Common use of Restoration of Mortgaged Property Clause in Contracts

Restoration of Mortgaged Property. The Special Servicer need not obtain the approval of the Master Servicer or the 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, the Special Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Special Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Special 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 Special Servicer shall verify that the Transferred Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Special Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account.

Restoration of Mortgaged Property. The Special Servicer need not obtain the approval of the Master Servicer or the 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, the Special Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Special Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Special 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 Special Servicer shall verify that the Transferred Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Special Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account.

Restoration of Mortgaged Property. The Special Servicer need not obtain the approval of the Master Servicer or the 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, the Special Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Special Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Special 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 Special Servicer shall verify that the Transferred Mortgage Loan is not in default; and (iv) pending repairs or restoration, unless deposited into a suspense account, the Special Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account.

Restoration of Mortgaged Property. The Special Servicer need not obtain the approval of the Master Servicer Servicer, the NIMS Insurer or the 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, the Special Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Special Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Special 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 Special Servicer shall verify that the Transferred Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Special Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account.

Restoration of Mortgaged Property. The Special Servicer Subservicer need not obtain the approval of the Servicer, the Master Servicer or the 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, the Special Servicer Subservicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Special Servicer Subservicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Special Servicer Subservicer 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 Special Servicer Subservicer shall verify that the Transferred Mortgage Loan is not in default; and (iv) pending repairs or restoration, unless deposited into a suspense account, the Special Servicer Subservicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account.

Restoration of Mortgaged Property. The Special Servicer need not obtain the approval of the Master Servicer or the Trustee Securities Administrator 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 For claims greater than $15,000, at a minimum, the Special Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Special Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Special 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 Special Servicer shall verify that the Transferred Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Special Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account.

Restoration of Mortgaged Property. The Special Servicer need not obtain the approval of the Master Servicer Administrative Agent or the Trustee Owners 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, the Special Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ia) the Special The Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (iib) the Special The Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to to, requiring waivers with respect to mechanics’ ' and materialmen’s 's liens; (iiic) the Special The Servicer shall verify that the Transferred Mortgage Eligible Loan is not in default; and (ivd) pending Pending repairs or restoration, the Special Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the any Escrow Account.

Restoration of Mortgaged Property. The Special Servicer need not obtain the approval of the Master Servicer Administrative Agent or the Trustee Owners 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, the Special Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (ia) the Special The Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (iib) the Special The Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to to, requiring waivers with respect to mechanics’ and materialmen’s liens; (iiic) the Special The Servicer shall verify that the Transferred Mortgage Eligible Loan is not in default; and (ivd) pending Pending repairs or restoration, the Special Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the any Escrow Account.