Common use of Maintenance of Primary Mortgage Insurance Policies Clause in Contracts

Maintenance of Primary Mortgage Insurance Policies. (a) The EMC Servicer shall not take any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy of any loss which, but for the actions of the EMC Servicer, would have been covered thereunder. The EMC Servicer shall use its best efforts to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), each Primary Mortgage Insurance Policy applicable to any Mortgage Loan. The EMC Servicer shall not cancel or refuse to renew any such Primary Mortgage Insurance Policy that is in effect at the date of the initial issuance of a Mortgage Note and is required to be kept in force hereunder. Notwithstanding the foregoing, the EMC Servicer shall not be required to keep in force any Primary Mortgage Insurance Policy beyond the period required by the Xxxxxx Xxx Servicing Guide for residential mortgage loans. (b) The EMC Servicer agrees to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under any Primary Mortgage Insurance Policy and, in this regard, to take such reasonable action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policy respecting defaulted Mortgage Loans. Pursuant to Section 1.08 of this Exhibit K, any amounts collected by the EMC Servicer under any Primary Mortgage Insurance Policies shall be deposited in the Protected Account, subject to withdrawal pursuant to Section 1.08 of this Exhibit K. The Trustee shall provide the EMC Servicer with any powers of attorney and or other documentation as it may request in order enable it to perform its obligations pursuant to this Section 1.18.

Maintenance of Primary Mortgage Insurance Policies. (a) The EMC Servicer shall not take any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy of any loss which, but for the actions of the EMC Servicer, would have been covered thereunder. The EMC Servicer shall use its best efforts to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), each Primary Mortgage Insurance Policy applicable to any Mortgage Loan. The EMC Servicer shall not cancel or refuse to renew any such Primary Mortgage Insurance Policy that is in effect at the date of the initial issuance of a Mortgage Note and is required to be kept in force hereunder. Notwithstanding the foregoing, the EMC Servicer shall not be required to keep in force any Primary Mortgage Insurance Policy beyond the period required by the Xxxxxx Xxx Fannie Mae Servicing Guide for residential mortgage loans. (b) The EMC Servicer agrees to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under any Primary Mortgage Insurance Policy and, in this regard, to take such reasonable action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policy respecting defaulted Mortgage Loans. Pursuant to Section 1.08 of this Exhibit K, any amounts collected by the EMC Servicer under any Primary Mortgage Insurance Policies shall be deposited in the Protected Account, subject to withdrawal pursuant to Section 1.08 of this Exhibit K. The Trustee shall provide the EMC Servicer with any powers of attorney and or other documentation as it may request in order enable it to perform its obligations pursuant to this Section 1.18.

Maintenance of Primary Mortgage Insurance Policies. (a) The EMC Master Servicer shall not take any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy of any loss which, but for the actions of the EMC Master Servicer, would have been covered thereunder. The EMC Master Servicer shall use its best efforts to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), each Primary Mortgage Insurance Policy applicable to any Mortgage Loan. The EMC Master Servicer shall not cancel or refuse to renew any such Primary Mortgage Insurance Policy that is in effect at the date of the initial issuance of a Mortgage Note and is required to be kept in force hereunder. Notwithstanding the foregoing, the EMC Master Servicer shall not be required to keep in force any Primary Mortgage Insurance Policy beyond the period required by the Xxxxxx Xxx Fannie Mae Servicing Guide for residential mortgage loans. (b) The Xhe EMC Master Servicer agrees to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under any Primary Mortgage Insurance Policy and, in this regard, to take such reasonable action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policy respecting defaulted Mortgage Loans. Pursuant to Section 1.08 of this Exhibit K, any amounts collected by the EMC Master Servicer under any Primary Mortgage Insurance Policies shall be deposited in the Protected Account, subject to withdrawal pursuant to Section 1.08 of this Exhibit K. The Trustee shall provide the EMC Master Servicer with any powers of attorney and or other documentation as it may request in order enable it to perform its obligations pursuant to this Section 1.18.

