Master Servicer to Service Mortgage Loans. For and on behalf of the Certificateholders, the Master Servicer shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and customary and usual standards of practice of prudent mortgage loan servicers. In connection with such servicing and administration, the Master Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.02 hereof, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds (which, for the purpose of this Section, includes any Subsequent Recoveries), and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that the Master Servicer shall not take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee and the Certificateholders under this Agreement. The Master Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer, in its own name or in the name of the Depositor and the Trustee, is hereby authorized and empowered by the Depositor and the Trustee, when the Master Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Service...
Master Servicer to Service Mortgage Loans. For and on behalf of the Certificateholders, the Master Servicer shall service and administer the Mortgage Loans in accordance with the terms of this Agreement and the Servicing Standard. In connection with such servicing and administration, the Master Servicer shall have full power and authority, acting alone and/or through Servicers as provided in Section 3.02, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof, (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan. The Master Servicer shall not make or permit any modification, waiver or amendment of any term of any Mortgage Loan which would cause the REMIC to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master Servicer, in its own name or in the name of any Servicer or the Depositor and the Trustee, is hereby authorized and empowered by the Depositor and the Trustee, when the Master Servicer or the Servicer, as the case may be, believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer shall prepare and deliver to the Depositor and/or the Trustee such documents requiring execution and delivery by either or both of them as are necessary or appropriate to enable the Master Servicer to service and administer the Mortgage Loans to the extent that the Master Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents...
Master Servicer to Service Mortgage Loans. For and on behalf of the Certificateholders, the Master Servicer shall service and administer the Mortgage Loans in accordance with customary and usual standards of practice of prudent mortgage loan lenders in the respective states in which the Mortgaged Properties are located, including taking all required and appropriate actions under each Required Insurance Policy and taking all required and appropriate actions under the Mortgage Insurance Policy on behalf of the Co-Trustee, other than the payment of each Mortgage Insurance Premium and obtaining the approval of the Mortgage Insurer with respect to the appointment of a successor servicer. In connection with such servicing and administration, the Master Servicer shall have full power and authority, acting alone and/or through subservicers as provided in Section 3.02 hereof, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds, other Liquidation Proceeds and Subsequent Recoveries, and (iv) subject to Section 3.12(b), to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that the Master Servicer shall take no action that is inconsistent with or prejudices the interests of the Trustee or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor and the Trustee under this Agreement. The Master Servicer shall represent and protect the interest of the Trustee in the same manner as it currently protects its own interest in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan and shall not make or permit any modification, waiver or amendment of any term of any Mortgage Loan which would (i) cause any REMIC formed hereunder to fail to qualify as a REMIC, (ii) result in the imposition of any tax under section 860(a) or 860(d) of the Code or (iii) cause any Covered Mortgage Loan to not be covered by the Mortgage Insurance Policy, but in any case the Master Servicer shall not act in any manner that is a lesser standard than that provided in the first sentence of this Section 3.01. Without limiting the generality of the foregoing, the Master Serv...
Master Servicer to Service Mortgage Loans. 43 Section 3.02 Subservicing; Enforcement of the Obligations of Subservicers..........................43
Master Servicer to Service Mortgage Loans. 59 SECTION 3.02. SUBSERVICING; ENFORCEMENT OF THE OBLIGATIONS OF SUBSERVICERS..........................60 SECTION 3.03. RIGHTS OF THE DEPOSITOR AND THE TRUSTEE IN RESPECT OF THE MASTER SERVICER.............60 SECTION 3.04. TRUSTEE TO ACT AS MASTER SERVICER.....................................................61 SECTION 3.05. COLLECTION OF MORTGAGE LOAN PAYMENTS; CERTIFICATE ACCOUNT; DISTRIBUTION ACCOUNT; CARRYOVER SHORTFALL RESERVE FUND......................................................61 SECTION 3.06. COLLECTION OF TAXES, ASSESSMENTS AND SIMILAR ITEMS; ESCROW ACCOUNTS...................64 SECTION 3.07. ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING THE MORTGAGE LOANS..........65 SECTION 3.08. PERMITTED WITHDRAWALS FROM THE CERTIFICATE ACCOUNT; THE DISTRIBUTION ACCOUNT AND THE CARRYOVER SHORTFALL RESERVE FUND..................................................65 SECTION 3.09. MAINTENANCE OF HAZARD INSURANCE; MAINTENANCE OF PRIMARY INSURANCE POLICIES............68 SECTION 3.10. ENFORCEMENT OF DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS.............................69 SECTION 3.11. REALIZATION UPON DEFAULTED MORTGAGE LOANS; REPURCHASE OF CERTAIN MORTGAGE LOANS.......70 SECTION 3.12. TRUSTEE TO COOPERATE; RELEASE OF MORTGAGE FILES.......................................74 SECTION 3.13. DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF MASTER SERVICER TO BE HELD FOR THE TRUSTEE. .........................................................................74 SECTION 3.14. SERVICING COMPENSATION................................................................75 SECTION 3.15.
