Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only: (i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable items; (ii) to reimburse Servicer for any Servicing Advance made by Servicer with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder; (iii) to refund to the Mortgagor any funds as may be determined to be overages; (iv) for transfer to the Custodial Account in connection with an acquisition of REO Property; (v) for application to restoration or repair of the Mortgaged Property; (vi) to pay to the Servicer, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account; (vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06; (viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and (ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 21 contracts
Samples: Servicing Agreement (SACO I Trust 2006-7), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2), Servicing Agreement (SACO I Trust 2006-8)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer Company only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance premiums, condominium assessments and comparable items;
(ii) to reimburse Servicer Company for any Servicing Advance made by Servicer Company with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Propertythis Agreement;
(v) for application to restoration or repair of the Mortgaged Property;
(vi) to pay to the ServicerCompany, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer Company shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor; and
(viii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06.
Appears in 18 contracts
Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2006-Cl1), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-1), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2007-3)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable items;
(ii) to reimburse the Servicer for any Servicing Advance made by the Servicer with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Account in connection with an acquisition of REO Property;
(v) for application to restoration or repair of the Mortgaged Property;
(vi) to pay to the Servicer, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 14 contracts
Samples: Servicing Agreement (HarborView 2007-6), Reconstitution Agreement (HarborView 2007-2), Reconstituted Servicing Agreement (HarborView 2007-3)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account or Accounts may be made by the Servicer Company only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, mortgage insurance premiums, condominium charges, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable itemspremiums or other items constituting Escrow Payments for the related Mortgage;
(ii) to reimburse Servicer the Company for any Servicing Advance Advances made by Servicer the Company pursuant to Section 4.08 with respect to a related Mortgage Loan Loan, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the any Mortgagor any funds as may be determined found to be overagesin excess of the amounts required under the terms of the related Mortgage Loan;
(iv) for transfer to the Custodial Account for application to reduce the principal balance of the Mortgage Loan in connection accordance with an acquisition the terms of REO Propertythe related Mortgage and Mortgage Note;
(v) for application to the restoration or repair of the Mortgaged PropertyProperty in accordance with the procedures outlined in Section 4.14;
(vi) to pay to the ServicerCompany, or to the any Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay transfer payment on account of Buydown Funds or Subsidy Funds to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06Custodial Account, as applicable;
(viii) to remove funds inadvertently placed in an the Escrow Account in error by the ServicerCompany; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 10 contracts
Samples: Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar2), Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-3f), Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-1f)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer Seller only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance premiums, condominium assessments and comparable items;
(ii) to reimburse Servicer Seller for any Servicing Advance made by Servicer Seller with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Propertythis Agreement;
(v) for application to restoration or repair of the Mortgaged Property;
(vi) to pay to the ServicerSeller, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer Seller shall pay to the Mortgagors interest on funds in an the Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor; and
(viii) to the extent permitted by this Agreement, to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06.
Appears in 9 contracts
Samples: Mortgage Loan Purchase Agreement (J.P. Morgan Alternative Loan Trust 2007-S1), Mortgage Loan Purchase Agreement (J.P. Morgan Mortgage Trust 2006-A1), Mortgage Loan Purchase Agreement (J.P. Morgan Alternative Loan Trust 2006-S1)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account or Accounts may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, mortgage insurance premiums, condominium charges, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable itemspremiums or other items constituting Escrow Payments for the related Mortgage;
(ii) to reimburse Servicer itself for any Servicing Advance relating to taxes, assessments, water rates, sewer rates and other charges which are or may become a lien upon the Mortgaged Property, and PMI Policy premiums and fire and hazard insurance coverage made by the Servicer with respect to a related Mortgage Loan (except with respect to any expenses incurred in procuring or transferring Tax Service Contracts pursuant to Section 2.08), but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the any Mortgagor any funds as may be determined found to be overagesin excess of the amounts required under the terms of the related Mortgage Loan or applicable federal or state law or judicial or administrative ruling;
(iv) for transfer to the Custodial Account and application to reduce the principal balance of the Mortgage Loan in connection accordance with an acquisition the terms of REO Propertythe related Mortgage and Mortgage Note;
(v) for application to restoration or repair of the Mortgaged PropertyProperty in accordance with the procedures outlined in Section 2.14;
(vi) to pay to the Servicer, or to the any Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ixvii) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 8 contracts
Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-12), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-5ax), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable items;
(ii) to reimburse the Servicer for any Servicing Advance made by the Servicer with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Account in connection with the liquidation of a Mortgage Loan or an acquisition of REO Property;
(v) for application to restoration or repair of the Mortgaged Property;
(vi) to pay to the Servicer, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viiivi) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ixvii) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 7 contracts
Samples: Servicing Agreement (Encore Credit Receivables Trust 2005-3), Servicing Agreement (Encore Credit Receivables Trust 2005-2), Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates, Series 2005-4)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard property insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable items;
, (ii) to reimburse Servicer for any Servicing Advance made by Servicer with respect to a related Mortgage Loan an Escrow Payment, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
, and only to the extent permitted by applicable law, (iii) to refund to the Mortgagor any funds as may be determined to be overages;
, (iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Property;
this Agreement, (v) for application to restoration or repair of the Mortgaged Property;
, (vi) to pay to the Servicer, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in into the Escrow Account;