Maintenance of Primary Mortgage Insurance Policies. (a) The EMC Servicer shall not take any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy of any loss which, but for the actions of the EMC Servicer, would have been covered thereunder. The EMC Servicer shall use its best efforts to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), each Primary Mortgage Insurance Policy applicable to any Mortgage Loan. The EMC Servicer shall not cancel or refuse to renew any such Primary Mortgage Insurance Policy that is in effect at the date of the initial issuance of a Mortgage Note and is required to be kept in force hereunder. Notwithstanding the foregoing, the EMC Servicer shall not be required to keep in force any Primary Mortgage Insurance Policy beyond the period required by the Xxxxxx Xxx Fannie Mae Servicing Guide for residential mortgage loans. (bx) The EMC Xxe XXC Servicer agrees to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under any Primary Mortgage Insurance Policy and, in this regard, to take such reasonable action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policy respecting defaulted Mortgage Loans. Pursuant to Section 1.08 of this Exhibit K, any amounts collected by the EMC Servicer under any Primary Mortgage Insurance Policies shall be deposited in the Protected Account, subject to withdrawal pursuant to Section 1.08 of this Exhibit K. The Trustee shall provide the EMC Servicer with any powers of attorney and or other documentation as it may request in order enable it to perform its obligations pursuant to this Section 1.18.

Maintenance of Primary Mortgage Insurance Policies. (a) The EMC Master Servicer shall not take any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy of any loss which, but for the actions of the EMC Master Servicer, would have been covered thereunder. The EMC Master Servicer shall use its best efforts to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), each Primary Mortgage Insurance Policy applicable to any Mortgage Loan. The EMC Master Servicer shall not cancel or refuse to renew any such Primary Mortgage Insurance Policy that is in effect at the date of the initial issuance of a Mortgage Note and is required to be kept in force hereunder. Notwithstanding the foregoing, the EMC Master Servicer shall not be required to keep in force any Primary Mortgage Insurance Policy beyond the period required by the Xxxxxx Xxx Servicing Guide for residential mortgage loans. (b) The EMC Master Servicer agrees to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under any Primary Mortgage Insurance Policy and, in this regard, to take such reasonable action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policy respecting defaulted Mortgage Loans. Pursuant to Section 1.08 of this Exhibit K, any amounts collected by the EMC Master Servicer under any Primary Mortgage Insurance Policies shall be deposited in the Protected Account, subject to withdrawal pursuant to Section 1.08 of this Exhibit K. The Trustee shall provide the EMC Master Servicer with any powers of attorney and or other documentation as it may request in order enable it to perform its obligations pursuant to this Section 1.18.

Maintenance of Primary Mortgage Insurance Policies. (a) The EMC Master Servicer shall not take any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy Policy, including the Supplemental Primary Mortgage Insurance Policy, of any loss which, but for the actions of the EMC Master Servicer, would have been covered thereunder. The EMC Master Servicer shall use its best efforts to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), each Primary Mortgage Insurance Policy Policy, including the Supplemental Primary Mortgage Insurance Policy, applicable to any Mortgage Loan. The EMC Master Servicer shall not cancel or refuse to renew any such Primary Mortgage Insurance Policy that is in effect at the date of the initial issuance of a Mortgage Note and is required to be kept in force hereunder. Notwithstanding the foregoing, the EMC Servicer shall not be required to keep in force any Primary Mortgage Insurance Policy beyond the period required by the Xxxxxx Xxx Servicing Guide for residential mortgage loans. (b) The EMC Master Servicer agrees to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under the Supplemental Primary Mortgage Insurance Policy and any other Primary Mortgage Insurance Policy and, in this regard, to take such reasonable action as shall be necessary to permit recovery under the Supplemental Primary Mortgage Insurance Policy and any other Primary Mortgage Insurance Policy respecting defaulted Mortgage Loans. Pursuant to Section 1.08 of this Exhibit K, any amounts collected by the EMC Master Servicer under the Supplemental PMI Insurance Policy and any other Primary Mortgage Insurance Policies shall be deposited in the Protected Account, subject to withdrawal pursuant to Section 1.08 of this Exhibit K. The Trustee shall provide the EMC Master Servicer with any powers of attorney and or other documentation as it may request in order enable it to perform its obligations pursuant to this Section 1.18.