise complies with all other requirements of Section 4.102.9, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.9. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.5. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.9, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanyServicer's funds, without reimbursement therefor. Upon request of any Purchaserthe Company, the Company Servicer shall cause to be delivered to such Purchaser the Company a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 thirty (30) days' prior written notice to such Purchaserthe Company.
Appears in 2 contracts
Samples: Servicing Agreement (Nb Capital Corp), Servicing Agreement (Nb Capital Corp)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.10 and otherwise complies with all other requirements of Section 4.102.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.10. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.5. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.10, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanyServicer's funds, without reimbursement therefor. Upon request of any Purchaserthe Company, the Company Servicer shall cause to be delivered to such Purchaser the Company a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 thirty (30) days' prior written notice to such Purchaserthe Company.
Appears in 2 contracts
Samples: Servicing Agreement (Harris Preferred Capital Corp), Servicing Agreement (Nb Finance LTD)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire fire, flood and hazards covered under extended coverage on all of the Mortgage LoansLoans and REO Properties, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Servicer shall prepare and make any claims on the blanket policy as deemed necessary by the Servicer in accordance with Accepted Servicing Practices. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan or REO Property shall be deposited in the Custodial Collection Account subject to withdrawal by the Administrator pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Collection Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's Servicer’s own funds, without reimbursement therefor. Upon request of any Purchaserthe Owner or the Administrator, the Company Servicer shall cause to be delivered to such Purchaser the Owner a certified true copy of such policy the certificate of insurance and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to the Servicer. The Servicer shall provide a copy of any such Purchasernotice to the Administrator within five (5) Business Days of receipt.
Appears in 1 contract
Samples: Servicing Agreement (Franklin Credit Holding Corp/De/)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy (1) names the Servicer as loss payee, (2) provides coverage in an amount equal to the amount required pursuant to Section 4.10 without coinsurance, and (3) otherwise complies with Accepted Servicing Practices and all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Servicer shall prepare and make any claims on the blanket policy as deemed necessary by the Servicer in accordance with prudent servicing practices. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any the Purchaser, the Company Servicer shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 thirty (30) days' ’ prior written notice to such the Purchaser.
Appears in 1 contract
Samples: Master Bulk Sale and Servicing Agreement (Banc of America Funding Corp)
Maintenance of Mortgage Impairment Insurance. In If the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 4.11 hereof and otherwise complies with all other requirements of Section 4.104.11, it shall conclusively be deemed to have satisfied its obligations as set forth in such Section 4.104.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Collection Account subject to withdrawal pursuant to Section 4.054.6 hereof. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.104.11 hereof, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Collection Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Issuer, the Company Servicer shall cause to be delivered to such Purchaser the Issuer a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaserpolicy.
Appears in 1 contract
Samples: Mortgage Loan Purchase and Servicing Agreement (New Century Financial Corp)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain mortgage impairment or a blanket policy insuring against losses arising from fire fire, flood and hazards covered under extended coverage on all of the the Mortgage Properties securing Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 4.10, is acceptable to Fannie Mae and otherwise complies Freddie Max xxx xxxerwisx xxxxlies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Servicer shall prepare and make any claims on the blanket policy as deemed necessary by the Servicer in accordance with Accepted Servicing Practices. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy complying with Section 4.10, and there shall have been a loss one or more losses which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanyServicer's funds, without reimbursement therefortherefore. The Servicer agrees to prepare and present claims under any such blanket policy in a timely fashion in accordance with the terms of such policy. Upon request of any Purchaserthe Owner, the Company Servicer shall cause to be delivered to such Purchaser Owner a certified true copy certificate of such policy insurance and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such PurchaserOwner.
Appears in 1 contract
Samples: Servicing Agreement (HSI Asset Loan Obligation Trust 2006-2)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain maintain, at its own expense, a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.12 and otherwise complies with all other requirements of Section 4.102.12, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.12. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.07. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.12, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanyServicer's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company Servicer shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such the Purchaser.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Sabr Trust 2005-Fr2)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Seller shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.11 and otherwise complies with all other requirements of Section 4.102.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.11. Any amounts collected by the Company Seller under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.11, and there shall have been a loss which would have been covered by such policy, the Company Seller shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanySeller's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company Seller shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 thirty (30) days' prior written notice to such the Purchaser.
Appears in 1 contract
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy issued by an insurer acceptable to Xxxxxxx Mac insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.11 and otherwise complies with all other requirements of Section 4.103.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.04. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.11, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer, the Company Servicer shall cause to be delivered to such Purchaser person a certified true copy certificate of insurance of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Master Servicer and the Trustee.
Appears in 1 contract
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 4.09(f) and otherwise complies with all other requirements of Section 4.104.09(f), it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.104.09(f). Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Collection Account subject to withdrawal pursuant to Section 4.054.08. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.104.09(f), and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Collection Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the CompanyServicer's funds, without reimbursement therefor. Upon request of any Purchaserthe Indenture Trustee, the Company Servicer shall cause to be delivered to such Purchaser person a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 [30] days' prior written notice to such Purchaserthe Indenture Trustee.
