Common use of Trustee Not Liable for Certificates Clause in Contracts

Trustee Not Liable for Certificates. Mortgage Loans or ------------------------------------------------------ Additional Collateral. ---------------------- The recitals contained herein and in the Certificates (other than the authentication and countersignature of the Trustee on the Certificates) shall be taken as the statements of the Seller, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations or warranties as to the validity or sufficiency of this Agreement or of the Certificates (other than the signature and countersignature of the Trustee on the Certificates) or of any Mortgage Loan or related document or of MERS or the MERS System. The Trustee shall not be accountable for the use or application by the Master Servicer, or for the use or application of any funds paid to the Master Servicer in respect of related Mortgage Loans or deposited in or withdrawn from the Collection Account by the Master Servicer. The Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Mortgage or any Mortgage Loan, or the perfection and priority of any Mortgage or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Trust or its ability to generate the payments to be distributed to Certificateholders under this Agreement, including, without limitation: the existence, condition and ownership of any Mortgaged Property; the existence and enforceability of any hazard insurance thereon (other than if the Trustee shall assume the duties of the Master Servicer pursuant to Section 7.02 hereof); the validity of the assignment of any Mortgage Loan to the Trustee or of any intervening assignment; the completeness of any Mortgage Loan; the performance or enforcement of any Mortgage Loan (other than if the Trustee shall assume the duties of the Master Servicer pursuant to Section 7.02 hereof); the compliance by the Depositor or the Seller with any warranty or representation made under this Agreement or in any related document or the accuracy of any such warranty or representation prior to the Trustee's receipt of notice or other discovery of any

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Thornburg Mortgage Sec Tr 2001-1 MRT Ln Ps THR CRT Sr 2001-1)

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Trustee Not Liable for Certificates. Mortgage Loans or ------------------------------------------------------ Additional Collateral. ---------------------- The recitals contained herein and in the Certificates (other than the authentication and countersignature of the Trustee on the Certificates) shall be taken as the statements of the Seller, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations or warranties as to the validity or sufficiency of this Agreement, any Servicing Agreement, any Custodial Agreement, the Group 1 Cap Agreement, the Group 2 Cap Agreement, the Group 1 Swap Agreement or of the Certificates (other than the signature and countersignature certificate of the Trustee authentication on the Certificates) ), the Pooling REMIC I Regular Interests or the Pooling REMIC II Regular Interests or of any Mortgage Loan Loan, or related document save that the Trustee represents that, assuming due execution and delivery by the other parties hereto, this Agreement has been duly authorized, executed and delivered by it and constitutes its valid and binding obligation, enforceable against it in accordance with its terms except that such enforceability may be subject to (A) applicable bankruptcy and insolvency laws and other similar laws affecting the enforcement of the rights of creditors generally, and (B) general principles of equity regardless of whether such enforcement is considered in a proceeding in equity or of MERS or the MERS Systemat law. The Trustee shall not be accountable for the use or application by the Master Servicer, Depositor of funds paid to the Depositor in consideration of the assignment of the Mortgage Loans to the Trust Fund by the Depositor or for the use or application of any funds paid deposited into the Collection Account, the Certificate Account, any Escrow Account or any other fund or account maintained with respect to the Master Servicer in respect of related Mortgage Loans or deposited in or withdrawn from the Collection Account by the Master ServicerCertificates. The Trustee shall at no time have not be responsible for the legality or validity of this Agreement, any responsibility or liability for or with respect to Servicing Agreement, any Custodial Agreement, the legalityGroup 1 Cap Agreement, validity and enforceability of any Mortgage or any Mortgage Loan, the Group 2 Cap Agreement or the perfection and priority of any Mortgage Group 1 Swap Agreement or the maintenance of any such perfection and validity, priority, perfection or for or with respect to the sufficiency of the Trust security for the Certificates, the Pooling REMIC I Regular Interests or its ability to generate the payments Pooling REMIC II Regular Interests issued or intended to be distributed to Certificateholders under this Agreementissued hereunder. Except as otherwise provided herein, including, without limitation: the existence, condition and ownership of any Mortgaged Property; the existence and enforceability of any hazard insurance thereon (other than if the Trustee shall assume have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the duties of the Master Servicer pursuant to Section 7.02 hereof); the validity of the assignment perfection of any Mortgage Loan security interest or lien granted to the Trustee it hereunder or of any intervening assignment; the completeness of any Mortgage Loan; the performance or enforcement of any Mortgage Loan (other than if the Trustee shall assume the duties of the Master Servicer pursuant to Section 7.02 hereof); the compliance by the Depositor or the Seller with any warranty or representation made under record this Agreement or in any related document or the accuracy of any such warranty or representation prior to the Trustee's receipt of notice or other discovery of anyAgreement.

