Common use of Servicer Authority Clause in Contracts

Servicer Authority. Without limiting the generality of the foregoing, the Master Servicer (1) shall continue, and is hereby authorized and empowered by the Depositor and the Trustee, to execute and deliver, on behalf of itself, the Depositor, the Bondholders, [the Bond Insurer] and the Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans and with respect to the related Mortgaged Properties and (2) subject to Section 2.05, to institute foreclosure proceedings or obtain deeds in lieu of foreclosure so as to convert ownership of Mortgaged Properties into the name of the Trustee pursuant to Section 2.05 of this Agreement. The Master Servicer may sue xx enforce or collect on any of the Mortgage Loans or any insurance policy covering a Mortgage Loan, in its own name if possible, or on behalf of the Depositor or the Trustee. If the Master Servicer commences a legal proceeding to enforce a Mortgage Loan or any such insurance policy, the Depositor and the Trustee shall thereupon be deemed to have automatically assigned the Mortgage Loan or the rights under such insurance policy to the Master Servicer for purposes of collection only. If, however, in any suit or legal proceeding for enforcement, it is held that the Master Servicer may not enforce or collect on a Mortgage Loan or any insurance policy covering a Mortgage Loan on the ground that it is not a real party in interest or a holder entitled to enforce such Mortgage Loan or such insurance policy, as the case may be, then the Depositor and the Trustee shall, upon the written request of a Servicing Officer, execute and return to the Master Servicer such powers of attorney and other documents as are necessary or appropriate to enable the Master Servicer to enforce such Mortgage Loan or insurance policy, as the case may be, and which are prepared by the Master Servicer and submitted to the Depositor or the Trustee for execution. The Master Servicer, on behalf of the Depositor, the Bondholders [and the Bond Insurer,] shall prepare, execute, deliver and take all actions reasonably necessary to protect the Trust Estate pursuant to Section 3.05 of the Indenture and shall, on behalf of the Depositor, execute and deliver and take any additional actions as shall be deemed necessary to effect the administrative obligations of the Depositor under the Indenture. (a) herein so long as the modification, waiver or amendment will not (i) affect the amount or timing of any scheduled payments of principal or interest on the Mortgage Loan or (ii) in its judgment, materially impair the security for the Mortgage Loan or reduce the likelihood of timely payment of amounts due thereon. The Master Servicer also may agree to any modification, waiver or amendment that would so affect or impair the payments on, or the security for, a Mortgage Loan if, (i) in its judgment, a material default on the Mortgage Loan has occurred or a payment default is imminent and (ii) in its judgment, such modification, waiver or amendment is reasonably likely to produce a greater recovery on a present value basis than would liquidation. The Master Servicer promptly shall notify the Trustee in the event of any modification, waiver or amendment of any Mortgage Loan.

Servicer Authority. Without limiting the generality of the foregoing, the Master Servicer (1) shall continue, and is hereby authorized and empowered by the Depositor Issuer and the Indenture Trustee, to execute and deliver, on behalf of itself, the DepositorIssuer, the Bondholders, [the Bond Insurer] Bondholders and the Indenture Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans and with respect to the related Mortgaged Properties and (2) subject to Section 2.05, to institute foreclosure proceedings or obtain deeds in lieu of foreclosure so as to convert ownership of Mortgaged Properties into the name of the Indenture Trustee pursuant to Section 2.05 of this Agreement. The Master Servicer may sue xx enforce or collect on any of the Mortgage Loans or any insurance policy covering a Mortgage Loan, in its own name if possible, or on behalf of the Depositor Issuer or the Indenture Trustee. If the Master Servicer commences a legal proceeding to enforce a Mortgage Loan or any such insurance policy, the Depositor Issuer and the Indenture Trustee shall thereupon be deemed to have automatically assigned the Mortgage Loan or the rights under such insurance policy to the Master Servicer for purposes of collection only. If, however, in any suit or legal proceeding for enforcement, it is held that the Master Servicer may not enforce or collect on a Mortgage Loan or any insurance policy covering a Mortgage Loan on the ground that it is not a real party in interest or a holder entitled to enforce such Mortgage Loan or such insurance policy, as the case may be, then the Depositor Issuer and the Indenture Trustee shall, upon the written request of a