Common use of Trustee to Cooperate; Release of Files Clause in Contracts

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Loan (including any liquidation of such Home Equity Loan through foreclosure or otherwise), or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall deliver to the Custodian, on behalf of the Trustee the FannieMae "Request for Release of Documents" (FannieMae Form 2009). Upon receipt of such Request for Release of Documents, the Custodian, on behalf of the Trustee shall promptly release the related File, in trust, in its reasonable discretion to (i) the Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the Trustee. In lieu of executing any such satisfaction or assignment, as the case may be, the Servicer may prepare and submit to the Custodian, on behalf of the Trustee, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaid.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1997-3), Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1997-5), Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1997-7)

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Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including any liquidation of such Home Equity any Mortgage Loan through foreclosure or otherwise), or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes), the Servicer shall confirm to the Trustee and the Securities Administrator that all amounts required to be remitted to the Distribution Account in connection with such Mortgage Loan have been so deposited, and the Servicer shall deliver two copies of such Request for Release to the Custodian. The Custodian shall, within five Business Days of its receipt of such a Request for Release, release the related Owner Mortgage File (and Retained Mortgage File, if applicable) to the Servicer, as requested by the Servicer. No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Distribution Account. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, including but not limited to, collection under any insurance policies, or to effect a partial release of any Mortgaged Property from the lien of the Mortgage, the Servicer shall deliver to the CustodianCustodian two copies of a Request for Release. The Custodian shall, on behalf of within five Business Days, release the Trustee related Owner Mortgage File (and Retained Mortgage File, if applicable) to the FannieMae "Servicer. Any such Request for Release shall obligate the Servicer to return the Owner Mortgage File (and Retained Mortgage File, if applicable) to the Custodian by the twenty-first day following the release thereof, unless (i) the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Distribution Account or (ii) the Owner Mortgage File, Retained Mortgage File, if applicable, or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of Documents" (FannieMae Form 2009)initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or non-judicially. Upon receipt of such two copies of a Request for Release of Documents, the Custodian, on behalf of the Trustee shall promptly release the related File, in trust, in its reasonable discretion to (i) the Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee. Upon any such payment in full, or the receipt of such notification stating that such funds have been placed in escrow, the Servicer is authorized Mortgage Loan was liquidated and that all amounts received or to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred received in connection with such instrument of satisfaction liquidation which are required to be deposited into the Distribution Account have been so deposited, or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the Trustee. In lieu of executing any that such satisfaction or assignment, as the case may beMortgage Loan has become an REO Property, the Servicer may prepare and submit to Custodian shall amend its records. Upon the Custodian, on behalf occurrence of the Trusteeevent specified in clause (ii) of the preceding paragraph, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignmentdeliver to the Servicer, as directed by the case may beServicer, court pleadings, requests for trustee's sale or other documents necessary to the foreclosure or trustee's sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against any Mortgagor on the Mortgage Note or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Mortgage Note or Mortgage or otherwise available at law or in equity. Each such direction shall include a request that such pleadings or documents be executed by the Trustee and deliver a statement as to the same with reason such documents or pleadings are required and a certification that the related Fileexecution and delivery thereof by the Trustee will not invalidate or otherwise affect the lien of the Mortgage, as aforesaidexcept for the termination of such a lien upon completion of the foreclosure proceeding or trustee's sale.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Wells Fargo Home Equity Asset-Backed Securities 2005-1 Trust), Pooling and Servicing Agreement (Wells Fargo Home Equity Asset-Backed Securities 2005-2 Trust), Pooling and Servicing Agreement (Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Loan (including any liquidation of such Home Equity Loan through foreclosure or otherwise), or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall deliver to the Custodian, on behalf of the Trustee the FannieMae FNMA "Request for Release of Documents" (FannieMae FNMA Form 2009). Upon receipt of such Request for Release of Documents, the Custodian, on behalf of the Trustee shall promptly release the related File, in trust, in its reasonable discretion to (i) the Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the Trustee. In lieu of executing any such satisfaction or assignment, as the case may be, the Servicer may prepare and submit to the Custodian, on behalf of the Trustee, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaid.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1997-2), Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1997-1), Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1996-4)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including any liquidation of such Home Equity any Mortgage Loan through foreclosure or otherwise), or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes), the Servicer shall confirm to the Trustee and the Securities Administrator that all amounts required to be remitted to the Distribution Account in connection with such Mortgage Loan have been so deposited, and the Servicer shall deliver two copies of such Request for Release to the Custodian. The Custodian shall, within five Business Days of its receipt of such a Request for Release, release the related Owner Mortgage File (and Retained Mortgage File, if applicable) to the Servicer, as requested by the Servicer. No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Distribution Account. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, including but not limited to, collection under any insurance policies, or to effect a partial release of any Mortgaged Property from the lien of the Mortgage, the Servicer shall deliver to the CustodianCustodian two copies of a Request for Release. The Custodian shall, on behalf of within five Business Days, release the Trustee related Owner Mortgage File (and Retained Mortgage File, if applicable) to the FannieMae "Servicer. Any such Request for Release shall obligate the Servicer to return the Owner Mortgage File (and Retained Mortgage File, if applicable) to the Custodian by the twenty-first day following the release thereof, unless (i) the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Distribution Account or (ii) the Owner Mortgage File (or Retained Mortgage File, if applicable) or any documents contained therein have been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of Documents" (FannieMae Form 2009)initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or non-judicially. Upon receipt of such two copies of a Request for Release of Documents, the Custodian, on behalf of the Trustee shall promptly release the related File, in trust, in its reasonable discretion to (i) the Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee. Upon any such payment in full, or the receipt of such notification stating that such funds have been placed in escrow, the Servicer is authorized Mortgage Loan was liquidated and that all amounts received or to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred received in connection with such instrument of satisfaction liquidation which are required to be deposited into the Distribution Account have been so deposited, or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the Trustee. In lieu of executing any that such satisfaction or assignment, as the case may beMortgage Loan has become an REO Property, the Servicer may prepare and submit to Custodian shall amend its records. Upon the Custodian, on behalf occurrence of the Trusteeevent specified in clause (ii) of the preceding paragraph, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignmentdeliver to the Servicer, as directed by the case may beServicer, court pleadings, requests for trustee's sale or other documents necessary to the foreclosure or trustee's sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against any Mortgagor on the Mortgage Note or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Mortgage Note or Mortgage or otherwise available at law or in equity. Each such direction shall include a request that such pleadings or documents be executed by the Trustee and deliver a statement as to the same with reason such documents or pleadings are required and a certification that the related Fileexecution and delivery thereof by the Trustee will not invalidate or otherwise affect the lien of the Mortgage, as aforesaidexcept for the termination of such a lien upon completion of the foreclosure proceeding or trustee's sale.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Wells Fargo Asset Securities Corp), Pooling and Servicing Agreement (Wells Fargo Home Equity Asset-Backed Securities 2005-4 Trust), Pooling and Servicing Agreement (Wells Fargo Home Equity Asset-Backed Securities 2005-3 Trust)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including the repurchase of any Mortgage Loan or any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall deliver to the Custodian, on behalf of the Trustee the FannieMae "Request for Release of Documents" (FannieMae Form 2009)a Servicer's Trust Receipt. Upon receipt of such Request for Release of DocumentsServicer's Trust Receipt, the Custodian, on behalf of the Trustee shall promptly release the related File, in trust, in its reasonable discretion trust to (i) the Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee, in each case pending its release by the Servicer, such escrow agent or such employee, agent or attorney of the Trustee, as the case may be. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which that secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no . No expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the TrusteeAccount. In lieu of executing any such satisfaction or assignment, as the case may be, the Servicer may prepare and submit to the Custodian, on behalf of the Trustee, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaid. In connection with a foreclosure, the Servicer may prepare and submit to the Trustee an assignment of mortgage to the Servicer, in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Trustee shall execute and acknowledge such assignment, and deliver the same with the related File to the Servicer.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Equivantage Acceptance Corp), Pooling and Servicing Agreement (Equivantage Acceptance Corp)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including the repurchase of any Mortgage Loan or any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall deliver to the Custodian, on behalf of the Trustee the FannieMae "Request for Release of Documents" (FannieMae Form 2009)a Servicer's Trust Receipt. Upon receipt of such Request for Release of DocumentsServicer's Trust Receipt, the Custodian, on behalf of the Trustee shall promptly release the related File, in trust, in its reasonable discretion trust to (i) the Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee, in each case pending its release by the Servicer, such escrow agent or such employee, agent or attorney of the Trustee, as the case may be. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no . No expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the TrusteeAccount. In lieu of executing any such satisfaction or assignment, as the case may be, the Servicer may prepare and submit to the Custodian, on behalf of the Trustee, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaid. In connection with a foreclosure, the Servicer may prepare and submit to the Trustee an assignment of mortgage to the Servicer, in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Trustee shall execute and acknowledge such assignment, and deliver the same with the related File to the Servicer.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Equivantage Acceptance Corp), Pooling and Servicing Agreement (Equivantage Acceptance Corp)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including the repurchase of any Mortgage Loan or any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), or the receipt by the Master Servicer or any Sub-Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Master Servicer or any Sub-Servicer shall deliver to the Custodian, on behalf of the Trustee the FannieMae "Request for Release of Documents" (FannieMae Form 2009)a Master Servicer's Trust Receipt. Upon receipt of such Request for Release of DocumentsMaster Servicer's Trust Receipt, the Custodian, on behalf of the Trustee shall promptly release the related File, in trusttrust to the applicable party as directed in writing by the Master Servicer in the Master Servicer's Trust Receipt, in each case pending its reasonable discretion to (i) release by the Master Servicer, (ii) an such escrow agent or (iii) any such employee, agent or attorney of the Trustee, as the case may be. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Master Servicer or any Sub-Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the TrusteeAccount. In lieu of executing any such satisfaction or assignment, as the case may be, the Master Servicer or any Sub-Servicer may prepare and submit to the Custodian, on behalf of the Trustee, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Master Servicer or any Sub-Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaid.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Advanta Conduit Receivables Inc), Pooling and Servicing Agreement (Advanta Mortgage Conduit Services Inc)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Loan (including any liquidation of such Home Equity Loan through foreclosure or otherwise), or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall deliver to the Custodian, on behalf of the Trustee the FannieMae Fannie Mae "Request for Release of Documents" (FannieMae Fannie Mae Form 2009). Upon receipt Xxxx xeceipt of such Request for Release of DocumentsDocxxxxxx, the xxe Custodian, on behalf of the Trustee shall promptly release the related File, in trust, in its reasonable discretion to (i) the Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the Trustee. In lieu of executing any such satisfaction or assignment, as the case may be, the Servicer may prepare and submit to the Custodian, on behalf of the Trustee, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaid.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1998-3), Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1998-1)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Loan (including any liquidation of such Home Equity Loan through foreclosure or otherwise), or the receipt by the Master Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Master Servicer shall deliver to the Custodian, on behalf of the Trustee the FannieMae FNMA "Request for Release of Documents" (FannieMae FNMA Form 2009). Upon receipt of such Request for Release of Documents, the Custodian, on behalf of the Trustee shall promptly release the related File, in trust, in its reasonable discretion to (i) the Master Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Master Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the Trustee. In lieu of executing any such satisfaction or assignment, as the case may be, the Master Servicer may prepare and submit to the Custodian, on behalf of the Trustee, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Master Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaid.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Loan (including any liquidation of such Home Equity Loan through foreclosure or otherwise)Mortgage Loan, or the receipt by the Master Servicer of a notification that payment in full will shall be escrowed in a manner customary for such purposes, the Master Servicer shall deliver to the CustodianTrustee, on behalf of the Trustee the FannieMae "in written (with two executed copies) or electronic format, a completed Request for Release or such other form supplied by the Master Servicer provided that it does not differ from the substantive content of Documents" the Request for Release (FannieMae Form 2009)which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 3.04 have been or will be so deposited) signed by a Servicing Officer (or in a mutually agreeable electronic format that will, in lieu of a signature on its face, originate from a Servicing Officer) and shall request delivery to it of the Mortgage File. Upon receipt of such Request for Release of Documentscertification and request, the CustodianTrustee shall, on behalf of the Trustee shall promptly within three Business Days, release the related File, in trust, in its reasonable discretion Mortgage File to (i) the Master Servicer. The Trustee agrees to indemnify the Master Servicer, (ii) an escrow agent out of its own funds, for any loss, liability or (iii) any employee, agent or attorney expense incurred by the Master Servicer as a direct result of the Trusteenegligence or wilful misconduct by the Trustee in releasing the related Mortgage File as provided above. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrowcertification, the Servicer is authorized to giveSeller, as attorney-in-fact for the Guarantor and the Trustee hereby authorize and empower the mortgagee under the Mortgage which secured the Note, Master Servicer to execute an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Mortgaged Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense . No expenses incurred in connection with such any instrument of satisfaction or assignment, as the case may be, deed of reconveyance shall be chargeable to the Principal and Interest Collection Account or to the Trustee. In lieu of executing any such satisfaction or assignment, as the case may be, the Servicer may prepare and submit to the Custodian, on behalf of the Trustee, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaidDistribution Account.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Sec Inc Asst Back Ps THR Cert Ser 2002 D)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall deliver to the Custodian, on behalf of Mortgage Note Custodian and the Trustee the FannieMae a "Request for Release of Documents" (FannieMae substantially in the form of Fannie Mae Form 2009). Upon receipt of such Request for Release of DocumentsRelease, the Xxxxxxgx Xote Custodian, on behalf of acting for the Trustee Trustee, shall promptly release the related FileMortgage Note, in trust, in to the Servicer or its reasonable discretion to (i) designee. In addition, the Servicer, (ii) an escrow agent or (iii) any employeeacting for the Trustee, agent or attorney shall release the remainder of the Trusteerelated Mortgage File. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrowIn these circumstances, the Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the NoteMortgage, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgagerelated Mortgaged Property, which instrument of satisfaction or assignment, as the case may be, assignment shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no . No expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, assignment shall be chargeable to the Principal and Interest Collection Account or to the Trustee. In lieu of executing any such satisfaction or assignment, as the case may be, the Servicer may prepare and submit to the Custodian, on behalf of the Trustee, Trustee a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related Mortgage File, as aforesaid.

