Common use of Payment of Taxes, Insurance Clause in Contracts

Payment of Taxes, Insurance. and Other Charges; Collections Thereunder. With respect to each Mortgage Loan, the Servicer shall maintain accurate records reflecting the status of ground rents, taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of fire and hazard insurance coverage and shall obtain, from time to time, all bills for the payment of such charges (including renewal premiums) and shall effect payment thereof prior to the applicable penalty or termination date and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in the Escrow Account which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. If a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any such payments are made by the Mortgagor. The Servicer assumes full responsibility for the timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Payments and shall make Servicing Advances to effect such payments, subject to its ability to recover such Servicing Advances pursuant to Subsection 11.07(b). With respect to each Mortgage Loan, on or before January 31st of each year during the term of this Agreement, beginning January 31, 2007, the Servicer shall ensure that all taxes due during the prior calendar year have been paid on the related Mortgaged Property. With respect to each Mortgage Loan identified on the Mortgage Loan Schedule as an LPMI Loan, the Servicer shall maintain in full force and effect any LPMI Policy, and from time to time, withdraw the premium with respect to such Mortgage Loans from the Custodial Account in order to pay the premium thereon on a timely basis. In the event that the interest payments made with respect to the Mortgage Loan are less than the premium with respect to the LPMI Policy, the Servicer shall advance from its own funds the amount of any such shortfall in the LPMI Policy premiums, in payment of such premium. Any such advance shall be a Servicing Advance subject to reimbursement. In the event that such LPMI Policy shall be terminated, the Servicer shall obtain from another insurer acceptable under the Underwriting Guidelines, a comparable replacement policy, with a total coverage equal to the remaining coverage of such terminated LPMI Policy, at substantially the same fee level. If the insurer shall cease to be an insurer acceptable under the Underwriting Guidelines, the Servicer shall determine whether recoveries under the LPMI Policy are jeopardized for reasons related to the financial condition of such insurer, it being understood that the Servicer shall in no event have any responsibility or liability for any failure to recover under the LPMI Policy for such reason. If the Servicer determines that recoveries are so jeopardized, it shall notify the Purchaser and the Mortgagor, if required, and obtain from another insurer acceptable under the Underwriting Guidelines a replacement insurance policy. The Servicer shall not take any action which would result in noncoverage under any applicable LPMI Policy of any loss which, but for the actions of the Servicer would have been covered thereunder. In connection with any assumption or substitution agreement entered into or to be entered into, the Servicer shall promptly notify the insurer under the related LPMI Policy, if any, of such assumption or substitution of liability in accordance with the terms of such LPMI Policy and shall take all actions which may be required by such insurer as a condition to the continuation of coverage under such LPMI Policy. If such LPMI Policy is terminated as a result of such assumption or substitution of liability, the Servicer shall obtain a replacement LPMI Policy as provided above. Purchaser, in its sole discretion, at any time, may (i) either obtain an additional LPMI Policy on any Mortgage Loan which already has an LPMI Policy in place, or (ii) obtain a LPMI Policy for any Mortgage Loan which does not already have a LPMI Policy in place. In any event, the Servicer agrees to administer such LPMI Policies in accordance with the Agreement or any Reconstitution Agreement. In connection with its activities as servicer, the Servicer agrees to prepare and present, on behalf of itself and the Purchaser, claims to the insurer under any PMI Policy or LPMI Policy in a timely fashion in accordance with the terms of such PMI Policy and LPMI Policy and, in this regard, to take such action as shall be necessary to permit recovery under any PMI Policy or LPMI Policy respecting a defaulted Mortgage Loan. Any amounts collected by the Servicer under any PMI Policy shall be deposited in the Escrow Account.

