Common use of Servicing of Notes Clause in Contracts

Servicing of Notes. Note Servicing: OWNER hereby authorizes and instructs SERVICER, and SERVICER agrees to service the "NOTES" and in that connection, to do the following: A. To receive any and all payments due OWNER on the NOTES, which includes but is not limited to all monthly payments, all late payments and all payoffs in full or in part. SERVICER is authorized to direct any payment to be made payable to SERVICER's Trust Account; B. To endorse to SERVICER's Trust Account any checks or money orders payable to OWNER and to immediately deposit same in SERVICER's Trust Account which is to be maintained in accordance with such laws and rules applicable thereto and as to which SERVICER will not commingle its assets; C. To transmit OWNER's portion of such payments of principal and interest as required by laws, rules and regulations which are applicable. There is a seven day hold on all checks to allow for clearing with the bank. Good funds are delivered to OWNER without a hold at the address shown herein. SERVICER will not use such payment for any other transaction other than the transaction for which the funds are received; D. To provide periodic reporting on the OWNER's NOTES that SERVICER is servicing per this contract; E. If the source of payment is not the maker of the NOTES, to so inform OWNER; F. To cause SERVICER's Trust Account utilized for this transaction to be inspected as required by such laws, rules and regulations as are applicable thereto; G. To take any other action which SERVICER deems necessary or convenient to the collection and servicing of the NOTES including but not limited to instituting foreclosure proceedings in the event of default or making such payments for OWNER's account or taking such other action as SERVICER deems necessary or desirable to protect the security of the Security Agreement or the priority thereof; H. To execute and deliver on OWNER's behalf and in OWNER's name any documents necessary or convenient for the exercise of any rights or duties which OWNER may have under the NOTES, including but not limited to Request for Reconveyance, Payoff Demands, Beneficiary Statements, Declarations and Notices of Default, bidding authorizations and other instructions to the Trustee of the NOTES; I. To receive Notices of Default of prior encumbrances and to promptly notifiy OWNER of any default upon the Notes and any prior encumbrances; J. To grant such extensions or loan modifications as SERVICER deems reasonably appropriate; K. THE FOLLOWING PROVISIONS (1) & (2) APPLY ONLY TO LOANS IN WHICH OWNER HOLDS AN UNDIVIDED FRACTIONAL INTEREST IN THE NOTES: 1. A default upon any interest in the NOTES shall constitute a default upon all interests. A simple majority in interest of lenders may determine and direct the actions to be taken on behalf of all lenders in the event of default or with respect to other matters requiring the direction or approval of lenders, and such majority may designate the SERVICER to so act in their behalf. 2. SERVICER shall furnish to OWNER a list of names and addresses of all lenders holding an interest in the NOTES upon five (5) days written notice.

Servicing of Notes. Note Servicing: OWNER hereby authorizes and instructs SERVICER, and SERVICER agrees to service the "NOTES" and in that connection, to do the following: A. To receive any and all payments due OWNER on the NOTES, which includes but is not limited to all monthly payments, all late payments and all payoffs in full or in part. SERVICER is authorized to direct any payment to be made payable to SERVICER's Trust Account; B. To endorse to SERVICER's Trust Account any checks or money orders payable to OWNER and to immediately deposit same in SERVICER's Trust Account which is to be maintained in accordance with such laws and rules applicable thereto and as to which SERVICER will not commingle its assets; C. To transmit OWNER's portion of such payments of principal and interest as required by laws, rules and regulations which are applicable. There is a seven day hold on all checks to allow for clearing with the bank. Good funds are delivered to OWNER without a hold at the address shown herein. SERVICER will not use such payment for any other transaction other than the transaction for which the funds are received; D. To provide periodic reporting on the OWNER's NOTES that SERVICER is servicing per this contract;. E. If the source of payment is not the maker of the NOTES, to so inform OWNER; F. To cause SERVICER's Trust Account utilized for this transaction to be inspected as required by such laws, rules and regulations as are applicable thereto; G. To take any other action which SERVICER deems necessary or convenient to the collection and servicing of the NOTES including but not limited to instituting foreclosure proceedings in the event of default or making such payments for OWNER's account or taking such other action as SERVICER deems necessary or desirable to protect the security of the Security Agreement or the priority thereof; H. To execute and deliver on OWNER's behalf and in OWNER's name any documents necessary or convenient for the exercise of any rights or duties which OWNER may have under the NOTES, including but not limited to Request for Reconveyance, Payoff Demands, Beneficiary Statements, Declarations and Notices of Default, bidding authorizations and other instructions to the Trustee of the NOTES; I. To receive Notices of Default of prior encumbrances and to promptly notifiy OWNER of any default upon the Notes and any prior encumbrances; J. To grant such extensions or loan modifications as SERVICER deems reasonably appropriate; K. OWNER may terminate SERVICER's authority hereunder only with 30 days written notice and upon repayment and/or payment of the following: 1. Any outstanding payments made by SERVICER on OWNER's behalf; 2. Any accrued expenses incurred by SERVICER in connection with servicing the NOTES; L. THE FOLLOWING PROVISIONS (1) & (2) APPLY ONLY TO LOANS IN WHICH OWNER HOLDS AN UNDIVIDED FRACTIONAL INTEREST IN THE NOTES: 1. A default upon any interest in the NOTES shall constitute a default upon all interests. A simple majority in interest of lenders may determine and direct the actions to be taken on behalf of all lenders in the event of default or with respect to other matters requiring the direction or approval of lenders, and such majority may designate the SERVICER to so act in their behalf. 2. SERVICER shall furnish to OWNER a list of names and addresses of all lenders holding an interest in the NOTES upon five (5) days written notice. M. Fees will be according to the attached Fee Schedule.