Servicing Officer, execute and return to the Master Servicer such powers of attorney and other documents as are necessary or appropriate to enable the Master Servicer to enforce such Mortgage Loan or insurance policy, as the case may be, and which are prepared by the Master Servicer and submitted to the Depositor Issuer or the Indenture Trustee for execution. The Master Servicer, on behalf of the Depositor, the Bondholders [Issuer and the Bond Insurer,] Bondholders, shall prepare, execute, deliver and take all actions reasonably necessary to protect the Trust Estate pursuant to Section 3.05 of the Indenture and shall, on behalf of the DepositorIssuer, execute and deliver and take any additional actions as shall be deemed necessary to effect the administrative obligations of the Depositor Issuer under the Indenture. (a) herein so long as the modification, waiver or amendment will not (i) affect the amount or timing of any scheduled payments of principal or interest on the Mortgage Loan or (ii) in its judgment, materially impair the security for the Mortgage Loan or reduce the likelihood of timely payment of amounts due thereon. The Master Servicer also may agree to any modification, waiver or amendment that would so affect or impair the payments on, or the security for, a Mortgage Loan if, (i) in its judgment, a material default on the Mortgage Loan has occurred or a payment default is imminent and (ii) in its judgment, such modification, waiver or amendment is reasonably likely to produce a greater recovery on a present value basis than would liquidation. The Master Servicer promptly shall notify the Trustee in the event of any modification, waiver or amendment of any Mortgage Loan.

Servicer Authority. Without limiting the generality of the foregoing, the Master Servicer (1) shall continue, and is hereby authorized and empowered by the Depositor and the Trustee, to execute and deliver, on behalf of itself, the Depositor, the Bondholders, [the Bond Insurer] and the Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans and with respect to the related Mortgaged Properties and (2) subject to Section 2.052.5, to institute foreclosure proceedings or obtain deeds in lieu of foreclosure so as to convert ownership of Mortgaged Properties into the name of the Trustee pursuant to Section 2.05 2.5 of this Agreement. The Master Servicer may sue xx enforce or collect on any of the Mortgage Loans or any insurance policy covering a Mortgage Loan, in its own name if possible, or on behalf of the Depositor or the Trustee. If the Master Servicer commences a legal proceeding to enforce a Mortgage Loan or any such insurance policy, the Depositor and the Trustee shall thereupon be deemed to have automatically assigned the Mortgage Loan or the rights under such insurance policy to the Master Servicer for purposes of collection only. If, however, in any suit or legal proceeding for enforcement, it is held that the Master Servicer may not enforce or collect on a Mortgage Loan or any insurance policy covering a Mortgage Loan on the ground that it is not a real party in interest or a holder entitled to enforce such Mortgage Loan or such insurance policy, as the case may be, then the Depositor and the Trustee shall, upon the written request of a Servicing Officer, execute and return to the Master Servicer such powers of attorney and other documents as are necessary or appropriate to enable the Master Servicer to enforce such Mortgage Loan or insurance policy, as the case may be, and which are prepared by the Master Servicer and submitted to the Depositor or the Trustee for execution. The Master Servicer, on behalf of the Depositor, the Bondholders [and the Bond Insurer,] shall prepare, execute, deliver and take all actions reasonably necessary to protect the Trust Estate pursuant to Section 3.05 of the Indenture and shall, on behalf of the Depositor, execute and deliver and take any additional actions as shall be deemed necessary to effect the administrative obligations of the Depositor under the Indenture. (a) herein so long as the modification, waiver or amendment will not (i) affect the amount or timing of any scheduled payments of principal or interest on the Mortgage Loan or (ii) in its judgment, materially impair the security for the Mortgage Loan or reduce the likelihood of timely payment of amounts due thereon. The Master Servicer also may agree to any modification, waiver or amendment that would so affect or impair the payments on, or the security for, a Mortgage Loan if, (i) in its judgment, a material default on the Mortgage Loan has occurred or a payment default is imminent and (ii) in its judgment, such modification, waiver or amendment is reasonably likely to produce a greater recovery on a present value basis than would liquidation. The Master Servicer promptly shall notify the Trustee in the event of any modification, waiver or amendment of any Mortgage Loan.]

