Trustee to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, or the receipt by the Master Servicer or the related Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Master Servicer or the related Servicer will immediately notify the Trustee (or, at the direction of the Trustee, the related Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned to the related Servicer with the Mortgage File) of a Request for Release (which may be delivered in an electronic format acceptable to the Trustee and the Master Servicer or the related Servicer). Upon receipt of such request, the Trustee or the related Custodian, as applicable, shall within seven (7) Business Days release the related Mortgage File to the Master Servicer or the related Servicer. The Trustee shall at the Master Servicer's or the related Servicer's direction execute and deliver to the Master Servicer or the related Servicer the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related Servicer, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage Loan. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing Officer. If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-4 Trust), Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-5 Trust)
Trustee to Cooperate; Release of Mortgage Files. Upon (i) the payment in full of any Mortgage Loan, or the receipt by the Master Servicer or the related Servicer of a notification that payment in full will be escrowed in a manner customary for such purposespurposes or (ii) otherwise in connection with the servicing of any Mortgage Loan, the Master Servicer or will, upon receipt of notification from the related Servicer will immediately notify the Trustee (or, at the direction of the Trustee, the related Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned pursuant to the related Servicer with the Mortgage File) of a Request for Release (which may be delivered in an electronic format acceptable to the Trustee and the Master Servicer or the related Servicer). Upon receipt of such requestapplicable Servicing Agreement, the Trustee or the related Custodian, as applicable, shall within seven (7) Business Days release the related Mortgage File to the Master Servicer or the related Servicer. The Upon notification, the Trustee shall at the Master Servicer's or the related Servicer's direction execute and deliver to the Master Servicer or the related Servicer the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related Servicer, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage Loan. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing OfficerMortgagor. If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-6), Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Certs Ser 2003-4)
Trustee to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, or the receipt by the Master Servicer or the related Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Master Servicer or the related Servicer will immediately notify the Trustee (oror the Custodian, at as the direction of the Trustee, the related Custodiancase may be) by delivering, or causing to be delivered, two copies (one of which will be returned to the related Servicer with the Mortgage File) of delivered a "Request for Release (which may be delivered Release" substantially in an electronic format acceptable to the Trustee and the Master Servicer or the related Servicer). form of Exhibit M. Upon receipt of such request, the Trustee (or the related Custodian, as applicable, the case may be) shall within seven (7) three Business Days release the related Mortgage File to the Master Servicer or Servicer, and the related Servicer. The Trustee shall at within three Business Days of the Master Servicer's or the related Servicer's direction execute and deliver to the Master Servicer or the related Servicer the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related Servicer, together with the Mortgage Note with written evidence of cancellation thereon. If The Servicer is authorized to cause the Mortgage has been recorded in removal from the name registration on the MERS(R) System of MERS or its designeesuch Mortgage, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action if applicable, and to reflect the release execute and deliver, on behalf of the Mortgage on Trustee and the records Certificateholders or any of MERSthem, any and all instruments of satisfaction or cancellation or of partial or full release. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of to the Mortgage Loanextent permitted by law and otherwise shall constitute a Servicing Advance. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose purpose, collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon within three Business Days of delivery to the Trustee (or, at the direction of the Trustee, or the Custodian, as the case may be) of a Request for Release in the form of Exhibit M signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files File or documents so released to be returned to the Trustee (or the Custodian, as applicable, the case may be) when the need therefor by the Servicer no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Collection Account, in which case such the Servicer shall deliver to the Trustee (or the Custodian, as applicable, the case may be) a Request for ReleaseRelease in the form of Exhibit M, signed by a Servicing Officer. If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Credit Suisse Fist Boston Home Equity Mort Trust 2003-3), Pooling and Servicing Agreement (CSFB Mortgage Sec Corp Home Eq Mort PSS THR CRT Ser 2003-Ffa)
Trustee to Cooperate; Release of Mortgage Files. Upon (i) the payment in full of any Mortgage Loan, or (ii) the receipt by the Master Servicer or the related Servicer of a notification that payment in full will be escrowed in a manner customary for such purposespurposes or otherwise in connection with the servicing of any Mortgage Loan, the Master Servicer or shall, upon receipt of notification from the related Servicer will immediately notify the Trustee (or, at the direction of the Trustee, the related Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned pursuant to the related Servicer with applicable Servicing Agreement, which notification shall state that such payment in full has been deposited in the Mortgage File) of Collection Account or has otherwise been escrowed in a Request manner customary for Release (which may be delivered in an electronic format acceptable to such purposes, instruct the Trustee Custodian to, and the Master Servicer or the related Servicer). Upon receipt of such request, the Trustee or the related Custodian, as applicable, Custodian shall within seven (7) Business Days release the related Mortgage File to the Master Servicer or the related Servicer. The Upon notification, the Trustee shall at the Master Servicer's or the related ServicerCustodian's direction execute and deliver to the Master Servicer or the related Servicer Custodian the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related ServicerCustodian, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage Loan. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing OfficerMortgagor. If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-9), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-9)
