Common use of Restoration of Mortgaged Property Clause in Contracts

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 133 contracts

Samples: Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Wf1), Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Wf1), Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-Wf1)

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Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000At a minimum, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 44 contracts

Samples: Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-15)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser 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 if such release is in accordance with Accepted Servicing PracticesPractices and in an amount not in excess of $5,000. For claims greater than $15,000At a minimum, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company Servicer shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser Owner is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserOwner.

Appears in 37 contracts

Samples: Correspondent Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22), Correspondent Servicing Agreement (Structured Asset Sec Corp Mort Passthr Certs Ser 2003 40a), Correspondent Servicing Agreement (Lehman Sarm 2005-5)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000At a minimum, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Custodial Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 35 contracts

Samples: Flow Seller’s Warranties and Servicing Agreement (Lehman XS Trust Series 2006-4n), Flow Seller’s Warranties and Servicing Agreement (Lehman XS Trust Series 2007-2n), Flow Seller’s Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-7)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000At a minimum, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Custodial Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 34 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust II 2007-1), Flow Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-14), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h)

Restoration of Mortgaged Property. The Company Seller need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000At a minimum, at a minimum the Company Seller shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company Seller shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company Seller shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company Seller shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company Seller shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company Seller is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 31 contracts

Samples: Master Interim Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22), Master Interim Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22), Flow Purchase, Warranties and Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000At a minimum, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 29 contracts

Samples: Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Sasco 2006-Bc4), Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-12xs), Seller’s Warranties and Servicing Agreement (Lehman XS Trust Series 2006-14n)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the The Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 24 contracts

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Passthr Certs Ser 2003-38), Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-21xs), Seller's Warranties and Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the The Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 18 contracts

Samples: Flow Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-5f), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc11), Flow Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2006-9f)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 18 contracts

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-26), Servicing Agreement (Sasco Mortgage Loan Trust Series 2004-Gel2), Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Customary Servicing PracticesProcedures. For claims greater than $15,000At a minimum, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ia) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (iib) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iiic) the Company Servicer shall verify that the Mortgage Loan is not in default; and (ivd) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 16 contracts

Samples: Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp Mort Pas-THR Cert Ser 2002-), Flow Mortgage Loan Sale and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-14), Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp)

Restoration of Mortgaged Property. The Company Seller need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000At a minimum, at a minimum the Company Seller shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company Seller shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company Seller shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iii) the Company Seller shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company Seller shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company Seller is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 13 contracts

Samples: Servicing Agreement (Lehman Mortgage Trust 2007-10), Flow Interim Servicing Agreement (Lehman XS Trust Series 2007-12n), Flow Interim Servicing Agreement (Lehman XS Trust Series 2007-15n)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser 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 if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000At a minimum, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iii) the Company Servicer shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser Owner is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserOwner.

Appears in 13 contracts

Samples: Servicing Agreement (GSR Mortgage Loan Trust 2007-Oa1), Servicing Agreement (GSR Mortgage Loan Trust 2007-5f), Servicing Agreement (GSR Mortgage Loan Trust 2006-10f)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser 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 if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company Servicer shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser Owner is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserOwner.

Appears in 10 contracts

Samples: Flow Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar6), Flow Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar7), Flow Servicing Agreement (Citigroup Mortgage Loan Trust 2007-10)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser 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 if such release is in accordance with Accepted Servicing PracticesPractices and the terms of this Agreement. For claims greater than $15,000At a minimum, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iii) the Company Servicer shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser Owner is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserOwner.

Appears in 8 contracts

Samples: Servicing Agreement (GSR Mortgage Loan Trust 2006-1f), Servicing Agreement (GSR 2006-4f), Servicing Agreement (GSR 2006-5f)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser 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 if such release is in accordance with Accepted Servicing PracticesPractices and the terms of this Agreement. For claims greater than $15,000At a minimum, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) : the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) ; the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iii) ; the Company Servicer shall verify that the Mortgage Loan is not in default; and (iv) and pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Accounta suspense account. If the Purchaser Owner is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserOwner.