Appears in 1 contract

Samples: Pooling Agreement (Citicorp Residential Mortgage Trust Series 2007-2)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including the repurchase of any Mortgage Loan or any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), ) or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall deliver to the Custodian, on behalf Trustee two copies of the Trustee the FannieMae "a Request for Release of Documents" (FannieMae Form 2009)Release. Upon receipt of such the two copies of the Request for Release Release, or in a mutually agreeable electronic format which will, in lieu of Documentsa signature on its face, the Custodianoriginate from a servicing officer, on behalf of the Trustee shall promptly release the related File, in trust, in its reasonable discretion trust to (i) the Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee, in each case pending its release by the Servicer, such escrow agent or such employee, agent or attorney of the Trustee, as the case may be. Upon any such payment in full, full or the receipt of such notification that such funds have been placed in escrow, the Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the TrusteeAccount. In lieu of executing any such satisfaction or assignment, as the case may be, the Servicer may prepare and submit to the Custodian, on behalf of the Trustee, Trustee a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaid.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1999-2)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), or the receipt by the related Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes), the related Servicer shall deliver to the Custodian, Trustee or the Custodian on behalf of the Trustee the FannieMae Trustee, in written form (with two executed copies) or electronic form, of a completed "Request for Release Release" in the form of Documents" (FannieMae Form 2009). Exhibit E. Upon receipt of such Request for Release of Documents, the CustodianTrustee or the Custodian on the Trustee's behalf shall promptly release the related Mortgage File within three (3) Business Days via overnight mail delivery, in trust, to (i) the related Servicer, or (ii) such other party identified in the related Request for Release. The Trustee or the Custodian on behalf of the Trustee shall promptly release agrees to indemnify each Servicer, out of its own funds, for any loss, liability or expense incurred by each Servicer as a direct result of the negligence or willful misconduct by the Trustee or the Custodian on the Trustee's behalf in releasing the related File, in trust, in its reasonable discretion to (i) the Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the TrusteeMortgage File as provided above. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Trustee hereby authorizes and empowers each Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, execute an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Mortgaged Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, assignment shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the Trustee. In lieu of executing any such satisfaction or assignment, as the case may be, the applicable Servicer may prepare and submit to the Custodian, on behalf of the Trustee, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaidCustodial Account.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ABFC 2006-He1 Trust)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including the repurchase of any Mortgage Loan or any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), ) or the receipt by the related Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the such Servicer shall deliver to the Custodian, on behalf Custodian a Servicer's Trust Receipt in the form of the Trustee the FannieMae "Request for Release of Documents" (FannieMae Form 2009)Exhibit H hereto. Upon receipt of such Request for Release of DocumentsServicer's Trust Receipt, the Custodian, on behalf of the Trustee Custodian shall promptly release the related File, in trust, in its reasonable discretion trust to (i) the such Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee, in each case pending its release by such Servicer, such escrow agent or such employee, agent or attorney of the Trustee, as the case may be. Upon any such payment in full, full or the receipt of such notification that such funds have been placed in escrow, the such Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the related Principal and Interest Account or to the TrusteeAccount. In lieu of executing any such satisfaction or assignment, as the case may be, the such Servicer may prepare and submit to the Custodian, on behalf of the Trustee, Trustee a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the such Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaid.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Armesco Residential Sec Corp Mort Loan Tr 1996-5)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), or the receipt by the Master Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes), the Master Servicer shall deliver to the Custodian, on behalf Trustee two (2) copies of the Trustee the FannieMae a completed "Request for Release of Documents" (FannieMae Form 2009)in the form of Exhibit E or a mutually agreed upon format, which may, be an electronic format. Upon receipt of such Request for Release of Documents, the Custodian, on behalf of the Trustee shall promptly release the related Mortgage File, in trust, in its reasonable discretion trust to (i) the Master Servicer, or (ii) an escrow agent or (iii) any employee, agent or attorney of such other party identified in the Trusteerelated Request for Release. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Master Servicer is authorized to give, as attorney-in-fact for shall direct the Trustee and the mortgagee under the Mortgage which secured the Note, in writing to execute an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Mortgaged Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the TrusteeCollection Account. In lieu of executing any such satisfaction or assignment, as the case may be, the Master Servicer may prepare and submit to the Custodian, on behalf of the Trustee, Trustee a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Master Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related Mortgage File, as aforesaid.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)