, (vii) to pay refund to the Mortgagors or other parties Insurance Proceeds Servicer any amount deposited in accordance with Section 4.06;
the Escrow Account and not required to be deposited therein or (viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an the Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 7 contracts
Samples: Master Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar), Master Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-13), Master Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-12)
Permitted Withdrawals From Escrow Account. The Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in this Section 4.07. Withdrawals from the Escrow Account or Accounts may be made by the Servicer Company only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, mortgage insurance premiums, condominium charges, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable itemspremiums or other items constituting Escrow Payments for the related Mortgage;
(ii) to reimburse Servicer the Company for any Servicing Advance Advances made by Servicer the Company pursuant to Section 4.08 with respect to a related Mortgage Loan Loan, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the any Mortgagor any funds as may be determined found to be overagesin excess of the amounts required under the terms of the related Mortgage Loan;
(iv) for transfer to the Custodial Account and application to reduce the principal balance of the Mortgage Loan in connection accordance with an acquisition the terms of REO Propertythe related Mortgage and Mortgage Note;
(v) for application to the restoration or repair of the Mortgaged PropertyProperty in accordance with the procedures outlined in Section 4.14;
(vi) to pay to the ServicerCompany, or to the any Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an the Escrow Account in error by the ServicerCompany; and
(ixviii) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 7 contracts
Samples: Flow Sale and Servicing Agreement (GSR Mortgage Loan Trust 2007-4f), Flow Sale and Servicing Agreement (Banc of America Funding 2006-3 Trust), Flow Sale and Servicing Agreement (Banc of America Funding 2006-5 Trust)
Permitted Withdrawals From Escrow Account. 42 Withdrawals from the Escrow Account or Accounts may be made by the Servicer Company only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, mortgage insurance premiums, condominium charges, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable itemspremiums or other items constituting Escrow Payments for the related Mortgage;
(ii) to reimburse Servicer the Company for any Servicing Advance Advances made by Servicer the Company pursuant to Section 4.08 and Section 4.10 with respect to a related Mortgage Loan Loan, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the any Mortgagor any funds as may be determined found to be overagesin excess of the amounts required under the terms of the related Mortgage Loan;
(iv) for transfer to the Custodial Account and application to reduce the principal balance of the Mortgage Loan in connection accordance with an acquisition the terms of REO Propertythe related Mortgage and Mortgage Note;
(v) for application to the restoration or repair of the Mortgaged PropertyProperty in accordance with the procedures outlined in Section 4.14;
(vi) to pay to the ServicerCompany, or to the any Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to remove funds inadvertently placed in the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06Escrow Account by the Company;
(viii) to remove funds inadvertently placed in an Escrow Account in error by transfer payment on account of Buydown Funds and/or Subsidy Funds to the ServicerCustodial Account, as applicable; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 7 contracts
Samples: Seller's Warranties and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-A1), Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-1), Seller's Warranties and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-A2)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer Seller only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance premiums or condominium assessments and comparable items;
(ii) to reimburse Servicer Seller for any Servicing Advance made by Servicer Seller with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Propertythis Agreement;
(v) for application to restoration or repair of the Mortgaged Property;
(vi) to pay to the ServicerSeller, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on upon the termination of this Agreement. As part of its servicing duties, the Servicer Seller shall pay to the Mortgagors interest on funds in an the Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor; and
(viii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06.
Appears in 7 contracts
Samples: Purchase Agreement (Starm Mortgage Loan Trust 2007-2), Purchase Agreement (STARM Mortgage Loan Trust 2007-S1), Purchase Agreement (STARM Mortgage Loan Trust 2007-3)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard mortgage insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable items;
items (ii) to reimburse the Servicer for any Servicing Advance made by the Servicer with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
, (iii) to refund to the Mortgagor any funds as may be determined to be overages;
, (iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Property;
this Agreement, (v) for application to restoration or repair of the Mortgaged Property;
, (vi) to pay to the Servicer, or to the Mortgagor Mortgagors to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
, (vii) to pay to the Mortgagors or other parties Insurance Proceeds reimburse itself for any amounts deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an the Escrow Account in error by the Servicer; and
error, or (ixviii) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an the Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 6 contracts
Samples: Mortgage Loan Purchase and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-3), Mortgage Loan Purchase and Servicing Agreement (CSAB Mortgage-Backed Trust 2007-1), Mortgage Loan Purchase and Servicing Agreement (Sequoia Residential Funding Inc)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance premiums, condominium assessments and comparable items;
(ii) to reimburse Servicer for any Servicing Advance made by Servicer with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Propertythis Agreement;
(v) for application to restoration or repair of the Mortgaged Property;
(vi) to pay to the Servicer, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor; and
(viii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06.
Appears in 5 contracts
Samples: Purchase, Warranties and Servicing Agreement (Homebanc Corp), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac4), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac4)
Permitted Withdrawals From Escrow Account. Withdrawals With respect to the Non-Agency Mortgage Loans, withdrawals from the Escrow Account or Accounts may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, mortgage insurance premiums, condominium charges, flood insurance, fire and hazard insurance premiumsinsurance, Primary Mortgage Insurance Policy premiums, if applicable, and comparable itemspremiums or other items constituting related Escrow Payments for the related Mortgage;
(ii) to reimburse the Servicer for any Servicing Advance made by the Servicer pursuant to Section 4.08 with respect to a related Non-Agency Mortgage Loan Loan, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the any related Mortgagor any funds as may be determined found to be overagesin excess of the amounts required under the terms of the related Mortgage Loan or applicable federal or state law or judicial or administrative ruling;
(iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Propertythe related Mortgage and Mortgage Note or this Agreement;
(v) for application to restoration or repair of the related Mortgaged PropertyProperty in accordance with the procedures outlined in Section 4.14;
