Settlement Funds. The Servicer shall be named as a payee on all insurance loss drafts and upon receipt thereof, the funds shall be credited to the Borrower's Insurance Proceeds balance and deposited into (a) where such funds will be applied to the repair and restoration of the related Mortgaged Property and where required by applicable state law, one or more separate escrow accounts, so that the balance on deposit in such accounts is fully insured at all times by the FDIC through either the BIF or SAIF or (b) where such funds will not be applied to the repair and restoration of the related Mortgaged Property, the respective Custodial P&I Account.
Appears in 76 contracts
Samples: Servicing Agreement (Wells Fargo Mortgage Backed Securities 2006-17 Trust), Servicing Agreement (Wells Fargo Mortgage Backed Securities 2006-15 Trust), Servicing Agreement (Wells Fargo Mortgage Backed Securities 2006-Ar1 Trust)
Settlement Funds. The Servicer shall be named as a payee on all insurance loss drafts and upon receipt thereof, the funds shall be credited to the Borrower's ’s Insurance Proceeds balance and deposited into (a) where such funds will be applied to the repair and restoration of the related Mortgaged Property and where required by applicable state law, one or more separate escrow accounts, so that the balance on deposit in such accounts is fully insured at all times by the FDIC through either the BIF or SAIF or (b) where such funds will not be applied to the repair and restoration of the related Mortgaged Property, the respective Custodial P&I Account.
Appears in 1 contract
Samples: Servicing Agreement (Wells Fargo Asset Securities Corp)
