Common use of Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report Clause in Contracts

Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report. (a) Upon determining that a Servicing Transfer Event has occurred with respect to any Mortgage Loan, the Servicer shall immediately give notice thereof, and shall deliver the related Mortgage File and Credit File to the Special Servicer and shall use its best efforts to provide the Special Servicer with all information, documents and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to the Mortgage Loan and reasonably requested by the Special Servicer to enable it to assume its functions hereunder with respect thereto. The Servicer shall use its best efforts to comply with the preceding sentence within 5 Business Days of the occurrence of each related Servicing Transfer Event and in any event shall continue to act as Servicer and administrator of such Mortgage Loan until the Special Servicer has commenced the servicing of such Mortgage Loan. The Servicer shall deliver to the Trustee, the Paying Agent, the Underwriters, the Placement Agents and to each Holder of a Class [F], Class [G] and Class [H] Certificate a copy of the notice of such Servicing Transfer Event provided by the Servicer to the Special Servicer pursuant to this Section. Upon determining that a Specially Serviced Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly Payments (provided no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer), and that no other Servicing Transfer Event is continuing with respect thereto, the Special Servicer shall immediately give notice thereof, and shall return the related Mortgage File and Credit File to the Servicer and upon giving such notice, and returning such Mortgage File and Credit File to the Servicer, the Special Servicer's obligation to service such Corrected Mortgage Loan shall terminate and the obligations of the Servicer to service and administer such Mortgage Loan shall re-commence.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc), Pooling and Servicing Agreement (Chase Commercial Mortgage Securities Corp), Pooling and Servicing Agreement (Jp Morgan Chase Commercial Mortgage Securities Corp)

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Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report. (a) Upon determining that the occurrence of a Special Servicing Transfer Event has occurred with respect to any Mortgage LoanServiced Loan of which the Servicer has notice, the Servicer (or the Special Servicer, if such Special Servicing Transfer Event occurs due to the Special Servicer’s receipt of notice pursuant to clause (vii) or (viii) under the definition thereof) shall immediately promptly give notice thereof, and shall deliver the related Mortgage File and Credit File thereof to the Special Servicer (or Servicer, as applicable), the Issuer, the Trustee, the Note Administrator, the Seller, the Collateral Manager, any related Companion Participation Holder and the Servicer shall use its best reasonable efforts to provide the Special Servicer with all information, documents (but excluding the original documents constituting the Collateral Interest File) and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to the Mortgage Loan such Commercial Real Estate Loan, as applicable, and reasonably requested by the Special Servicer to enable it to assume its functions duties hereunder with respect theretothereto without acting through a sub-servicer. The Servicer shall use its best reasonable efforts to comply with the preceding sentence within 5 five (5) Business Days of the occurrence of each related Servicing Transfer Event date such Commercial Real Estate Loan becomes a Specially Serviced Loan and in any event shall continue to act as Servicer and administrator of such Mortgage Commercial Real Estate Loan until the Special Servicer has commenced the servicing of such Mortgage Commercial Real Estate Loan, which shall occur upon the receipt by the Special Servicer of the information, documents and records referred to in the preceding sentence; provided, that the Servicer shall continue to receive payments and make all calculations, and prepare, or cause to be prepared, all reports, required hereunder with respect to the Specially Serviced Loans, except for the reports specified herein as prepared by the Special Servicer, as if no Special Servicing Transfer Event had occurred and with respect to the REO Properties as if no REO acquisition had occurred, and to render such services with respect to such Specially Serviced Loans and REO Properties as are specifically provided for herein; provided, further, however, that the Servicer shall not be liable for failure to comply with such duties insofar as such failure results from a failure of the Special Servicer to provide sufficient information to the Servicer to comply with such duties or failure by the Special Servicer to otherwise comply with its obligations hereunder. The Servicer, in its capacity as Servicer, will not have any responsibility for performance by the Special Servicer, in its capacity as Special Servicer, of its duties under this Agreement. The Special Servicer, in its capacity as Special Servicer, will not have any responsibility for the performance by the Servicer, in its capacity as Servicer, of its duties under this Agreement. With respect to each such Commercial Real Estate Loan, the Servicer shall instruct the related Obligor to continue to remit all payments in respect of such Commercial Real Estate Loan to the Servicer. The Special Servicer shall remit to the Servicer any such payments received by its pursuant to the preceding sentence within two (2) Business Days of receipt. The Servicer shall deliver forward any notices it would otherwise send to the Trustee, the Paying Agent, the Underwriters, the Placement Agents and to each Holder related Obligor of a Class [F], Class [G] and Class [H] Certificate a copy of the notice of such Servicing Transfer Event provided by the Servicer Specially Serviced Loan to the Special Servicer pursuant who shall send such notice to this Section. Upon determining that a Specially Serviced Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly Payments (provided no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer), and that no other Servicing Transfer Event is continuing with respect thereto, the Special Servicer shall immediately give notice thereof, and shall return the related Mortgage File and Credit File to the Servicer and upon giving such notice, and returning such Mortgage File and Credit File to the Servicer, the Special Servicer's obligation to service such Corrected Mortgage Loan shall terminate and the obligations of the Servicer to service and administer such Mortgage Loan shall re-commenceObligor.

Appears in 2 contracts

Samples: Servicing Agreement (TPG RE Finance Trust, Inc.), Servicing Agreement (TPG RE Finance Trust, Inc.)

Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report. (a) Upon determining that the occurrence of a Special Servicing Transfer Event has occurred with respect to any Mortgage LoanServiced Commercial Real Estate Loan of which the Servicer has notice, the Servicer (or the Special Servicer, if such Special Servicing Transfer Event occurs due to the Special Servicer’s receipt of notice pursuant to clause (vii) or (viii) under the definition thereof) shall immediately promptly give notice thereofthereof to the Special Servicer (or Servicer, as applicable), the Issuer, the Trustee, the Note Administrator, the Seller, the Collateral Manager, any related Companion Participation Holder and the Servicer shall deliver the related Mortgage File and Credit Servicing File to the Special Servicer and shall use its best reasonable efforts to provide the Special Servicer with all information, documents (but excluding the original documents constituting the Collateral Interest File) and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to such Serviced Commercial Real Estate Loan in the Mortgage Loan Servicer’s possession and reasonably requested by the Special Servicer to enable it to assume its functions duties hereunder with respect theretothereto without acting through a sub-servicer. The Servicer shall use its best reasonable efforts to comply with the preceding sentence within 5 five (5) Business Days of the occurrence of each related Servicing Transfer Event date such Serviced Commercial Real Estate Loan becomes a Specially Serviced Loan and in any event shall continue to act as Servicer and administrator of such Mortgage Serviced Commercial Real Estate Loan until the Special Servicer has commenced the servicing of such Mortgage Serviced Commercial Real Estate Loan, which shall occur upon the receipt by the Special Servicer of the information, documents and records referred to in the preceding sentence; provided, that the Servicer shall continue to receive payments and make all calculations, and prepare, or cause to be prepared, all reports, required hereunder with respect to the Specially Serviced Loans, except for the reports specified herein as prepared by the Special Servicer, as if no Special Servicing Transfer Event had occurred and with respect to the REO Properties as if no REO acquisition had occurred, and to render such services with respect to such Specially Serviced Loans and REO Properties as are specifically provided for herein; provided, further, however, that the Servicer shall not be liable for failure to comply with such duties insofar as such failure results from a failure of the Special Servicer to provide sufficient information to the Servicer to comply with such duties or failure by the Special Servicer to otherwise comply with its obligations hereunder. The Servicer, in its capacity as Servicer, will not have any responsibility for performance by the Special Servicer, in its capacity as Special Servicer, of its duties under this Agreement. The Special Servicer, in its capacity as Special Servicer, will not have any responsibility for the performance by the Servicer, in its capacity as Servicer, of its duties under this Agreement. With respect to each such Serviced Commercial Real Estate Loan, the Servicer shall instruct the related Obligor to continue to remit all payments in respect of such Serviced Commercial Real Estate Loan to the Servicer. The Special Servicer shall remit to the Servicer any such payments received by its pursuant to the preceding sentence within two (2) Business Days of receipt of properly identified funds. The Servicer shall deliver forward any notices it would otherwise send to the Trustee, the Paying Agent, the Underwriters, the Placement Agents and to each Holder related Obligor of a Class [F], Class [G] and Class [H] Certificate a copy of the notice of such Servicing Transfer Event provided by the Servicer Specially Serviced Loan to the Special Servicer pursuant who shall send such notice to this Section. Upon determining that a Specially Serviced Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly Payments (provided no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer), and that no other Servicing Transfer Event is continuing with respect thereto, the Special Servicer shall immediately give notice thereof, and shall return the related Mortgage File and Credit File to the Servicer and upon giving such notice, and returning such Mortgage File and Credit File to the Servicer, the Special Servicer's obligation to service such Corrected Mortgage Loan shall terminate and the obligations of the Servicer to service and administer such Mortgage Loan shall re-commenceObligor.

Appears in 2 contracts

Samples: Servicing Agreement (Granite Point Mortgage Trust Inc.), Servicing Agreement (Granite Point Mortgage Trust Inc.)

Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report. (a) Upon determining that a Servicing Transfer Event has occurred with respect to any Mortgage Loan, the Servicer shall immediately give notice thereof, and shall deliver the related Mortgage File and Credit File to the Special Servicer and shall use its best efforts to provide the Special Servicer with all information, documents and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to the Mortgage Loan either in the Servicer's possession or otherwise available to the Servicer without undue burden or expense, and reasonably requested by the Special Servicer to enable it to assume its functions hereunder with respect thereto. The Servicer shall use its best efforts to comply with the preceding sentence within 5 Business Days of the occurrence of each related Servicing Transfer Event and in any event shall continue to act as Servicer and administrator of such Mortgage Loan until the Special Servicer has commenced the servicing of such Mortgage Loan, which will commence upon receipt by the Special Servicer of the Mortgage File. The Servicer shall deliver to the Trustee, the Paying Agent, the Underwriters, the Placement Agents and to each Holder of a Class [F], Class [G] and Class [H] Certificate a copy of the notice of such Servicing Transfer Event provided by the Servicer to the Special Servicer pursuant to this Section. The Paying Agent shall deliver to each Controlling Class Certificateholder a copy of the notice of such Servicing Transfer Event provided by the Servicer pursuant to this Section. Upon determining that a Specially Serviced Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly Payments (provided provided, that (i) no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer, and (ii) for such purposes taking into account any modification or amendment of such Mortgage Loan), and that no other Servicing Transfer Event is continuing with respect thereto, the Special Servicer shall immediately give notice thereof, and shall return the related Mortgage File and Credit File to the Servicer (or copies thereof if copies only were delivered to the Special Servicer) and upon giving such notice, and returning such Mortgage File and Credit File to the Servicer, the Special Servicer's obligation to service such Corrected Mortgage Loan shall terminate and the obligations of the Servicer to service and administer such Mortgage Loan shall re-commence.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Ge Commercial Mortgage Corp), Pooling and Servicing Agreement (Ge Capital Commercial Mortgage Corp)

Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report. (a) Upon determining that a Servicing Transfer Event has occurred with respect to any Mortgage Loan, the Servicer shall immediately promptly give notice thereof, and shall deliver the related Mortgage File and Credit File to the Special Servicer and shall use its best efforts to provide the Special Servicer with all information, documents and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to the Mortgage Loan either in the Servicer's possession or otherwise available to the Servicer without undue burden or expense, and reasonably requested by the Special Servicer to enable it to assume its functions hereunder with respect thereto. The Servicer shall use its best reasonable efforts to comply with the preceding sentence within 5 Business Days of the occurrence of each related Servicing Transfer Event and in any event shall continue to act as Servicer and administrator of such Mortgage Loan until the Special Servicer has commenced the servicing of such Mortgage Loan, which will commence upon receipt by the Special Servicer of the Mortgage File. The Servicer shall deliver to the Trustee, the Paying Agent, the Underwriters, the Placement Agents and to each Holder of a Class [F], Class [G] and Class [H] Certificate Agent a copy of the notice of such Servicing Transfer Event provided by the Servicer to the Special Servicer pursuant to this Section. The Paying Agent shall deliver to each Controlling Class Certificateholder a copy of the notice of such Servicing Transfer Event provided by the Servicer pursuant to this Section Upon determining that a Specially Serviced Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly Payments (provided that (i) no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer, and (ii) for such purposes taking into account any modification or amendment of such Mortgage Loan), and that no other Servicing Transfer Event is continuing with respect thereto, the Special Servicer shall immediately give notice thereof, and shall return the related Mortgage File and Credit File to the Servicer (or copies thereof if copies only were delivered to the Special Servicer) and upon giving such notice, and returning such Mortgage File and Credit File to the Servicer, the Special Servicer's obligation to service such Corrected Mortgage Loan shall terminate and the obligations of the Servicer to service and administer such Mortgage Loan shall re-commence.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Chase Commercial Mort Sec Corp Com Mor Pa Th Ce Ser 2000-1), Pooling and Servicing Agreement (Chase Commercial Mort Sec Corp Com Mor Pa Th Ce Ser 2000-2)

Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report. (a) Upon determining that the occurrence of a Special Servicing Transfer Event has occurred with respect to any Serviced Mortgage LoanLoan of which the Servicer has notice, the Servicer (or the Special Servicer, if such Special Servicing Transfer Event occurs due to the Special Servicer’s receipt of notice pursuant to clause (viii) under the definition thereof) shall immediately promptly give notice thereof, and shall deliver the related Mortgage File and Credit File thereof to the Special Servicer (or Servicer, as applicable), the Issuer, the Trustee, the Note Administrator, the Seller, the Collateral Manager and the Servicer shall use its best reasonable efforts to provide the Special Servicer with all information, documents (but excluding the original documents constituting the Mortgage Asset File) and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to the such Mortgage Loan Loan, as applicable, and reasonably requested by the Special Servicer to enable it to assume its functions duties hereunder with respect theretothereto without acting through a sub-servicer. The Servicer shall use its best reasonable efforts to comply with the preceding sentence within 5 five (5) Business Days of the occurrence of each related Servicing Transfer Event date such Mortgage Loan becomes a Specially Serviced Mortgage Loan and in any event shall continue to act as Servicer and administrator of such Mortgage Loan until the Special Servicer has commenced the servicing of such Mortgage Loan. The Servicer , which shall deliver to occur upon the Trustee, the Paying Agent, the Underwriters, the Placement Agents and to each Holder of a Class [F], Class [G] and Class [H] Certificate a copy of the notice of such Servicing Transfer Event provided receipt by the Servicer to the Special Servicer pursuant of the information, documents and records referred to this Sectionin the preceding sentence. Upon determining that a Specially Serviced With respect to each such Mortgage Loan, the Servicer shall instruct the related Obligor to continue to remit all payments in respect of such Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly Payments (provided no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer), and that no other Servicing Transfer Event is continuing with respect thereto, the Special Servicer shall immediately give notice thereof, and shall return the related Mortgage File and Credit File to the Servicer and upon giving such notice, and returning such Mortgage File and Credit File to the Servicer, the Special Servicer's obligation to service such Corrected Mortgage Loan shall terminate and the obligations of the Servicer to service and administer such Mortgage Loan shall re-commence.

Appears in 1 contract

Samples: Servicing Agreement (Lument Finance Trust, Inc.)

Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report. (a) 3.9.1 Upon determining that a the occurrence of any Special Servicing Transfer Event has occurred with respect to any Mortgage LoanInvestment of which Servicer has notice, the Servicer shall immediately on the same day give notice thereofthereof to Special Servicer, Owner and shall deliver the related Mortgage File and Credit File to the Special Servicer Lender, and shall use its best reasonable efforts to provide the Special Servicer with all information, documents (but excluding the original documents constituting the Servicing File) and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to the Mortgage Loan such Investment, as applicable, and reasonably requested by the Special Servicer to enable it to assume its functions duties hereunder with respect theretothereto without acting through a sub-servicer. The Servicer shall use its best reasonable efforts to comply with the preceding sentence within 5 five Business Days of the occurrence of each related Servicing Transfer Event date such Investment becomes a Specially Serviced Investment and in any event shall continue to act as Servicer and administrator of such Mortgage Loan Investment until the Special Servicer has commenced the servicing of such Mortgage LoanInvestment, which shall occur upon the receipt by Special Servicer of the information, documents and records referred to in the preceding sentence. The With respect to each Investment, Servicer shall deliver instruct the related Mortgagor to continue to remit all payments in respect of such Investment to Servicer. Notwithstanding the preceding sentence, subject to the TrusteeMaster Loan Agreement, the Paying Agent, the Underwriters, the Placement Agents and with respect to each Holder of a Class [F], Class [G] and Class [H] Certificate a copy of the notice of such Servicing Transfer Event provided by the Servicer to the Special Servicer pursuant to this Section. Upon determining Investment that becomes a Specially Serviced Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly Payments (provided no additional Servicing Transfer Event is foreseeable Investment, Special Servicer may instruct the related Mortgagor to remit all payments in the reasonable judgment respect of the such Investment to Special Servicer), and provided that no other Servicing Transfer Event is continuing with the payee in respect thereto, the of such payments shall remain Servicer. Special Servicer shall immediately give remit to Servicer any such payments received by it pursuant to the preceding sentence within one Business Day of receipt. Servicer shall forward any notices it would otherwise send to Mortgagor of a Specially Serviced Investment to Special Servicer who shall send such notice thereof, and shall return to the related Mortgage File and Credit File to the Servicer and upon giving such notice, and returning such Mortgage File and Credit File to the Servicer, the Special Servicer's obligation to service such Corrected Mortgage Loan shall terminate and the obligations of the Servicer to service and administer such Mortgage Loan shall re-commenceMortgagor.