Appears in 1 contract

Samples: Trust Agreement (Lehman XS Trust 2007-9)

Trustee Not Liable for Certificates. or Mortgage Loans or ------------------------------------------------------ Additional CollateralLoan. ---------------------- The recitals contained herein and in the Certificates (other than the authentication and countersignature of the Trustee on the Certificates if made by the Trustee) and information contained in any offering document for the Certificates) , except to the extent provided by the Trustee, shall be taken as the statements of the SellerDepositor or the Servicer, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations or warranties as to the validity or sufficiency of this Agreement or of the Certificates (other than the signature and countersignature or of the Trustee on the Certificates) or of any Mortgage Loan or related document or of MERS or the MERS Systemdocuments. The Trustee shall not be accountable liable for the use any action or application failure of any action by the Master Servicer, Depositor or for the use or application of any funds paid to the Master Servicer in respect of related Mortgage Loans or deposited in or withdrawn from the Collection Account by the Master Servicerhereunder. The Trustee shall not at no any time have any responsibility or liability for or with respect to the legality, validity and or enforceability of any the Mortgage or any the Mortgage Loan, or the perfection and priority of any the Mortgage or the maintenance of any such perfection and priority, or for or with respect to the sufficiency efficacy of the Trust Fund or its ability to generate the payments to be distributed to Certificateholders under this Agreement, including, without limitation: , the existence, condition and ownership of any Mortgaged Property; the existence and enforceability of any hazard insurance thereon (other than if the Trustee shall assume the duties of the Master Servicer pursuant to Section 7.02 hereof)thereon; the validity of the assignment of any the Mortgage Loan to the Trustee Trust Fund or of any intervening assignment; the completeness of any the Mortgage Loan; , the performance or enforcement of any the Mortgage Loan (other than if the Trustee shall assume the duties of the Master Servicer pursuant to Section 7.02 7.5 hereof); the compliance by the Depositor Depositor, the Borrowers or the Seller Servicer with any warranty or representation made under this Agreement or in any related document or the accuracy of any such warranty or representation made under this Agreement or in any related document prior to the Trustee's receipt of notice or other discovery of any noncompliance therewith or any breach thereof; any investment of monies by or at the direction of the Servicer or any loss resulting therefrom; the failure of the Servicer or any Sub-Servicer to act or perform any duties required of it on behalf of the Trustee hereunder; or any action by the Trustee taken at the instruction of the Servicer (other than if the Trustee shall assume the duties of the Servicer pursuant to Section 7.5 hereof); provided, however, that the foregoing shall not relieve the Trustee of its obligation to perform its duties under this Agreement. Except with respect to a claim based on the failure of the Trustee to perform its respective duties under this Agreement or based on the Trustee's negligence or willful misconduct, no recourse shall be had for any claim based on any provision of this Agreement, the Certificates, or the Mortgage Loan or assignment thereof against the Trustee in its individual capacity, the Trustee shall not have any personal obligation, liability or duty whatsoever to any Certificateholder or any other Person with respect to any such claim, and any such claim shall be asserted solely against the Trust Fund or any indemnitor who shall furnish indemnity as provided in this Agreement. The Trustee shall not have any responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder (unless the Trustee shall have become the successor Servicer) or to prepare or file any Securities and Exchange Commission filing, if any, for the Trust Fund or to record this Agreement. The Trustee shall not be accountable for the use or application by the Depositor or the Servicer of any of the Certificates or of the proceeds of such Certificates or for the use or application of any funds paid to the Servicer in respect of the Mortgage Loan deposited into the Distribution Accounts or assets on deposit in the Escrow Accounts, or for investment of any such amounts. None of the Trustee or any of its respective directors, officers, employees, Affiliates or agents shall be under any liability to the Trust Fund or the Certificateholders for any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Trustee or any such person against any liability which would otherwise be imposed by reason of willful misconduct, bad faith or negligence in the performance of duties. The Trustee and any director, officer, employee or agent of the Trustee shall be indemnified by amounts on deposit in the Distribution Accounts and the Certificate Account and held harmless against any loss, liability or expense incurred in connection with or related to the Trustee's performance of its powers and duties under this Agreement (including, with respect to the Trustee, performance under Section 8.1 hereof), or any action relating to this Agreement or the Certificates, other than any loss, liability or expense incurred by any such Person by reason of willful misconduct, bad faith or negligence in the performance of duties. The indemnification provided hereunder shall survive the resignation or removal of the Trustee and the termination of this Agreement.

