Common use of Taxes, Assessments and Similar Items; Escrow Accounts Clause in Contracts

Taxes, Assessments and Similar Items; Escrow Accounts. (a) The Servicer shall establish and maintain one or more accounts (each, an "Escrow Account") into which all Escrow Payments shall be promptly deposited and in which all Escrow Payments shall be retained. Escrow Accounts shall be Eligible Accounts, and funds in the Escrow Account may be invested in Eligible Investments. The Servicer shall notify the Trustee in writing of the location and account number of each Escrow Account it establishes and shall notify the Trustee prior to any subsequent change thereof. Withdrawals of amounts from an Escrow Account may be made only to: (i) effect payment of taxes, assessments, insurance premiums and comparable items; (ii) refund to Mortgagors any sums that are determined to be overages; (iii) reimbursement to the Servicer for any cost incurred in paying taxes, insurance premiums and assessments or comparable items; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; (v) withdraw interest or other income which may lawfully be retained by the Trust Fund, for deposit into the Certificate Account; or (vi) clear and terminate the Escrow Account at the termination of this Agreement in accordance with Section 9.1. Unless otherwise required by applicable law, any interest earned on funds in Escrow Accounts shall be remitted to the related Mortgagors if required by the related Mortgage Note or otherwise to the Servicer as additional servicing compensation.

Taxes, Assessments and Similar Items; Escrow Accounts. (a) The Servicer shall establish and maintain one or more accounts (each, an "Escrow Account") into which all Escrow Payments shall be promptly deposited and in which all Escrow Payments shall be retained. Escrow Accounts shall be Eligible Accounts, and funds in the Escrow Account may be invested in Eligible Investments. The Servicer shall notify the Trustee in writing of the location and account number of each Escrow Account it establishes and shall notify the Trustee prior to any subsequent change thereof. Withdrawals of amounts from an Escrow Account may be made only to: (i) effect payment of taxes, assessments, insurance premiums and comparable items; (ii) refund to Mortgagors any sums that are determined to be overages; (iii) reimbursement to the Servicer for any cost incurred in paying taxes, insurance premiums and assessments or comparable items; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; (v) withdraw interest or other income which may lawfully be retained by the Trust Fund, for deposit into the Certificate Account; or (vi) clear and terminate the Escrow Account at the termination of this Agreement in accordance with Section 9.1. Unless otherwise required by applicable law, any interest earned on funds in Escrow Accounts shall be remitted to the related Mortgagors if required by the related Mortgage Note or otherwise to the Servicer as additional servicing compensation.

Taxes, Assessments and Similar Items; Escrow Accounts. (a) The Servicer shall establish and maintain one or more accounts (each, an "Escrow Account") into which all Escrow Payments shall be promptly deposited and in which all Escrow Payments shall be retained. Escrow Accounts shall be Eligible Accounts, and funds in the Escrow Account may be invested in Eligible Investments. The Servicer shall notify the Trustee in writing of the location and account number of each Escrow Account it establishes and shall notify the Trustee prior to any subsequent change thereof. Withdrawals of amounts from an Escrow Account may be made only to: (i) effect payment of taxes, assessments, insurance premiums and comparable items; (ii) refund to Mortgagors any sums that are determined to be overages; (iii) reimbursement to the Servicer for any cost incurred in paying taxes, insurance premiums and assessments or comparable items; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; (v) withdraw interest or other income which may lawfully be retained by the Trust Fund, for deposit into the Certificate Account; or (vi) clear and terminate the Escrow Account at the termination of this Agreement in accordance with Section 9.1. Unless otherwise required by applicable law, any interest earned on funds in Escrow Accounts shall be remitted to the related Mortgagors if required by the related Mortgage Note or otherwise to the Servicer as additional servicing compensationServicer.

Taxes, Assessments and Similar Items; Escrow Accounts. (a) The Each Servicer shall establish and maintain one or more accounts (each, an "Escrow Account") into which all Escrow Payments shall be promptly deposited and in which all Escrow Payments shall be retained. Escrow Accounts shall be Eligible Accounts, and funds in the Escrow Account may be invested in Eligible Investments. The Each Servicer shall notify the Trustee in writing of the location and account number of each Escrow Account it establishes and shall notify the Trustee prior to any subsequent change thereof. Withdrawals of amounts from an Escrow Account may be made only to: (i) effect payment of taxes, assessments, insurance premiums and comparable items; (ii) refund to Mortgagors any sums that are determined to be overages; (iii) reimbursement to the related Servicer for any cost incurred in paying taxes, insurance premiums and assessments or comparable items; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; (v) withdraw interest or other income which may lawfully be retained by the Trust Fund, for deposit into the Certificate Account; or (vi) clear and terminate the Escrow Account at the termination of this Agreement in accordance with Section 9.1. Unless otherwise required by applicable law, any interest earned on funds in Escrow Accounts shall be remitted to the related Mortgagors if required by the related Mortgage Note or otherwise to the related Servicer as additional servicing compensation.

Taxes, Assessments and Similar Items; Escrow Accounts. (a) The Servicer shall establish and maintain one or more accounts (each, an "Escrow Account") into which all Escrow Payments shall be promptly deposited and in which all Escrow Payments shall be retained. Escrow Accounts shall be Eligible Accounts, and funds in the Escrow Account may be invested in Eligible Investments. The Servicer shall notify the Trustee in writing of the location and account number of each Escrow Account it establishes and shall notify the Trustee prior to any subsequent change thereof. Withdrawals of amounts from an Escrow Account may be made only to: (i) effect payment of taxes, assessments, insurance premiums and comparable items; (ii) refund to Mortgagors any sums that are determined to be overages; (iii) reimbursement to the Servicer for any cost incurred in paying taxes, insurance premiums and assessments or 57 comparable items; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; (v) withdraw interest or other income which may lawfully be retained by the Trust Fund, for deposit into the Certificate Account; or (vi) clear and terminate the Escrow Account at the termination of this Agreement in accordance with Section 9.1. Unless otherwise required by applicable law, any interest earned on funds in Escrow Accounts shall be remitted to the related Mortgagors if required by the related Mortgage Note or otherwise to the Servicer as additional servicing compensation.

Taxes, Assessments and Similar Items; Escrow Accounts. (a) The Servicer shall establish and maintain one or more accounts (each, an "Escrow Account") into which all Escrow Payments shall be promptly deposited and in which all Escrow Payments shall be retained. Escrow Accounts shall be Eligible Accounts, and funds in the Escrow Account may be invested in Eligible Investments. The Servicer shall notify the Trustee in writing of the location and account number of each Escrow Account it establishes and shall notify the Trustee prior to any subsequent change thereof. Withdrawals of amounts from an Escrow Account may be made only to: (i) effect payment of taxes, assessments, insurance premiums and comparable items; (ii) refund to Mortgagors any sums that are determined to be overages; (iii) reimbursement to the Servicer for any cost incurred in paying taxes, insurance premiums and assessments or comparable items; (iv) pay interest, if required and as described below, to Mortgagors on balances in the Escrow Account; (v) withdraw interest or other income which may lawfully be retained by the Trust Fund, for deposit into the Certificate Account; or (vi) clear and terminate the Escrow Account at the termination of this Agreement in accordance with Section 9.1. Unless otherwise required by applicable law, any interest earned on funds in Escrow Accounts shall be remitted to the related Mortgagors if required by the related Mortgage Note or otherwise to the Servicer as additional servicing compensation.accordance