(vi) to pay to the Servicer, or any Mortgagors to the Mortgagor extent required by law, any interest due on the funds deposited in the Escrow Account and relating to any Distressed Whole Loan or to pay the Owner, or any Mortgagors to the extent required by law, any interest paid on the funds deposited in the Escrow AccountAccount and relating to any Mortgage Loan other than a Distressed Whole Loan;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds reimburse itself for any amounts deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an the Escrow Account in error by the Servicererror; and
(ixviii) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 5 contracts
Samples: Servicing Agreement (PennyMac Mortgage Investment Trust), Flow Servicing Agreement (PennyMac Financial Services, Inc.), Flow Servicing Agreement
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account or Accounts may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, mortgage insurance premiums, condominium charges, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable itemsor other items constituting Escrow Payments for the related Mortgage;
(ii) to reimburse the Servicer for any Servicing Advance Advances made by the Servicer pursuant to Section 4.08 with respect to a related Mortgage Loan Loan, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the any Mortgagor any funds as may be determined found to be overagesin excess of the amounts required under the terms of the related Mortgage Loan;
(iv) for transfer to the Custodial Account for application to reduce the principal balance of the Mortgage Loan in connection accordance with an acquisition the terms of REO Propertythe related Mortgage, Mortgage Note and this Agreement;
(v) for application to the restoration or repair of the Mortgaged PropertyProperty in accordance with the procedures outlined in Section 4.14;
(vi) to pay to the Servicer, or to the any Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to remove funds inadvertently placed in the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06Escrow Account by the Servicer;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicerremit to Owner payments on account of Buydown Funds as applicable; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 5 contracts
Samples: Servicing Agreement (HSI Asset Securitization CORP Trust 2007-Nc1), Servicing Agreement (HASCO Trust 2007-He2), Servicing Agreement (HSI Asset Securitization CORP Trust 2006-He1)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account or Accounts may be made by the Servicer only:
(ia) to effect timely payments of ground rents, taxes, assessments, water rates, mortgage insurance premiums, condominium charges, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable itemspremiums or other items constituting Escrow Payments for the related Mortgage;
(iib) to reimburse the Servicer for any unreimbursed Servicing Advance Advances or Expenses made by the Servicer with respect pursuant to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunderSection 2.8;
(iiic) to refund to the any Mortgagor any funds as may be determined found to be overagesin excess of the amounts required under the terms of the related Mortgage Loan;
(ivd) for transfer to the Custodial Control Account and application to reduce the principal balance of the Mortgage Loan in connection accordance with an acquisition the terms of REO Propertythe related Mortgage and Mortgage Note;
(ve) for application to the restoration or repair of the Mortgaged PropertyProperty in accordance with the procedures outlined in Section 2.14;
(vif) to pay to the Servicer, or to the any Mortgagor to the extent required by law, any interest or other Float Benefit paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viiig) to remove funds inadvertently placed in an the Escrow Account in error by the Servicer; and
(ixh) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 5 contracts
Samples: Loan Servicing Agreement (Franklin Credit Management Corp), Loan Servicing Agreement (Franklin Credit Management Corp), Loan Servicing Agreement (Franklin Credit Holding Corp/De/)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer Seller only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance premiums, condominium assessments and comparable items;
(ii) to reimburse Servicer Seller for any Servicing Advance made by Servicer Seller with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Propertythis Agreement;
(v) for application to restoration or repair of the Mortgaged Property;
(vi) to pay to the ServicerSeller, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer Seller shall pay to the Mortgagors interest on funds in an the Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor; and
(viii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06.
Appears in 5 contracts
Samples: Mortgage Loan Purchase, Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-2f), Mortgage Loan Purchase, Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-1f), Mortgage Loan Purchase Agreement (Banc of America Funding 2006-6 Trust)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
Countrywide Servicing (i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard mortgage insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, premiums and comparable items;
; (ii) to reimburse Servicer Countrywide Servicing for any Servicing Advance made by Servicer Countrywide Servicing with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
; (iii) to refund to the Mortgagor any funds as may be determined to be overages;
; (iv) for transfer to the Custodial Collection Account in connection accordance with an acquisition the terms of REO Property;
this Agreement; (v) for application to restoration or repair of the Mortgaged Property;
, (vi) to pay to the ServicerCountrywide Servicing, or to the Mortgagor Mortgagors to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
, (vii) to pay to the Mortgagors or other parties Insurance Proceeds reimburse itself for any amounts deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an the Escrow Account in error by the Servicer; and
error, or (ixviii) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer Countrywide Servicing shall pay to the Mortgagors interest on funds in an the Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2006-A), Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-4, Asset-Backed Certificates, Series 2005-4), Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-B)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
Seller (i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard mortgage insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable items;
items (ii) to reimburse Servicer the Seller for any Servicing Advance made by Servicer the Seller with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
, (iii) to refund to the Mortgagor any funds as may be determined to be overages;
, (iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Property;
this Agreement, (v) for application to restoration or repair of the Mortgaged Property;
, (vi) to pay to the ServicerSeller, or to the Mortgagor Mortgagors to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
, (vii) to pay to the Mortgagors or other parties Insurance Proceeds reimburse itself for any amounts deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an the Escrow Account in error by the Servicer; and
error, or (ixviii) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer Seller shall pay to the Mortgagors interest on funds in an the Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 4 contracts
Samples: Reconstituted Servicing Agreement (HarborView 2007-1), Servicing Agreement (Zuni 2006-Oa1), Master Mortgage Loan Purchase and Servicing Agreement (HarborView 2006-12)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account or Accounts may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, sewer rents, mortgage insurance premiums, condominium charges, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable itemspremiums or other items constituting Escrow Payments for the related Mortgage;