Appears in 1 contract

Samples: Trust and Servicing Agreement (Kranzco Realty Trust)

Trustee Not Liable for Certificates. Mortgage Loans or ------------------------------------------------------ Additional Collateral. ---------------------- The recitals contained herein and in the Certificates (other than the authentication and countersignature of the Trustee on the Certificates) shall be taken as the statements of the Seller, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations or warranties as to the validity or sufficiency of this Agreement, the Servicing Agreement, the Custodial Agreement, the Swap Agreement or of the Interest Rate Cap Agreement, the Certificates (other than the signature and countersignature certificate of the Trustee authentication on the Certificates) or the Lower Tier REMIC 1 Uncertificated Regular Interests, or of any Mortgage Loan Loan, or related document save that the Trustee represents that, assuming due execution and delivery by the other parties hereto, this Agreement has been duly authorized, executed and delivered by it and constitutes its valid and binding obligation, enforceable against it in accordance with its terms except that such enforceability may be subject to (A) applicable bankruptcy and insolvency laws and other similar laws affecting the enforcement of the rights of creditors generally, and (B) general principles of equity regardless of whether such enforcement is considered in a proceeding in equity or of MERS or the MERS Systemat law. The Trustee shall not be accountable for the use or application by the Master Servicer, Depositor of funds paid to the Depositor in consideration of the assignment of the Mortgage Loans to the Trust Fund by the Depositor or for the use or application of any funds paid deposited into the Collection Account, the Certificate Account, any Escrow Account or any other fund or account maintained with respect to the Master Servicer in respect of related Mortgage Loans or deposited in or withdrawn from the Collection Account by the Master ServicerCertificates. The Trustee shall at no time not be responsible for the legality or validity of this Agreement, the Servicing Agreement, the Custodial Agreement, the Swap Agreement or the Interest Rate Cap Agreement or the validity, priority, perfection or sufficiency of the security for the Certificates or the Lower Tier REMIC 1 Uncertificated Regular Interests issued or intended to be issued hereunder. The Trustee shall not, except as otherwise provided herein, have any responsibility for filing any financing or liability for continuation statement in any public office at any time or with respect to otherwise perfect or maintain the legality, validity and enforceability perfection of any Mortgage security interest or any Mortgage Loan, lien granted to it hereunder or the perfection and priority of any Mortgage or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Trust or its ability to generate the payments to be distributed to Certificateholders under record this Agreement, including, without limitation: the existence, condition and ownership of any Mortgaged Property; the existence and enforceability of any hazard insurance thereon (other than if the Trustee shall assume the duties of the Master Servicer pursuant to Section 7.02 hereof); the validity of the assignment of any Mortgage Loan to the Trustee or of any intervening assignment; the completeness of any Mortgage Loan; the performance or enforcement of any Mortgage Loan (other than if the Trustee shall assume the duties of the Master Servicer pursuant to Section 7.02 hereof); the compliance by the Depositor or the Seller with any warranty or representation made under this Agreement or in any related document or the accuracy of any such warranty or representation prior to the Trustee's receipt of notice or other discovery of any.