Appears in 1 contract

Samples: Interim Servicing Agreement (Ares Commercial Real Estate Corp)

Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report. (a) Upon determining that a Servicing Transfer Event has occurred with respect to any Mortgage Loan, the Servicer shall immediately give notice thereof, and shall deliver the related Mortgage File and Credit File to the Special Servicer and shall use its best efforts to provide the Special Servicer with all information, documents and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to the Mortgage Loan either in the Servicer's possession or otherwise available to the Servicer without undue burden or expense, and reasonably requested by the Special Servicer to enable it to assume its functions hereunder with respect thereto. The Servicer shall use its best reasonable efforts to comply with the preceding sentence within 5 Business Days of the occurrence of each related Servicing Transfer Event and in any event shall continue to act as Servicer and administrator of such Mortgage Loan until the Special Servicer has commenced the servicing of such Mortgage Loan, which will commence upon receipt by the Special Servicer of the Mortgage File. The Servicer shall deliver to the Trustee, the Paying Agent, the Underwriters, the Placement Agents and to each Holder of a Class [F], Class [G] and Class [H] Certificate Agent a copy of the notice of such Servicing Transfer Event provided by the Servicer to the Special Servicer pursuant to this Section. The Paying Agent shall deliver to each Controlling Class Certificateholder a copy of the notice of such Servicing Transfer Event provided by the Servicer pursuant to this Section Upon determining that a Specially Serviced Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly Periodic Payments or one Periodic Payment with respect to a Semi-Annual Loan (provided that (i) no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer, and (ii) for such purposes taking into account any modification or amendment of such Mortgage Loan), and that no other Servicing Transfer Event is continuing with respect thereto, the Special Servicer shall immediately give notice thereof, and shall return the related Mortgage File and Credit File to the Servicer (or copies thereof if copies only were delivered to the Special Servicer) and upon giving such notice, and returning such Mortgage File and Credit File to the Servicer, the Special Servicer's obligation to service such Corrected Mortgage Loan shall terminate and the obligations of the Servicer to service and administer such Mortgage Loan shall re-commence.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chase Manhattan Bk First Union Na Bk Com Mor Tr Ser 1999-1)

Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report. (a) Upon determining that a Servicing Transfer Event has occurred with respect to any Mortgage Loan, the Servicer shall immediately give notice thereof, and shall deliver the related Mortgage File and Credit File to the Special Servicer and shall use its best efforts to provide the Special Servicer with all information, documents and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to the Mortgage Loan and reasonably requested by the Special Servicer to enable it to assume its functions hereunder with respect thereto. The Special Servicer may conclusively rely upon any such documentation or information supplied to it by the Servicer, in the absence of manifest error. The Servicer shall use its best efforts to comply with the preceding sentence within 5 Business Days of the occurrence of each related Servicing Transfer Event and in any event shall continue to act as Servicer and administrator of such Mortgage Loan until the Special Servicer has commenced the servicing of such Mortgage Loan, which will commence upon receipt by the Special Servicer of the Mortgage File. The Servicer Trustee shall deliver to the Trustee, the Paying Agent, the UnderwritersUnderwriter, the Placement Agents Agent and to each Holder of a Class [F], Class [G] , Class H, Class I, Class J and Class [H] K Certificate a copy of the notice of such Servicing Transfer Event provided by the Servicer to the Special Servicer pursuant to this Section. Upon determining that a Specially Serviced Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly Payments (provided no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer), and that no other Servicing Transfer Event is continuing with respect thereto, the Special Servicer shall immediately give notice thereof, and shall return the related Mortgage File and Credit File to the Servicer and upon giving such notice, and returning such Mortgage File and Credit File to the Servicer, the Special Servicer's obligation to service such Corrected Mortgage Loan shall terminate and the obligations of the Servicer to fully service and administer such Mortgage Loan shall re-commencerecommence.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)

Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report. (a) Upon determining that a Servicing Transfer Event has occurred with respect to any Mortgage Loan, the Servicer shall immediately give notice thereof, and shall deliver the related Mortgage File and Credit File to the Special Servicer and shall use its best efforts to provide the Special Servicer with all information, documents and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to the Mortgage Loan and reasonably requested by the Special Servicer to enable it to assume its functions hereunder with respect thereto. The Servicer shall use its best efforts to comply with the preceding sentence within 5 Business Days of the occurrence of each related Servicing Transfer Event and in any event shall continue to act as Servicer and administrator of such Mortgage Loan until the Special Servicer has commenced the servicing of such Mortgage Loan, which will commence upon receipt by the Special Servicer of the Mortgage File. The Servicer shall deliver to the Trustee, the Paying Agent, the Underwriters, the Placement Agents and to each Holder of a Class [F], Class [G] , Class H and Class [H] I Certificate a copy of the notice of such Servicing Transfer Event provided by the Servicer to the Special Servicer pursuant to this Section. Upon determining that a Specially Serviced Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly Payments (provided no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer), and that no other Servicing Transfer Event is continuing with respect thereto, the Special Servicer shall immediately give notice thereof, and shall return the related Mortgage File and Credit File to the Servicer and upon giving such notice, and returning such Mortgage File and Credit File to the Servicer, the Special Servicer's obligation to service such Corrected Mortgage Loan shall terminate and the obligations of the Servicer to service and administer such Mortgage Loan shall re-commence.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chase Commercial Mortgage Securities Corp)

Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report. (a) Upon determining that a Servicing Transfer Event has occurred the occurrence of any event specified in the definition of Specially Serviced Loan with respect to any Mortgage LoanLoan or Loan Pair, the Servicer shall immediately give notice thereof, to the Special Servicer, the Trustee and shall deliver the related Mortgage File Loan Seller and Credit File to the Special Servicer related Companion Holder and shall use its best efforts to provide the Special Servicer with all information, documents (but excluding the original documents constituting the Mortgage File) and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to the Mortgage Loan or Loan Pair and reasonably requested by the Special Servicer to enable it to assume its functions duties hereunder with respect theretothereto without acting through a sub-servicer. The Servicer shall use its best efforts to comply with the preceding sentence within 5 five Business Days of the occurrence of each related Servicing Transfer Event date such Mortgage Loan or Loan Pair becomes a Specially Serviced Loan and in any event shall continue to act as Servicer and administrator of such Mortgage Loan or Loan Pair until the Special Servicer has commenced the servicing of such Mortgage Loan or Loan Pair, which shall occur upon the receipt by the Special Servicer of the information, documents and records referred to in the preceding sentence. With respect to each Mortgage Loan or Loan Pair that becomes a Specially Serviced Loan, the Servicer shall instruct the related Borrower to continue to remit all payments in respect of such Mortgage Loan or Loan Pair to the Servicer. The Servicer or Special Servicer, as applicable, may agree that, notwithstanding the preceding sentence, with respect to each Mortgage Loan or Loan Pair that becomes a Specially Serviced Loan, the Servicer shall instruct the related Borrower to remit all payments in respect of such Mortgage Loan or Loan Pair to the Special Servicer, provided that the payee in respect of such payments shall remain the Servicer. The Special Servicer shall remit to the Servicer any such payments received by it pursuant to the preceding sentence within one Business Day of receipt. The Servicer shall deliver forward any notices it would otherwise send to the Trustee, the Paying Agent, the Underwriters, the Placement Agents and to each Holder Borrower of a Class [F], Class [G] and Class [H] Certificate a copy of the notice of such Servicing Transfer Event provided by the Servicer Specially Serviced Loan to the Special Servicer pursuant who shall send such notice to this Sectionthe related Borrower. Upon determining that a Specially Serviced Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly Payments (provided no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer), and that no other Servicing Transfer Event is continuing with respect theretoa Corrected Mortgage Loan, the Special Servicer shall immediately give notice thereof, and shall return the related Mortgage File and Credit File thereof to the Servicer Servicer, and upon giving such notice, and returning such Mortgage File and Credit File Loan or Loan Pair shall cease to be a Specially Serviced Loan in accordance with the Servicerfirst proviso of the definition of Specially Serviced Loan, the Special Servicer's obligation to service such Corrected Mortgage Loan or Loan Pair shall terminate and the obligations of the Servicer to service and administer such Mortgage Loan or Loan Pair as a Mortgage Loan or Loan Pair that is not a Specially Serviced Loan shall re-commenceresume. In addition, if the related Borrower has been instructed, pursuant to the preceding paragraph, to make payments to the Special Servicer, upon such determination, the Special Servicer shall instruct the related Borrower to remit all payments in respect of such Specially Serviced Loan directly to the Servicer.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Deutsche Mortgage & Asset Receiving Corp Series 2000-C1)

Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report. (a) Upon determining that a the occurrence of any Special Servicing Transfer Event has occurred with respect to any Mortgage LoanCollateral Obligation of which the Servicer has notice, the Servicer shall immediately promptly give notice thereof, and shall deliver the related Mortgage File and Credit File thereof to the Special Servicer Servicer, the Issuer, the related Seller, and the Collateral Manager and shall use its best reasonable efforts to provide the Special Servicer with all information, documents (but excluding the original documents constituting the Servicing File) and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to the Mortgage Loan such Collateral Obligation, as applicable, and reasonably requested by the Special Servicer to enable it to assume its functions duties hereunder with respect theretothereto without acting through a sub-servicer. The Servicer shall use its best reasonable efforts to comply with the preceding sentence within 5 five (5) Business Days of the occurrence of each related Servicing Transfer Event date such Collateral Obligation becomes a Specially Serviced Investment and in any event shall continue to act as Servicer and administrator of such Mortgage Loan Collateral Obligation until the Special Servicer has commenced the servicing of such Mortgage LoanCollateral Obligation, which shall occur upon the receipt by the Special Servicer of the information, documents and records referred to in the preceding sentence. With respect to each Collateral Obligation, the Servicer shall instruct the related Obligor to continue to remit all payments in respect of such Collateral Obligation to the Servicer. Notwithstanding the preceding sentence, with respect to each Collateral Obligation that becomes a Specially Serviced Investment, the Special Servicer may instruct the related Obligor to remit all payments in respect of such Collateral Obligation to the Special Servicer, provided that the payee in respect of such payments shall remain the Servicer. The Special Servicer shall remit to the Servicer any such payments received by it pursuant to the preceding sentence within one (1) Business Day of receipt. The Servicer shall deliver forward any notices it would otherwise send to the Trustee, the Paying Agent, the Underwriters, the Placement Agents and to each Holder Obligor of a Class [F], Class [G] and Class [H] Certificate a copy of the notice of such Servicing Transfer Event provided by the Servicer Specially Serviced Investment to the Special Servicer pursuant who shall send such notice to this Section. Upon determining that a Specially Serviced Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly Payments (provided no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer), and that no other Servicing Transfer Event is continuing with respect thereto, the Special Servicer shall immediately give notice thereof, and shall return the related Mortgage File and Credit File to the Servicer and upon giving such notice, and returning such Mortgage File and Credit File to the Servicer, the Special Servicer's obligation to service such Corrected Mortgage Loan shall terminate and the obligations of the Servicer to service and administer such Mortgage Loan shall re-commenceObligor.

Appears in 1 contract

Samples: Servicing Agreement (Capitalsource Inc)

Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report. (a) Upon determining that a Servicing Transfer Event has occurred with respect to any Mortgage Loan, the Servicer shall immediately give notice thereof, and shall deliver the related Mortgage File and Credit File to the Special Servicer and shall use its reasonable best efforts consistent with the Servicing Standard to provide the Special Servicer with all information, documents and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to the Mortgage Loan and reasonably requested by the Special Servicer to enable it to assume its functions hereunder with respect thereto. The Special Servicer may conclusively rely upon any such documentation or information supplied to it by the Servicer, in the absence of manifest error. The Servicer shall use its reasonable best efforts consistent with the Servicing Standard to comply with the preceding sentence within 5 Business Days of the occurrence of each related Servicing Transfer Event and in any event shall continue to act as Servicer and administrator of such Mortgage Loan until the Special Servicer has commenced the servicing of such Mortgage Loan, which will commence upon receipt by the Special Servicer of the Mortgage File. The Servicer Trustee shall deliver to the Trustee, the Paying Agent, the UnderwritersUnderwriter, the Placement Agents Agent and to each Holder of a Class [F], Class [G] , Class H, Class I, Class J and Class [H] K Certificate a copy of the notice of such Servicing Transfer Event provided by the Servicer to the Special Servicer pursuant to this Section. Upon determining that a Specially Serviced Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly Payments (provided no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer), and that no other Servicing Transfer Event is continuing with respect thereto, the Special Servicer shall immediately promptly give notice thereof, and shall return the related Mortgage File and Credit File to the Servicer and upon giving such notice, and returning such Mortgage File and Credit File to the Servicer, the Special Servicer's obligation to service such Corrected Mortgage Loan shall terminate and the obligations of the Servicer to fully service and administer such Mortgage Loan shall re-commencerecommence.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)

