Common use of Transfer to Special Servicing Clause in Contracts

Transfer to Special Servicing. (a) The Master Servicer shall notify the Special Servicer as promptly as practicable by telephone, facsimile or in an electronic format reasonably acceptable to the Special Servicer after it becomes aware of the occurrence of a Servicing Transfer Event. (b) Unless the Master Servicer and the Special Servicer with respect to a Mortgage Loan are the same Person, promptly after the occurrence of a Servicing Transfer Event, the Master Servicer shall send a letter by first class mail (with a copy to the Special Servicer) notifying the related Mortgagor that the related Mortgage Loan has become a Specially Serviced Mortgage Loan and instructing such Mortgagor to direct all future notices and communications to the Special Servicer but to continue making Monthly Payments pursuant to the terms of the related Mortgage Loan Documents, as may have been modified after the Closing Date, to the Master Servicer unless otherwise directed by the Special Servicer in writing and agreed to by the Master Servicer. (c) Not later than five (5) Business Days after the occurrence of a Servicing Transfer Event, the Master Servicer shall use its best efforts to provide the Special Servicer with copies of all information, documents and records (including records stored electronically on computer tapes, magnetic disks and the like) in its possession relating to each Mortgage Loan with respect to which notice is required to be delivered pursuant to clause (a) above. The Master Servicer and the Special Servicer shall take all other actions necessary or appropriate to effect a transfer of servicing pursuant to this Section 6.02 or Section 6.10, including but not limited to the preparation, execution and delivery of any and all necessary or appropriate documents and other instruments, and will cooperate fully with each other in effecting such transfer as promptly as possible. Servicing of a Mortgage Loan shall be automatically transferred to the Special Servicer on the Servicing Transfer Date. (d) Following the related Servicing Transfer Date, the Master Servicer shall not have any further dealings or communications with the related Mortgagor except as administrator of the Collection Account and any escrow, impound or reserve accounts. The Master Servicer shall maintain up-to-date information on each Mortgage Loan which becomes a Specially Serviced Mortgage Loan in order to properly administer the Collection Account and any escrow, impound or reserve accounts, to enable it to resume all servicing obligations with respect to a Mortgage Loan which becomes a Corrected Mortgage Loan as promptly as possible pursuant to Section 6.10, and to provide any reports required under Article IV. The Special Servicer shall promptly, on the dates designated by the Master Servicer, provide to the Master Servicer, in such format reasonably requested by the Master Servicer, including data sent electronically for the CSSA Standard Information Package, all information available to the Special Servicer and not available to the Master Servicer necessary to maintain such up-to-date information. (e) Promptly after the Servicing Transfer Date, the Special Servicer (unless the Master Servicer and Special Servicer with respect to a Mortgage Loan are the same Person) shall send a letter by first class mail hereto notifying the related Mortgagor that servicing has been transferred to the Special Servicer. (f) Following the occurrence of a Servicing Transfer Event with respect to any Mortgage Loan, the Special Servicer shall service the related Specially Serviced Mortgage Loan or REO Property in accordance with this Servicing Agreement and Accepted Special Servicing Practices.

Appears in 1 contract

Samples: Servicing Agreement (Collateralized Mortgage Bonds Series 1999 1)