Payment of Taxes, Insurance. and Other Charges; ---------------------------------------------- Maintenance of Primary Insurance Policies; Collections Thereunder. ------------------------------------------------------------------ With respect to each Mortgage Loan, the Servicer shall maintain accurate records reflecting the status of ground rents, taxes, assessments assessments, water rates and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Insurance Policy and fire and hazard insurance coverage and shall obtain, from time to time, all bills for the payment of such charges (charges, including insurance renewal premiums) premiums and shall effect payment thereof prior to the applicable penalty or termination date and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in the Escrow Account which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the MortgageMortgage and applicable law. If a To the extent that the Mortgage does not provide for Escrow Payments, the Servicer shall determine that any such payments are made by the MortgagorMortgagor at the time they first become due. The Servicer assumes full responsibility for the timely payment of all such bills and shall effect timely payments of all such bills irrespective of each the Mortgagor's faithful performance in the payment of same or the making of the Escrow Payments and shall make Servicing Advances advances from its own funds to effect such payments, subject to its ability to recover such Servicing Advances pursuant to Subsection 11.07(b). With respect to each Mortgage Loan, on or before January 31st of each year during the term of this Agreement, beginning January 31, 2007, the Servicer shall ensure that all taxes due during the prior calendar year have been paid on the related Mortgaged Property. With respect to each Mortgage Loan identified on the Mortgage Loan Schedule as an LPMI Loan, the Servicer The Seller shall maintain in full force and effect any LPMI effect, a Primary Insurance Policy, and from time to timeissued by a Qualified Insurer, withdraw the premium with respect to such Mortgage Loans from the Custodial Account in order to pay the premium thereon on a timely basis. In the event that the interest payments made with respect to the each Mortgage Loan are less than the premium with respect to the LPMI Policy, the Servicer shall advance from its own funds the amount of any for which such shortfall in the LPMI Policy premiums, in payment of such premiumcoverage is required. Any such advance Such coverage shall be a Servicing Advance subject maintained until the Loan-to-Value Ratio of the related Mortgage Loan is reduced to reimbursement. In the event that amount for which Xxxxxx Xxx no longer requires such LPMI Policy shall be terminated, the Servicer shall obtain from another insurer acceptable under the Underwriting Guidelines, a comparable replacement policy, with a total coverage equal to the remaining coverage of such terminated LPMI Policy, at substantially the same fee level. If the insurer shall cease insurance to be an insurer acceptable maintained. The Seller will not cancel or refuse to renew any Primary Insurance Policy in effect on the Closing Date that is required to be kept in force under the Underwriting Guidelines, the Servicer shall determine whether recoveries under the LPMI Policy are jeopardized for reasons related to the financial condition of such insurer, it being understood that the Servicer shall in no event have any responsibility or liability for any failure to recover under the LPMI this Agreement unless a replacement Primary Insurance Policy for such reason. If the Servicer determines that recoveries are so jeopardized, it shall notify the Purchaser cancelled or non- renewed policy is obtained from and the Mortgagor, if required, and obtain from another insurer acceptable under the Underwriting Guidelines maintained with a replacement insurance policyQualified Insurer. The Servicer Seller shall not take any action which would result in noncoverage non-coverage under any applicable LPMI Primary Insurance Policy of any loss which, but for the actions of the Servicer Seller, would have been covered thereunder. In connection with any assumption or substitution agreement entered into or to be entered intointo pursuant to Subsection 11.19, the Servicer Seller shall promptly notify the insurer under the related LPMI Primary Insurance Policy, if any, of such assumption or substitution of liability in accordance with the terms of such LPMI Policy policy and shall take all actions which may be required by such insurer as a condition to the continuation of coverage under such LPMI the Primary Insurance Policy. If such LPMI Primary Insurance Policy is terminated as a result of such assumption or substitution of liability, the Servicer Seller shall obtain a replacement LPMI Primary Insurance Policy as provided above. Purchaser, in its sole discretion, at any time, may (i) either obtain an additional LPMI Policy on any Mortgage Loan which already has an LPMI Policy in place, or (ii) obtain a LPMI Policy for any Mortgage Loan which does not already have a LPMI Policy in place. In any event, the Servicer agrees to administer such LPMI Policies in accordance with the Agreement or any Reconstitution Agreement. In connection with its activities as servicer, the Servicer Seller agrees to prepare and present, on behalf of itself itself, and the Purchaser, claims to the insurer under any PMI Policy or LPMI Primary Insurance Policy in a timely fashion in accordance with the terms of such PMI Policy and LPMI Policy policies and, in this regard, to take such action as shall be necessary to permit recovery under any PMI Policy or LPMI Primary Insurance Policy respecting a defaulted Mortgage Loan. Any Pursuant to Subsection 11.04, any amounts collected by the Servicer Seller under any PMI Primary Insurance Policy shall be deposited in the Escrow Custodial Account, subject to withdrawal pursuant to Subsection 11.05.