Appears in 8 contracts

Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-12), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-11ar), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-8xs)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Customary Servicing PracticesProcedures. For claims greater than $15,000, at a minimum minimum, the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ia) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (iib) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iiic) the Company Servicer shall verify that the Mortgage Loan is not in default; and (ivd) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 8 contracts

Samples: Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2013-3), Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2013-1), Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2012-4)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. . (v) If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 7 contracts

Samples: Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-2f), 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)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser 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 if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,00020,000, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ia) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (iib) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iiic) the Company Servicer shall verify that the Mortgage Loan is not in default; and (ivd) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser Owner is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserOwner.

Appears in 5 contracts

Samples: Servicing Agreement (Banc of America Funding 2006-5 Trust), Servicing Agreement (Banc of America Funding 2007-6 Trust), Servicing Agreement (Banc of America Funding 2006-8t2 Trust)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser 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 if such release is in accordance with Accepted Customary Servicing PracticesProcedures. For claims greater than $15,000, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company The Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iii) the Company Servicer shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser Owner is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserOwner.

Appears in 5 contracts

Samples: Loan Servicing Agreement (Sequoia Mortgage Trust 2007-2), Loan Servicing Agreement (Sequoia Mortgage Trust 2007-4), Loan Servicing Agreement (Sequoia Mortgage Trust 2007-1)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser 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 if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000At a minimum, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company Servicer shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser Owner is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserOwner.

Appears in 5 contracts

Samples: Servicing Agreement (HASCO Trust 2007-He2), Servicing Agreement (HSI Asset Securitization CORP Trust 2006-He2), Servicing Agreement (HSI Asset Securitization CORP Trust 2006-He1)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser 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 if such release is in accordance with Accepted Servicing PracticesApplicable Requirements. For claims greater than $15,000, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ia) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (iib) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iiic) the Company Servicer shall verify that the Mortgage Loan is not in default; and (ivd) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser Owner is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserOwner.

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/)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000At a minimum, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ia) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (iib) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iiic) the Company shall verify that the Mortgage Loan is not in default; and (ivd) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 4 contracts

Samples: Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-2 Trust), Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-3 Trust), Warranties and Servicing Agreement (Banc of America Funding 2007-a Trust)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Customary Servicing PracticesProcedures. For claims greater than $15,000At a minimum, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ia) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (iib) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iiic) the Company Servicer shall verify that the Mortgage Loan is not in default; and (ivd) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac5), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac6), Flow Mortgage Loan Sale and Servicing Agreement (GSR Mortgage Loan Trust 2006-9f)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Customary Servicing Practices. For claims greater than $15,000At a minimum, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ia) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (iib) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens;: (iiic) the Company Servicer shall verify that the Mortgage Loan is not in default; and (ivd) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 3 contracts

Samples: Mortgage Loan Flow Purchase, Sale & Servicing Agreement, Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Thornburg Mortgage Securities Trust 2006-1), Mortgage Loan Purchase, Sale & Servicing Agreement (J.P. Morgan Mortgage Trust 2006-A1)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser 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 if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,00020,000, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company Servicer shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser Owner is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserOwner.

Appears in 3 contracts

Samples: Servicing Agreement (Luminent Mortgage Trust 2007-2), Trust Agreement (GSAA Home Equity Trust 2006-13), Pooling and Servicing Agreement (Gs-FFMLT 2006-Ff13)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ia) the Company The Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (iib) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iiic) the Company Servicer shall verify that the Mortgage Loan is not in default; and (ivd) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 3 contracts

Samples: Seller's Purchase, Warranties and Servicing Agreement (Gs Mortgage Securities Corp), Purchase Agreement (Gs Mortgage Securities Corp), Seller's Purchase, Warranties and Servicing Agreement (Gs Mortgage Securities Corp)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser 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 if such release is in accordance with Accepted Servicing PracticesPractices and the terms of this Agreement. For claims greater than $15,000At a minimum, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company Servicer shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser Owner is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserOwner.

