Restoration and Repair. The Servicer need not obtain the approval of the Owner prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property or REO Property if such release is in accordance with Acceptable Servicing Practices and the terms of this Agreement. At a minimum, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
Appears in 6 contracts
Samples: Servicing Agreement (Altisource Residential Corp), Servicing Agreement (Altisource Residential Corp), Servicing Agreement (Altisource Residential Corp)
Restoration and Repair. The Servicer need not obtain the approval of the Owner prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property or REO Property if such release is in accordance with Acceptable Accepted Servicing Practices and the terms of this Agreement. At a minimum, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
Appears in 2 contracts
Samples: Interim Servicing and Servicing Rights Purchase Agreement (First NLC Financial Services Inc), Interim Servicing and Servicing Rights Purchase Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar3)