Payment of Taxes, Insurance. and Other Charges; Collections Thereunder. With respect to each Mortgage Loan, the Servicer shall maintain accurate records reflecting the status of ground rents, taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of fire and hazard insurance coverage and shall obtain, from time to time, all bills for the payment of such charges (including renewal premiums) and shall effect payment thereof prior to the applicable penalty or termination date and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in the Escrow Account which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage. If a Mortgage does not provide for Escrow Payments, the Servicer shall determine that any such payments are made by the Mortgagor. The Servicer assumes full responsibility for the timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor's faithful performance in the payment of same or the making of the Escrow Payments and shall make Servicing Advances to effect such payments, subject to its ability to recover such Servicing Advances pursuant to Subsection 11.07(b). With respect to each Mortgage Loan, on or before January 31st of each year during the term of this Agreement, beginning January 31, 20072006, the Servicer shall ensure that all taxes due during the prior calendar year have been paid on the related Mortgaged Property. With respect to each Mortgage Loan identified on the Mortgage Loan Schedule as an LPMI Loan, the Servicer shall maintain in full force and effect any LPMI Policy, and from time to time, withdraw the premium with respect to such Mortgage Loans from the Custodial Account in order to pay the premium thereon on a timely basis. In the event that the interest payments made with respect to the Mortgage Loan are less than the premium with respect to the LPMI Policy, the Servicer shall advance from its own funds the amount of any such shortfall in the LPMI Policy premiums, in payment of such premium. Any such advance shall be a Servicing Advance subject to reimbursement. In the event that such LPMI Policy shall be terminated, the Servicer shall obtain from another insurer acceptable under the Underwriting Guidelines, a comparable replacement policy, with a total coverage equal to the remaining coverage of such terminated LPMI Policy, at substantially the same fee level. If the insurer shall cease to be an insurer acceptable under the Underwriting Guidelines, the Servicer shall determine whether recoveries under the LPMI Policy are jeopardized for reasons related to the financial condition of such insurer, it being understood that the Servicer shall in no event have any responsibility or liability for any failure to recover under the LPMI Policy for such reason. If the Servicer determines that recoveries are so jeopardized, it shall notify the Purchaser and the Mortgagor, if required, and obtain from another insurer acceptable under the Underwriting Guidelines a replacement insurance policy. The Servicer shall not take any action which would result in noncoverage under any applicable LPMI Policy of any loss which, but for the actions of the Servicer would have been covered thereunder. In connection with any assumption or substitution agreement entered into or to be entered into, the Servicer shall promptly notify the insurer under the related LPMI Policy, if any, of such assumption or substitution of liability in accordance with the terms of such LPMI Policy and shall take all actions which may be required by such insurer as a condition to the continuation of coverage under such LPMI Policy. If such LPMI Policy is terminated as a result of such assumption or substitution of liability, the Servicer shall obtain a replacement LPMI Policy as provided above. Purchaser, in its sole discretion, at any time, may (i) either obtain an additional LPMI Policy on any Mortgage Loan which already has an LPMI Policy in place, or (ii) obtain a LPMI Policy for any Mortgage Loan which does not already have a LPMI Policy in place. In any event, the Servicer agrees to administer such LPMI Policies in accordance with the Agreement or any Reconstitution Agreement. In connection with its activities as servicer, the Servicer agrees to prepare and present, on behalf of itself and the Purchaser, claims to the insurer under any PMI Policy or LPMI Policy in a timely fashion in accordance with the terms of such PMI Policy and LPMI Policy and, in this regard, to take such action as shall be necessary to permit recovery under any PMI Policy or LPMI Policy respecting a defaulted Mortgage Loan. Any amounts collected by the Servicer under any PMI Policy shall be deposited in the Escrow Account.