Master Servicer to Service Mortgage Loans. For and on behalf of the Certificateholders, the Master Servicer shall service and administer the Mortgage Loans in accordance with this Agreement and the Servicing Standard. In connection with such servicing and administration, the Master Servicer shall have full power and authority, acting alone or through Subservicers as provided in Section 3.02, to do anything that it may deem appropriate in connection with servicing and administration, including the power and authority, subject to the terms hereof,
Master Servicer to Service Mortgage Loans. III-1 SECTION 3.02. Subservicing; Enforcement of the Obligations of Subservicers......................................... III-2 SECTION 3.03. Rights of the Depositor and the Trustee in Respect of the Master Servicer.................................. III-2 SECTION 3.04. Trustee to Act as Master Servicer.................... III-2 SECTION 3.05.
Master Servicer to Service Mortgage Loans. 45 SECTION 3.02. Subservicing; Enforcement of the Obligations of Servicers..46 SECTION 3.03. Rights of the Depositor and the Trustee in Respect of the Master Servicer..........................................46 SECTION 3.04. Trustee to Act as Master Servicer..........................47 SECTION 3.05. Collection of Mortgage Loan Payments; Certificate Account; Distribution Account.......................................47 SECTION 3.06. Collection of Taxes, Assessments and Similar Items; Escrow Accounts...................................................50 SECTION 3.07. Access to Certain Documentation and Information Regarding the Mortgage Loans.........................................50 SECTION 3.08. Permitted Withdrawals from the Certificate Account and Distribution Account.......................................51 SECTION 3.09. Maintenance of Hazard Insurance; Maintenance of Primary Insurance Policies.........................................53
Master Servicer to Service Mortgage Loans. III-1 SECTION 3.02. Subservicing; Enforcement of the Obligations of Servicers. ...................................III-2 SECTION 3.03. Rights of the Depositor and the Trustee in Respect of the Master Servicer...................III-2 SECTION 3.04. Trustee to Act as Master Servicer................III-2 SECTION 3.05. Collection of Mortgage Loan Payments; Certificate Account; Distribution Account........III-3 SECTION 3.06. Collection of Taxes, Assessments and Similar Items; Escrow Accounts...........................III-5 SECTION 3.07. Access to Certain Documentation and Information Regarding the Mortgage Loans.....................III-6 SECTION 3.08. Permitted Withdrawals from the Certificate Account and the Distribution Account.....................III-6 SECTION 3.09. Maintenance of Hazard Insurance; Maintenance of Primary Insurance Policies....................III-8 SECTION 3.10. Enforcement of Due-on-Sale Clauses; Assumption Agreements............................III-9 SECTION 3.11. Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans............III-10 SECTION 3.12. Trustee to Cooperate; Release of Mortgage Files..................................III-13 SECTION 3.13. Documents, Records and Funds in Possession of Master Servicer to be Held for the Trustee...III-14 SECTION 3.14.
Master Servicer to Service Mortgage Loans. 57 SECTION 3.02. SUBSERVICING; ENFORCEMENT OF THE OBLIGATIONS OF SUBSERVICERS.............................58
