Taxes, Assessments and Similar Items. With respect to each Mortgage Loan, the Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. The Servicer shall require that payments for taxes, assessments, insurance premiums and other similar items be made by the Mortgagor at the time they first become due. If a Mortgagor fails to make any such payment on a timely basis, the Servicer shall advance the amount of any shortfall unless the Servicer determines in its good faith judgment that such advance would not be ultimately recoverable from future payments and collections on the related Mortgage Loan (including without limitation Insurance Proceeds and Liquidation Proceeds), or otherwise. The Servicer shall be entitled to reimbursement of advances it makes pursuant to the preceding sentence, together with interest thereon at the Prime Rate, from amounts received on or in respect of the related Mortgage Loan respecting which such advance was made or if such advance has become nonrecoverable, in either case to the extent permitted by Section 3.3 of this Agreement. No costs incurred by the Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
Taxes, Assessments and Similar Items. With respect to each REO Related Tax Lien, the Servicer shall obtain from the City accurate records reflecting the status of any Subsequent Taxes and Assessments with respect to the related REO Property and determine the status of Insurance Policy premiums payable with respect thereto. From time to time, the Servicer (with respect to REO Properties) shall (i) obtain all bills for the payment of such items (including renewal premiums) and (ii) to the extent required by the servicing standard set forth in Section 2.01 hereof, effect payment of all such bills with respect to such REO Properties prior to any applicable penalty or termination date.
Taxes, Assessments and Similar Items. (a) The Servicer shall administer in accordance with the Servicing Standard the rights of the Trust under the Loan Agreement and the Cash Management Agreement with respect to the Central Account and each sub-account thereof. Subject to any terms of the Mortgage Loan Documents, the Central Account shall be an Eligible Account.
Taxes, Assessments and Similar Items. Servicing Advances; Obligations of the Indenture Trustee Regarding Back-up Servicing Advances.
Taxes, Assessments and Similar Items. (a) The Servicer shall administer in accordance with the Servicing Standard the rights of the Trust under the Loan Agreement and the Cash Management Agreement with respect to the Impositions and Insurance Reserve Sub-Account. Subject to any terms of the Mortgage Loan documents, the Impositions and Insurance Reserve Sub-Account shall be an Eligible Account. Withdrawals of amounts so collected in respect of the Mortgage Loan (and interest earned thereon) from the Impositions and Insurance Reserve Sub-Account may be made only: (i) to effect the payment of real estate taxes, assessments, insurance premiums and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the Servicer, the Special Servicer, the Trustee or the Fiscal Agent, as applicable, for any unreimbursed Servicing Advances made thereby to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the Borrower on balances in the Impositions and Insurance Reserve Sub-Account (or, if and to the extent not payable to the Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of the Impositions and Insurance Reserve Sub-Account for each Collection Period) to the Servicer); or (v) to clear and terminate the Impositions and Insurance Reserve Sub-Account at the termination of this Agreement in accordance with Section 9.01. The Servicer shall pay or ------------ cause to be paid to the Borrower interest and other income, if any, earned on the investment of funds in the Impositions and Insurance Reserve Sub-Account, if and to the extent required by law or the terms of the Mortgage Loan.