Payment of Taxes, Insurance. and Other Charges; ---------------------------------------------- Collections Thereunder. ---------------------- With respect to each first lien Mortgage Loan, the Servicer shall maintain accurate records reflecting the status of ground rents, taxes, assessments assessments, water rates and other charges which are or may become a lien upon the Mortgaged Property and the status of fire Primary Insurance Policy premiums and fire, flood and hazard insurance coverage and shall obtain, from time to time, all bills for the payment of such charges (including renewal premiums) and shall effect payment thereof prior to the applicable penalty or termination date and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in the Escrow Account which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the MortgageMortgage or Applicable Regulations. If To the extent that a Mortgage does not provide for Escrow Payments, (i) the Servicer shall determine that whether any such payments are made by the MortgagorMortgagor in a manner and at a time that is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien and (ii) the Servicer shall ensure that all insurance required to be maintained on the Mortgaged Property pursuant to this Agreement is maintained. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage Loan being imposed, the Servicer will, to the extent required to avoid loss of the Mortgaged Property, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property. The Servicer assumes full responsibility for the timely payment of all such bills and shall effect timely payments of all such bills irrespective of each the Mortgagor's faithful performance in the payment of same or the making of the Escrow Payments and shall make Servicing Advances from its own funds to effect such payments, subject to its ability to recover such Servicing Advances pursuant to Subsection 11.07(b). With respect to each Mortgage LoanThe Servicer, on or before January 31st behalf of each year during the term of this AgreementTrustee, beginning January 31as mortgagee, 2007, the Servicer shall ensure that all taxes due during the prior calendar year have been paid on the related Mortgaged Property. With respect to each Mortgage Loan identified on the Mortgage Loan Schedule as an LPMI Loan, the Servicer shall will maintain in full force and effect any LPMI (to the extent a Mortgage Loan has a Primary Insurance Policy, and from time to time, withdraw the premium ) a Primary Insurance Policy issued by a Qualified Insurer with respect to such Mortgage Loans from the Custodial Account in order to pay the premium thereon on a timely basis. In the event that the interest payments made with respect to the each Mortgage Loan are less than for which such coverage is required. Such coverage will be maintained until the premium with respect Combined Loan-to-Value Ratio of the related Mortgage Loan is reduced to 80% or less. The Servicer will not cancel or refuse to renew any Primary Insurance Policy in effect on the LPMI Policy, the Servicer shall advance from its own funds the amount of any such shortfall in the LPMI Policy premiums, in payment of such premium. Any such advance shall be a Servicing Advance subject to reimbursement. In the event Closing Date that such LPMI Policy shall be terminated, the Servicer shall obtain from another insurer acceptable under the Underwriting Guidelines, a comparable replacement policy, with a total coverage equal to the remaining coverage of such terminated LPMI Policy, at substantially the same fee level. If the insurer shall cease is required to be an insurer acceptable kept in force under the Underwriting Guidelines, the Servicer shall determine whether recoveries under the LPMI Policy are jeopardized for reasons related to the financial condition of such insurer, it being understood that the Servicer shall in no event have any responsibility or liability for any failure to recover under the LPMI this Agreement unless a replacement Primary Insurance Policy for such reason. If the Servicer determines that recoveries are so jeopardized, it shall notify the Purchaser cancelled or non-renewed policy is obtained from and the Mortgagor, if required, and obtain from another insurer acceptable under the Underwriting Guidelines maintained with a replacement insurance policyQualified Insurer. The Servicer shall not take any action which would result in noncoverage non-coverage under any applicable LPMI Primary Insurance Policy of any loss which, but for the actions of the Servicer Servicer, would have been covered thereunder. In connection with any assumption or substitution