Trustee to Cooperate; Release of Files. (aa)(i) Upon the payment in full of any Home Equity Mortgage Loan (including the repurchase of any Mortgage Loan or any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), ) or the receipt by the related Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the such Servicer shall deliver to the Custodian, on behalf Trustee a Servicer's Trust Receipt in the form of the Trustee the FannieMae "Request for Release of Documents" (FannieMae Form 2009)Exhibit H hereto. Upon receipt of such Request for Release of DocumentsServicer's Trust Receipt, the Custodian, on behalf of the Trustee shall promptly release the related File, in trust, in its reasonable discretion trust to (i) the such Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee, in each case pending its release by such Servicer, such escrow agent or such employee, agent or attorney of the Trustee, as the case may be. Upon any such payment in full, full or the receipt of such notification that such funds have been placed in escrow, the such Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the related Principal and Interest Account or to the TrusteeAccount. In lieu of executing any such satisfaction or assignment, as the case may be, the such Servicer may prepare and submit to the Custodian, on behalf of the Trustee, Trustee a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the such Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaid.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Amresco Residential Securities Corp Mort Loan Trust 1998-1)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including the repurchase of any Mortgage Loan or any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall deliver to the Custodian, on behalf of Trustee a Servicer's Trust Receipt in substantially the Trustee the FannieMae "Request for Release of Documents" (FannieMae Form 2009)form set forth as Exhibit J hereto. Upon receipt of such Request for Release of DocumentsServicer's Trust Receipt, the Custodian, on behalf of the Trustee shall promptly release the related File, in trust, in its reasonable discretion trust to (i) the Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee, in each case pending its release by the Servicer, such escrow agent or such employee, agent or attorney of the Trustee, as the case may be. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which that secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no . No expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the TrusteeAccount. In lieu of executing any such satisfaction or assignment, as the case may be, the Servicer may prepare and submit to the Custodian, on behalf of the Trustee, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaid. In connection with a foreclosure, the Servicer may prepare and submit to the Trustee an assignment of mortgage to the Servicer, in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Trustee shall execute and acknowledge such assignment, and deliver the same with the related File to the Servicer.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Equivantage Acceptance Corp)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity GMACM Mortgage Loan (including any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), or the receipt by the Servicer GMACM of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer GMACM shall deliver to the Custodian, on behalf of the Trustee the FannieMae Fannie Mae "Request for Release of DocumentsDxxxxxxtx" (FannieMae Form 2009). attached hereto as Exhibit D. Upon receipt of such Request for Release of Documents, the Custodian, on behalf of the Trustee shall promptly release or cause the release of the related Custodial File, in trust, in its reasonable discretion to (i) the ServicerGMACM, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Servicer GMACM is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage relating to a GMACM Mortgage Loan which secured the relevant Mortgage Note, an instrument of satisfaction (or assignment of such Mortgage without recourse, representation or warranty) regarding the Mortgaged Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the TrusteeCollection Account. In lieu of executing any such satisfaction or assignment, as the case may be, the Servicer GMACM may prepare and submit to the Custodian, on behalf of the Trustee, Trustee a satisfaction (or assignment without recourse, representation or warranty, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the ServicerGMACM; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge deliver a power of attorney prepared by GMACM to the Trustee and acceptable to the Trustee authorizing GMACM to prepare such satisfaction or assignment, as the case may be, and deliver the same with the related Custodial File, as aforesaid.

Appears in 1 contract

Samples: Trust and Servicing Agreement (Gs Mortgage Securities Corp)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including the repurchase of any Mortgage Loan or any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), or the receipt by the Master Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Master Servicer shall deliver to the Custodian, on behalf of the Trustee the FannieMae "Request for Release of Documents" (FannieMae Form 2009)a Master Servicer's Trust Receipt. Upon receipt of such Request for Release of DocumentsMaster Servicer's Trust Receipt, the Custodian, on behalf of the Trustee shall promptly release the related File, in trust, in its reasonable discretion trust to (i) the Master Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee, in each case pending its release by the Master Servicer, such escrow agent or such employee, agent or attorney of the Trustee, as the case may be. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Master Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the TrusteeAccount. In lieu of executing any such satisfaction or assignment, as the case may be, the Master Servicer may prepare and submit to the Custodian, on behalf of the Trustee, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all 125 requisite information completed by the Master Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaid.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Access Financial Lending Corp)

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Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall deliver to the Custodian, on behalf of the Trustee the FannieMae a "Request for Release of Documents" (FannieMae in a form substantially similar to FNMA Form 2009). Upon receipt of such Request for Release of Documents, the Custodian, on behalf of the Trustee shall promptly release the related File, in trust, in its reasonable discretion to (i) the Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Servicer or the Trustee. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the TrusteeCollection Account. In lieu of executing any such satisfaction or assignment, as the case may be, the Servicer may prepare and submit to the Custodian, on behalf of the Trustee, Trustee a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaid. From time to time and as appropriate in the servicing of any Mortgage Loan, including, without limitation, foreclosure or other comparable conversion of a Mortgage Loan or collection under any applicable Insurance Policy, the Trustee shall (except in the case of the payment or liquidation pursuant to which the related File is released to an escrow agent or an employee, agent or attorney of the Trustee), upon request of the Servicer and delivery to the Trustee of a receipt signed by an Authorized Officer of the Servicer, release the related File to the Servicer and shall execute such documents as shall be necessary to the prosecution of any such proceedings, including, without limitation, an assignment without recourse of the related Mortgage to the Servicer. Such receipt shall obligate the Servicer to return the File to the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a liquidation report, in physical or electronic form, relating to such liquidation, the