Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender and Borrower shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender and Borrower. (b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i) any arrangement (a "Servicing Arrangement") between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 25 contracts
Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Angeles Income Properties LTD 6), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Angeles Income Properties LTD 6), Multifamily Deed of Trust, Assignment of Rents and Security Agreement and Fixture Filing (Cornerstone Healthcare Plus Reit, Inc.)
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender and Borrower shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender and Borrower.
(b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i1) any arrangement (a "Servicing Arrangement") between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii2) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii3) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 18 contracts
Samples: Deed of Trust, Assignment of Rents and Security Agreement (Bluerock Enhanced Multifamily Trust, Inc.), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (VMS National Properties Joint Venture), Multifamily Mortgage, Assignment of Rents and Security Agreement (VMS National Properties Joint Venture)
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender and Borrower shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender and Borrower.
(b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i) any arrangement (a "“Servicing Arrangement"”) between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 15 contracts
Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Emeritus Corp\wa\), Multifamily Mortgage, Assignment of Rents and Security Agreement (Emeritus Corp\wa\), Multifamily Mortgage, Assignment of Rents and Security Agreement (Emeritus Corp\wa\)
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender Xxxxxx and Borrower Xxxxxxxx shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender Xxxxxx and Borrower.
(b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i) any arrangement (a "“Servicing Arrangement"”) between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 9 contracts
Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Preferred Apartment Communities Inc), Multifamily Mortgage, Assignment of Rents and Security Agreement (Preferred Apartment Communities Inc), Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (Century Properties Fund Xiv)
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender Xxxxxx and Borrower Xxxxxxxx shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender Xxxxxx and Borrower.
(b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i1) any arrangement (a "Servicing Arrangement") between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii2) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii3) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 7 contracts
Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement, Multifamily Deed of Trust, Assignment of Rents and Security Agreement, Multifamily Deed of Trust, Assignment of Rents and Security Agreement
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender Xxxxxx and Borrower Xxxxxxxx shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender Xxxxxx and Borrower.
(b) No creditor of any party to this Instrument and no other person Person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i) any arrangement (a "“Servicing Arrangement"”) between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 7 contracts
Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Steadfast Income REIT, Inc.), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (NTS Realty Holdings Lp), Multifamily Mortgage, Assignment of Rents and Security Agreement (NTS Realty Holdings Lp)
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender and Borrower shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender and Borrower.
(b) No creditor of any party to this Instrument and no other person Person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i) any arrangement (a "“Servicing Arrangement"”) between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 5 contracts
Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Behringer Harvard Opportunity REIT II, Inc.), Multifamily Mortgage, Assignment of Rents and Security Agreement (Behringer Harvard Opportunity REIT II, Inc.), Multifamily Mortgage, Assignment of Rents and Security Agreement (Paladin Realty Income Properties Inc)
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender and Borrower shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender and Borrower.
(b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i1) any arrangement (a "Servicing ArrangementSERVICING ARRANGEMENT") between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii2) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii3) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 5 contracts
Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Sunrise Assisted Living Inc), Multifamily Deed of Trust (Cornerstone Realty Income Trust Inc), Multifamily Mortgage, Assignment of Rents and Security Agreement (Sunrise Assisted Living Inc)
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender and Borrower shall Lendxx xxx Borrxxxx xxxll be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender and Lendxx xxx Borrower.
(b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i1) any arrangement (a "Servicing ArrangementSERVICING ARRANGEMENT") between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii2) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii3) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 4 contracts
Samples: Multifamily Note (American Retirement Villas Properties Iii LTD Partnership), Multifamily Note (Arv Assisted Living Inc), Multifamily Note (American Retirement Villas Properties Ii)
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender and Borrower shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender and Borrower.
(b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i1) any arrangement (a "“Servicing Arrangement"”) between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii2) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii3) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 2 contracts
Samples: Mortgage and Security Agreement (Emeritus Corp\wa\), Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (Behringer Harvard Multifamily Reit I Inc)
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender Xxxxxx and Borrower Xxxxxxxx shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender Xxxxxx and Borrower.
