Common use of Services of the MPF Master Servicer Clause in Contracts

Services of the MPF Master Servicer. (a) The MPF Provider shall act as the Master Servicer for each MPF Bank with respect to all Program Loans funded or purchased by the MPF Bank pursuant to the MPF Program. The MPF Provider may discharge this duty by entering into a Master Servicing Agreement with any entity which the MPF Provider deems qualified to act as the MPF Master Servicer. The MPF Provider shall have direct and primary responsibility to the MPF Bank for the performance of the duties of the MPF Master Servicer under the Master Servicing Agreement. The MPF Provider shall perform or cause to be performed the master servicing duties specified in the FHLB Guide, which shall be done in compliance with the provisions of the PFI Agreements, the Guides, and the Servicing Agreements. (b) As part of its master servicing duties hereunder, the MPF Provider, for the benefit of each MPF Bank, shall use commercially reasonable efforts to enforce the obligations of the MPF Master Servicer under the Master Servicing Agreement in the same manner as the MPF Provider would act if the MPF Provider were the owner of the related Program Loans. Notwithstanding the MPF Provider’s delegation of master servicing obligations to the MPF Master Servicer pursuant to the Master Servicing Agreement, the MPF Provider shall not be relieved from its master servicing obligations hereunder, and the MPF Provider shall remain obligated and primarily liable to the MPF Bank for the master servicing of the Program Loans in accordance with the provisions of this Agreement; provided, however, that the MPF Provider’s liability arising from or related to its master servicing obligations under this Section 3.1 shall be limited solely to liability resulting from the MPF Provider’s or MPF Master Servicer’s negligence or willful misconduct.

Services of the MPF Master Servicer. (a) The MPF Provider shall act as the Master Servicer for each MPF the Boston Bank with respect to all Program Loans funded or purchased by the MPF Boston Bank pursuant to the MPF Program. The MPF Provider may discharge this duty by entering into a master servicing agreement (a “Master Servicing Agreement Agreement”) with any entity which the MPF Provider deems qualified to act as the MPF Master Servicer. The MPF Provider shall have direct and primary responsibility to the MPF Boston Bank for the performance of the duties of the MPF Master Servicer under the Master Servicing Agreement. . (b) The MPF Provider shall perform or cause to be performed the following master servicing duties specified in the FHLB Guideduties, which shall be done in compliance with the provisions of the PFI Agreements, the Guides, and the Servicing Agreements.: (bi) To supervise, monitor and oversee the servicing of the Program Loans and the performance of each Servicer of its services, duties and obligations under the Servicing Guide; (ii) To receive and review all reports and data that are provided and are deliverable under the Servicing Guide by each Servicer; (iii) To collect information, reconcile such information with each Servicer, and submit reports pertaining to the Program Loans and any funds due with respect thereto, to the Boston Bank as provided for in the FHLB Guide; (iv) To recommend to the Boston Bank corrective action to be taken relative to any Servicer that fails to comply with the terms and conditions of the Servicing Guide with respect to defaulted Program Loans or the property encumbered as security for Program Loans; (v) To notify the Boston Bank in the event a Servicer has materially or consistently defaulted under the PFI Agreement or Servicing Guide and to advise the Boston Bank of its recommended response to the default; (vi) To maintain or cause the MPF Master Servicer to maintain customary fidelity and other insurance in connection with the performance of the obligations under the Master Servicing Agreement, and, upon request of the Boston Bank, to provide a copy of insurance certificates indicating such insurance is in effect or a copy of an officer’s certificate of the MPF Master Servicer certifying that such insurance coverage is in full force and effect; (vii) To make its books and records relating to the services performed under the Master Servicing Agreement or those of the MPF Master Servicer accessible for inspection and copying by the supervisory agents and examiners of the FHFB at any time during normal business hours, and by the Boston Bank as arranged and coordinated by the MPF Provider. As part of its master servicing duties hereunder, the MPF Provider, for the benefit of each MPF the Boston Bank, shall use commercially reasonable efforts to enforce the obligations of the MPF Master Servicer under the Master Servicing Agreement in the same manner as the MPF Provider would act if the MPF Provider were the owner of the related Program Loans. Notwithstanding the MPF Provider’s delegation of master servicing obligations to the MPF Master Servicer pursuant to the Master Servicing Agreement, the MPF Provider shall not be relieved from its master servicing obligations hereunder, and the MPF Provider shall remain obligated and primarily liable to the MPF Boston Bank for the master servicing of the Program Loans in accordance with the provisions of this Agreement; , provided, however, that the MPF Provider’s liability arising from or related to its master servicing obligations under this Section 3.1 5.2 shall be limited solely to liability resulting from the MPF Provider’s or MPF Master Servicer’s negligence or willful misconduct.