Trustee to Cooperate; Release of Mortgage Files. Upon (i) the payment in full of any Mortgage Loan, or (ii) the receipt by the Master Servicer or the related Servicer of a notification that payment in full will be escrowed in a manner customary for such purposespurposes or otherwise in connection with the servicing of any Mortgage Loan, the Master Servicer or shall, upon receipt of notification from the related Servicer will immediately notify the Trustee (or, at the direction of the Trustee, the related Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned pursuant to the related Servicer with applicable Servicing Agreement, which notification shall state that such payment in full has been deposited in the Mortgage File) of Collection Account or has otherwise been escrowed in a Request manner customary for Release (which may be delivered in an electronic format acceptable to such purposes, instruct the Trustee Custodian to, and the Master Servicer or the related Servicer). Upon receipt of such request, the Trustee or the related Custodian, as applicable, Custodian shall within seven (7) Business Days release the related Mortgage File to the Master Servicer or the related Servicer. The Upon notification, the Trustee shall at the Master Servicer's or the related Servicer's Custodian’s direction execute and deliver to the Master Servicer or the related Servicer Custodian the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related ServicerCustodian, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage Loan. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing OfficerMortgagor. If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing AgreementAgreements, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's ’s sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity. Subject to this Section 3.17, the Trustee shall execute, at the written request of the Master Servicer, and furnish to the Master Servicer and any Servicer such documents as are necessary or appropriate to enable the Master Servicer or any Servicer to carry out their servicing and administrative duties hereunder. The Trustee shall not be liable for the actions of the Master Servicer or any Servicers under such powers of attorney.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2007-Hf1), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-2)
Trustee to Cooperate; Release of Mortgage Files. Upon (i) the payment in full of any Mortgage Loan, or (ii) the receipt by the Master Servicer or the related Servicer of a notification that payment in full will be escrowed in a manner customary for such purposespurposes or otherwise in connection with the servicing of any Mortgage Loan, the Master Servicer or shall, upon receipt of notification from the related Servicer will immediately notify the Trustee (or, at the direction of the Trustee, the related Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned pursuant to the related Servicer with applicable Servicing Agreement, which notification shall state that such payment in full has been deposited in the Mortgage File) of Collection Account or has otherwise been escrowed in a Request manner customary for Release (which may be delivered in an electronic format acceptable to such purposes, instruct the Trustee Custodian to, and the Master Servicer or the related Servicer). Upon receipt of such request, the Trustee or the related Custodian, as applicable, Custodian shall within seven (7) Business Days release the related Mortgage File to the Master Servicer or the related Servicer. The Upon notification, the Trustee shall at the Master Servicer's or the related Servicer's Custodian’s direction execute and deliver to the Master Servicer or the related Servicer Custodian the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related ServicerCustodian, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage Loan. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing OfficerMortgagor. If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing AgreementAgreements, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's ’s sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2005-8), Pooling and Servicing Agreement (Marm 2005-7)
Trustee to Cooperate; Release of Mortgage Files. Upon (i) the payment in full of any Mortgage Loan, or the receipt by the Master Servicer or the related Servicer of a notification that payment in full will be escrowed in a manner customary for such purposespurposes or (ii) otherwise in connection with the servicing of any Mortgage Loan, the Master Servicer or shall, upon receipt of notification from the related Servicer will immediately notify the Trustee (or, at the direction of the Trustee, the related Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned pursuant to the related Servicer with applicable Servicing Agreement, which notification shall state that such payment in full has been deposited in the Mortgage File) of Collection Account or has otherwise been escrowed in a Request manner customary for Release (which may be delivered in an electronic format acceptable to such purposes, instruct the Trustee Custodian, and the Master Servicer or the related Servicer). Upon receipt of such request, the Trustee or the related Custodian, as applicable, Custodian shall within seven (7) Business Days release the related Mortgage File to the Master Servicer or the related Servicer. The Upon notification, the Trustee shall at the Master Servicer's or the related ServicerCustodian's direction execute and deliver to the Master Servicer or the related Servicer Custodian the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related ServicerCustodian, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage Loan. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing OfficerMortgagor. If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgages Trust 2004-2), Pooling and Servicing Agreement (Master Adjustable Rate Mortgages Trust 2004-2)