AutoNDA by SimpleDocs

Transfer to Special Servicing. (a) The Master Servicer shall notify the Special Servicer as promptly as practicable by telephone, facsimile or telephone and in an electronic format reasonably acceptable to the Special Master Servicer after it becomes aware of the occurrence of a Servicing Transfer Event. (b) Unless the Master Servicer and the Special Servicer with respect to a Mortgage Loan are the same Person, promptly after the occurrence of a Servicing Transfer Event, the Master Servicer shall send a letter by first class mail (with a copy to the Special Servicer) notifying the related Mortgagor that the related Mortgage Loan has become a Specially Serviced Mortgage Loan and instructing such Mortgagor to direct all future notices and communications to the Special Servicer but to continue making Monthly Payments pursuant to the terms of the related Mortgage Loan Documents, as may have been modified after the Closing Date, to the Master Servicer unless otherwise directed by the Special Servicer in writing and agreed to by the Master Servicer. (c) Not later than five (5) Business Days after the occurrence of a Servicing Transfer Event, the Master Servicer shall use its best efforts to provide the Special Servicer with copies of all information, documents and records (including records stored electronically on computer tapes, magnetic disks and the like) in its possession relating to each Mortgage Loan with respect to which notice is required to be delivered pursuant to clause (a) above. The Master Servicer and the Special Servicer shall take all other actions necessary or appropriate to effect a transfer of servicing pursuant to this Section 6.02 or Section 6.10, including but not limited to the preparation, execution and delivery of any and all necessary or appropriate documents and other instruments, and will cooperate fully with each other in effecting such transfer as promptly as possible. Servicing of a Mortgage Loan shall be automatically transferred to the Special Servicer on the Servicing Transfer Date. (d) Following the related Servicing Transfer Date, the Master Servicer shall not have any further dealings or communications with the related Mortgagor except as administrator of the Collection Account and any the escrow, impound or reserve accounts. The Master Servicer shall maintain up-to-date information on each Mortgage Loan which becomes a Specially Serviced Mortgage Loan in order to properly administer the Collection Account and any the escrow, impound or reserve accounts, to enable it to resume all servicing obligations with respect to a Mortgage Loan which becomes ceases to be a Corrected Specially Serviced Mortgage Loan as promptly as possible pursuant to Section 6.10, 6.10 and to provide any reports required under Article IV. The Special Servicer shall promptly, on the dates designated by the Master Servicer, promptly provide to the Master Servicer, in such format reasonably requested by the Master Servicer, including data sent electronically for the CSSA Standard Information Package, Servicer all information available to the Special Servicer and not available to the Master Servicer necessary to maintain such up-to-date information. (e) Promptly after the Servicing Transfer Date, the Special Servicer (unless the Master Servicer and Special Servicer with respect to a Mortgage Loan are the same Person) shall send a letter by first class mail hereto notifying the related Mortgagor that servicing has been transferred to the Special Servicer. (f) [RESERVED] (g) Following the occurrence of a Servicing Transfer Event Date with respect to any Mortgage Loan, the Special Servicer shall service the related Specially Serviced Mortgage Loan or and REO Property in accordance with this Servicing Agreement and Accepted Special Servicing PracticesAgreement.

Appears in 1 contract

Samples: Servicing Agreement (Imperial Credit Commercial Mortgage Acceptance Corp)