Servicer Authority. Without limiting the generality of the foregoing, the Master Servicer (1) shall continue, and is hereby authorized and empowered by the Depositor Issuer and the Indenture Trustee, to execute and deliver, on behalf of itself, the DepositorIssuer, the Bondholders, [the Bond Insurer] Insurer and the Indenture Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans and with respect to the related Mortgaged Properties and (2) subject to Section 2.05, to institute foreclosure proceedings or obtain deeds in lieu of foreclosure so as to convert ownership of Mortgaged Properties into the name of the Indenture Trustee pursuant to Section 2.05 of this Agreement. The Master Servicer may sue xx enforce or collect on any of the Mortgage Loans or any insurance policy covering a Mortgage Loan, in its own name if possible, or on behalf of the Depositor Issuer or the Indenture Trustee. If the Master Servicer commences a legal proceeding to enforce a Mortgage Loan or any such insurance policy, the Depositor Issuer and the Indenture Trustee shall thereupon be deemed to have automatically assigned the Mortgage Loan or the rights under such insurance policy to the Master Servicer for purposes of collection only. If, however, in any suit or legal proceeding for enforcement, it is held that the Master Servicer may not enforce or collect on a Mortgage Loan or any insurance policy covering a Mortgage Loan on the ground that it is not a real party in interest or a holder entitled to enforce such Mortgage Loan or such insurance policy, as the case may be, then the Depositor Issuer and the Indenture Trustee shall, upon the written request of a Servicing Officer, execute and return to the Master Servicer such powers of attorney and other documents as are necessary or appropriate to enable the Master Servicer to enforce such Mortgage Loan or insurance policy, as the case may be, and which are prepared by the Master Servicer and submitted to the Depositor Issuer or the Indenture Trustee for execution. The Master Servicer, on behalf of the DepositorIssuer, the Bondholders [and the Bond Insurer,] , shall prepare, execute, deliver and take all actions reasonably necessary to protect the Trust Estate pursuant to Section 3.05 of the Indenture and shall, on behalf of the DepositorIssuer, execute and deliver and take any additional actions as shall be deemed necessary to effect the administrative obligations of the Depositor Issuer under the Indenture. (a) herein so long as the modification, waiver or amendment will not (i) affect the amount or timing of any scheduled payments of principal or interest on the Mortgage Loan or (ii) in its judgment, materially impair the security for the Mortgage Loan or reduce the likelihood of timely payment of amounts due thereon. The Master Servicer also may agree to any modification, waiver or amendment that would so affect or impair the payments on, or the security for, a Mortgage Loan if, (i) in its judgment, a material default on the Mortgage Loan has occurred or a payment default is imminent and (ii) in its judgment, such modification, waiver or amendment is reasonably likely to produce a greater recovery on a present value basis than would liquidation. The Master Servicer promptly shall notify the Trustee in the event of any modification, waiver or amendment of any Mortgage Loan.