agreement entered into or to be entered intointo pursuant to Section 3.14, the Servicer shall promptly notify the insurer under the related LPMI Primary Insurance Policy, if any, of such assumption or substitution of liability in accordance with the terms of such LPMI Policy policy and shall take all actions which may be required by such insurer as a condition to the continuation of coverage under such LPMI the Primary Insurance Policy. If such LPMI Primary Insurance Policy is terminated as a result of such assumption or substitution of liability, the Servicer shall obtain a replacement LPMI Primary Insurance Policy as provided above. Purchaser, in its sole discretion, at any time, may (i) either obtain an additional LPMI Policy on any Mortgage Loan which already has an LPMI Policy in place, or (ii) obtain a LPMI Policy for any Mortgage Loan which does not already have a LPMI Policy in place. In any event, the Servicer agrees to administer such LPMI Policies in accordance with the Agreement or any Reconstitution Agreement. In connection with its activities as servicer, the Servicer agrees to prepare and present, on behalf of itself and the PurchaserTrustee, claims to the insurer under any PMI Policy or LPMI Primary Insurance Policy in a timely fashion in accordance with the terms of such PMI Policy and LPMI Policy policies and, in this regard, to take such action as shall be necessary to permit recovery under any PMI Policy or LPMI Primary Insurance Policy respecting a defaulted Mortgage Loan. Any Pursuant to Section 3.04, any amounts collected by the Servicer under any PMI Primary Insurance Policy shall be deposited in the Escrow Collection Account, subject to withdrawal pursuant to Section 3.05.

Payment of Taxes, Insurance. and Other Charges; Maintenance of Primary Insurance Policies and LPMI Policies; Collections Thereunder. With respect to each Mortgage LoanLoan which provides for Escrow Payments to be made, the Servicer shall maintain accurate records reflecting the status of ground rents, taxes, assessments assessments, water rates and other charges which are or may become a lien upon the Mortgaged Property and the status of Primary Mortgage Insurance premiums and fire and hazard insurance coverage and shall obtain, from time to time, all bills for the payment of such charges (including renewal premiums) and shall effect payment thereof prior to the applicable penalty or termination date and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in the Escrow Account which shall have been estimated and accumulated by the Servicer in amounts sufficient for such purposes, as allowed under the terms of the MortgageMortgage or Applicable Regulations. If a To the extent that any First Mortgage Loan does not provide for Escrow Payments, the Servicer shall determine that any such payments are made by the Mortgagor. The With respect to each First Mortgage Loan, subject to Acceptable Servicing Practices, the Servicer assumes full responsibility for the timely payment of all such bills and shall effect timely payments of all such bills irrespective of each the Mortgagor's ’s faithful performance in the payment of same or the making of the Escrow Payments and shall make Servicing Advances from its own funds to effect such payments within the time period required to avoid the loss of the related Mortgaged Property by foreclosure from a tax or other lien. Additionally, for all tax penalties and interest levied prior to the transfer of the Mortgage Loans to the Servicer or as a result of the actions of the prior servicer or the Owner, the Servicer shall make Servicing Advances to effect such payments. Notwithstanding the foregoing, subject to its ability to recover if the Servicer reasonably determines that such Servicing Advance would be a Nonrecoverable Servicing Advance, the Servicer shall have no obligation to make such Servicing Advance. The Servicer shall be entitled to immediate reimbursement for any Servicing Advance from any and all funds deposited in the Custodial Account whether or not the funds deposited in the Custodial Account relate to the Mortgage Loans or REO Properties for which the Servicing Advances pursuant to Subsection 11.07(b)were made. With respect to each First Mortgage Loan, on or before January 31st of each year during the term of this Agreement, beginning January 31, 2007, the Servicer shall ensure that all taxes due during will maintain or cause to be maintained in full force and effect (to the extent a Mortgage Loan has a Primary Insurance Policy as of the Servicing Transfer Date and the prior calendar year have been paid on servicer or Owner has provided