Appears in 1 contract

Samples: Trust Agreement (BNC Mortgage Loan Trust 2007-3)

Trustee Not Liable for Certificates. Mortgage Loans or ------------------------------------------------------ Additional Collateral. ---------------------- The recitals contained herein and in the Certificates (other than the authentication and countersignature of the Trustee on the Certificates) shall be taken as the statements of the Seller, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations or warranties as to the validity or sufficiency of this Agreement or of Agreement, any Servicing Agreement, any Custodial Agreement, the Group I Cap Agreement, the Class 3-A1 Cap Agreement, the Group I Swap Agreement, the Certificates (other than the signature and countersignature certificate of the Trustee authentication on the Certificates) ), the Pooling REMIC I Regular Interests or the Pooling REMIC II Regular Interests or of any Mortgage Loan Loan, or related document save that the Trustee represents that, assuming due execution and delivery by the other parties hereto, this Agreement has been duly authorized, executed and delivered by it and constitutes its valid and binding obligation, enforceable against it in accordance with its terms except that such enforceability may be subject to (A) applicable bankruptcy and insolvency laws and other similar laws affecting the enforcement of the rights of creditors generally, and (B) general principles of equity regardless of whether such enforcement is considered in a proceeding in equity or of MERS or the MERS Systemat law. The Trustee shall not be accountable for the use or application by the Master Servicer, Depositor of funds paid to the Depositor in consideration of the assignment of the Mortgage Loans to the Trust Fund by the Depositor or for the use or application of any funds paid deposited into the Collection Account, the Certificate Account, any Escrow Account or any other fund or account maintained with respect to the Master Servicer in respect of related Mortgage Loans or deposited in or withdrawn from the Collection Account by the Master ServicerCertificates. The Trustee shall at no time have not be responsible for the legality or validity of this Agreement, any responsibility or liability for or with respect to Servicing Agreement, any Custodial Agreement, the legalityGroup I Swap Agreement, validity and enforceability of any Mortgage or any Mortgage Loanthe Group I Cap Agreement, the Class 3-A1 Cap Agreement or the perfection and priority of any Mortgage or the maintenance of any such perfection and validity, priority, perfection or for or with respect to the sufficiency of the Trust security for the Certificates, the Pooling REMIC I Regular Interests or its ability to generate the payments Pooling REMIC II Regular Interests issued or intended to be distributed to Certificateholders under this Agreementissued hereunder. Except as otherwise provided herein, including, without limitation: the existence, condition and ownership of any Mortgaged Property; the existence and enforceability of any hazard insurance thereon (other than if the Trustee shall assume have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the duties of the Master Servicer pursuant to Section 7.02 hereof); the validity of the assignment perfection of any Mortgage Loan security interest or lien granted to the Trustee it hereunder or of any intervening assignment; the completeness of any Mortgage Loan; the performance or enforcement of any Mortgage Loan (other than if the Trustee shall assume the duties of the Master Servicer pursuant to Section 7.02 hereof); the compliance by the Depositor or the Seller with any warranty or representation made under record this Agreement or in any related document or the accuracy of any such warranty or representation prior to the Trustee's receipt of notice or other discovery of anyAgreement.