receipt shall be released by the Trustee to the Servicer. The Servicer shall have the right to accept applications of Mortgagors for consent to (i) partial releases of Mortgages, (ii) alterations and (iii) removal, demolition or division of properties subject to Mortgages. No application for approval shall be considered by the Servicer unless: (w) the Mortgagor, at its expense, shall have furnished to the Servicer an opinion of counsel experienced in federal income tax matters reasonably acceptable to the Servicer to the effect that such release, alteration, removal, demolition or division will not cause (a) any federal tax to be imposed on REMIC I or REMIC II, including without limitation, any federal tax imposed on "prohibited transactions" under Section 860F(a)(1) of the Code or on "contributions after the startup date" under Section 860G(d)(1) of the Code, or (b) REMIC I or REMIC II to fail to qualify as a REMIC at any time that any Certificate is outstanding, (x) the provisions of the related Note and Mortgage have been complied with; (y) the Loan-to-Value Ratio after any release does not exceed the Loan-to-Value Ratio of such Mortgage Loan as of the date of origination thereof; and (z) the lien priority of the related Mortgage is not affected. Upon receipt by the Trustee of an Officer's Certificate executed on behalf of the Servicer setting forth the action proposed to be taken in respect of a particular Mortgage Loan and certifying that the criteria set forth in the immediately preceding sentence have been satisfied, the Trustee shall execute and deliver to the Servicer the consent or partial release so requested by the Servicer. A proposed form of consent or partial release, as the case may be, shall accompany any Officer's Certificate delivered by the Servicer pursuant to this paragraph.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including the repurchase of any Mortgage Loan or any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), or the receipt by the Master Servicer or any Sub-servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Master Servicer or any Sub-servicer shall deliver to the Custodian, on behalf of the Trustee the FannieMae "Request for Release of Documents" (FannieMae Form 2009)a Master Servicer's Trust Receipt. Upon receipt of such Request for Release of DocumentsMaster Servicer's Trust Receipt, the Custodian, on behalf of the Trustee shall promptly release the related File, in trust, in its reasonable discretion trust to (i) the Master Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee, in each case pending its release by the Master Servicer, such escrow agent or such employee, agent or attorney of the Trustee, as the case may be. Upon any such payment in full, or the receipt of such notification that such funds 90 104 have been placed in escrow, the Master Servicer or any Sub-servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the TrusteeAccount. In lieu of executing any such satisfaction or assignment, as the case may be, the Master Servicer or any Sub-servicer may prepare and submit to the Custodian, on behalf of the Trustee, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the ServicerMaster Servicer or any Sub-servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaid.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1997-3)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall deliver to the Custodian, on behalf of the Trustee the FannieMae a "Request for Release of Documents" (FannieMae in a form substantially similar to FNMA Form 2009). Upon receipt of such Request for Release of Documents, the Custodian, on behalf of the Trustee shall promptly release the related File, in trust, in its reasonable discretion to (i) the Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Servicer or the Trustee. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the TrusteeCollection Account. In lieu of executing any such satisfaction or assignment, as the case may be, the Servicer may prepare and submit to the Custodian, on behalf of the Trustee, Trustee a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in . In such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaid. From time to time and as appropriate for the servicing of any Mortgage Loan, including, without limitation, foreclosure or other comparable conversion of a Mortgage Loan or collection under any applicable Insurance Policy, the Trustee shall, upon request of the Servicer and delivery to the Trustee of a receipt signed by an Authorized Officer of the Servicer, release the related File to the Servicer and shall execute such documents as shall be necessary to the prosecution of any such proceedings, including, without limitation, an assignment without recourse of the related Mortgage to the Servicer. Such receipt shall obligate the Servicer to return the File to the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a liquidation report, in physical or electronic form, relating to such liquidation, the receipt shall be released by the Trustee to the Servicer.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes), the Servicer shall deliver to the CustodianTrustee, on behalf in written form (with two executed copies) or electronic form, of the Trustee the FannieMae "a completed “Request for Release Release” in the form of Documents" (FannieMae Form 2009). Exhibit E. Upon receipt of such Request for Release of Documents, the Custodian, on behalf of the Trustee shall promptly release the related FileMortgage File 107 within three (3) Business Days via overnight mail delivery (at the expense of the Servicer), in trust, in its reasonable discretion to (i) the Servicer, or (ii) an escrow agent such other party identified in the related Request for Release. The Trustee agrees to indemnify the Servicer, out of its own funds, for any loss, liability or expense (iiiother than special, indirect, punitive or consequential damages which will not be paid by the Trustee) any employee, agent or attorney incurred by the Servicer as a direct result of the Trusteenegligence or willful misconduct by the Trustee in releasing the Mortgage File as provided above. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Trustee hereby authorizes and empowers the Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, execute an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Mortgaged Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, assignment shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the Trustee. In lieu of executing any such satisfaction or assignment, as the case may be, the Servicer may prepare and submit to the Custodian, on behalf of the Trustee, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaidCollection Account.