Servicer Authority. Without limiting the generality of the foregoing, the Master Servicer (1) shall continue, and is hereby authorized and empowered by the Depositor Issuer and the Indenture Trustee, to execute and deliver, on behalf of itself, the DepositorIssuer, the BondholdersNoteholders, [the Bond Insurer] Note Insurer and the Indenture Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans and with respect to the related Mortgaged Properties and (2) subject to Section 2.05, to institute foreclosure proceedings or obtain deeds in lieu of foreclosure so as to convert ownership of Mortgaged Properties into the name of the Indenture Trustee pursuant to Section 2.05 of this Agreement. The Master Servicer may sue xx xxx to enforce or collect on any of the Mortgage Loans or any insurance policy covering a Mortgage Loan, in its own name if possible, or on behalf of the Depositor Issuer or the Indenture Trustee. If the Master Servicer commences a legal proceeding to enforce a Mortgage Loan or any such insurance policy, the Depositor Issuer and the Indenture Trustee shall thereupon be deemed to have automatically assigned the Mortgage Loan or the rights under such insurance policy to the Master Servicer for purposes of collection only. If, however, in any suit or legal proceeding for enforcement, it is held that the Master Servicer may not enforce or collect on a Mortgage Loan or any insurance policy covering a Mortgage Loan on the ground that it is not a real party in interest or a holder entitled to enforce such Mortgage Loan or such insurance policy, as the case may be, then the Depositor Issuer and the Indenture Trustee shall, upon the written request of a Servicing Officer, execute and return to the Master Servicer such powers of attorney and other documents as are necessary or appropriate to enable the Master Servicer to enforce such Mortgage Loan or insurance policy, as the case may be, and which are prepared by the Master Servicer and submitted to the Depositor Issuer or the Indenture Trustee for execution. The Master Servicer, on behalf of the DepositorIssuer, the Bondholders [Noteholders and the Bond Note Insurer,] , shall prepare, execute, deliver and take all actions reasonably necessary to protect the Trust Estate pursuant to Section 3.05 of the Indenture and shall, on behalf of the DepositorIssuer, execute and deliver and take any additional actions as shall be deemed necessary to effect the administrative obligations of the Depositor Issuer under the Indenture. (a) herein so long as the modification, waiver or amendment will not (i) affect the amount or timing of any scheduled payments of principal or interest on the Mortgage Loan or (ii) in its judgment, materially impair the security for the Mortgage Loan or reduce the likelihood of timely payment of amounts due thereon. The Master Servicer also may agree to any modification, waiver or amendment that would so affect or impair the payments on, or the security for, a Mortgage Loan if, (i) in its judgment, a material default on the Mortgage Loan has occurred or a payment default is imminent and (ii) in its judgment, such modification, waiver or amendment is reasonably likely to produce a greater recovery on a present value basis than would liquidation. The Master Servicer promptly shall notify the Trustee in the event of any modification, waiver or amendment of any Mortgage Loan.

Servicer Authority. Without limiting the generality of the foregoing, the Master Servicer (1) shall continue, and is hereby authorized and empowered by the Depositor Issuer and the Indenture Trustee, to execute and deliver, on behalf of itself, the DepositorIssuer, the BondholdersNoteholders, [the Bond Insurer] Note Insurer and the Indenture Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Home Loans and with respect to the related Mortgaged Properties and (2) subject to Section 2.05, to institute foreclosure proceedings or obtain deeds in lieu of foreclosure so as to convert ownership of Mortgaged Properties into the name of the Indenture Trustee pursuant to Section 2.05 of this Agreement. The Master Servicer may sue xx xxx to enforce or collect on any of the Mortgage Home Loans or any insurance policy covering a Mortgage Home Loan, in its own name if possible, or on behalf of the Depositor Issuer or the Indenture Trustee. If the Master Servicer commences a legal proceeding to enforce a Mortgage Home Loan or any such insurance policy, the Depositor Issuer and the Indenture Trustee shall thereupon be deemed to have automatically assigned the Mortgage Home Loan or the rights under such insurance policy to the Master Servicer for purposes of collection only. If, however, in any suit or legal proceeding for enforcement, it is held that the Master Servicer may not enforce or collect on a Mortgage Home Loan or any insurance policy covering a Mortgage Home Loan on the ground that it is not a real party in interest or a holder entitled to enforce such Mortgage Home Loan or such insurance policy, as the case may be, then the Depositor Issuer and the Indenture Trustee shall, upon the written request of a Servicing Officer, execute and return to the Master Servicer such powers of attorney and other documents as are necessary or appropriate to enable the Master Servicer to enforce such Mortgage Home Loan or insurance policy, as the case may be, and which are prepared by the Master Servicer and submitted to the Depositor Issuer or the Indenture Trustee for execution. The Master Servicer, on behalf of the DepositorIssuer, the Bondholders [Noteholders and the Bond Note Insurer,] , shall prepare, execute, deliver and take all actions reasonably necessary to protect the Trust Estate pursuant to Section 3.05 of the Indenture and shall, on behalf of the DepositorIssuer, execute and deliver and take any additional actions as shall be deemed necessary to effect the administrative obligations of the Depositor Issuer under the Indenture. (a) herein so long as the modification, waiver or amendment will not (i) affect the amount or timing of any scheduled payments of principal or interest on the Mortgage Loan or (ii) in its judgment, materially impair the security for the Mortgage Loan or reduce the likelihood of timely payment of amounts due thereon. The Master Servicer also may agree to any modification, waiver or amendment that would so affect or impair the payments on, or the security for, a Mortgage Loan if, (i) in its judgment, a material default on the Mortgage Loan has occurred or a payment default is imminent and (ii) in its judgment, such modification, waiver or amendment is reasonably likely to produce a greater recovery on a present value basis than would liquidation. The Master Servicer promptly shall notify the Trustee in the event of any modification, waiver or amendment of any Mortgage Loan.