Appears in 3 contracts

Samples: Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-4), Trust Agreement (GSAA Home Equity 2005-12), Flow Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-Sl2)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000At a minimum, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iviii) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 3 contracts

Samples: Mortgage Loan Sale, Warranties and Servicing Agreement (Structured Asset Securities Corp), Mortgage Loan Sale, Warranties and Servicing Agreement (Structured Asset Securities Corporation), Mortgage Loan Sale, Warranties and Servicing Agreement (Structured Asset Securities Corp)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser 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 if such release is in accordance with Accepted Servicing PracticesPractices and the terms of this Agreement. For claims greater than $15,000At a minimum, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iii) the Company Servicer shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Accounta suspense account. If the Purchaser Owner is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserOwner.

Appears in 3 contracts

Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-12), Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2007-Ab1), Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-1)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser 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 if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000At a minimum, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company Servicer shall verify that the Mortgage Loan is not in default; and and (iv) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser Owner is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserOwner.

Appears in 2 contracts

Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-4)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser 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 if such release is in accordance with Accepted Customary Servicing PracticesProcedures. For claims greater than $15,000, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ia) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) ; the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) ; the Company shall verify that the Mortgage Loan is not in default; and (iv) and pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser Owner is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserOwner.

Appears in 2 contracts

Samples: Master Flow Sale and Servicing Agreement (Banc of America Funding 2007-4 Trust), Master Flow Sale and Servicing Agreement (Banc of America Funding 2007-3 Trust)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser 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 if such release is in accordance with Accepted Servicing PracticesApplicable Requirements. For claims greater than $15,000, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ia) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (iib) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iiic) the Company Servicer shall verify that the Mortgage Loan is not in default; and (ivd) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in an escrow account created and established by the Escrow AccountOwner. If the Purchaser Owner is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserOwner.

Appears in 2 contracts

Samples: Loan Servicing Agreement (Franklin Credit Management Corp), Loan Servicing Agreement (Franklin Credit Management Corp/De/)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,00010,000, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the The Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 2 contracts

Samples: Trust Agreement (Gs Mortgage Securities Corp Mort Pas THR Cert Se 2002 Wf), Trust Agreement (Gs Mortgage Securities Corp Mort Pas THR Cert Se 2002 Wf)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum the Company shall comply with the <PAGE> following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 2 contracts

Samples: Servicing Agreement, Servicing Agreement

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000At a minimum, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Custodial Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 2 contracts

Samples: Flow Seller's Warranties and Servicing Agreement (Lehman XS Trust Series 2005-9n), Flow Seller's Warranties and Servicing Agreement (Lehman Xs Trust Series 2006-2n)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing PracticesPractices and the terms of this Agreement. For claims greater than $15,000At a minimum, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) a. the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) b. the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) c. the Company Servicer shall verify that the Mortgage Loan is not in default; and (iv) d. pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payeemortgagee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 2 contracts

Samples: Servicing Agreement (Chevy Chase Preferred Capital Corp), Servicing Agreement (Chevy Chase Preferred Capital Corp)

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Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000At a minimum, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iii) the Company Servicer shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 2 contracts

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002 Hf1), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003 Bc1)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser 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 if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000At a minimum, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ia) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (iib) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iiic) the Company shall verify that the Mortgage Loan is not in default; and (ivd) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser Owner is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserOwner.

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Lehman XS Trust Series 2007-2n), Sale and Servicing Agreement (Lehman XS Trust Series 2007-15n)

Restoration of Mortgaged Property. The Company Seller need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000At a minimum, at a minimum the Company Seller shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company Seller shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company Seller shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company Seller shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company Seller shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 2 contracts

Samples: Mortgage Loan Purchase Agreement (Structured Adjustable Rate Mortgage Loan Rate), Interim Servicing Agreement (Mortgage Pass-Through Certificates Series 2003-37a)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser Master Servicer prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ia) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (iib) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iiic) the Company Servicer shall verify that the Mortgage Loan is not in default; and (ivd) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser Trust is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserTrust.