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ABFC 2006-Opt2 Trust)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes), the Servicer shall deliver to the CustodianTrustee, on behalf in written form (with two executed copies) or electronic form, of the Trustee the FannieMae a completed "Request for Release Release" in the form of Documents" Exhibit E or such other form supplied by the Servicer provided that it does not differ from the substantive content of Exhibit E (FannieMae Form 2009which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 3.04(a) have been or shall be so deposited). Upon receipt of such Request for Release of Documents, the Custodian, on behalf of the Trustee shall promptly release the related FileMortgage File within three (3) Business Days, in trust, in its reasonable discretion to (i) the Servicer, or (ii) an escrow agent such other party identified in the related Request for Release. No expenses incurred in connection with any instrument of satisfaction or (iii) any employee, agent deed of reconveyance shall be chargeable to the Collection Account or attorney of the TrusteeDistribution Account but shall be borne by the Servicer to the extent not reimbursable from the related Mortgagor. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Trustee hereby authorizes and empowers the Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, execute an instrument of satisfaction (or assignment of Mortgage Assignment without recourse) regarding the Mortgaged Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, Assignment shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the TrusteeCollection Accounts. In lieu of executing any such satisfaction or assignment, as the case may be, the Servicer may prepare and submit to the Custodian, on behalf of the Trustee, Trustee a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related Mortgage File, as aforesaid.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ABFC 2005-Aq1 Trust)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes), the Servicer shall deliver to the CustodianTrustee, on behalf in written form (with two executed copies) or electronic form, of the Trustee the FannieMae a completed "Request for Release Release" in the form of Documents" (FannieMae Form 2009). Exhibit E. Upon receipt of such Request for Release of Documents, the Custodian, on behalf of the Trustee shall promptly release the related FileMortgage File within three (3) Business Days via overnight mail delivery (at the expense of the Servicer), in trust, in its reasonable discretion to (i) the Servicer, or (ii) an escrow agent or (iii) any employee, agent or attorney of such other party identified in the Trusteerelated Request for Release. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Trustee hereby authorizes and empowers the Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, execute an instrument of satisfaction (or assignment of Mortgage Assignment without recourse) regarding the Mortgaged Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, Assignment shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the TrusteeCollection Account. In lieu of executing any such satisfaction or assignment, as the case may be, the Servicer may prepare and submit to the Custodian, on behalf of the Trustee, Trustee a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related Mortgage File, as aforesaid.

Appears in 1 contract

Samples: And Servicing Agreement (Asset Backed Funding Corp)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes), the Servicer shall deliver to the CustodianTrustee, or the Custodian on behalf of the Trustee the FannieMae Trustee, in written form (with two executed copies) or electronic form, of a completed "Request for Release Release" in the form of Documents" (FannieMae Form 2009). Exhibit E. Upon receipt of such Request for Release of Documents, the Custodian, Trustee or the Custodian on the Trustee's behalf of the Trustee shall promptly release the related FileMortgage File within three (3) Business Days via overnight mail delivery, in trust, in its reasonable discretion to (i) the Servicer, or (ii) an escrow agent such other party identified in the related Request for Release. The Trustee, or (iii) any employee, agent or attorney the Custodian on behalf of the Trustee, agrees to indemnify the Servicer, out of its own funds, for any loss, liability or expense incurred by the Servicer as a direct result of the negligence or willful misconduct by the Trustee, or the Custodian on the Trustee's behalf, in releasing the related Mortgage File as provided above. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Trustee hereby authorizes and empowers the Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, execute an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Mortgaged Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, assignment shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the Trustee. In lieu of executing any such satisfaction or assignment, as the case may be, the Servicer may prepare and submit to the Custodian, on behalf of the Trustee, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaidCollection Account.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ABFC 2007-Wmc1 Trust)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including any liquidation of such Home Equity any Mortgage Loan through foreclosure or otherwise), or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes), the Servicer shall confirm to the Trustee and the Securities Administrator that all amounts required to be remitted to the Distribution Account in connection with such Mortgage Loan have been so deposited, and the Servicer shall deliver two copies of such Request for Release to the Custodian. The Custodian shall, within five Business Days of its receipt of such a Request for Release, release the related Owner Mortgage File (and Retained Mortgage File, if applicable) to the Servicer, as requested by the Servicer. No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Distribution Account. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, including but not limited to, collection under any insurance policies, or to effect a partial release of any Mortgaged Property from the lien of the Mortgage, the Servicer shall deliver to the CustodianCustodian two copies of a Request for Release. The Custodian shall, on behalf of within five Business Days, release the Trustee related Owner Mortgage File (and Retained Mortgage File, if applicable) to the FannieMae "Servicer. Any such Request for Release shall obligate the Servicer to return the Owner Mortgage File (and Retained Mortgage File, if applicable) to the Custodian by the twenty-first day following the release thereof, unless (i) the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Distribution Account or (ii) the Owner Mortgage File, Retained Mortgage File, if applicable, or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of Documents" (FannieMae Form 2009)initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or non-judicially. Upon receipt of such two copies of a Request for Release of Documents, the Custodian, on behalf of the Trustee shall promptly release the related File, in trust, in its reasonable discretion to (i) the Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee. Upon any such payment in full, or the receipt of such notification stating that such funds have been placed in escrow, the Servicer is authorized Mortgage Loan was liquidated and that all amounts received or to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred received in connection with such instrument of satisfaction liquidation which are required to be deposited into the Distribution Account have been so deposited, or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the