Transfer to Special Servicing. (a) The Master Servicer shall notify the Trustee, the Depositor, the Special Servicer Servicer, the Directing Certificateholder and the Monitoring Certificateholders as promptly as practicable by telephone, facsimile or telephone and in an electronic format reasonably acceptable to the Special Servicer Trustee after it becomes aware of (i) any facts or circumstances that might result in any Mortgage Loan becoming a Specially Serviced Mortgage Loan or (ii) the occurrence of a Servicing Transfer Event. If applicable, such notification shall include a discussion of all appropriate courses of action that might be employed to prevent the Mortgage Loan in question from becoming a Specially Serviced Mortgage Loan, shall identify any Cross Collateralized Loan that is cross-collateralized with the Mortgage Loan in question and shall, to the extent applicable, set forth the information substantially in the form of Exhibit S hereto. The Master Servicer shall provide to the Trustee, the Depositor, the Special Servicer and the Directing Certificateholder as promptly as practicable after request any additional information reasonably requested thereby with respect to such Mortgage Loan. (b) Unless the Master Servicer and the Special Servicer with respect to a Mortgage Loan are the same Person, promptly not later than two (2) Business Days after the occurrence of a Servicing Transfer Event, the Master Servicer shall send a letter by first class mail in substantially the form of Exhibit T hereto (with a copy to the Special Servicer) notifying the related Mortgagor that the related Mortgage Loan has become a Specially Serviced Mortgage Loan and instructing such Mortgagor to direct all future notices and communications to the Special Servicer but to continue making Monthly Payments pursuant to the terms of the related Mortgage Loan Documents, as may have been modified after the Closing Date, to the Master Servicer unless otherwise directed by the Special Servicer in writing and agreed to by the Master Servicerwriting. (c) Not later than five (5) Business Days after the occurrence of a Servicing Transfer Event, the Master Servicer shall use its best efforts to provide the Special Servicer with copies of all information, documents and records (including records stored electronically on computer tapes, magnetic disks and the like) in its possession relating to each Mortgage Loan with respect to which notice is required to be delivered pursuant to clause (a) above. The Master Servicer and the Special Servicer shall take all other actions necessary or appropriate to effect a transfer of servicing pursuant to this Section 6.02 or Section 6.106.12, including but not limited to the preparation, execution and delivery of any and all necessary or appropriate documents and other instruments, and will cooperate fully with each other and the Master Servicer in effecting such transfer as promptly as possible. Servicing of a Mortgage Loan shall be automatically transferred to the Special Servicer on the Servicing Transfer Date. (d) Following the related Servicing Transfer DateDate and prior to the restoration of the related Mortgage Loan pursuant to Section 6.12 to standard servicing, the Master Servicer shall not have any further dealings or communications with the related Mortgagor except as administrator of the Collection Account and any escrow, impound or reserve accountsEscrow Account. The Master Servicer shall maintain up-to-date information on each Mortgage Loan which becomes a Specially Serviced Mortgage Loan in order to properly administer the Collection Account and any escrow, impound or reserve accountsEscrow Account, to enable it to resume all servicing obligations with respect to a Mortgage Loan which becomes ceases to be a Corrected Specially Serviced Mortgage Loan as promptly as possible pursuant to Section 6.10, 6.12 and to provide any reports required under Article IVIV hereof. The Special Servicer shall promptly, on the dates designated by the Master Servicer, promptly provide to the Master Servicer, in such format reasonably requested by the Master Servicer, including data sent electronically for the CSSA Standard Information Package, Servicer all information available to the Special Servicer and not available to the such Master Servicer necessary to maintain such up-to-date information. (e) Promptly after the Servicing Transfer Date, the Special Servicer (unless the Master Servicer and Special Servicer with respect to a Mortgage Loan are the same Person) shall send a letter by first class mail hereto notifying the related Mortgagor that servicing has been transferred to the Special Servicer. (f) Following the occurrence of a Servicing Transfer Event with respect to any Mortgage Loan, the Special Servicer shall service the related Specially Serviced Mortgage Loan or REO Property in accordance with this Servicing Agreement and Accepted Special Servicing Practices.

