Restoration of Mortgaged Property. 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 if such release is in accordance with Accepted Servicing Practices. At a minimum, with respect to claims greater than $10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and (iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of $10,000 or less, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto; (ii) the Servicer shall verify the total amount of the claim with the applicable insurance company; and (iii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Owner.
Appears in 35 contracts
Samples: Master Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-11h), Master Servicing Agreement (Structured Asset Securities Corp), Master Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-33h)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner 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. At a minimum, with respect to claims greater than of $10,00010,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of less than $10,000 or less10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(iv) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iivi) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iiivii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerTrustee.
Appears in 26 contracts
Samples: Subservicing Agreement (Structured Asset Investment Loan Trust 2005-7), Subservicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc5), Subservicing Agreement (Structured Asset Investment Loan Trust 2006-1)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner Trustee or the 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. At a minimum, with respect to claims greater than $10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquentDelinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of $10,000 or less, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(iv) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iivi) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iiivii) the Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent. If the account is 60 or more days delinquent, pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Owner.
Appears in 21 contracts
Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2005-8), Servicing Agreement (Sasco 2006-S3), Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Osi)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner Trustee or the 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. At a minimum, with respect to claims greater than $10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of $10,000 or less, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iii) the Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent. If the account is 60 or more days delinquent, pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Owner.
Appears in 20 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003-Bc13), Servicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel3), Servicing Agreement (Structured Asset Securities Corp)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner 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. At a minimum, with respect to claims greater than of $10,0005,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of less than $10,000 or less5,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(iv) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iivi) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iiivii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerTrustee.
Appears in 19 contracts
Samples: Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc10), Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc9), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc10)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner Master Servicer prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the related Mortgaged Property if such release is in accordance with Accepted Servicing Practices. At a minimum, with respect to claims greater than of $10,00010,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Securitized Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of less than $10,000 or less10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(iv) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iivi) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iiivii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Ownerrelated Trust.
Appears in 18 contracts
Samples: Pooling and Servicing Agreement (Opteum Mortgage Acceptance CORP Trust 2006-2), Servicing Agreement (Structured Asset Sec Corp Thornburg Mort Sec Trust 2003 6), Servicing Agreement (Structured Asset Securities Corp Thorn Mort Sec Tr 2003-3)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner Trustee or the 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. At a minimum, with respect to claims greater than $10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquentDelinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of $10,000 or less, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iii) the Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent. If the account is 60 or more days delinquent, pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Owner.
Appears in 14 contracts
Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2005-1), Servicing Agreement (Structured Asset Investment Loan Trust 2005-6), Servicing Agreement (Structured Asset Investment Loan Trust 2005-3)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner 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. At a minimum, with respect to claims greater than of $10,00010,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and;
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. ; With respect to claims of less than $10,000 or less10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:;
(iv) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iivi) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iiivii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow AccountAgreement. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerTrustee.
Appears in 13 contracts
Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2004-6), Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc6), Servicing Agreement (Structured Asset Investment Loan Trust 2005-7)
Restoration of Mortgaged Property. The Servicer Company 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 if such release is in accordance with Accepted Servicing Practices. At a minimum, with respect to claims greater than $10,000, the Servicer Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer 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 Servicer Company shall verify that the Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of $10,000 or less, the Servicer Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer Company shall verify the total amount of the claim with the applicable insurance company; and
(iii) pending repairs or restoration, the Servicer Company shall place the Insurance Proceeds or Condemnation Proceeds proceeds in the Escrow Account. If the Owner is named as an additional loss payee, the Servicer Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Owner.
Appears in 13 contracts
Samples: Master Mortgage Loan Sale and Servicing Agreement (Lehman XS Trust Series 2006-10n), Master Mortgage Loan Sale and Servicing Agreement (Structured Asset Sec Mort Pass Thru Cert Ser 2002-22h), Master Mortgage Loan Sale and Servicing Agreement (Sasco 2006-3h)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner Master Servicer prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the related Mortgaged Property if such release is in accordance with Accepted Servicing Practices. At a minimum, with respect to claims greater than of $10,00010,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Securitized Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of less than $10,000 or less10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(iv) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iivi) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iiivii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Ownerrelated Trust.
Appears in 11 contracts
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2007-2), Servicing Agreement (Structured Asset Mortgage Investments Ii Inc), Servicing Agreement (Thornburg Mortgage Sec Tr 2002-1 MRT Ln Ps THR CRT Sr 2002-1)
Restoration of Mortgaged Property. 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 if such release is in accordance with Accepted Servicing Practices. At a minimum, with respect to claims greater than $10,00015,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of $10,000 15,000 or less, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Owner.