Trustee. In lieu of executing any that such satisfaction or assignment, as the case may beMortgage Loan has become an REO Property, the Servicer may prepare and submit to the Custodian, on behalf Custodian shall amend its records. Upon written certification of the TrusteeServicer pursuant to clause (ii) of the preceding paragraph, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignmentdeliver to the Servicer, as directed by the case may beServicer, court pleadings, requests for trustee's sale or other documents necessary to the foreclosure or trustee's sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against any Mortgagor on the Mortgage Note or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Mortgage Note or Mortgage or otherwise available at law or in equity. Each such certification shall include a request that such pleadings or documents be executed by the Trustee and deliver a statement as to the same with reason such documents or pleadings are required and that the related Fileexecution and delivery thereof by the Trustee will not invalidate or otherwise affect the lien of the Mortgage, as aforesaidexcept for the termination of such a lien upon completion of the foreclosure proceeding or trustee's sale.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wells Fargo Asset Securities Corp)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Fairbanks Mortgage Loan or Wilshire Mortgage Loan (including any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), or the receipt by the relevant Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the such Servicer shall deliver to the Custodian, on behalf of Trustee a request for release in the Trustee form attached hereto as EXHIBIT J-1 or utilize a paperless release using the FannieMae "Request for Release of Documents" (FannieMae Form 2009)paperless release template attached hereto as EXHIBIT J-2. Upon receipt of such Request for Release of Documents, the Custodian, on behalf of the Trustee shall promptly release or cause the release of the related Custodial File, in trust, in its reasonable discretion to (i) the relevant Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the relevant Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage relating to a Fairbanks Mortgage Loan or Wilshire Mortgage Loan which secured the relevant Mortgage Note, an instrument of satisfaction (or assignment of such Mortgage without recourse, representation or warranty) regarding the Mortgaged Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the Trusteerelated Collection Account. In lieu of executing any such satisfaction or assignment, as the case may be, the relevant Servicer may prepare and submit to the Custodian, on behalf of the Trustee, Trustee a satisfaction (or assignment without recourse, representation or warranty, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the relevant Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge deliver a power of attorney prepared and delivered by such Servicer to the Trustee and acceptable to the Trustee authorizing such Servicer to prepare such satisfaction or assignment, as the case may be, and deliver the same with the related Custodial File, as aforesaid.

Appears in 1 contract

Samples: Trust and Servicing Agreement (Gs Mortgage Sec Corp Mort Pass THR Cert Ser 2003-1)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including the repurchase of any Mortgage Loan or any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), or the receipt by the Master Servicer or any Sub-Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Master Servicer or any Sub-Servicer shall deliver to the Custodian, on behalf of the Trustee the FannieMae "Request for Release of Documents" (FannieMae Form 2009)a Master Servicer's Trust Receipt. Upon receipt of such Request for Release of DocumentsMaster Servicer's Trust Receipt, the Custodian, on behalf of the Trustee shall promptly release the related Mortgage File, as directed by the Master Servicer in trust, in its reasonable discretion to (i) the Master Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee's Trust Receipt. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Master Servicer or any Sub-Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the TrusteeAccount. In lieu of executing any such satisfaction or assignment, as assignment the case may be, the Master Servicer or any Sub-Servicer may prepare and submit to the Custodian, on behalf of the Trustee, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Master Servicer or any Sub-Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, assignment and deliver the same with the related File, as aforesaid.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Conduit Services Inc)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Loan (including any liquidation of such Home Equity Loan through foreclosure or otherwise), or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall deliver to the Custodian, on behalf of the Trustee the FannieMae Xxxxxx Mae "Request for Release of Documents" (FannieMae Xxxxxx Xxx Form 2009). Upon receipt of such Request for Release of Documents, the Custodian, on behalf of the Trustee shall promptly release the related File, in trust, in its reasonable discretion to (i) the Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the Trustee. In lieu of executing any such satisfaction or assignment, as the case may be, the Servicer may prepare and submit to the Custodian, on behalf of the Trustee, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaid.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1998 5)

Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Home Equity Mortgage Loan (including the repurchase of any Mortgage Loan or any liquidation of such Home Equity Mortgage Loan through foreclosure or otherwise), or the receipt by the Master Servicer or any Sub-servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Master Servicer or any Sub-servicer shall deliver to the Custodian, on behalf of the Trustee the FannieMae "Request for Release of Documents" (FannieMae Form 2009)a Master Servicer's Trust Receipt. Upon receipt of such Request for Release of DocumentsMaster Servicer's Trust Receipt, the Custodian, on behalf of the Trustee shall promptly release the related File, in trusttrust to the applicable party as directed in writing by the Master Servicer on the Master Servicer's Trust Receipt, in each case pending its reasonable discretion to (i) release by the Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trusteesuch party. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Master Servicer or any Sub-servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the TrusteeAccount. In lieu of executing any such satisfaction or assignment, as the case may be, the Master Servicer or any Sub-servicer may prepare and submit to the Custodian, on behalf of the Trustee, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by 80 88 the Trustee with all requisite information completed by the ServicerMaster Servicer or any Sub-servicer; in such event, the Custodian, on behalf of the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaid.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1998-3)

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