(ii) to reimburse Servicer for refund to any Servicing Advance made by Servicer with respect Mortgagor any funds found to a related Mortgage Loan but only from be in excess of the amounts received on required under the terms of the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunderLoan;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Account and application to reduce the principal balance of the Mortgage Loan in connection accordance with an acquisition the terms of REO Propertythe related Mortgage and Mortgage Note;
(viv) for application to restoration or repair of the Mortgaged PropertyProperty in accordance with the FNMA Guides;
(v) for transfer to the Custodial Account of fire and hazard insurance proceeds and Escrow Payments with respect to any FHA Loan or VA Loan, where the FHA or the VA, respectively, has directed application of funds as a credit against the proceeds of the FHA Insurance Contract or VA Loan Guaranty Agreement;
(vi) to pay to the Servicer, or to the any Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ixvii) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 4 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mo Pa Th Ce Se 2000-Bc1), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2000-2), Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cert Se 2000 3)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard property insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable items;
, (ii) to reimburse the Servicer for any Servicing Advance made by the Servicer with respect to a related Mortgage Loan an Escrow Payment, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
, and only to the extent permitted by applicable law, (iii) to refund to the Mortgagor any funds as may be determined to be overages;
, (iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Property;
this Agreement, (v) for application to restoration or repair of the Mortgaged Property;
, (vi) to pay to the Servicer, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in into the Escrow Account;
, (vii) to pay refund to the Mortgagors or other parties Insurance Proceeds Servicer any amount deposited in accordance with Section 4.06;
the Escrow Account and not required to be deposited therein or (viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an the Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 4 contracts
Samples: Master Servicing Agreement (Sequoia Mortgage Trust 2007-4), Master Servicing Agreement (Sequoia Mortgage Trust 2007-2), Master Servicing Agreement (Sequoia Mortgage Trust 2007-1)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard property insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable items;
, (ii) to reimburse the Servicer for any Servicing Advance made by the Servicer with respect to a related Mortgage Loan an Escrow Payment, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
, and only to the extent permitted by Applicable Law, (iii) to refund to the Mortgagor any funds as may be determined to be overages;
, (iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Property;
this Agreement, (v) for application to restoration or repair of the Mortgaged Property;
, (vi) to pay to the Servicer, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in into the Escrow Account;
, (vii) to pay refund to the Mortgagors or other parties Insurance Proceeds Servicer any amount deposited in accordance with Section 4.06;
the Escrow Account and not required to be deposited therein or (viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an the Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 4 contracts
Samples: Servicing Agreement (Thornburg Mortgage Sec Tr 2002-1 MRT Ln Ps THR CRT Sr 2002-1), Servicing Agreement (Structured Asset Mortgage Investments Inc), Servicing Agreement (Greenwich Capital Acceptance Inc Thorn Mort Sec Tr 2003-1)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable items;
(ii) to reimburse Servicer for any Servicing Advance made by Servicer with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Account in connection with an acquisition of REO Property;
(v) for application to restoration or repair of the Mortgaged Property;
(vi) to pay to the Servicer, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties (to the extent required by applicable law and Accepted Servicing Practices) Insurance Proceeds or Condemnation Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 3 contracts
Samples: Servicing Agreement (Deutsche Alt-a Securities Inc), Servicing Agreement (MASTR Alternative Loan Trust 2007-1), Servicing Agreement (MASTR Alternative Loan Trust 2006-3)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance premiums, condominium assessments and comparable items;
(ii) to reimburse Servicer for any Servicing Advance made by Servicer with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Propertythis Agreement;
(v) for application to restoration or repair of the Mortgaged Property;
(vi) to pay to the Servicer, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an the Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor; and
(viii) to the extent permitted by this Agreement, to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06.
Appears in 3 contracts
Samples: Servicing Agreement (J.P. Morgan Mortgage Trust 2006-A1), Flow Servicing Agreement (J.P. Morgan Mortgage Trust 2006-S4), Flow Servicing Agreement (J.P. Morgan Alternative Loan Trust 2006-A7)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
Company (i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard mortgage insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable items;
items (ii) to reimburse Servicer Company for any Servicing Advance made by Servicer Company with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
, (iii) to refund to the Mortgagor any funds as may be determined to be overages;
, (iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Property;
this Agreement, (v) for application to restoration or repair of the Mortgaged Property;
, (vi) to pay to the ServicerCompany, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
, or (vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer Company shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 3 contracts
Samples: Mortgage Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-3), Mortgage Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-Oa2), Mortgage Loan Purchase and Servicing Agreement (MASTR Alternative Loan Trust 2007-1)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
Seller (i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard mortgage insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable items;
, (ii) to reimburse Servicer the Seller for any Servicing Advance made by Servicer the Seller with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
, (iii) to refund to the Mortgagor any funds as may be determined to be overages;
, (iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Property;
this Agreement, (v) for application to restoration or repair of the Mortgaged Property;
, (vi) to pay to the ServicerSeller, or to the Mortgagor Mortgagors to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
, (vii) to pay to the Mortgagors or other parties Insurance Proceeds reimburse itself for any amounts deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an the Escrow Account in error by the Servicer; and
error, or (ixviii) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer Seller shall pay to the Mortgagors interest on funds in an the Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 2 contracts
Samples: Master Mortgage Loan Purchase and Servicing Agreement, Master Mortgage Loan Purchase and Servicing Agreement (Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2006-Ar1)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer Seller only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance premiums, condominium assessments and comparable items;
(ii) to reimburse Servicer Seller for any Servicing Advance made by Servicer Seller with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Propertythis Agreement;
(v) for application to restoration or repair of the Mortgaged Property;
(vi) to pay to the ServicerSeller, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer Seller shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor; and
(viii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06.