Appears in 1 contract

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

Transfer to Special Servicing. (a) The Master Servicer shall notify the Trustee, the Depositor and the Special Servicer as promptly as practicable by telephone, facsimile or telephone and in an electronic format reasonably acceptable to the Special Servicer Trustee after it becomes aware of (i) any facts or circumstances that might result in any Mortgage Loan becoming a Specially Serviced Mortgage Loan or (ii) the occurrence of a Servicing Transfer Event. If applicable, such notification shall include a discussion of all appropriate courses of action that might be employed to prevent the Mortgage Loan in question from becoming a Specially Serviced Mortgage Loan and shall, to the extent applicable, set forth the information in the form of Exhibit S hereto. The Master Servicer shall provide to the Trustee, the Depositor and the Special Servicer as promptly as practicable after request any additional information reasonably requested thereby with respect to such Mortgage Loan. (b) Unless the Master Servicer and the Special Servicer with respect to a Mortgage Loan are the same Person, promptly not later than two (2) Business Days after the occurrence of a Servicing Transfer Event, the Master Special Servicer shall send a letter by first class mail in the form of Exhibit T hereto (with a copy to the Special Servicer) notifying the related Mortgagor that the related Mortgage Loan has become a Specially Serviced Mortgage Loan and instructing such Mortgagor to direct all future notices and communications to the Special Servicer but to continue making Monthly Payments pursuant to the terms of the related Mortgage Loan Documents, as may have been modified after the Closing Date, to the Master Servicer unless otherwise directed by the Special Servicer in writing and agreed to by the Master Servicerwriting. (c) Not later than five (5) Business Days after the occurrence of a Servicing Transfer Event, the Master Servicer shall use its best efforts to provide the Special Servicer with copies of all information, documents and records (including records stored electronically on computer tapes, magnetic disks and the like) in its possession relating to each Mortgage Loan with respect to which notice is required to be delivered pursuant to clause (a) above. The Master Servicer and the Special Servicer shall take all other actions necessary or appropriate to effect a transfer of servicing pursuant to this Section 6.02 or Section 6.106.12, including but not limited to the preparation, execution and delivery of any and all necessary or appropriate documents and other instruments, and will cooperate fully with each other and the Master Servicer in effecting such transfer as promptly as possible. Servicing of a Mortgage Loan shall be automatically transferred to the Special Servicer on the Servicing Transfer Date. (d) Following the related Servicing Transfer DateDate and prior to the restoration of the related Mortgage Loan pursuant to Section 6.12 to standard servicing, the Master Servicer shall not have any further dealings or communications with the related Mortgagor except as administrator of the Collection Account and any escrow, impound or reserve accountsEscrow Account. The Master Servicer shall maintain up-to-date information on each Mortgage Loan which becomes a Specially Serviced Mortgage Loan in order to properly administer the Collection Account and any escrow, impound or reserve accountsEscrow Account, to enable it to resume all servicing obligations with respect to a Mortgage Loan which becomes ceases to be a Corrected Specially Serviced Mortgage Loan as promptly as possible pursuant to Section 6.10, 6.12 and to provide any reports required under Article IVIV hereof. The Special Servicer shall promptly, on the dates designated by the Master Servicer, promptly provide to the Master Servicer, in such format reasonably requested by the Master Servicer, including data sent electronically for the CSSA Standard Information Package, Servicer all information available to the Special Servicer and not available to the such Master Servicer necessary to maintain such up-to-date information. (e) Promptly Not later than two (2) Business Days after the Servicing Transfer Date, the Special Servicer (unless the Master Servicer and Special Servicer with respect to a Mortgage Loan are the same Person) shall send a letter by first class mail in the form of Exhibit U hereto notifying the related Mortgagor that servicing has been transferred to the Special Servicer. (f) Following Notwithstanding anything set forth herein, upon the occurrence of a Servicing Transfer Event with respect to any Mortgage Loan, the Master Servicer shall not withdraw any amounts on deposit in the Collection Account in respect of such Mortgage Loan (except pursuant to clauses (i), (ii), (vi), (vii), (ix) and (x) of Section 4.03(a)) until two (2) Business Days after giving written notice to the Special Servicer; provided that the Special Servicer shall service may direct the related Specially Serviced Mortgage Loan or REO Property in accordance with this Servicing Agreement and Accepted Special Servicing PracticesMaster Servicer to postpone any withdrawals until the next Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan J P Commercial Mortgage Finance Corp)