the relevant information related Mortgaged Property. With to the Primary Insurance Policy to the Servicer) a Primary Insurance Policy issued by a Qualified Insurer with respect to each Mortgage Loan identified for which such coverage is required. Such coverage will be maintained until the Loan-to-Value Ratio of the related Mortgage Loan is reduced to 80% or less or such lesser percentage as may be stated in the related Primary Insurance Policy. The Servicer will not cancel or refuse to renew any Primary Insurance Policy in effect on the Mortgage Loan Schedule as an LPMI Loan, the Servicing Transfer Date that is required to be kept in force under this Agreement unless a replacement Primary Insurance Policy for such cancelled or non-renewed policy is obtained from and maintained with a Qualified Insurer. The Servicer shall will maintain or cause to be maintained in full force and effect any LPMI Policy, and from time to time, withdraw the premium Policy issued by a Mortgage Insurer with respect to such Mortgage Loans from the Custodial Account in order to pay the premium thereon on a timely basis. In the event that the interest payments made with respect to the each Mortgage Loan are less than the premium with respect to the LPMI Policy, the Servicer shall advance from its own funds the amount of any for which such shortfall coverage is in the LPMI Policy premiums, in payment of such premiumexistence or is obtained. Any such advance shall be a Servicing Advance subject to reimbursement. In the event that such LPMI Policy shall be terminated, the Servicer shall obtain from another insurer acceptable under the Underwriting Guidelines, a comparable replacement policy, with a total coverage equal to the remaining coverage of such terminated LPMI Policy, at substantially the same fee level. If the insurer shall cease to be an insurer acceptable under the Underwriting Guidelines, the Servicer shall determine whether recoveries under the LPMI Policy are jeopardized for reasons related to the financial condition of such insurer, it being understood that the Servicer shall in no event have any responsibility or liability for any failure to recover under the LPMI Policy for such reason. If the Servicer determines that recoveries are so jeopardized, it The Owner shall notify the Purchaser and the Mortgagor, if required, and obtain from another insurer acceptable Servicer of any Mortgage Loan covered under the Underwriting Guidelines a replacement insurance policyan LPMI Policy. The Servicer shall not take any action which would result in noncoverage non-coverage under any applicable Primary Insurance Policy or LPMI Policy of any loss which, but for the actions of the Servicer Servicer, would have been covered thereunder. In connection with any assumption or substitution agreement entered into or to be entered intointo pursuant to Section 7.01, the Servicer shall promptly notify the insurer under the related Primary Insurance Policy or LPMI Policy, if any, of such assumption or substitution of liability in accordance with the terms of such LPMI Policy policy and shall take all actions which may be required by such insurer as a condition to the continuation of coverage under such the Primary Insurance Policy or LPMI Policy, as applicable. If such Primary Insurance Policy or LPMI Policy is terminated as a result of such assumption or substitution of liability, the Servicer shall obtain a replacement Primary Insurance Policy or LPMI Policy Policy, as applicable, as provided above. Purchaser, in its sole discretion, at any time, may (i) either obtain an additional LPMI Policy on any Mortgage Loan which already has an LPMI Policy in place, or (ii) obtain a LPMI Policy for any Mortgage Loan which does not already have a LPMI Policy in place. In any event, the Servicer agrees to administer such LPMI Policies in accordance with the Agreement or any Reconstitution Agreement. In connection with its activities as servicer, the Servicer agrees to prepare and present, on behalf of itself and the PurchaserOwner, claims to the insurer under any PMI Primary Insurance Policy or and LPMI Policy in a timely fashion in accordance with the terms of such PMI Policy and LPMI Policy policies and, in this regard, to take such action as shall be necessary to permit recovery under any PMI Primary Insurance Policy or LPMI Policy Policy, as applicable, respecting a defaulted Mortgage Loan. Any Pursuant to Section 5.04, any amounts collected by the Servicer under any PMI Primary Insurance Policy or LPMI Policy shall be deposited in the Escrow Custodial Account, subject to withdrawal pursuant to Section 5.05. Section 5.09.