Appears in 10 contracts
Samples: Master Servicing Agreement (Structured Asset Sec Corp Mor Pass Thru Cer Ser 2002-10h), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h), Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner 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. At a minimum, with respect to claims greater than of $10,00010,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of less than $10,000 or less10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerTrustee.
Appears in 9 contracts
Samples: Subservicing Agreement (Sasco 2006-Bc2), Subservicing Agreement (BNC Mortgage Loan Trust 2006-1), Subservicing Agreement (BNC Mortgage Loan Trust 2006-2)
Restoration of Mortgaged Property. 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 if such release is in accordance with Accepted Servicing Practices. At a minimum, with respect to claims greater than $10,0005000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of $10,000 5000 or less, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Owner.
Appears in 8 contracts
Samples: Master Servicing Agreement (Structured Asset Securities Corp), Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h), Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Ce Se 2001-Bc3)
Restoration of Mortgaged Property. The Servicer Except as otherwise required by Customary Servicing Procedures, the Company 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 if such release is in accordance with Accepted Customary Servicing PracticesProcedures. At a minimum, with respect to claims greater than $10,000, the Servicer Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer 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 Servicer Company shall verify that the Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of $10,000 or less, the Servicer Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer Company shall verify the total amount of the claim with the applicable insurance company; and
(iii) pending repairs or restoration, the Servicer Company shall place the Insurance Proceeds or Condemnation Proceeds proceeds in the Escrow Account. If the Owner is named as an additional loss payee, the Servicer Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Owner.
Appears in 5 contracts
Samples: Flow Sale and Servicing Agreement (GSR 2006-4f), Flow Sale and Servicing Agreement (GSR Mortgage Loan Trust 2006-Ar1), Flow Sale and Servicing Agreement (GSR Mortgage Loan Trust 2007-4f)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner 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. At a minimum, with respect to claims greater than of $10,00010,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of less than $10,000 or less10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:;
(iiv) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iiv) the Servicer shall verify the total amount of the claim with the applicable insurance company; and;
(iiivi) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Custodial Account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerTrustee.
Appears in 4 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp), Servicing Agreement (Structured Asset Securities Corp 2005-S5), Servicing Agreement (Structured Asset Securities Corp 2005-S1)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner Master Servicer prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the related Mortgaged Property if such release is in accordance with Accepted Servicing Practices. At a minimum, with respect to claims greater than of $10,00010,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Securitized Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of less than $10,000 or less10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Ownerrelated Trust.
Appears in 3 contracts
Samples: Servicing Agreement (MASTR Alternative Loan Trust 2006-3), Servicing Agreement (MASTR Alternative Loan Trust 2006-1), Servicing Agreement (MASTR Asset Securitization Trust 2006-3)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner 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. At a minimum, with respect to claims greater than of $10,00010,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and;
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. ; With respect to claims of less than $10,000 or less10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:;
(iv) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iivi) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iiivii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerTrustee.
Appears in 3 contracts
Samples: Servicing Agreement (Sasco 2006-Bc2), Subservicing Agreement (Structured Asset Investment Loan Trust 2004-Bnc2), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2004 2)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner Trustee or the 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. At a minimum, with respect to claims greater than $10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of $10,000 or less, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iii) the Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent. If the account is 60 or more days delinquent, pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Owner.
Appears in 3 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc2), Servicing Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2002 Bc3)
Restoration of Mortgaged Property. The Solely with respect to any Mortgage Loan which is less than 30 days Delinquent, the Servicer need not obtain the approval of the related 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. At a minimum, with respect to For claims greater than $10,0005,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(ia) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(iib) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquentin default; and
(ivd) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With Notwithstanding the foregoing, with respect to claims of $10,000 any Mortgage Loan which is greater than 30 days Delinquent or lessany REO Property, the Servicer shall comply with the following conditions in connection with not release any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in to the Escrow AccountMortgagor to be applied to the restoration or repair of the Mortgaged Property without the prior written consent of the applicable Owner. If the related Owner is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the related Owner.