Appears in 1 contract

Samples: Transfer and Servicing Agreement (FBR Securitization, Inc.)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000At a minimum, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) if the Mortgage Loan is not included in a Pass-Through Transfer, the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 1 contract

Samples: Seller's Warranties and Servicing Agreement (Structured Asset Securities Corporation)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the The Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 1 contract

Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-1)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Customary Servicing PracticesProcedures. For claims greater than $15,000At a minimum, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (iA) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (iiB) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iiiC) the Company Servicer shall verify that the Mortgage Loan is not in default; and (ivD) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Lehman XS Trust Series 2006-14n)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser 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 if such release is in accordance with Accepted Servicing PracticesPractices and the terms of this Agreement. For claims greater than $15,000At a minimum, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iii) the Company Servicer shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser Owner is named as an additional loss payeemortgagee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserOwner.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-26)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the The Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued issue in respect of such a claim in the name of the Purchaser.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2002 Bc3)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000At a minimum, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) if the Mortgage Loan is not included in a Pass-Through Transfer, the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. . (v) If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 1 contract

Samples: Seller's Warranties and Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 1999 1)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,00020,000, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 1 contract

Samples: Mortgage Loan Sale and Servicing Agreement (Banc of America Funding 2006-H Trust)

Restoration of Mortgaged Property. 52- The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000At a minimum, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 1 contract

Samples: Flow Master Seller's Warranties and Servicing Agreement (Sunset Financial Resources Inc)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser 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 if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,00020,000, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ia) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (iib) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iiic) the Company Servicer shall verify that the Mortgage Loan is not in default; and (ivd) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser Owner is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserOwner.

Appears in 1 contract

Samples: Servicing Agreement (Banc of America Funding Corp)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum the Company shall comply with the 50 following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 1 contract

Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2006-5)

Restoration of Mortgaged Property. The Company Seller need not obtain the approval of the Purchaser or its designee prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor Borrower to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Customary Servicing PracticesProcedures. For claims greater than $15,000At a minimum, at a minimum the Company Seller shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ia) the Company Seller shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (iib) the Company Seller shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iiic) the Company Seller shall verify that the Mortgage Loan is not in default; and (ivd) pending repairs or restoration, the Company Seller shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company Seller is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 1 contract

Samples: Interim Servicing Agreement (J.P. Morgan Alternative Loan Trust 2006-S1)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 1 contract

Samples: Flow Sale and Servicing Agreement (Luminent Mortgage Trust 2006-6)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,00010,000, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 1 contract

Samples: Trust Agreement (GS Mortgage GSAMP Trust 2004-Wf)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser 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 if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum minimum, the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company Servicer shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser Owner is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the PurchaserOwner.

Appears in 1 contract

Samples: Flow Subservicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Customary Servicing Practices. For claims greater than $15,000At a minimum, at a minimum the Company Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ia) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (iib) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens;: (iiic) the Company Servicer shall verify that the Mortgage Loan is not in default; and (ivd) pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. -55- If the Purchaser is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 1 contract

Samples: Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Sunset Financial Resources Inc)

Restoration of Mortgaged Property. The Company Servicer need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Customary Servicing PracticesProcedures. For claims greater than $15,000, at a minimum the Company minimum, Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ia) the Company Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (iib) the Company Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iiic) the Company Servicer shall verify that the Mortgage Loan is not in default; and (iv) and pending repairs or restoration, the Company Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 1 contract

Samples: Master Mortgage Loan Purchase and Servicing Agreement (Sequoia Mortgage Trust 2010-H1)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ia) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (iib) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's ’s liens; (iiic) the Company shall verify that the Mortgage Loan is not in default; and (ivd) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 1 contract

Samples: Sale and Servicing Agreement (FBR Securitization, Inc.)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than the lesser of $15,00015,000 or any amount prescribed by applicable FNMA or FHLMC guidelines, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the The Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 1 contract

Samples: Seller's Warranties and Servicing Agreement (Gs Mortgage Securities Corp)

Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i1) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii2) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii3) the Company shall verify that the Mortgage Loan is not in default; and (iv4) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Appears in 1 contract

Samples: Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-6)

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