Appears in 1 contract

Samples: Trust Agreement (Lehman XS Trust 2007-6)

Trustee Not Liable for Certificates. Mortgage Loans or ------------------------------------------------------ Additional Collateral. ---------------------- The recitals contained herein and in the Certificates (other than the authentication and countersignature of the Trustee on the Certificates) shall be taken as the statements of the Seller, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations or warranties as to the validity or sufficiency of this Agreement or of Agreement, the Exchange Trust Agreement, the Servicing Agreement, any Custodial Agreement, the Certificates (other than the signature and countersignature certificate of the Trustee authentication on the Certificates) ), the Pooling REMIC 1 Regular Interests or the Pooling REMIC 2 Regular Interests or of any Mortgage Loan Loan, or related document save that the Trustee represents that, assuming due execution and delivery by the other parties hereto, this Agreement has been duly authorized, executed and delivered by it and constitutes its valid and binding obligation, enforceable against it in accordance with its terms except that such enforceability may be subject to (A) applicable bankruptcy and insolvency laws and other similar laws affecting the enforcement of the rights of creditors generally, and (B) general principles of equity regardless of whether such enforcement is considered in a proceeding in equity or of MERS or the MERS Systemat law. The Trustee shall not be accountable for the use or application by the Master Servicer, Depositor of funds paid to the Depositor in consideration of the assignment of the Mortgage Loans to the Trust Fund by the Depositor or for the use or application of any funds paid deposited into the Collection Account, the Certificate Account, any Escrow Account or any other fund or account maintained with respect to the Master Servicer in respect of related Mortgage Loans or deposited in or withdrawn from the Collection Account by the Master ServicerCertificates. The Trustee shall at no time have not be responsible for the legality or validity of this Agreement, the Servicing Agreement, the Exchange Trust Agreement, any responsibility or liability for or with respect to the legality, validity and enforceability of any Mortgage or any Mortgage Loan, Custodial Agreement or the perfection and priority of any Mortgage or the maintenance of any such perfection and validity, priority, perfection or for or with respect to the sufficiency of the Trust security for the Certificates, the Pooling REMIC 1 Regular Interests or its ability to generate the payments Pooling REMIC 2 Regular Interests issued or intended to be distributed to Certificateholders under this Agreementissued hereunder. Except as otherwise provided herein, including, without limitation: the existence, condition and ownership of any Mortgaged Property; the existence and enforceability of any hazard insurance thereon (other than if the Trustee shall assume have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the duties of the Master Servicer pursuant to Section 7.02 hereof); the validity of the assignment perfection of any Mortgage Loan security interest or lien granted to the Trustee it hereunder or of any intervening assignment; the completeness of any Mortgage Loan; the performance or enforcement of any Mortgage Loan (other than if the Trustee shall assume the duties of the Master Servicer pursuant to Section 7.02 hereof); the compliance by the Depositor or the Seller with any warranty or representation made under record this Agreement or in any related document or the accuracy of any such warranty or representation prior to the Trustee's receipt of notice or other discovery of anyAgreement.

Appears in 1 contract

Samples: Trust Agreement (Lehman XS Trust 2007-5h)