Appears in 3 contracts
Samples: Loan Servicing Agreement (Franklin Credit Management Corp), Loan Servicing Agreement (Franklin Credit Holding Corp/De/), Loan Servicing Agreement (Franklin Credit Holding Corp/De/)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner 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. At a minimum, with respect to claims greater than of $10,0005,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of less than $10,000 or less5,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(iv) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iivi) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iiivii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerTrustee.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc2), Servicing Agreement (Structured Ass Sec Cor a R Col Tr MRT Ps THR CRT Ser 01-Bc6)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner 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. At a minimum, with respect to claims greater than of $10,00010,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Accounta restricted escrow account. With respect to claims of less than $10,000 or less10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(iv) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iivi) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iiivii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Accounta restricted escrow account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerTrustee.
Appears in 2 contracts
Samples: Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003-Bc13), Subservicing Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-Bc12)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner Indenture Trustee or the 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. At a minimum, with respect to claims greater than $10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of $10,000 or less, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iii) the Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent. If the account is 60 or more days delinquent, pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Owner.
Appears in 2 contracts
Samples: Servicing Agreement (Sasco Mortgage Loan Trust Series 2004-Gel2), Servicing Agreement (SASCO Mortgage Loan Trust 2004-Gel3)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner 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. At a minimum, with respect to claims greater than of $10,0005,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and;
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. ; With respect to claims of less than $10,000 or less5,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:;
(iv) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iivi) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iiivii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerTrustee.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc8), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc9)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner Trustee or the 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 PracticesPractices (without regard to the Xxxxxx Mae Guides). At a minimum, with respect to claims greater than $10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquentDelinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of $10,000 or less, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(iv) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iivi) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iiivii) the Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent. If the account is 60 or more days delinquent, pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Owner.
Appears in 2 contracts
Samples: Servicing Agreement (Sasco 2006-Bc4), Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc5)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner 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. At a minimum, with respect to claims greater than of $10,00010,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and;
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. a restricted escrow account; With respect to claims of less than $10,000 or less10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:;
(iv) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iivi) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iiivii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Accounta restricted escrow account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerTrustee.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003-Bc13)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner Trustee 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. At a minimum, with respect to claims greater than of $10,0005,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of less than $10,000 or less5,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerTrustee.
Appears in 1 contract
Samples: Servicing Agreement (Amortizing Resi Collateral Tr Mort Pas Thru Cer Ser 2001-Bc1)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner Trustee or the 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. At a minimum, with respect to claims greater than $10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquentDelinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. Aurora Servicing Agreement With respect to claims of $10,000 or less, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(iv) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iivi) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iiivii) the Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent. If the account is 60 or more days delinquent, pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Owner.
Appears in 1 contract
Samples: Servicing Agreement (Sasco 2006-Bc2)
Restoration of Mortgaged Property. The Servicer Company need not obtain the approval of the Owner 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. At a minimum, with respect to claims greater than $10,000, the Servicer Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer 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 Servicer Company shall verify that the Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of $10,000 or less, the Servicer Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer Company shall verify the total amount of the claim with the applicable insurance company; and
(iii) pending repairs or restoration, the Servicer Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner Purchaser is named as an additional loss payee, the Servicer Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerPurchaser.
Appears in 1 contract
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner 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. At a minimum, with respect to claims greater than of $10,0005,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Serviced Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of less than $10,000 or less5,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(iv) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iivi) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iiivii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerTrustee.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2001-Bc5)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner 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. At a minimum, with respect to claims greater than of $10,00010,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(iii) the 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;; and
(iiiii) the Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of less than $10,000 or less10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:;
(iiii) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iiiv) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iiiv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Custodial Account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerTrustee.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2004-S1)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner Master Servicer prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the related Mortgaged Property if such release is in accordance with Accepted Servicing Practices. At a minimum, with respect to claims greater than of $10,00010,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Securitized Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of less than $10,000 or less10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(iv) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iivi) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iiivii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerTrust.
Appears in 1 contract
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2007-4)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner 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. At a minimum, with respect to claims greater than of $10,00010,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Accounta restricted escrow account. With respect to claims of less than $10,000 or less10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Accounta restricted escrow account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerTrustee.
Appears in 1 contract
Samples: Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc11)
Restoration of Mortgaged Property. The Servicer Company 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 if such release is in accordance with Accepted Servicing Practices. At a minimum, with respect to claims greater than $10,000, the Servicer Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer 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 Servicer Company shall verify that the Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of $10,000 or less, the Servicer Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer Company shall verify the total amount of the claim with the applicable insurance company; and
(iii) pending repairs or restoration, the Servicer Company shall place the Insurance Proceeds or Condemnation Proceeds proceeds in the Escrow Account. If the Owner is named as an additional loss payee, the Servicer Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Owner.