Appears in 2 contracts
Samples: Reconstituted Servicing Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2000-1), Servicing Agreement (Structured Asset Securities Corp)
Permitted Withdrawals From Escrow Account. Withdrawals Countrywide may, from time to time, withdraw funds from the Escrow Account may be made by Account(s) for the Servicer only:
following purposes: (ia) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, rates and comparable items;
; (iib) to reimburse Servicer Countrywide for any Servicing Advance made by Servicer Countrywide with respect to a related Mortgage Loan but Loan; provided, however, that such reimbursement shall only be made from amounts received on the related Mortgage Loan which that represent late payments or collections of Escrow Payments thereunder;
; (iiic) to refund to the Mortgagor any funds as may be determined to be overages;
; (ivd) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Property;
this Agreement; (ve) for application to restoration or repair of the Mortgaged Property;
; (vif) to pay to the ServicerCountrywide, or to the Mortgagor Mortgagors to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
; (viig) to pay to the Mortgagors or other parties Insurance Proceeds reimburse itself for any amounts deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an the Escrow Account in error by the Servicererror; and
or (ixh) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer Countrywide shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 2 contracts
Samples: Assignment, Assumption and Recognition Agreement (HSI Asset Securitization CORP Trust 2006-He2), Assignment, Assumption and Recognition Agreement (HSI Asset Securitization CORP Trust 2006-He1)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable items;
(ii) to reimburse Servicer for any Servicing Advance made by Servicer with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Collection Account in connection with an acquisition of REO Property;
(v) for application to restoration or repair of the Mortgaged PropertyProperty securing a Mortgage Loan to the extent that the applicable Escrow Payments relate to such Mortgage Loan;
(vi) to pay to the Servicer, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 2 contracts
Samples: Servicing Agreement (American Business Financial Services Inc /De/), Servicing Agreement (American Business Financial Services Inc /De/)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account or Accounts may be made by the Servicer Company only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, mortgage insurance premiums, condominium charges, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable itemspremiums or other items constituting Escrow Payments for the related Mortgage;
(ii) to reimburse Servicer the Company for any Servicing Advance Advances made by Servicer the Company pursuant to Section 4.08 or Section 4.10 with respect to a related Mortgage Loan Loan, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the any Mortgagor any funds as may be determined found to be overagesin excess of the amounts required under the terms of the related Mortgage Loan;
(iv) for transfer to the Custodial Account and application to reduce the principal balance of the Mortgage Loan in connection accordance with an acquisition the terms of REO Propertythe related Mortgage and Mortgage Note;
(v) for application to the restoration or repair of the Mortgaged PropertyProperty in accordance with the procedures outlined in Section 4.14;
(vi) to pay to the ServicerCompany, or to the any Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to remove funds inadvertently placed in the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06Escrow Account by the Company;
(viii) to remove funds inadvertently placed in an Escrow Account in error by transfer payment on account of Buydown Funds or Subsidy Fund to the ServicerCustodial Account, as applicable; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 2 contracts
Samples: Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-5), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-6)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, Association fees and comparable items;; Flow Special Servicing Agreement 15
(ii) to reimburse the Servicer for any Servicing Advance made by the Servicer with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Collection Account in connection with an acquisition of REO Property;
(v) for application to restoration or repair of the Mortgaged Property;
(vi) to pay to the Servicer, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.062.03(c);
(viii) to remove funds inadvertently placed in an Escrow Account in error by the ServicerServicer or for which amounts previously deposited are returned unpaid due to a “not sufficient funds” or other denial by the obligor’s banking institution; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, Account to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficientinsufficient to satisfy such obligation, shall pay such interest to such Mortgagors from its own funds, without any reimbursement therefor.
Appears in 1 contract
Samples: Flow Special Servicing Agreement (Money With Meaning Fund, LLC)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
Company only (ia) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, premiums on any Primary Mortgage Insurance Policy premiumsPolicy, if applicablepremiums on all flood, fire and comparable items;
other hazard insurance required to be kept in force pursuant to this Agreement or other items constituting Escrow Payments for the related Mortgage, (iib) to reimburse Servicer the Company for any Servicing Advance made by Servicer the Company pursuant to Section 4.08 hereof with respect to a related Mortgage Loan Loan, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
, (iiic) to refund to the any Mortgagor any funds as may be determined found to be overages;
in excess of the amounts required under the terms of the related Mortgage Loan, (ivd) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Property;
the related Mortgage Loan, (ve) for application to restoration or repair of the Mortgaged Property;
Property or release to the Mortgagor, but only in accordance with the provisions of Section 4.12 hereof, (vif) to pay to the ServicerMortgagor, or to the Mortgagor to the extent required by law, any interest to be paid on the funds deposited in the Escrow Account;
, or (vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ixg) to clear and terminate the Escrow Account on upon the termination of this the Agreement. As part The Company shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of its servicing duties, justifying any withdrawal from the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 1 contract
Samples: Master Seller's Warranty and Servicing Agreement (Asset Backed Securities Corp)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard (including flood, as applicable) insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable items;
(ii) to reimburse Servicer for any Servicing Advance made by the Servicer with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Account in connection with an acquisition of REO Property;
(v) for application to restoration or repair of the Mortgaged Property;
(vi) to pay to the Servicer, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, sewer rents, mortgage insurance premiums, condominium charges, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable itemspremiums or other items constituting Escrow Payments for the related Mortgage;
(ii) to reimburse Servicer for refund to any Servicing Advance made by Servicer with respect Mortgagor any funds found to a related Mortgage Loan but only from be in excess of the amounts received on required under the terms of the related Participation Mortgage Loan which represent late payments or collections of Escrow Payments thereunderLoan;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Account and application to reduce the principal balance of the Participation Mortgage Loan in connection accordance with an acquisition the terms of REO Propertythe related Mortgage and Mortgage Note;
(viv) for application to restoration or repair of the Mortgaged PropertyProperty in accordance with the FNMA Guides;
(v) for transfer to the Custodial Account of fire and hazard insurance proceeds and Escrow Payments with respect to any FHA Loan or VA Loan, where the FHA or the VA, respectively, has directed application of funds as a credit against the proceeds of the FHA Insurance Contract or VA Loan Guaranty Agreement;