Servicer Authority. Without limiting the generality of the foregoing, ------------------- the Master Servicer (1) shall continue, and is hereby authorized and empowered by the Depositor Issuer and the Indenture Trustee, to execute and deliver, on behalf of itself, the DepositorIssuer, the BondholdersNoteholders, [the Bond Insurer] Note Insurer and the Indenture Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Home Loans and with respect to the related Mortgaged Properties and (2) subject to Section 2.05, to institute foreclosure proceedings or obtain deeds in lieu of foreclosure so as to convert ownership of Mortgaged Properties into the name of the Indenture Trustee pursuant to Section 2.05 of this Agreement. The Master Servicer may sue xx xxx to enforce or collect on any of the Mortgage Home Loans or any insurance policy covering a Mortgage Home Loan, in its own name if possible, or on behalf of the Depositor Issuer or the Indenture Trustee. If the Master Servicer commences a legal proceeding to enforce a Mortgage Home Loan or any such insurance policy, the Depositor Issuer and the Indenture Trustee shall thereupon be deemed to have automatically assigned the Mortgage Home Loan or the rights under such insurance policy to the Master Servicer for purposes of collection only. If, however, in any suit or legal proceeding for enforcement, it is held that the Master Servicer may not enforce or collect on a Mortgage Home Loan or any insurance policy covering a Mortgage Home Loan on the ground that it is not a real party in interest or a holder entitled to enforce such Mortgage Home Loan or such insurance policy, as the case may be, then the Depositor Issuer and the Indenture Trustee shall, upon the written request of a Servicing Officer, execute and return to the Master Servicer such powers of attorney and other documents as are necessary or appropriate to enable the Master Servicer to enforce such Mortgage Home Loan or insurance policy, as the case may be, and which are prepared by the Master Servicer and submitted to the Depositor Issuer or the Indenture Trustee for execution. The Master Servicer, on behalf of the DepositorIssuer, the Bondholders [Noteholders and the Bond Note Insurer,] , shall prepare, execute, deliver and take all actions reasonably necessary to protect the Trust Estate pursuant to Section 3.05 of the Indenture and shall, on behalf of the DepositorIssuer, execute and deliver and take any additional actions as shall be deemed necessary to effect the administrative obligations of the Depositor Issuer under the Indenture. (a) herein so long as the modification, waiver or amendment will not (i) affect the amount or timing of any scheduled payments of principal or interest on the Mortgage Loan or (ii) in its judgment, materially impair the security for the Mortgage Loan or reduce the likelihood of timely payment of amounts due thereon. The Master Servicer also may agree to any modification, waiver or amendment that would so affect or impair the payments on, or the security for, a Mortgage Loan if, (i) in its judgment, a material default on the Mortgage Loan has occurred or a payment default is imminent and (ii) in its judgment, such modification, waiver or amendment is reasonably likely to produce a greater recovery on a present value basis than would liquidation. The Master Servicer promptly shall notify the Trustee in the event of any modification, waiver or amendment of any Mortgage Loan.