Appears in 1 contract
Samples: Master Mortgage Loan Sale and Servicing Agreement (Lehman XS Trust Series 2006-12n)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner Trustee 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. At a minimum, with respect to claims greater than of $10,0005,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Serviced Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of less than $10,000 or less5,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(iv) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iivi) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iiivii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerTrustee.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Sr 2001-Bc4)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner 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. At a minimum, with respect to claims greater than of $10,0005,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(iii) the 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;
(iiiii) the Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and;
(iviii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. ; With respect to claims of less than $10,000 or less5,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:;
(iiv) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iiv) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iiivi) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerTrustee.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Inv Loan Mort Pass Thru Cer Ser 2003-Bc7)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner 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. At a minimum, with respect to claims greater than of $10,0005,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of less than $10,000 or less5,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerTrustee.
Appears in 1 contract
Samples: Subservicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc10)
Restoration of Mortgaged Property. 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 if such release is in accordance with Accepted Servicing Practices. At a minimum, with respect to claims greater than $10,0005000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and
and (iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of $10,000 5000 or less, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
and (iii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Owner.
Appears in 1 contract
Samples: Master Servicing Agreement (Structured Asset Sec Corp Mor Pass Thru Cer Ser 2002-10h)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner 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. At a minimum, with respect to claims greater than of $10,0005,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and;
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. ;
(v) With respect to claims of less than $10,000 or less5,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:;
(ivi) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iivii) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iiiviii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerTrustee.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Inv Loan Mort Pass THR Certs Ser 2003-Bc6)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner 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. At a minimum, with respect to claims greater than of $10,00010,000 or more, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(iii) the 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;
(iiiii) the Servicer shall verify that the Mortgage Loan is not 60 or more days delinquent; and;
(iviii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. a restricted escrow account; With respect to claims of less than $10,000 or less10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:;
(iiv) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(iiv) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iiivi) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Accounta restricted escrow account. If the Owner Trustee is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerTrustee.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-Bc12)
Restoration of Mortgaged Property. The (i) 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 if such release is in accordance with Accepted Servicing Practices. At Applicable Requirements and the terms of this Agreement.
(ii) Servicer shall, at a minimum, with respect to claims greater than $10,000, the Servicer shall comply with the following conditions in connection with releasing any such release of Insurance Proceeds or Condemnation Proceeds:
(i1) the Servicer shall receive satisfactory independent verification of the completion of the restoration or repairs and the issuance of any required approvals with respect thereto;
(ii2) the 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 material men’s liens;
(iii3) the Servicer shall verify that the Mortgage Loan is not 60 or more days delinquentin default; and
(iv4) pending Pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of $10,000 or less, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer shall verify the total amount of the claim with the applicable insurance company; and.
(iii) pending repairs If Servicer hereafter becomes aware that a Mortgaged Property is, or restorationan REO Property becomes, an Environmental Problem Property, Servicer will notify Owner of the existence of the Environmental Problem Property. Additionally, Servicer shall place the Insurance Proceeds or Condemnation Proceeds set forth in the Escrow Account. If the Owner is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect such notice a description of such problem, a claim recommendation to Owner relating to the proposed action regarding the Environmental Problem Property and Servicer shall carry out the recommendation set forth in the name such notice unless otherwise directed by Owner in writing within five (5) Business Days after Owner’s receipt (or deemed receipt) of the Ownersuch notice.
Appears in 1 contract
Samples: Flow Servicing Agreement (Altisource Residential Corp)
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Owner Investor 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. At For claims causing significant damage to the Mortgaged Property, at a minimumminimum the Servicer shall release Insurance Proceeds following the guidelines issued by Xxxxxxx Mac or Xxxxxx Mae or the successor of either of them, with respect to claims greater than $10,000and further, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;
(ii) the 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 Servicer shall verify that the Mortgage Loan is not 60 or more days delinquentin default; and
(iv) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. With respect to claims of $10,000 or less, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
(i) the related Mortgagor shall provide an affidavit verifying the completion of repairs and issuance of any required approvals with respect thereto;
(ii) the Servicer shall verify the total amount of the claim with the applicable insurance company; and
(iii) pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Owner Investor is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the OwnerInvestor.
Appears in 1 contract
Samples: Servicing Agreement (Wells Fargo Real Estate Investment Corp.)
