PHH Agreement Clause Samples
The PHH Agreement clause establishes the terms and conditions governing the relationship or arrangement between the parties regarding a specific PHH (potentially an acronym for a particular service, entity, or process). In practice, this clause outlines the obligations, rights, and responsibilities of each party as they pertain to the PHH, such as service delivery standards, payment terms, or compliance requirements. Its core function is to ensure that both parties have a clear understanding of their roles and expectations within the context of the PHH, thereby reducing the risk of disputes and promoting smooth cooperation.
PHH Agreement. All such insurance policies (collectively, the “hazard insurance policy”) contain a standard mortgagee clause naming the originator of such Mortgage Loan, its successors and assigns, as mortgagee. Such policies are the valid and binding obligations of the insurer, and, to the knowledge of RWT Holdings, all premiums thereon due to date have been paid. The related Mortgage obligates the Mortgagor thereunder to maintain all such insurance at such Mortgagor’s cost and expense, and on such Mortgagor’s failure to do so, authorizes the holder of such Mortgage to maintain such insurance at such Mortgagor’s cost and expense and to seek reimbursement therefor from such Mortgagor; or (b) in the case of a condominium or unit in a planned unit development (“PUD”) project that is not covered by an individual policy, the condominium or PUD project is covered by a “master” or “blanket” policy and there exists and is in the Seller/Servicer’s Mortgage File a certificate of insurance showing that the individual unit that secures the first mortgage is covered under such policy. The insurance policy contains a standard mortgagee clause naming the originator of such Mortgage Loan (and its successors and assigns), as insured mortgagee. Such policies are the valid and binding obligations of the insurer, and, to the knowledge of RWT Holdings, all premiums thereon have been paid. The insurance policy provides for advance notice to the Seller/Servicer if the policy is canceled or not renewed, or if any other change that adversely affects the Seller/Servicer’s interests is made; the certificate includes the types and amounts of coverage provided, describes any endorsements that are part of the “master” policy and would be acceptable pursuant to the FNMA Guide;