Common use of Master Servicer Custodial Account Clause in Contracts

Master Servicer Custodial Account. The WMMSC Master Servicer shall promptly notify the Custodian, on behalf of the Trustee, thereof by delivering or causing to be delivered two copies (one of which will be returned to the WMMSC Master Servicer with the Mortgage File) of a Request for Release (which may be delivered in an electronic format acceptable to the Custodian and the WMMSC Master Servicer). Upon receipt of such request, the Custodian, on behalf of the Trustee, shall, not later than the seventh succeeding Business Day, release, or cause to be released, the related Mortgage File to the WMMSC Master Servicer or the applicable WMMSC Servicer indicated in such Request for Release. With any such Payoff or other final payment, the WMMSC Master Servicer is authorized (i) to prepare for and procure from the trustee or mortgagee under the Mortgage which secured the Mortgage Note a deed of full reconveyance or other form of satisfaction or assignment of Mortgage and endorsement of Mortgage Note in connection with a refinancing covering the Mortgaged Property, which satisfaction, endorsed Mortgage Note or assigning document shall be delivered by the WMMSC Master Servicer to the person or persons entitled thereto, and (ii) if the Mortgage has been recorded in the name of MERS or its designee, to cause the removal of such WMMSC Master Serviced Loan from registration on the MERS system. No expenses incurred in connection with such satisfaction or assignment shall be payable to the WMMSC Master Servicer by the Trustee or the Securities Administrator or from the Certificate Account, the related WMMSC Master Servicer Custodial Account or the related Servicer Custodial Account. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven Business Days to the related Master Servicer or the related Servicer. Subject to the further limitations set forth below, the related Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing Officer. If the related Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the related Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.

Master Servicer Custodial Account. The WMMSC Master Servicer shall promptly notify the Custodian, on behalf of the Trustee, thereof by delivering or causing to be delivered two copies (one of which will be returned to the WMMSC Master Servicer with the Mortgage File) of a Request for Release (which may be delivered in an electronic format acceptable to the Custodian and the WMMSC Master Servicer). Upon receipt of such request, the Custodian, on behalf of the Trustee, shall, not later than the seventh succeeding Business Day, release, or cause to be released, the related Mortgage File to the WMMSC Master Servicer or the applicable WMMSC Servicer indicated in such Request for Release. With any such Payoff Principal Prepayment in Full or other final payment, the WMMSC Master Servicer is authorized (i) to prepare for and procure from the trustee or mortgagee under the Mortgage which secured the Mortgage Note a deed of full reconveyance or other form of satisfaction or assignment of Mortgage and endorsement of Mortgage Note in connection with a refinancing covering the Mortgaged Property, which satisfaction, endorsed Mortgage Note or assigning document shall be delivered by the WMMSC Master Servicer to the person or persons entitled thereto, and (ii) if the Mortgage has been recorded in the name of MERS or its designee, to cause the removal of such WMMSC Master Serviced Loan from registration on the MERS system. No expenses incurred in connection with such satisfaction or assignment shall be payable to the WMMSC Master Servicer by the Trustee or the Securities Administrator or from the Certificate Account, the related WMMSC Master Servicer Custodial Account or the related Servicer Custodial Account. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the a Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the a Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the related Master Servicer or the related Servicer. Subject to the further limitations set forth below, the related Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the a Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the a Custodian, as applicable, a Request for Release, signed by a Servicing Officer. If the related Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the related Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.

Master Servicer Custodial Account. The WMMSC Master Servicer shall promptly notify the related Custodian, on behalf of the Trustee, thereof by delivering or causing to be delivered two copies (one of which will be returned to the WMMSC Master Servicer with the Mortgage File) of a Request for Release (which may be delivered in an electronic format acceptable to the related Custodian and the WMMSC Master Servicer). Upon receipt of such request, the related Custodian, on behalf of the Trustee, shall, not later than the seventh succeeding Business Day, release, or cause to be released, the related Mortgage File to the WMMSC Master Servicer or the applicable WMMSC Servicer indicated in such Request for Release. With any such Payoff or other final payment, the WMMSC Master Servicer is authorized (i) to prepare for and procure from the trustee or mortgagee under the Mortgage which secured the Mortgage Note a deed of full reconveyance or other form of satisfaction or assignment of Mortgage and endorsement of Mortgage Note in connection with a refinancing covering the Mortgaged Property, which satisfaction, endorsed Mortgage Note or assigning document shall be delivered by the WMMSC Master Servicer to the person or persons entitled thereto, and (ii) if the Mortgage has been recorded in the name of MERS or its designee, to cause the removal of such WMMSC Master Serviced Loan from registration on the MERS system. No expenses incurred in connection with such satisfaction or assignment shall be payable to the WMMSC Master Servicer by the Trustee or the Securities Administrator or from the Certificate Account, the related WMMSC Master Servicer Custodial Account or the related Servicer Custodial Account. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven Business Days to the related Master Servicer or the related Servicer. Subject to the further limitations set forth below, the related Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing Officer. If the related Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the related Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.