Transfer to Special Servicing. (a) The Master related Primary Servicer shall notify the Trustee, the Depositor, the Master Servicer and the Special Servicer as promptly as practicable by telephone, facsimile or telephone and in an electronic format reasonably acceptable to the Special Master Servicer after it becomes aware of (i) any facts or circumstances that might result in any Related Mortgage Loan becoming a Specially Serviced Mortgage Loan or (ii) the occurrence of a Servicing Transfer Event. If applicable, such notification shall include a discussion of all appropriate courses of action that might be employed to prevent the Mortgage Loan in question from becoming a Specially Serviced Mortgage Loan and shall, to the extent applicable, set forth the information in the form of Exhibit S hereto. The related Primary Servicer shall provide to the Trustee, the Depositor, the Master Servicer and the Special Servicer as promptly as practicable after request any additional information reasonably requested thereby with respect to such Related Mortgage Loan. (b) Unless the Master Primary Servicer and the Special Servicer with respect to a Mortgage Loan are the same Person, promptly not later than two (2) Business Days after the occurrence of a Servicing Transfer Event, the Master related Primary Servicer shall send a letter by first class mail in the form of Exhibit T hereto (with a copy to the Special Servicer) notifying the related Mortgagor that the related Mortgage Loan has become a Specially Serviced Mortgage Loan and instructing such Mortgagor to direct all future notices and communications to the Special Servicer but to continue making Monthly Payments pursuant to the terms of the related Mortgage Loan Documents, as may have been modified after the Closing Date, to the Master Primary Servicer unless otherwise directed by the Special Servicer in writing and agreed to by the Master Servicerwriting. (c) Not later than five (5) Business Days after the occurrence of a Servicing Transfer Event, the Master related Primary Servicer shall use its best efforts to provide the Special Servicer with copies of all information, documents and records (including records stored electronically on computer tapes, magnetic disks and the like) in its possession relating to each Related Mortgage Loan with respect to which notice is required to be delivered pursuant to clause (a) above. The Master related Primary Servicer and the Special Servicer shall take all other actions necessary or appropriate to effect a transfer of servicing pursuant to this Section 6.02 or Section 6.106.12, including but not limited to the preparation, execution and delivery of any and all necessary or appropriate documents and other instruments, and will cooperate fully with each other and the Master Servicer in effecting such transfer as promptly as possible. Servicing of a Mortgage Loan shall be automatically transferred to the Special Servicer on the Servicing Transfer Date. (d) Following the related Servicing Transfer Date, the Master related Primary Servicer shall not have any further dealings or communications with the related Mortgagor except as administrator of the related Primary Collection Account and any escrow, impound or reserve accountsEscrow Account. The Master related Primary Servicer shall maintain up-to-date information on each Related Mortgage Loan which becomes a Specially Serviced Mortgage Loan in order to properly administer the related Primary Collection Account and any escrow, impound or reserve accountsEscrow Account, to enable it to resume all servicing obligations with respect to a Mortgage Loan which becomes ceases to be a Corrected Specially Serviced Mortgage Loan as promptly as possible pursuant to Section 6.10, 6.12 and to provide any reports required under Article IV. The Special Servicer shall promptly, on the dates designated by the Master Servicer, promptly provide to the Master Servicer, in such format reasonably requested by the Master Servicer, including data sent electronically for the CSSA Standard Information Package, related Primary Servicer all information available to the Special Servicer and not available to the Master such Primary Servicer necessary to maintain such up-to-date information. (e) Promptly Not later than two (2) Business Days after the Servicing Transfer Date, the Special Servicer (unless the Master Servicer and Special Servicer with respect to a Mortgage Loan are the same Person) shall send a letter by first class mail in the form of Exhibit U hereto notifying the related Mortgagor that servicing has been transferred to the Special Servicer. (f) Following Notwithstanding anything set forth herein, upon the occurrence of a Servicing Transfer Event with respect to any Related Mortgage Loan, the related Primary Servicer shall not withdraw any amounts on deposit in the related Primary Collection Account in respect of such Mortgage Loan (except pursuant to clauses (i), (ii), (vi), (vii), (ix) and (x) of Section 4.03(a)) until two (2) Business Days after giving written notice to the Special Servicer; provided that the Special Servicer shall service may direct such Primary Servicer to postpone any withdrawals until the related Specially Serviced Mortgage Loan or REO Property in accordance with this Servicing Agreement and Accepted Special Servicing Practicesnext Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan J P Commercial Mortgage Finance Corp)