Appears in 1 contract
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with prudent servicing practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible 38 WELLS FARGO RESTRICTED clause, in which case, in the event that there xxxxx shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's funds, without reimbursement therefor. Upon request of any Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 thirty (30) days' prior written notice to such Purchaser.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2007-Sd2)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy (1) names -41- the Company as loss payee, (2) provides coverage in an amount equal to the amount required pursuant to Section 4.10 without coinsurance, and (3) otherwise complies with Accepted Servicing Practices and all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with prudent servicing practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company shall cause to be delivered to such the Purchaser a certified true copy certificate of insurance evidencing the existence of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaserpolicy.
Appears in 1 contract
Samples: Flow Sale and Servicing Agreement (Luminent Mortgage Trust 2007-1)
Maintenance of Mortgage Impairment Insurance. In If the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Eligible Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 4.11 hereof and otherwise complies with all other requirements of Section 4.104.11, it shall conclusively be deemed to have satisfied its obligations as set forth in such Section 4.104.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage an Eligible Loan shall be deposited in the Custodial Collection Account subject to withdrawal pursuant to Section 4.054.6 hereof. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.104.11 hereof, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Collection Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanyServicer's funds, without reimbursement therefor. Upon request of any Purchaserthe Administrative Agent, the Company Servicer shall cause to be delivered to such Purchaser the Administrative Agent a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaserpolicy.
Appears in 1 contract
Samples: Mortgage Loan Repurchase and Servicing Agreement (PHH Corp)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy issued by an insurer acceptable to Fxxxxx Mxx and/or Fxxxxxx Mac insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.12 and otherwise complies with all other requirements of Section 4.103.12, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.12. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.12, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer, the Company Servicer shall cause to be delivered to such Purchaser person a certified true copy certificate of insurance of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Master Servicer and the Trustee.
Appears in 1 contract
Samples: Securitization Servicing Agreement (TBW Mortgage-Backed Trust Series 2007-2)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Seller shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.11 and otherwise complies with all other requirements of Section 4.102.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.11. Any amounts collected by the Company Seller under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.11, and there shall have been a loss which would have been covered by such policy, the Company Seller shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanySeller's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company Seller shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such the Purchaser....................................................12
Appears in 1 contract
Samples: Interim Servicing Agreement (Mortgage Pass-Through Certificates Series 2003-37a)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.11 and otherwise complies with all other requirements of Section 4.103.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.11, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer or the Trustee, the Company Servicer shall cause to be delivered to such Purchaser person a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Master Servicer and the Trustee.
Appears in 1 contract
Maintenance of Mortgage Impairment Insurance. In If the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Eligible Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 SECTION 4.11 57 hereof and otherwise complies with all other requirements of Section 4.10SECTION 4.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10such SECTION 4.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage an Eligible Loan shall be deposited in the Custodial Collection Account subject to withdrawal pursuant to Section 4.05SECTION 4.6 hereof. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10SECTION 4.11 hereof, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Collection Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanyServicer's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company Servicer shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaserpolicy.
Appears in 1 contract
Samples: Mortgage Loan Purchase and Servicing Agreement (PHH Corp)
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. The Company shall prepare and make any claims on the blanket policy as deemed necessary by the Company in accordance with Acceptable Servicing Practices. Any amounts collected by the Company under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.10, and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Company's ’s funds, without reimbursement therefor. Upon request of any Purchaser, the Company shall cause to be delivered to such Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaser.
Appears in 1 contract
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2005-4)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy issued by an insurer acceptable to Fannie Mae or Freddie Mac insuring against hazard losses arising from fire and hazards covered under extended coverage on all of the Mortgage Morxxxxx Loans, thentxxx, to xx the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 4.02(j) and otherwise complies with all other requirements of Section 4.104.02(j), it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. Any amounts collected by the Company under any 4.02(j), it being understood and agreed that such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which casecase the Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy complying with Section 4.104.02(j), and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause. In connection with its activities as servicer of the Mortgage Loans, the Servicer agrees to prepare and present, on behalf of the Master Servicer and the Indenture Trustee, claims under any such amount to deposited from blanket policy in a timely fashion in accordance with the Company's funds, without reimbursement thereforterms of such policy. Upon request of any Purchaserthe Master Servicer or Indenture Trustee, the Company Servicer shall cause to be delivered to such Purchaser the Master Servicer or the Indenture Trustee, as applicable, a certified true copy of such policy and shall use its best efforts to obtain a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 thirty (30) days' ’ prior written notice to such Purchaserthe Master Servicer and the Indenture Trustee.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (HomeBanc Mortgage Trust 2005-4)
Maintenance of Mortgage Impairment Insurance. In If the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Eligible Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 4.11 hereof and otherwise complies with all other requirements of Section 4.104.11, it shall conclusively be deemed to have satisfied its obligations as set forth in such Section 4.104.11. Any amounts collected by the Company Servicer under any such policy relating to a an Eligible Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05Collection Account. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.104.11 hereof, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Collection Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanyServicer's funds, without reimbursement therefor. Upon request of any Purchaserthe Agent, the Company Servicer shall cause to be delivered to such Purchaser the Agent a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaserpolicy.