Servicing of Notes. Note Servicing: OWNER MEMBER hereby authorizes and instructs SERVICER, and SERVICER agrees to service the "NOTES" and in that connection, to do the following: A. To receive any and all payments due OWNER MEMBER on the NOTES, which includes but is not limited to all monthly payments, all late payments and all payoffs in full or in part. SERVICER is authorized to direct any payment to be made payable to SERVICER's Trust Account; B. To endorse to SERVICER's Trust Account any checks or money orders payable to OWNER MEMBER and to immediately deposit same in SERVICER's Trust Account which is to be maintained in accordance with such laws and rules applicable thereto and as to which SERVICER will not commingle its assets; C. To transmit OWNERMEMBER's portion of such payments of principal and interest as required by laws, rules and regulations which are applicable. There is a seven day hold on all checks to allow for clearing with the bank. Good funds are delivered to OWNER MEMBER without a hold at the address shown herein. SERVICER will not use such payment for any other transaction other than the transaction for which the funds are received; D. To provide periodic reporting on the OWNERMEMBER's NOTES that SERVICER is servicing per this contract;. E. If the source of payment is not the maker of the NOTES, to so inform OWNERMEMBER; F. To cause SERVICER's Trust Account utilized for this transaction to be inspected as required by such laws, rules and regulations as are applicable thereto; G. To take any other action which SERVICER deems necessary or convenient to the collection and servicing of the NOTES including but not limited to instituting foreclosure proceedings in the event of default or making such payments for OWNERMEMBER's account or taking such other action as SERVICER deems necessary or desirable to protect the security of the Security Agreement or the priority thereof; H. To execute and deliver on OWNERMEMBER's behalf and in OWNERMEMBER's name any documents necessary or convenient for the exercise of any rights or duties which OWNER MEMBER may have under the NOTES, including but not limited to Request for Reconveyance, Payoff Demands, Beneficiary Statements, Declarations and Notices of Default, bidding authorizations and other instructions to the Trustee of the NOTES; I. To receive Notices of Default of prior encumbrances and to promptly notifiy OWNER MEMBER of any default upon the Notes and any prior encumbrances; J. To grant such extensions or loan modifications as SERVICER deems reasonably appropriate; K. MEMBER may terminate SERVICER's authority hereunder only with 30 days written notice and upon repayment and/or payment of the following: 1. Any outstanding payments made by SERVICER on MEMBER's behalf; 2. Any accrued expenses incurred by SERVICER in connection with servicing the NOTES; L. THE FOLLOWING PROVISIONS (1) & (2) APPLY ONLY TO LOANS IN WHICH OWNER MEMBER HOLDS AN UNDIVIDED FRACTIONAL INTEREST IN THE NOTES: 1. A default upon any interest in the NOTES shall constitute a default upon all interests. A simple majority in interest of lenders may determine and direct the actions to be taken on behalf of all lenders in the event of default or with respect to other matters requiring the direction or approval of lenders, and such majority may designate the SERVICER to so act in their behalf. . 2. SERVICER shall furnish to OWNER MEMBER a list of names and addresses of all lenders holding an interest in the NOTES upon five (5) days written notice. M. Fees will be according to the attached Fee Schedule.