AutoNDA by SimpleDocs

Transfer to Special Servicing. (a) The Master Servicer shall notify the Trustee, the Depositor and the Special Servicer as promptly as practicable by telephone, facsimile or telephone and in an electronic format reasonably acceptable to the Special Servicer Trustee after it becomes aware of (i) any facts or circumstances that might result in any Mortgage Loan becoming a Specially Serviced Mortgage Loan or (ii) the occurrence of a Servicing Transfer Event. If applicable, such notification shall include a discussion of all appropriate courses of action that might be employed to prevent the Mortgage Loan in question from becoming a Specially Serviced Mortgage Loan and shall, to the extent applicable, set forth the information in the form of Exhibit S hereto. The Master Servicer shall provide to the Trustee, the Depositor and the Special Servicer as promptly as practicable after request any additional information reasonably requested thereby with respect to such Mortgage Loan. (b) Unless the Master Servicer and the Special Servicer with respect to a Mortgage Loan are the same Person, promptly not later than two (2) Business Days after the occurrence of a Servicing Transfer Event, the Master Servicer shall send a letter by first class mail in the form of Exhibit T hereto (with a copy to the Special Servicer) notifying the related Mortgagor that the related Mortgage Loan has become a Specially Serviced Mortgage Loan and instructing such Mortgagor to direct all future notices and communications to the Special Servicer but to continue making Monthly Payments pursuant to the terms of the related Mortgage Loan Documents, as may have been modified after the Closing Date, to the Master Servicer unless otherwise directed by the Special Servicer in writing and agreed to by the Master Servicerwriting. (c) Not later than five (5) Business Days after the occurrence of a Servicing Transfer Event, the Master Servicer shall use its best efforts to provide the Special Servicer with copies of all information, documents and records (including records stored electronically on computer tapes, magnetic disks and the like) in its possession relating to each Mortgage Loan with respect to which notice is required to be delivered pursuant to clause (a) above. The Master Servicer and the Special Servicer shall take all other actions necessary or appropriate to effect a transfer of servicing pursuant to this Section 6.02 or Section 6.106.12, including but not limited to the preparation, execution and delivery of any and all necessary or appropriate documents and other instruments, and will cooperate fully with each other and the Master Servicer in effecting such transfer as promptly as possible. Servicing of a Mortgage Loan shall be automatically transferred to the Special Servicer on the Servicing Transfer Date. (d) Following the related Servicing Transfer DateDate and prior to the restoration of the related Mortgage Loan pursuant to Section 6.12 to standard servicing, the Master Servicer shall not have any further dealings or communications with the related Mortgagor except as administrator of the Collection Account and any escrow, impound or reserve accountsEscrow Account. The Master Servicer shall maintain up-to-date information on each Mortgage Loan which becomes a Specially Serviced Mortgage Loan in order to properly administer the Collection Account and any escrow, impound or reserve accountsEscrow Account, to enable it to resume all servicing obligations with respect to a Mortgage Loan which becomes ceases to be a Corrected Specially Serviced Mortgage Loan as promptly as possible pursuant to Section 6.10, 6.12 and to provide any reports required under Article IVIV hereof. The Special Servicer shall promptly, on the dates designated by the Master Servicer, promptly provide to the Master Servicer, in such format reasonably requested by the Master Servicer, including data sent electronically for the CSSA Standard Information Package, Servicer all information available to the Special Servicer and not available to the such Master Servicer necessary to maintain such up-to-date information. (e) Promptly Not later than two (2) Business Days after the Servicing Transfer Date, the Special Servicer (unless the Master Servicer and Special Servicer with respect to a Mortgage Loan are the same Person) shall send a letter by first class mail in the form of Exhibit U hereto notifying the related Mortgagor that servicing has been transferred to the Special Servicer. (f) Following Notwithstanding anything set forth herein, upon the occurrence of a Servicing Transfer Event with respect to any Mortgage Loan, the Master Servicer shall not withdraw any amounts on deposit in the Collection Account in respect of such Mortgage Loan (except pursuant to clauses (i), (ii), (vi), (vii), (ix) and (x) of Section 4.03(a)) until two (2) Business Days after giving written notice to the Special Servicer; provided that the Special Servicer shall service may direct the related Specially Serviced Mortgage Loan or REO Property in accordance with this Servicing Agreement and Accepted Special Servicing PracticesMaster Servicer to postpone any withdrawals until the next Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan J P Commercial Mortgage Finance Corp)