Appears in 1 contract
Samples: Servicing Agreement (PHH Corp)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.11 and otherwise complies with all other requirements of Section 4.103.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.11, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer, the Company NIMS Insurer or the Trustee, the Servicer shall cause to be delivered to such Purchaser person a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Master Servicer, the NIMS Insurer and the Trustee.
Appears in 1 contract
Samples: Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2003-FFB)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.12 and otherwise complies with all other requirements of Section 4.102.12, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.12. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.07. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.12, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanyServicer's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company Servicer shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such the Purchaser.
Appears in 1 contract
Samples: Servicing Rights Purchase and Servicing Agreement (GSAA Home Equity Trust 2006-2)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy issued by an insurer acceptable to Xxxxxx Mae or Xxxxxxx Mac insuring against hazard losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 4.02(j) and Transfer and Servicing Agreement otherwise complies with all other requirements of Section 4.104.02(j), it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. Any amounts collected by the Company under any 4.02(j), it being understood and agreed that such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain a deductible clause, in which casecase the Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy complying with Section 4.104.02(j), and there shall have been a loss which would have been covered by such policy, the Company shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause. In connection with its activities as servicer of the Mortgage Loans, the Servicer agrees to prepare and present, on behalf of the Master Servicer and the Indenture Trustee, claims under any such amount to deposited from blanket policy in a timely fashion in accordance with the Company's funds, without reimbursement thereforterms of such policy. Upon request of any Purchaserthe Master Servicer or Indenture Trustee, the Company Servicer shall cause to be delivered to such Purchaser the Master Servicer or the Indenture Trustee, as applicable, a certified true copy of such policy and shall use its best efforts to obtain a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 thirty (30) days' ’ prior written notice to such Purchaserthe Master Servicer and the Indenture Trustee.
Appears in 1 contract
Maintenance of Mortgage Impairment Insurance. In the event that the Company shall obtain If Countrywide obtains and maintain maintains a blanket policy insuring against hazard losses arising from fire and hazards covered under extended coverage on all of the Mortgage LoansLoans issued by an issuer that has a Best rating of A:V, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 and otherwise complies with all other requirements of Section 4.10, it Countrywide shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.10. Any amounts collected by the Company under any If such blanket policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.05. Such policy may contain contains a deductible clause, in which case, in the event that clause and there shall not have been maintained on the related Mortgaged Property a or REO Property an additional individual policy complying with Section 4.10, and there shall have been upon the occurrence of a loss which that would have been covered by such individual policy, the Company Countrywide shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause. In connection with its activities as servicer of the Mortgage Loans, Countrywide agrees to prepare and present, on behalf of the Purchaser, claims under any such amount to deposited from blanket policy in a timely fashion in accordance with the Company's funds, without reimbursement thereforterms of such policy. Upon request of any the Purchaser's request, the Company Countrywide shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' thirty (30) days prior written notice to such the Purchaser.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Mortgage Investments Ii Inc)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Interim Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.10 and otherwise complies with all other requirements of Section 4.102.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.10. Any amounts collected by the Company Interim Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.04. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.10, and there shall have been a loss which would have been covered by such policy, the Company Interim Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanyInterim Servicer's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company Interim Servicer shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such the Purchaser.
Appears in 1 contract
Samples: Master Interim Servicing Agreement (Structured Asset Sec Corp Mor Pass Thru Cer Ser 2002-10h)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Seller shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.11 and otherwise complies with all other requirements of Section 4.102.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.11. Any amounts collected by the Company Seller under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.11, and there shall have been a loss which would have been covered by such policy, the Company Seller shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanySeller's funds, without reimbursement therefor. Upon request of any the Purchaser, the Company Seller shall cause to be delivered to such the Purchaser a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such the Purchaser.. 12
Appears in 1 contract
Samples: Interim Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-34a)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage LoansLoans which is issued by an insurer having a general policy rating of B:VI or better in Best's Key Rating Guide, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 2.10 and otherwise complies with all other requirements of Section 4.102.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.102.10. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.052.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.102.10, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the CompanyServicer's funds, without reimbursement therefor. Upon request of any Purchaserthe Owner, the Company Servicer shall cause to be delivered to such Purchaser the Owner a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' prior written notice to such Purchaserthe Owner.
Appears in 1 contract
Samples: Flow Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-Sl2)
Maintenance of Mortgage Impairment Insurance. In the event that the Company Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 4.10 3.11 and otherwise complies with all other requirements of Section 4.103.11, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 4.103.11. Any amounts collected by the Company Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account subject to withdrawal pursuant to Section 4.053.05. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 4.103.11, and there shall have been a loss which would have been covered by such policy, the Company Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to deposited from the Company's Servicer’s funds, without reimbursement therefor. Upon request of any Purchaserthe Master Servicer, the Company Trustee or the NIMS Insurer, the Servicer shall cause to be delivered to such Purchaser person a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days' ’ prior written notice to such Purchaserthe Master Servicer and the Trustee and the NIMS Insurer.
Appears in 1 contract
Samples: Securitization Servicing Agreement (BNC CORP Mortgage Loan Trust 2007-Bnc4)