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

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 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 Mortgage Loan, the Master 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 Master 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 Master Servicer shall advance the amount of any shortfall unless the Master 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 Master Servicer shall be entitled to reimbursement of advances it makes pursuant to the preceding sentence, together with interest thereon at the Prime Raterate of ___% per annum, 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 Master 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 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 Federal Funds 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.