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Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report. (a) 3.9.1 Upon determining that a the occurrence of any Special Servicing Transfer Event has occurred with respect to any Mortgage LoanInvestment of which Servicer has notice, the Servicer shall immediately on the same day give notice thereofthereof to Special Servicer, Buyer and shall deliver the related Mortgage File and Credit File to the Special Servicer Seller, and shall use its best reasonable efforts to provide the Special Servicer with all information, documents (but excluding the original documents constituting the Servicing File) and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to the Mortgage Loan such Investment, as applicable, and reasonably requested by the Special Servicer to enable it to assume its functions duties hereunder with respect theretothereto without acting through a sub-servicer. The Servicer shall use its best reasonable efforts to comply with the preceding sentence within 5 five Business Days of the occurrence of each related Servicing Transfer Event date such Investment becomes a Specially Serviced Investment and in any event shall continue to act as Servicer and administrator of such Mortgage Loan Investment until the Special Servicer has commenced the servicing of such Mortgage LoanInvestment, which shall occur upon the receipt by Special Servicer of the information, documents and records referred to in the preceding sentence. The With respect to each Investment, Servicer shall deliver instruct the related Underlying Obligor to continue to remit all payments in respect of such Investment to Servicer. Notwithstanding the Trusteepreceding sentence, the Paying Agent, the Underwriters, the Placement Agents and with respect to each Holder of a Class [F], Class [G] and Class [H] Certificate a copy of the notice of such Servicing Transfer Event provided by the Servicer to the Special Servicer pursuant to this Section. Upon determining Investment that becomes a Specially Serviced Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly Payments (provided no additional Servicing Transfer Event is foreseeable Investment, Special Servicer may instruct the related Underlying Obligor to remit all payments in the reasonable judgment respect of the such Investment to Special Servicer), and provided that no other Servicing Transfer Event is continuing with the payee in respect thereto, the of such payments shall remain Servicer. Special Servicer shall immediately give remit to Servicer any such payments received by it pursuant to the preceding sentence within one Business Day of receipt. Servicer shall forward any notices it would otherwise send to Underlying Obligor of a Specially Serviced Investment to Special Servicer who shall send such notice thereof, and shall return to the related Mortgage File and Credit File to the Servicer and upon giving such notice, and returning such Mortgage File and Credit File to the Servicer, the Special Servicer's obligation to service such Corrected Mortgage Loan shall terminate and the obligations of the Servicer to service and administer such Mortgage Loan shall re-commenceUnderlying Obligor.

Appears in 1 contract

Samples: Interim Servicing Agreement (Ares Commercial Real Estate Corp)

Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report. (a) Upon determining that the occurrence of a Special Servicing Transfer Event has occurred with respect to any Mortgage LoanLoan of which the Servicer has notice, the Servicer (or the Special Servicer, if such Special Servicing Transfer Event occurs due to the Special Servicer’s receipt of notice pursuant to clause (vii) or (viii) under the definition thereof) shall immediately promptly give notice thereof, and shall deliver the related Mortgage File and Credit File thereof to the Special Servicer (or Servicer, as applicable), the Issuer, the Trustee, the Note Administrator, the Seller, the applicable Directing Holder, any related Companion Participation Holder and the Operating Advisor and the Servicer shall use its best reasonable efforts to provide the Special Servicer with all information, documents (but excluding the original documents constituting the Mortgage Asset File) and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to the such Mortgage Loan Loan, as applicable, and reasonably requested by the Special Servicer to enable it to assume its functions duties hereunder with respect theretothereto without acting through a sub-servicer. The Servicer shall use its best reasonable efforts to comply with the preceding sentence within 5 five (5) Business Days of the occurrence of each related Servicing Transfer Event date such Mortgage Loan becomes a Specially Serviced Mortgage Loan and in any event shall continue to act as Servicer and administrator of such Mortgage Loan until the Special Servicer has commenced the servicing of such Mortgage Loan, which shall occur upon the receipt by the Special Servicer of the information, documents and records referred to in the preceding sentence; provided, that the Servicer shall continue to receive payments and make all calculations, and prepare, or cause to be prepared, all reports, required hereunder with respect to the Specially Serviced Mortgage Loans, except for the reports specified herein as prepared by the Special Servicer, as if no Special Servicing Transfer Event had occurred and with respect to the REO Properties as if no REO acquisition had occurred, and to render such services with respect to such Specially Serviced Mortgage Loans and REO Properties as are specifically provided for herein; provided, further, however, that the Servicer shall not be liable for failure to comply with such duties insofar as such failure results from a failure of the Special Servicer to provide sufficient information to the Servicer to comply with such duties or failure by the Special Servicer to otherwise comply with its obligations hereunder. The Servicer, in its capacity as Servicer, will not have any responsibility for performance by the Special Servicer, in its capacity as Special Servicer, of its duties under this Agreement. The Special Servicer, in its capacity as Special Servicer, will not have any responsibility for the performance by the Servicer, in its capacity as Servicer, of its duties under this Agreement. With respect to each such Mortgage Loan, the Servicer shall instruct the related Obligor to continue to remit all payments in respect of such Mortgage Loan to the Servicer. The Special Servicer shall remit to the Servicer any such payments received by its pursuant to the preceding sentence within two (2) Business Days of receipt. The Servicer shall deliver forward any notices it would otherwise send to the Trustee, the Paying Agent, the Underwriters, the Placement Agents and to each Holder related Obligor of a Class [F], Class [G] and Class [H] Certificate a copy of the notice of such Servicing Transfer Event provided by the Servicer to the Special Servicer pursuant to this Section. Upon determining that a Specially Serviced Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly Payments (provided no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer), and that no other Servicing Transfer Event is continuing with respect thereto, to the Special Servicer who shall immediately give send such notice thereof, and shall return to the related Mortgage File and Credit File to the Servicer and upon giving such notice, and returning such Mortgage File and Credit File to the Servicer, the Special Servicer's obligation to service such Corrected Mortgage Loan shall terminate and the obligations of the Servicer to service and administer such Mortgage Loan shall re-commenceObligor.

Appears in 1 contract

Samples: Servicing Agreement (TPG RE Finance Trust, Inc.)

Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report. (a) Upon determining that the occurrence of a Special Servicing Transfer Event has occurred with respect to any Serviced Mortgage LoanLoan of which the Servicer has notice, the Servicer (or the Special Servicer, if such Special Servicing Transfer Event occurs due to the Special Servicer’s receipt of notice pursuant to clause (viii) under the definition thereof) shall immediately promptly give notice thereof, and shall deliver the related Mortgage File and Credit File thereof to the Special Servicer (or Servicer, as applicable), the Issuer, the Trustee, the Note Administrator, the Seller, the Collateral Manager and the Servicer shall use its best reasonable efforts to provide the Special Servicer with all information, documents (but excluding the original documents constituting the Mortgage Asset File) and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to the such Mortgage Loan Loan, as applicable, and reasonably requested by the Special Servicer to enable it to assume its functions duties hereunder with respect theretothereto without acting through a sub-servicer. The Servicer shall use its best reasonable efforts to comply with the preceding sentence within 5 five (5) Business Days of the occurrence of each related Servicing Transfer Event date such Mortgage Loan becomes a Specially Serviced Mortgage Loan and in any event shall continue to act as Servicer and administrator of such Mortgage Loan until the Special Servicer has commenced the servicing of such Mortgage Loan. The Servicer , which shall deliver to occur upon the Trustee, the Paying Agent, the Underwriters, the Placement Agents and to each Holder of a Class [F], Class [G] and Class [H] Certificate a copy of the notice of such Servicing Transfer Event provided receipt by the Servicer to the Special Servicer pursuant of the information, documents and records referred to this Sectionin the preceding sentence. Upon determining that a Specially Serviced With respect to each such Mortgage Loan, the Servicer shall instruct the related Obligor to continue to remit all payments in respect of such Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly Payments (provided no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer), and that no other Servicing Transfer Event is continuing with respect thereto, the Special Servicer shall immediately give notice thereof, and shall return the related Mortgage File and Credit File to the Servicer and upon giving such notice, and returning such Mortgage File and Credit File to the Servicer, the Special Servicer's obligation to service such Corrected Mortgage Loan shall terminate and the obligations of the Servicer to service and administer such Mortgage Loan shall re-commence.

Appears in 1 contract

Samples: Servicing Agreement (Lument Finance Trust, Inc.)

Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report. (a) Upon determining that the occurrence of a Special Servicing Transfer Event has occurred with respect to any Serviced Mortgage LoanLoan of which the Servicer has notice, the Servicer (or the Special Servicer, if such Special Servicing Transfer Event occurs due to the Special Servicer’s receipt of notice pursuant to clause (vii) or (viii) under the definition thereof) shall immediately promptly give notice thereof, and shall deliver the related Mortgage File and Credit File thereof to the Special Servicer (or Servicer, as applicable), the Issuer, the Trustee, the Note Administrator, the Seller, the Collateral Manager, any related Companion Participation Holder and the Operating Advisor and the Servicer shall use its best reasonable efforts to provide the Special Servicer with all information, documents (but excluding the original documents constituting the Mortgage Asset File) and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to the such Mortgage Loan Loan, as applicable, and reasonably requested by the Special Servicer to enable it to assume its functions duties hereunder with respect theretothereto without acting through a sub-servicer. The Servicer shall use its best reasonable efforts to comply with the preceding sentence within 5 five (5) Business Days of the occurrence of each related Servicing Transfer Event date such Mortgage Loan becomes a Specially Serviced Mortgage Loan and in any event shall continue to act as Servicer and administrator of such Mortgage Loan until the Special Servicer has commenced the servicing of such Mortgage Loan, which shall occur upon the receipt by the Special Servicer of the information, documents and records referred to in the preceding sentence; provided, that the Servicer shall continue to receive payments and make all calculations, and prepare, or cause to be prepared, all reports, required hereunder with respect to the Specially Serviced Mortgage Loans, except for the reports specified herein as prepared by the Special Servicer, as if no Special Servicing Transfer Event had occurred and with respect to the REO Properties as if no REO acquisition had occurred, and to render such services with respect to such Specially Serviced Mortgage Loans and REO Properties as are specifically provided for herein; provided, further, however, that the Servicer shall not be liable for failure to comply with such duties insofar as such failure results from a failure of the Special Servicer to provide sufficient information to the Servicer to comply with such duties or failure by the Special Servicer to otherwise comply with its obligations hereunder. The Servicer, in its capacity as Servicer, will not have any responsibility for performance by the Special Servicer, in its capacity as Special Servicer, of its duties under this Agreement. The Special Servicer, in its capacity as Special Servicer, will not have any responsibility for the performance by the Servicer, in its capacity as Servicer, of its duties under this Agreement. With respect to each such Mortgage Loan, the Servicer shall instruct the related Obligor to continue to remit all payments in respect of such Mortgage Loan to the Servicer. The Special Servicer shall remit to the Servicer any such payments received by its pursuant to the preceding sentence within two (2) Business Days of receipt. The Servicer shall deliver forward any notices it would otherwise send to the Trustee, the Paying Agent, the Underwriters, the Placement Agents and to each Holder related Obligor of a Class [F], Class [G] and Class [H] Certificate a copy of the notice of such Servicing Transfer Event provided by the Servicer to the Special Servicer pursuant to this Section. Upon determining that a Specially Serviced Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly Payments (provided no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer), and that no other Servicing Transfer Event is continuing with respect thereto, to the Special Servicer who shall immediately give send such notice thereof, and shall return to the related Mortgage File and Credit File to the Servicer and upon giving such notice, and returning such Mortgage File and Credit File to the Servicer, the Special Servicer's obligation to service such Corrected Mortgage Loan shall terminate and the obligations of the Servicer to service and administer such Mortgage Loan shall re-commenceObligor.

Appears in 1 contract

Samples: Servicing Agreement (TPG RE Finance Trust, Inc.)

Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report. (a) Upon determining that the occurrence of a Special Servicing Transfer Event has occurred with respect to any Mortgage LoanServiced Commercial Real Estate Loan of which the Servicer has notice, the Servicer (or the Special Servicer, if such Special Servicing Transfer Event occurs due to the Special Servicer’s receipt of notice pursuant to clause (vii) or (viii) under the definition thereof) shall immediately promptly give notice thereofthereof to the Special Servicer (or Servicer, as applicable), the Issuer, the Trustee, the Note Administrator, the Seller, the applicable Directing Holder, any related Companion Participation Holder, the Operating Advisor and the Servicer shall deliver the related Mortgage File and Credit Servicing File to the Special Servicer and shall use its best reasonable efforts to provide the Special Servicer with all information, documents (but excluding the original documents constituting the Collateral Interest File) and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to such Serviced Commercial Real Estate Loan in the Mortgage Loan Servicer’s possession and reasonably requested by the Special Servicer to enable it to assume its functions duties hereunder with respect theretothereto without acting through a sub-servicer. The Servicer shall use its best reasonable efforts to comply with the preceding sentence within 5 five (5) Business Days of the occurrence of each related Servicing Transfer Event date such Serviced Commercial Real Estate Loan becomes a Specially Serviced Loan and in any event shall continue to act as Servicer and administrator of such Mortgage Serviced Commercial Real Estate Loan until the Special Servicer has commenced the servicing of such Mortgage Serviced Commercial Real Estate Loan, which shall occur upon the receipt by the Special Servicer of the information, documents and records referred to in the preceding sentence; provided, that the Servicer shall continue to receive payments and make all calculations, and prepare, or cause to be prepared, all reports, required hereunder with respect to the Specially Serviced Loans, except for the reports specified herein as prepared by the Special Servicer, as if no Special Servicing Transfer Event had occurred and with respect to the REO Properties as if no REO acquisition had occurred, and to render such services with respect to such Specially Serviced Loans and REO Properties as are specifically provided for herein; provided, further, however, that the Servicer shall not be liable for failure to comply with such duties insofar as such failure results from a failure of the Special Servicer to provide sufficient information to the Servicer to comply with such duties or failure by the Special Servicer to otherwise comply with its obligations hereunder. The Servicer, in its capacity as Servicer, will not have any responsibility for performance by the Special Servicer, in its capacity as Special Servicer, of its duties under this Agreement. The Special Servicer, in its capacity as Special Servicer, will not have any responsibility for the performance by the Servicer, in its capacity as Servicer, of its duties under this Agreement. With respect to each such Serviced Commercial Real Estate Loan, the Servicer shall instruct the related Obligor to continue to remit all payments in respect of such Serviced Commercial Real Estate Loan to the Servicer. The Special Servicer shall remit to the Servicer any such payments received by its pursuant to the preceding sentence within two (2) Business Days of receipt of properly identified funds. The Servicer shall deliver forward any notices it would otherwise send to the Trustee, the Paying Agent, the Underwriters, the Placement Agents and to each Holder related Obligor of a Class [F], Class [G] and Class [H] Certificate a copy of the notice of such Servicing Transfer Event provided by the Servicer Specially Serviced Loan to the Special Servicer pursuant who shall send such notice to this Section. Upon determining that a Specially Serviced Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly Payments (provided no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer), and that no other Servicing Transfer Event is continuing with respect thereto, the Special Servicer shall immediately give notice thereof, and shall return the related Mortgage File and Credit File to the Servicer and upon giving such notice, and returning such Mortgage File and Credit File to the Servicer, the Special Servicer's obligation to service such Corrected Mortgage Loan shall terminate and the obligations of the Servicer to service and administer such Mortgage Loan shall re-commenceObligor.

Appears in 1 contract

Samples: Servicing Agreement (Granite Point Mortgage Trust Inc.)

Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report. (a) Upon determining that a Servicing Transfer Event has occurred with respect to any Mortgage Loan, the Servicer shall immediately give notice thereof, and shall deliver the related Mortgage File and Credit File to the Special Servicer and shall use its best efforts to provide the Special Servicer with all information, documents and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to the Mortgage Loan and reasonably requested by the Special Servicer to enable it to assume its functions hereunder with respect thereto. The Servicer shall use its best efforts to comply with the preceding sentence within 5 Business Days of the occurrence of each related Servicing Transfer Event and in any event shall continue to act as Servicer and administrator of such Mortgage Loan until the Special Servicer has commenced the servicing of such Mortgage Loan, which will commence upon receipt by the Special Servicer of the Mortgage File. The Servicer shall deliver to the Trustee, the Paying Agent, the Underwriters, the Placement Agents and to each Holder of a Class [F], Class [G] , Class H, Class I and Class [H] J Certificate a copy of the notice of such Servicing Transfer Event provided by the Servicer to the Special Servicer pursuant to this Section. Upon determining that a Specially Serviced Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly Payments (provided no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer), and that no other Servicing Transfer Event is continuing with respect thereto, the Special Servicer shall immediately give notice thereof, and shall return the related Mortgage File and Credit File to the Servicer (or copies thereof if copies only were delivered to the Special Servicer) and upon giving such notice, and returning such Mortgage File and Credit File to the Servicer, the Special Servicer's obligation to service such Corrected Mortgage Loan shall terminate and the obligations of the Servicer to service and administer such Mortgage Loan shall re-commence.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chase Commercial Mortgage Securities Corp)

Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report. (a) Upon determining that a Servicing Transfer Event has occurred with respect to any Mortgage Loan, the Servicer shall immediately give notice thereof, and shall deliver the related Mortgage File and Credit File to the Special Servicer and shall use its best efforts to provide the Special Servicer with all information, documents and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to the Mortgage Loan and reasonably requested by the Special Servicer to enable it to assume its functions hereunder with respect thereto. The Servicer shall use its best efforts to comply with the preceding sentence within 5 Business Days of the occurrence of each related Servicing Transfer Event and in any event shall continue to act as Servicer and administrator of such Mortgage Loan until the Special Servicer has commenced the servicing of such Mortgage Loan, which will commence upon receipt by the Special Servicer of the Mortgage File. The Servicer shall deliver to the Trustee, the Paying Agent, the Underwriters, the Placement Agents and to each Holder of a Class [F], Class [G] , Class H, Class I and Class [H] J Certificate a copy of the notice of such Servicing Transfer Event provided by the Servicer to the Special Servicer pursuant to this Section. Upon determining that a Specially Serviced Mortgage Loan (other than an REO Loan) has become current and has remained current for three consecutive Monthly Payments (provided no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer), and that no other Servicing Transfer Event is continuing with respect thereto, the Special Servicer shall immediately give notice thereof, and shall return the related Mortgage File and Credit File to the Servicer and upon giving such notice, and returning such Mortgage File and Credit File to the Servicer, the Special Servicer's obligation to service such Corrected Mortgage Loan shall terminate and the obligations of the Servicer to service and administer such Mortgage Loan shall re-commence.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chase Commercial Mortgage Securities Corp)

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