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Trustee Not Liable for Certificates. Mortgage Loans or ------------------------------------------------------ Additional Collateral. ---------------------- The recitals contained herein and in the Certificates (other than the authentication and countersignature of the Trustee on the Certificates) shall be taken as the statements of the Seller, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations or warranties as to the validity or sufficiency of this Agreement or of Agreement, any Servicing Agreement, any Custodial Agreement, the Cap Agreement, the Swap Agreement, the Certificates (other than the signature and countersignature certificate of the Trustee authentication on the Certificates) ), the Pooling REMIC 1&1 Regular Interests or the Pooling REMIC 2 Regular Interests or of any Mortgage Loan Loan, or related document save that the Trustee represents that, assuming due execution and delivery by the other parties hereto, this Agreement has been duly authorized, executed and delivered by it and constitutes its valid and binding obligation, enforceable against it in accordance with its terms except that such enforceability may be subject to (A) applicable bankruptcy and insolvency laws and other similar laws affecting the enforcement of the rights of creditors generally, and (B) general principles of equity regardless of whether such enforcement is considered in a proceeding in equity or of MERS or the MERS Systemat law. The Trustee shall not be accountable for the use or application by the Master Servicer, Depositor of funds paid to the Depositor in consideration of the assignment of the Mortgage Loans to the Trust Fund by the Depositor or for the use or application of any funds paid deposited into the Collection Account, the Certificate Account, any Escrow Account or any other fund or account maintained with respect to the Master Servicer in respect of related Mortgage Loans or deposited in or withdrawn from the Collection Account by the Master ServicerCertificates. The Trustee shall at no time have not be responsible for the legality or validity of this Agreement, any responsibility or liability for or with respect to Servicing Agreement, any Custodial Agreement, the legalitySwap Agreement, validity and enforceability of any Mortgage or any Mortgage Loan, the Cap Agreement or the perfection and priority of any Mortgage or the maintenance of any such perfection and validity, priority, perfection or for or with respect to the sufficiency of the Trust security for the Certificates, the Pooling REMIC 1 Regular Interests or its ability to generate the payments Pooling REMIC 2 Regular Interests issued or intended to be distributed to Certificateholders under this Agreementissued hereunder. Except as otherwise provided herein, including, without limitation: the existence, condition and ownership of any Mortgaged Property; the existence and enforceability of any hazard insurance thereon (other than if the Trustee shall assume have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the duties of the Master Servicer pursuant to Section 7.02 hereof); the validity of the assignment perfection of any Mortgage Loan security interest or lien granted to the Trustee it hereunder or of any intervening assignment; the completeness of any Mortgage Loan; the performance or enforcement of any Mortgage Loan (other than if the Trustee shall assume the duties of the Master Servicer pursuant to Section 7.02 hereof); the compliance by the Depositor or the Seller with any warranty or representation made under record this Agreement or in any related document or the accuracy of any such warranty or representation prior to the Trustee's receipt of notice or other discovery of anyAgreement.

Appears in 1 contract

Samples: Trust Agreement (Lehman XS Trust 2007-1)

Trustee Not Liable for Certificates. Mortgage Loans or ------------------------------------------------------ Additional Collateral. ---------------------- The recitals contained herein and in the Certificates (other than the authentication and countersignature of the Trustee on the Certificates) shall be taken as the statements of the Seller, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations or warranties as to the validity or sufficiency of this Agreement or of Agreement, any Servicing Agreement, any Custodial Agreement, the Group 1 Cap Agreement, the Group 2 Cap Agreement, the Group 1 Swap Agreement, the Group 2 Swap Agreement, the Certificates (other than the signature and countersignature certificate of the Trustee authentication on the Certificates) ), the Pooling REMIC 1 Regular Interests, the Pooling REMIC 2 Regular Interests, the Pooling REMIC 3 Regular Interests or the Pooling REMIC 4 Regular Interests or of any Mortgage Loan Loan, or related document save that the Trustee represents that, assuming due execution and delivery by the other parties hereto, this Agreement has been duly authorized, executed and delivered by it and constitutes its valid and binding obligation, enforceable against it in accordance with its terms except that such enforceability may be subject to (A) applicable bankruptcy and insolvency laws and other similar laws affecting the enforcement of the rights of creditors generally, and (B) general principles of equity regardless of whether such enforcement is considered in a proceeding in equity or of MERS or the MERS Systemat law. The Trustee shall not be accountable for the use or application by the Master Servicer, Depositor of funds paid to the Depositor in consideration of the assignment of the Mortgage Loans to the Trust Fund by the Depositor or for the use or application of any funds paid deposited into the Collection Account, the Certificate Account, any Escrow Account or any other fund or account maintained with respect to the Master Servicer in respect of related Mortgage Loans or deposited in or withdrawn from the Collection Account by the Master ServicerCertificates. The Trustee shall at no time have not be responsible for the legality or validity of this Agreement, any responsibility or liability for or with respect to Servicing Agreement, any Custodial Agreement, the legalityGroup 1 Swap Agreement, validity and enforceability of any Mortgage or any Mortgage Loanthe Group 2 Swap Agreement, the Group 1 Cap Agreement, the Group 2 Cap Agreement or the perfection and priority of any Mortgage or the maintenance of any such perfection and validity, priority, perfection or for or with respect to the sufficiency of the Trust security for the Certificates, the Pooling REMIC 1 Regular Interests, the Pooling REMIC 2 Regular Interests, the Pooling REMIC 3 Regular Interests or its ability to generate the payments Pooling REMIC 4 Regular Interests issued or intended to be distributed to Certificateholders under this Agreementissued hereunder. Except as otherwise provided herein, including, without limitation: the existence, condition and ownership of any Mortgaged Property; the existence and enforceability of any hazard insurance thereon (other than if the Trustee shall assume have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the duties of the Master Servicer pursuant to Section 7.02 hereof); the validity of the assignment perfection of any Mortgage Loan security interest or lien granted to the Trustee it hereunder or of any intervening assignment; the completeness of any Mortgage Loan; the performance or enforcement of any Mortgage Loan (other than if the Trustee shall assume the duties of the Master Servicer pursuant to Section 7.02 hereof); the compliance by the Depositor or the Seller with any warranty or representation made under record this Agreement or in any related document or the accuracy of any such warranty or representation prior to the Trustee's receipt of notice or other discovery of anyAgreement.