(vi) to pay to the Servicer, or to the any Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ixvii) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 1 contract
Samples: Participation Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-18a)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account or Accounts may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, sewer rents, mortgage insurance premiums, condominium charges, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable itemspremiums or other items constituting Escrow Payments for the related Mortgage;
(ii) to refund to any Mortgagor any funds found to be in excess of the amounts required under the terms of the related Mortgage Loan;
(iii) for transfer to the Custodial Account and application to reduce the principal balance of the Mortgage Loan in accordance with the terms of the related Mortgage and Mortgage Note;
(iv) to reimburse the Servicer for any Servicing Advance made by the Servicer with respect to a related Mortgage Loan Loan, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Account in connection with an acquisition of REO PropertyPayments;
(v) for application to restoration or repair of the Mortgaged PropertyProperty in accordance with the Fxxxxx Mxx Guides or other similar prudent accepted servicing practices;
(vi) to pay to the Servicer, or to the any Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an the Escrow Account in error by the Servicer; and
(ixviii) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 1 contract
Samples: Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-11)
Permitted Withdrawals From Escrow Account. Withdrawals With respect to the Non-Agency Mortgage Loans, withdrawals from the Escrow Account or Accounts may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, mortgage insurance premiums, condominium charges, flood insurance, fire and hazard insurance premiumsinsurance, Primary Mortgage Insurance Policy premiums, if applicable, and comparable itemspremiums or other items constituting related Escrow Payments for the related Mortgage;
(ii) to reimburse the Servicer for any Servicing Advance made by the Servicer pursuant to Section 4.08 with respect to a related Non-Agency Mortgage Loan Loan, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the any related Mortgagor any funds as may be determined found to be overagesin excess of the amounts required under the terms of the related Mortgage Loan or applicable federal or state law or judicial or administrative ruling;
(iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Propertythe related Mortgage and Mortgage Note or this Agreement;
(v) for application to restoration or repair of the related Mortgaged Property;Property in accordance with the procedures outlined in Section 4.14;
(vi) to pay to the Servicer, or any Mortgagors to the Mortgagor extent required by law, any interest due on the funds deposited in the Escrow Account and relating to any Distressed Whole Loan or to pay the Owner, or any Mortgagors to the extent required by law, any interest paid on the funds deposited in the Escrow AccountAccount and relating to any Mortgage Loan other than a Distressed Whole Loan;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds reimburse itself for any amounts deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an the Escrow Account in error by the Servicererror; and
(ixviii) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 1 contract
Samples: Flow Servicing Agreement (PennyMac Financial Services, Inc.)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
(i) to effect timely payments of ground rentsEscrow Payments, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable items;
(ii) to reimburse the Servicer for any Servicing Advance made by the Servicer with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections Late Collections of Escrow Payments thereunder;
, (iii) to refund to the Mortgagor any funds as may be determined to be overages;
, (iv) for transfer to the Custodial Collection Account in connection accordance with an acquisition the terms of REO Property;
this Agreement, (v) for application to restoration or repair of the Mortgaged Property;
, (vi) to pay to the Servicer, or to the Mortgagor to the extent required by lawthe related Mortgage Loan or Applicable Regulations, any interest paid on the funds deposited in the Escrow Account;
, (vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement, or (viii) to transfer to the Collection Account any insurance proceeds. As part of its servicing duties, the Servicer shall pay to the Mortgagors Mortgagor interest on funds in an the Escrow Account, to the extent required by lawthe related Mortgage Loan or Applicable Regulations, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor. In the event the Servicer shall deposit in the Escrow Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Escrow Account, any provision herein to the contrary notwithstanding.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Funding Corp 2002 Wf1 Trust)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
Servicers (i) to effect timely payments of ground rents, taxes, assessments, water rates, fire mortgage insurance premiums, fire, flood and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, premiums and comparable items;
items in a manner and at a time that assures that the lien priority of the Mortgage is not jeopardized (or, with respect to the payment of taxes, in a manner and at a time that avoids the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien), (ii) to reimburse a Servicer for any Servicing Advance made by such Servicer with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan Asset which represent late payments or collections Late Collections of Escrow Payments thereunder;
thereunder with respect to taxes and assessments and with respect to hazard insurance, (iii) to refund to the Mortgagor Obligor any funds as may be determined to be overages;
, (iv) for transfer to the Custodial Collection Account in connection accordance with an acquisition the terms of REO Property;
this Agreement, (v) for application to restoration or repair of the Mortgaged Property;
(vi) to pay to the a Servicer, or to the Mortgagor Obligor to the extent required by lawthe related Mortgage Asset or Applicable Regulations, any interest paid on the funds deposited in the Escrow Account;
Account or (vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ixvi) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, In the event a Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds deposit in the Escrow Account is insufficientany amount not required to be deposited therein, shall pay it may at any time withdraw such interest amount from its own fundsthe Escrow Account, without any reimbursement thereforprovision herein to the contrary notwithstanding.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mid State Capital Corp)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable items;
(ii) to reimburse the Servicer for any Servicing Advance made by the Servicer with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Protected Account in connection with an acquisition of REO Property;
(v) for application to restoration or repair of the Mortgaged Property;
(vi) to pay to the Servicer, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 1 contract
Samples: Servicing Agreement (MortgageIT Mortgage Loan Trust 2006-1)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account or Accounts may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, condominium charges, fire and comparable items;hazard insurance premiums or other items constituting Escrow Payments for the related Mortgage; Transfer and Servicing Agreement
(ii) to reimburse the Servicer for any Servicing Advance of an Escrow Payment made by the Servicer with respect to a related Mortgage Loan Loan, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the any Mortgagor any funds as may be determined found to be overagesin excess of the amounts required to be escrowed under the terms of the related Mortgage Loan;
(iv) to the extent permitted by applicable law, for transfer to the Custodial Account and application to reduce the principal balance of the Mortgage Loan in connection accordance with an acquisition the terms of REO Propertythe related Mortgage and Mortgage Note;
(v) for application to restoration or repair of the Mortgaged PropertyProperty in accordance with Section 4.02(n);
(vi) to pay to the Servicer, or to the any Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor; and
(viii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.02(f).
