Modification Agreements. The Servicer or the related Subservicer, as the case may be, shall be entitled to (A) execute assumption agreements, substitution agreements, and instruments of satisfaction or cancellation or of partial or full release or discharge, or any other document contemplated by this Servicing Agreement and other comparable instruments with respect to the Mortgage Loans and with respect to the Mortgaged Properties subject to the Mortgages (and the Company shall promptly execute any such documents on request of the Servicer) and (B) approve the granting of an easement thereon in favor of another Person, any alteration or demolition of the related Mortgaged Property or other similar matters, if it has determined, exercising its good faith business judgment in the same manner as it would if it were the owner of the related Mortgage Loan, that the security for, and the timely and full collectability of, such Mortgage Loan would not be adversely affected thereby. A partial release pursuant to this Section 3.05 shall be permitted only if the Combined Loan-to-Value Ratio for such Mortgage Loan after such partial release does not exceed the Combined Loan-to-Value Ratio for such Mortgage Loan as of the Cut-Off Date. Any fee collected by the Servicer or the related Subservicer for processing such request will be retained by the Servicer or such Subservicer as additional servicing compensation.
Modification Agreements. 12 Section 3.06 Trust Estate; Related Documents..........................12 Section 3.07 Realization Upon Defaulted Loans; Loss Mitigation.....
Modification Agreements. (a) The Servicer or the related Subservicer, as the case may be, shall be entitled to (a) execute assumption agreements, substitution agreements, and instruments of satisfaction or cancellation or of partial or full release or discharge, or any other document contemplated by this Agreement and other comparable instruments with respect to the Mortgage Loans and with respect to the related Mortgaged Properties (and the Issuer and the Indenture Trustee each shall promptly execute any such documents on request of the Servicer) and (b) approve the granting of an easement thereon in favor of another Person, any alteration or demolition of such Mortgaged Properties or other similar matters, if it has determined, exercising its good faith business judgment in the same manner as it would if it were the owner of the related Mortgage Loans, that the security for, and the timely and full collectability of, such Mortgage Loans would not be adversely affected thereby. A partial release pursuant to this Section 3.06 shall be permitted only if the CLTV for the related Mortgage Loan after such partial release does not exceed the CLTV for such Mortgage Loan as of the Cut-Off Date or related Subsequent Cut-Off Date, as applicable. Any fee collected by the Servicer or the related Subservicer for processing such request will be retained by the Servicer or such Subservicer as additional servicing compensation.
(b) Notwithstanding any other provision of this Agreement to the contrary, the Servicer, at its option and in its sole discretion, may modify any Mortgage Loan to (i) change the Loan Rate payable on the related Mortgage Loan, (ii) increase the credit limit on the related Mortgage Loan above the limit stated in the related Loan Agreement, (iii) refinance the existing senior Lien or place a new senior Lien related to a Mortgage Loan resulting in a CLTV Ratio above the previous CLTV Ratio for such Mortgage Loan, or (iv) make any other material modification to the related Mortgage Loan; provided, however, that without the consent of the Enhancer, the aggregate Principal Balance of the Mortgage Loans modified by this Section 3.06(b) shall not exceed five percent (5%) of the Pool Balance as of the Cut-Off Date; provided, further, that any decision by the Servicer to modify a Mortgage Loan shall be normal and usual in accordance with its general mortgage servicing activities and consistent with the procedures the Servicer employs in servicing all other Mortgage Loans in the serv...
Modification Agreements. 13 Section 3.07 Trust Estate; Related Documents................................14 Section 3.08 Realization upon Defaulted Mortgage Loans......................14 Section 3.09 Management and Sale of REO Property............................15 Section 3.10 Issuer and Indenture Trustee to Cooperate......................15 Section 3.11 Compensation; Payment of Certain Expenses......................16 Section 3.12 Annual Statement as to Compliance..............................17 Section 3.13 Annual Servicing Report........................................17 Section 3.14 Access to Certain Documentation and Information Regarding the Mortgage Loans..................................17 Section 3.15 Maintenance of Certain Servicing Insurance Policies............17 Section 3.16 Information Required by the Internal Revenue Service and Reports of Foreclosures and Abandonments of Mortgaged Property..........................................18 Section 3.17 Assignments; Recordings of Assignments.........................18 Section 3.18 [Reserved].....................................................19 -i- TABLE OF CONTENTS (Continued) Page
Modification Agreements. Section 3.06 Trust Estate; Related Documents............................................................