Appears in 1 contract

Samples: Trust Agreement (LXS 2007-3)

Trustee Not Liable for Certificates. Mortgage Loans or ------------------------------------------------------ Additional Collateral. ---------------------- The recitals contained herein and in the Certificates (other than the authentication and countersignature of the Trustee on the Certificates) shall be taken as the statements of the Seller, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations or warranties as to the validity or sufficiency of this Agreement Agreement, the Swap Agreement, the Class 1-A1 Cap Agreement, the Class 2-A1 Cap Agreement, the Certificate Insurance Policy or of the Certificates (other than the signature and countersignature certificate of the Trustee authentication on the Certificates) ), the Pooling REMIC 1 Regular Interests or the Pooling REMIC 2 Regular Interests or of any Mortgage Loan Loan, or related document save that the Trustee represents that, assuming due execution and delivery by the other parties hereto, this Agreement has been duly authorized, executed and delivered by it and constitutes its valid and binding obligation, enforceable against it in accordance with its terms except that such enforceability may be subject to (A) applicable bankruptcy and insolvency laws and other similar laws affecting the enforcement of the rights of creditors generally, and (B) general principles of equity regardless of whether such enforcement is considered in a proceeding in equity or of MERS or the MERS Systemat law. The Trustee shall not be accountable for the use or application by the Master Servicer, Depositor of funds paid to the Depositor in consideration of the assignment of the Mortgage Loans to the Trust Fund by the Depositor or for the use or application of any funds paid deposited into the Collection Account, the Certificate Account, any Escrow Account or any other fund or account maintained with respect to the Master Servicer in respect of related Mortgage Loans or deposited in or withdrawn from the Collection Account by the Master ServicerCertificates. The Trustee shall at no time have any responsibility not be responsible for the legality or liability for or with respect to the legality, validity and enforceability of any Mortgage or any Mortgage Loan, this Agreement or the perfection and priority of any Mortgage Swap Agreement or the maintenance of any such perfection and validity, priority, perfection or for or with respect to the sufficiency of the Trust security for the Certificates, the Pooling REMIC 1 Regular Interests or its ability to generate the payments Pooling REMIC 2 Regular Interests issued or intended to be distributed to Certificateholders under this Agreementissued hereunder. Except as otherwise provided herein, including, without limitation: the existence, condition and ownership of any Mortgaged Property; the existence and enforceability of any hazard insurance thereon (other than if the Trustee shall assume have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the duties of the Master Servicer pursuant to Section 7.02 hereof); the validity of the assignment perfection of any Mortgage Loan security interest or lien granted to the Trustee it hereunder or of any intervening assignment; the completeness of any Mortgage Loan; the performance or enforcement of any Mortgage Loan (other than if the Trustee shall assume the duties of the Master Servicer pursuant to Section 7.02 hereof); the compliance by the Depositor or the Seller with any warranty or representation made under record this Agreement or in any related document or the accuracy of any such warranty or representation prior to the Trustee's receipt of notice or other discovery of anyAgreement.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Securities Corp)

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