Appears in 1 contract
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account or Accounts may be made by the Servicer Subservicer only:
(ia) to effect timely payments of ground rents, taxes, assessments, water rates, mortgage insurance premiums, condominium charges, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable itemspremiums or other items constituting Escrow Payments for the related Mortgage;
(iib) to reimburse Servicer the Subservicer for any Servicing Advance Advances made by Servicer the Subservicer pursuant to Section 4.9 with respect to a related Mortgage Loan Loan, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iiic) to refund to the any Mortgagor any funds as may be determined found to be overagesin excess of the amounts required under the terms of the related Mortgage Loan;
(ivd) for transfer to the Custodial Account for application to reduce the principal balance of the Mortgage Loan in connection accordance with an acquisition the terms of REO Propertythe related Mortgage and Mortgage Note;
(ve) for application to the restoration or repair of the Mortgaged PropertyProperty in accordance with the procedures outlined in Section 4.15;
(vif) to pay to the ServicerSubservicer, or to the any Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viiig) to remove funds inadvertently placed in an the Escrow Account in error by the ServicerSubservicer; and
(ixh) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (FBR Securitization, Inc.)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer Subservicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable items;
(ii) to reimburse Servicer the Subservicer for any Servicing Advance made by Servicer the Subservicer with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Protected Account in connection with an acquisition of REO Property;
(v) for application to restoration or repair of the Mortgaged Property;
(vi) to pay to the ServicerSubservicer, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the ServicerSubservicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer Subservicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 1 contract
Samples: Subservicing Agreement (MortgageIT Mortgage Loan Trust 2006-1)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account or Accounts may be made by the Servicer Servicer[s] only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, condominium charges, fire and comparable itemshazard insurance premiums or other items constituting Escrow Payments for the related Mortgage;
(ii) to reimburse the [related] Servicer for any Servicing Advance of an Escrow Payment made by the [related] Servicer with respect to a related Mortgage Loan Loan, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the any Mortgagor any funds as may be determined found to be overagesin excess of the amounts required to be escrowed under the terms of the related Mortgage Loan;
(iv) to the extent permitted by applicable law, for transfer to the Custodial Account and application to reduce the principal balance of the Mortgage Loan in connection accordance with an acquisition the terms of REO Propertythe related Mortgage and Mortgage Note;
(v) for application to restoration or repair of the Mortgaged PropertyProperty in accordance with Section 4.02(n);
(vi) to pay to the ServicerServicer[s], or to the any Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its [its/their] servicing duties, the Servicer Servicer[s] shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor; and
(viii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.02(f).
Appears in 1 contract
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the applicable Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance premiums, condominium assessments and comparable items;
(ii) to reimburse applicable Servicer for any Servicing Advance made by applicable Servicer with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Propertythis Agreement;
(v) for application to restoration or repair of the Mortgaged Property;
(vi) to pay to the applicable Servicer, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the applicable Servicer shall pay to the Mortgagors interest on funds in an the Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor; and
(viii) to the extent permitted by this Agreement, to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06.
Appears in 1 contract
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance premiums, condominium assessments and comparable items;
(ii) to reimburse Servicer for any Servicing Advance made by Servicer with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Propertythis Agreement;
(v) for application to restoration or repair of the Mortgaged Property;
(vi) to pay to the ServicerCompany, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Company shall cause Servicer shall to pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefortherefor from Purchaser; and
(viii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06.
Appears in 1 contract
Samples: Purchase, Warranties and Servicing Agreement (RBSGC Mortgage Loan Trust 2007-B)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
Company (i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance PMI Policy premiums, if applicable, and comparable items;
, (ii) to reimburse Servicer the Company for any Servicing Advance made by Servicer the Company with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
, (iii) to refund to the Mortgagor any funds as may be determined to be overages;
in excess of the amounts required under the terms of the related Mortgage Loan, (iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Property;
this Agreement, (v) for application to restoration or repair of the Mortgaged Property;
, (vi) to pay to the ServicerCompany, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
, (vii) to the extent permitted under the terms of the related Mortgage Note and Applicable Law, to pay late fees with respect to any Monthly Payment which is received after the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
applicable grace period, (viii) to remove funds withdraw suspense payments that are deposited into the Escrow Account, (ix) to withdraw any amounts inadvertently placed deposited in an the Escrow Account in error by the Servicer; and
or (ixx) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 1 contract
Samples: Mortgage Loan Purchase and Interim Servicing Agreement (Five Oaks Investment Corp.)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account or Accounts may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, sewer rents, mortgage insurance premiums, condominium charges, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable itemspremiums or other items constituting Escrow Payments for the related Mortgage;
(ii) to reimburse Servicer for refund to any Servicing Advance made by Servicer with respect Mortgagor any funds found to a related Mortgage Loan but only from be in excess of the amounts received on required under the terms of the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunderLoan;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Account and application to reduce the principal balance of the Mortgage Loan in connection accordance with an acquisition the terms of REO Propertythe related Mortgage and Mortgage Note;
(viv) for application to restoration or repair of the Mortgaged PropertyProperty in accordance with the FNMA Guides;
(v) for transfer to the Custodial Account of fire and hazard insurance proceeds and Escrow Payments with respect to any FHA Loan or VA Loan, where the FHA or the VA, respectively, has directed application of funds as a credit against the proceeds of the FHA Insurance Contract or VA Loan Guaranty Agreement;
(vi) to pay to the Servicer, or to the any Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ixvii) to clear and terminate the Escrow Account on the termination of this Agreement. As part .
(viii) to reimburse itself for the purpose of its servicing duties, the Servicer shall pay to the Mortgagors interest on correcting any deposit of funds made in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement thereforerror.
Appears in 1 contract
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account or Accounts may be made by the Servicer Company only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, mortgage insurance premiums, condominium charges, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable itemspremiums or other items constituting Escrow Payments for the related Mortgage;
(ii) to reimburse Servicer the Company for any Servicing Advance Advances made by Servicer the Company pursuant to Section 4.07 or Section 4.08 with respect to a related Mortgage Loan Loan, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the any Mortgagor any funds as may be determined found to be overagesin excess of the amounts required under the terms of the related Mortgage Loan;
(iv) for transfer to the Custodial Account for application to reduce the principal balance of the Mortgage Loan in connection accordance with an acquisition the terms of REO Propertythe related Mortgage and Mortgage Note;
(v) for application to the restoration or repair of the Mortgaged PropertyProperty in accordance with the procedures outlined in Section 4.14;
(vi) to pay to the ServicerCompany, or to the any Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to remove funds inadvertently placed in the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06Escrow Account by the Company;
(viii) to remove funds inadvertently placed in an Escrow Account in error by transfer payment on account of Buydown Funds and/or Subsidy Funds to the ServicerCustodial Account; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 1 contract
Samples: Seller's Warranties and Servicing Agreement (J.P. Morgan Mortgage Acquisition Trust 2006-Wf1)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
(ia) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard mortgage insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance premiums or condominium assessments and comparable items;
(iib) to reimburse the Servicer for any Servicing Escrow Advance made by Servicer with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iiic) to refund to the Mortgagor any funds as may be determined to be overages;
(ivd) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Propertythis Agreement;
(ve) for application to restoration or repair of the Mortgaged Property;
(vif) to pay to the Servicer, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As as part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor;
(g) to clear and terminate the Escrow Account upon the termination of this Agreement; and
(h) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 2.7 hereof.