Transfer to Special Servicing. (a) The Master Servicer shall notify the Trustee, the Depositor, the Special Servicer and the Directing Certificateholder as promptly as practicable by telephone, facsimile or telephone and in an electronic format reasonably acceptable to the Special Servicer Trustee after it becomes aware of (i) any facts or circumstances that might result in any Mortgage Loan becoming a Specially Serviced Mortgage Loan or (ii) the occurrence of a Servicing Transfer Event. If applicable, such notification shall include a discussion of all appropriate courses of action that might be employed to prevent the Mortgage Loan in question from becoming a Specially Serviced Mortgage Loan, shall identify any Cross Collateralized Loan that is cross-collateralized with the Mortgage Loan in question and shall, to the extent applicable, set forth the information substantially in the form of Exhibit S hereto. The Master Servicer shall provide to the Trustee, the Depositor, the Special Servicer and the Directing Certificateholder as promptly as practicable after request any additional information reasonably requested thereby with respect to such Mortgage Loan. (b) Unless the Master Servicer and the Special Servicer with respect to a Mortgage Loan are the same Person, promptly not later than two (2) Business Days after the occurrence of a Servicing Transfer Event, the Master Servicer shall send a letter by first class mail in substantially the form of Exhibit S hereto (with a copy to the Special ServicerServicer and the Directing Certificateholder) notifying the related Mortgagor that the related Mortgage Loan, and, if instructed in writing by the Directing Certificateholder, any Cross-Collateralized Loan that is cross-collateralized with such Mortgage Loan has become a Specially Serviced Mortgage Loan and instructing such Mortgagor to direct all future notices and communications to the Special Servicer but to continue making Monthly Payments pursuant to the terms of the related Mortgage Loan Documents, as may have been modified after the Closing Date, to the Master Servicer unless otherwise directed by the Special Servicer in writing and agreed to by the Master Servicerwriting. (c) Not later than five (5) Business Days after the occurrence of a Servicing Transfer Event, the Master Servicer shall use its best efforts to provide the Special Servicer with copies of all information, documents and records (including records stored electronically on computer tapes, magnetic disks and the like) in its possession relating to each Mortgage Loan with respect to which notice is required to be delivered pursuant to clause (a) above. The Master Servicer and the Special Servicer shall take all other actions necessary or appropriate to effect a transfer of servicing pursuant to this Section 6.02 or Section 6.106.12, including but not limited to the preparation, execution and delivery of any and all necessary or appropriate documents and other instruments, and will cooperate fully with each other and the Master Servicer in effecting such transfer as promptly as possible. Servicing of a Mortgage Loan shall be automatically transferred to the Special Servicer on the Servicing Transfer Date. (d) Following the related Servicing Transfer DateDate and prior to the restoration of the related Mortgage Loan pursuant to Section 6.12 to standard servicing, the Master Servicer shall not have any further dealings or communications with the related Mortgagor except as administrator of the Collection Account and any escrow, impound or reserve accountsEscrow Account. The Master Servicer shall maintain up-to-date information on each Mortgage Loan which becomes a Specially Serviced Mortgage Loan in order to properly administer the Collection Account and any escrow, impound or reserve accountsEscrow Account, to enable it to resume all servicing obligations with respect to a Mortgage Loan which becomes ceases to be a Corrected Specially Serviced Mortgage Loan as promptly as possible pursuant to Section 6.10, 6.12 and to provide any reports required under Article IVIV hereof. The Special Servicer shall promptly, on the dates designated by the Master Servicer, promptly provide to the Master Servicer, in such format reasonably requested by the Master Servicer, including data sent electronically for the CSSA Standard Information Package, Servicer all information available to the Special Servicer and not available to the such Master Servicer necessary to maintain such up-to-date information. (e) Promptly Not later than two (2) Business Days after the Servicing Transfer Date, the Special Servicer (unless the Master Servicer and Special Servicer with respect to a Mortgage Loan are the same Person) shall send a letter by first class mail substantially in the form of Exhibit T hereto notifying the related Mortgagor that servicing has been transferred to the Special Servicer. (f) Following the occurrence of a Servicing Transfer Event with respect to any Mortgage Loan, the Special Servicer shall service the related Specially Serviced Mortgage Loan or REO Property in accordance with this Servicing Agreement and Accepted Special Servicing Practices.

Appears in 1 contract

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

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!