(b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i) any arrangement (a "Servicing Arrangement") between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 2 contracts
Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Emeritus Corp\wa\), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Consolidated Capital Properties Iv)
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender Xxxxxx and Borrower Xxxxxxxx shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument Mortgage shall create any other relationship between Lender Xxxxxx and Borrower.
(b) No creditor of any party to this Instrument Mortgage and no other person shall be a third party beneficiary of this Instrument Mortgage or any other Loan Document. Without limiting the generality of the preceding sentence, (i1) any arrangement (a "“Servicing Arrangement"”) between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii2) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii3) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 2 contracts
Samples: Performance and Completion Guaranty, CDBG Piggyback Program Mortgage, Assignment of Leases and Rents and Security Agreement
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender Lxxxxx and Borrower Bxxxxxxx shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender Lxxxxx and Borrower.
(b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i) any arrangement (a "Servicing Arrangement") between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 1 contract
Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Emeritus Corp\wa\)
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender Xxxxxx and Borrower Xxxxxxxx shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender Xxxxxx and Borrower.
(b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument Instrument, the Reimbursement Agreement or any other Loan Document. Without limiting the generality of the preceding sentence, (i) any arrangement (a "“Servicing Arrangement"”) between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 1 contract
Samples: Uniform Covenants
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender and Borrower shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender and Borrower.
(b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i1) any arrangement (a "Servicing Arrangement") between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation theobligation of Borrower for the payment of the Indebtedness, (ii2) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii3) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 1 contract
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender Lxxxxx and Borrower Bxxxxxxx shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender Lxxxxx and Borrower.
(b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i) any arrangement (a "“Servicing Arrangement"”) between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 1 contract
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender and Borrower shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender and Borrower.
(b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i1) any arrangement (a "Servicing Arrangement") between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii2) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii3) no payment by the Loan Servicer under any Servicing Arrangement will xxxx reduce the amount of the Indebtedness.
Appears in 1 contract
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender Xxxxxx and Borrower shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender Xxxxxx and Borrower.
(b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i) any arrangement (a "Servicing Arrangement") between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 1 contract
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender Xxxxxx and Borrower Xxxxxxxx shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender Xxxxxx and Borrower.
(b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i1) any arrangement (a "Servicing ArrangementSERVICING ARRANGEMENT") between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii2) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii3) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 1 contract
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender and Borrower shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender and Borrower.
(b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i1) any arrangement (a "Servicing Arrangement") between between. the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii2) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii3) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 1 contract
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender and Borrower shall be solely that of creditor soxxxx xhat ox xxxxxxor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender and Borrower.
(b) No creditor Xx xreditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i1) any arrangement (a "Servicing Arrangement") between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii2) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii3) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 1 contract
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender Xxxxxx and Borrower Xxxxxxxx shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender Xxxxxx and Borrower.
(b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Borrower Document. Without limiting the generality of the preceding sentence, (i1) any arrangement (a "“Servicing Arrangement"”) between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii2) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii3) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 1 contract
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender Lxxxxx and Borrower Bxxxxxxx shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender Lxxxxx and Borrower.
(b) No creditor of any party to this Instrument and no other person Person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i) any arrangement (a "“Servicing Arrangement"”) between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 1 contract
Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (NTS Realty Holdings Lp)
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender Xxxxxx and Borrower Xxxxxxxx shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender Xxxxxx and Borrower.
(b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i) any arrangement (a "Servicing Arrangement") between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness. .
Appears in 1 contract
Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Steadfast Income REIT, Inc.)
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender Xxxxxx and Borrower Grantor shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender Xxxxxx and BorrowerGrantor.
(b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i1) any arrangement (a "Servicing Arrangement") between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower Grantor for the payment of the Indebtedness, (ii2) Borrower Grantor shall not be a third party beneficiary of any Servicing Arrangement, and (iii3) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Appears in 1 contract