Modification Agreements. 11 Section 3.06 TRUST ESTATE; RELATED DOCUMENTS.......................................................12 Section 3.07 REALIZATION UPON DEFAULTED MORTGAGE LOANS.............................................13 Section 3.08 COMPANY AND INDENTURE TRUSTEE TO COOPERATE............................................14 Section 3.09 SERVICING COMPENSATION; PAYMENT OF CERTAIN EXPENSES BY SERVICER.......................15 Section 3.10 ANNUAL STATEMENT AS TO COMPLIANCE.....................................................15 Section 3.11
Modification Agreements. The Master Servicer or the related Subservicer, as the case may be, shall be entitled to (A) execute assumption agreements, substitution agreements, and instruments of satisfaction or cancellation or of partial or full release or discharge, or any other document contemplated by this Servicing Agreement and other comparable instruments with respect to the Revolving Credit Loans and with respect to the Mortgaged Properties subject to the Mortgages (and the 1996-RHS4 LLC and the Indenture Trustee each shall promptly execute any such documents on request of the Master Servicer) and (B) approve the granting of an easement thereon in favor of another Person, any alteration or demolition of the related Mortgaged Property or other similar matters, if it has determined, exercising its good faith business judgment in the same manner as it would if it were the owner of the related Revolving Credit Loan, that the security for, and the timely and full collectability of, such Revolving Credit Loan would not be adversely affected thereby. A partial release pursuant to this Section 3.05 shall be permitted only if the Combined Loan-to-Value Ratio for such Revolving Credit Loan after such partial release does not exceed the Combined Loan-to-Value Ratio for such Revolving Credit Loan as of the Cut-off Date. Any fee collected by the Master Servicer or the related Subservicer for processing such request will be retained by the Master Servicer or such Subservicer as additional servicing compensation.
Modification Agreements. The Servicer shall be entitled to (A) execute assumption agreements, substitution agreements, and instruments of satisfaction or cancellation or of partial or full release or discharge, or any other document contemplated by this Servicing Agreement and other comparable instruments with respect to the Home Equity Loans and with respect to the Mortgaged Properties subject to the Mortgages (and the Issuer and the Indenture Trustee each shall promptly execute any such documents on request of the Servicer) and (B) approve the granting of an easement thereon in favor of another Person, any alteration or demolition of the related Mortgaged Property or other similar matters, if it has determined, exercising its good faith business judgment in the same manner as it would if it were the owner of the related Home Equity Loan, that the security for, and the timely and full collectability of, such Home Equity Loan would not be adversely affected thereby. A partial release pursuant to this Section 3.05 shall be permitted only if the Combined Loan-to-Value Ratio for such Home Equity Loan after such partial release does not exceed the Combined Loan-to-Value Ratio for such Home Equity Loan as of the Cut-off Date. Any fee collected by the Servicer or the related Subservicer for processing such request will be retained by the Servicer or such Subservicer as additional servicing compensation.
Modification Agreements. 11 Section 3.06 Trust Estate; Related Documents.........................12 Section 3.07 Realization Upon Defaulted Loans; Loss Mitigation....
Modification Agreements. 14 Section 3.06 Trust Estate; Related Documents..................................14 Section 3.07 Realization Upon Defaulted Mortgage Loans........................15 Section 3.08 Issuer and Indenture Trustee to Cooperate........................17 Section 3.09 Servicing Compensation; Payment of Certain Expenses by Servicer......................................................18 Section 3.10 Annual Statement as to Compliance................................18 Section 3.11 Annual Independent Public Accountants' Servicing Report...........................................................19 Section 3.12 Access to Certain Documentation and Information Regarding the Mortgage Loans.....................................19 Section 3.13 Maintenance of Certain Servicing Insurance Policies..............19 Section 3.14 Information Required by the Internal Revenue Service and Reports of Foreclosures and Abandonments of Mortgaged Property...............................................20 Section 3.15 Optional Repurchase or Transfer of Mortgage Loans................20 Section 3.16 Hedge Agreement..................................................21 Section 3.17 Reserved.........................................................21 Section 3.18 Pre-Funding Account..............................................21 Section 3.19 Capitalized Interest Account.....................................23 Section 3.20 Enforcement of Due-on-Sale Clauses; Assumption and Modification Agreements; Certain Assignments.....................24 Section 3.21 Advance Facility.................................................25