Appears in 1 contract
Samples: Servicing Agreement (Etrade Mortgage Backed Securities Corp)
Permitted Withdrawals From Escrow Account. Withdrawals With respect to the Non-Agency Mortgage Loans, withdrawals from the Escrow Account or Accounts may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, mortgage insurance premiums, condominium charges, flood insurance, fire and hazard insurance premiumsinsurance, Primary Mortgage Insurance Policy premiums, if applicable, and comparable itemspremiums or other items constituting related Escrow Payments for the related Mortgage;
(ii) to reimburse the Servicer for any Servicing Advance made by the Servicer pursuant to Section 4.08 with respect to a related Non-Agency Mortgage Loan Loan, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the any related Mortgagor any funds as may be determined found to be overagesin excess of the amounts required under the terms of the related Mortgage Loan or applicable federal or state law or judicial or administrative ruling;
(iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Propertythe related Mortgage and Mortgage Note or this Agreement;
(v) for application to restoration or repair of the related Mortgaged PropertyProperty in accordance with the procedures outlined in Section 4.14;
(vi) to pay to the Servicer, or any Mortgagors to the Mortgagor extent required by law, any interest due on the funds deposited in the Escrow Account and relating to any Distressed Whole Loan or to pay the Owner, or any Mortgagors to the extent required by law, any interest paid on the funds deposited in the Escrow AccountAccount and relating to any Mortgage Loan other than a Distressed Whole Loan;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds reimburse itself for any amounts deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an the Escrow Account in error by the Servicererror; and
(ixviii) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.NY1 8630204v.6
Appears in 1 contract
Samples: Flow Servicing Agreement (PennyMac Mortgage Investment Trust)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, Association fees and comparable items;
(ii) to reimburse the Servicer for any Servicing Advance made by the Servicer with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(iii) to refund to the Mortgagor any funds as may be determined to be overages;
(iv) for transfer to the Custodial Collection Account in connection with an acquisition of REO Property;
(v) for application to restoration or repair of the Mortgaged Property;
(vi) to pay to the Servicer, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.062.03(c);
(viii) to remove funds inadvertently placed in an Escrow Account in error by the ServicerServicer or for which amounts previously deposited are returned unpaid due to a “not sufficient funds” or other denial by the obligor’s banking institution; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in an Escrow Account, Account to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficientinsufficient to satisfy such obligation, shall pay such interest to such Mortgagors from its own funds, without any reimbursement therefor.
Appears in 1 contract
Samples: Flow Special Servicing Agreement (American Homeowner Preservation 2015A LLC)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
(i) to effect timely payments of ground rents, taxes, assessments, water rates, fire sewer rents, fire, flood and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable items;
, (ii) to reimburse the Servicer for any Servicing Advance made by the Servicer with respect to a related Mortgage Loan but only from amounts received on the related Mortgage Loan which represent late payments or collections Late Collections of Escrow Payments thereunder;
, (iii) to refund to the Mortgagor any funds as may be determined to be overages;
, (iv) for transfer to the Custodial Collection Account in connection accordance with an acquisition the terms of REO Property;
this Agreement, (v) for application to restoration or repair of the Mortgaged Property;
, (vi) to pay to the Servicer, or to the Mortgagor to the extent required by lawthe related Mortgage Loan or Applicable Regulations, any interest paid on the funds deposited in the Escrow Account;
, (vii) to pay to the Mortgagors or other parties Insurance Proceeds deposited in accordance with Section 4.06;
(viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer shall pay (viii) to transfer to the Mortgagors interest on funds Collection Account any Insurance Proceeds or (ix) in an Escrow the case of FHA Loans, for transfer to the Collection Account, to the extent required by law, fire and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.hazard insurance proceeds
Appears in 1 contract
Samples: Servicing Agreement (Morgan Stanley Mortgage Pass THR Cert Ser 2003-He1)
Permitted Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Servicer only:
Company (i) to effect timely payments of ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable items;
, (ii) to reimburse Servicer the Company for any Servicing Advance made by Servicer Company with respect to a related Mortgage Loan an Escrow Payment, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
, and only to the extent permitted by applicable law, (iii) to refund to the Mortgagor any funds as may be determined to be overages;
, (iv) for transfer to the Custodial Account in connection accordance with an acquisition the terms of REO Property;
this Agreement, (v) for application to restoration or repair of the Mortgaged Property;
, (vi) to pay to the ServicerCompany, or to the Mortgagor to the extent required by law, any interest paid on the funds deposited in into the Escrow Account;
, (vii) to pay refund to the Mortgagors or other parties Insurance Proceeds Company any amount deposited in accordance with Section 4.06;
the Escrow Account and not required to be deposited therein or (viii) to remove funds inadvertently placed in an Escrow Account in error by the Servicer; and
(ix) to clear and terminate the Escrow Account on the termination of this Agreement. As part of its servicing duties, the Servicer Company shall pay to the Mortgagors interest on funds in an the Escrow Account, to the extent required by law, and to the extent that interest earned on funds in the Escrow Account is insufficient, shall pay such interest from its own funds, without any reimbursement therefor.
Appears in 1 contract
Samples: Assignment, Assumption and Recognition Agreement (Greenwich Capital Acceptance Inc)