Trustee to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, or the receipt by the Master Servicer or the related Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Master Servicer or the related Servicer will immediately notify the Trustee (or, at the direction of the Trustee, the related a Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned to the related Servicer with the Mortgage File) of a Request for Release (which may be delivered in an electronic format acceptable to the Trustee and the Master Servicer or the related Servicer). Upon receipt of such request, the Trustee or the related a Custodian, as applicable, shall within seven (7) Business Days release the related Mortgage File to the Master Servicer or the related Servicer. The Trustee shall at the Master Servicer's ’s or the related Servicer's ’s direction execute and deliver to the Master Servicer or the related Servicer the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related Servicer, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's ’s obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage Loan. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related a Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the a Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the a Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the a Custodian, as applicable, a Request for Release, signed by a Servicing Officer. If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's ’s sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Banc of America Funding Corp), Pooling and Servicing Agreement (Banc of America Funding Corp)
Trustee to Cooperate; Release of Mortgage Files. (a) Upon the payment in full of any Mortgage Loan, or the receipt by the Master Servicer or the related Servicer Special Servicer, as the case may be, of a notification that payment in full will shall be escrowed in a manner customary for such purposes, the Master Servicer or Special Servicer, as the related Servicer case may be, will immediately notify the Trustee (or, at the direction and request delivery of the Trustee, the related Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned to the related Servicer with the Mortgage File) . Any such notice and request shall be in the form of a Request for Release (which may be delivered in an electronic format acceptable signed by a Servicing Officer and shall include a statement to the Trustee and effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Certificate Account pursuant to Section 3.04(a) or remitted to the Master Servicer to enable such deposit, have been or will be so deposited. Within seven Business Days (or within such shorter period as release can reasonably be accomplished if the Master Servicer or the related Servicer). Upon Special Servicer notifies the Trustee of an exigency) of receipt of such notice and request, the Trustee shall release, or the cause any related CustodianCustodian to release, as applicable, shall within seven (7) Business Days release the related Mortgage File to the Master Servicer or the related Servicer. The Trustee shall at the Master Servicer's or the related Servicer's direction execute and deliver to the Master Servicer or the related Servicer the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related Special Servicer, together with as the Mortgage Note with written evidence of cancellation thereoncase may be. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage Loan. Certificate Account.
(b) From time to time and as shall be is appropriate for the servicing or foreclosure of any Mortgage Loan (and any related Companion Loan), including the Master Servicer or the Special Servicer shall deliver to the Trustee a Request for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting Release signed by a partial release of any Mortgaged Property from the lien Servicing Officer. Upon receipt of the foregoing, the Trustee shall deliver or cause the related Custodian to deliver, the Mortgage File or any document therein to the Master Servicer or the making Special Servicer (or a designee), as the case may be. Upon return of any corrections such Mortgage File or such document to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon or the delivery to the Trustee (or, at the direction of a certificate of a Servicing Officer of the TrusteeMaster Servicer or the Special Servicer, as the Custodiancase may be, stating that such Mortgage Loan was liquidated and that all amounts received or to be received in connection with such liquidation which are required to be deposited into the Certificate Account pursuant to Section 3.04(a) have been or will be so deposited, or that such Mortgage Loan has become an REO Property, a copy of a the Request for Release signed shall be released by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days Trustee to the Master Servicer or the related Servicer. Subject to Special Servicer (or a designee), as the further limitations set forth belowcase may be, with the original being released upon termination of the Trust.
(c) Within seven Business Days (or within such shorter period as delivery can reasonably be accomplished if the Special Servicer notifies the Trustee of an exigency) of receipt thereof, the Master Servicer or the applicable Servicer Trustee shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated execute and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing Officer. If the Master Special Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such the foreclosure or trustee's sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against the any Mortgagor on the Mortgage Note (including any note evidencing the related Companion Loan) or the Mortgage or to obtain a deficiency judgment judgment, or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity. The Special Servicer shall be responsible for the preparation of all such documents and pleadings. When submitted to the Trustee for signature, such documents or pleadings shall be accompanied by a certificate of a Servicing Officer requesting that such pleadings or documents be executed by the Trustee and certifying as to the reason such documents or pleadings are required and that the execution and delivery thereof by the Trustee will not invalidate or otherwise affect the lien of the Mortgage, except for the termination of such a lien upon completion of the foreclosure or trustee's sale. The Special Servicer shall, (1) direct, manage, prosecute and/or defend any action brought by a Mortgagor against the Trust and (2) represent the interests of the Trust in any litigation relating to the rights and obligations of the Mortgagor or Mortgagee, or the enforcement of the obligations of a Mortgagor, under the Mortgage Loan Documents ("Trust-Related Litigation"). To the extent the Master Servicer is named in Trust-Related Litigation, in order to effectuate the role of the Special Servicer, the Master Servicer shall (1) notify the Special Servicer of such Trust-Related Litigation within ten (10) days of the Master Servicer receiving notice of such Trust-Related Litigation; (2) provide monthly status reports to the Special Servicer regarding such Trust-Related Litigation; and (3) act at the direction of the Special Servicer in representing the interests of the Trust with respect to decisions and resolutions related to such Trust-Related Litigation, including but not limited to the selection of counsel, provided however, if there are claims against the Master Servicer and the Master Servicer has not determined that separate counsel is required for such claims, such counsel shall be reasonably acceptable to Master Servicer. Notwithstanding the foregoing, nothing in this section shall limit the Master Servicer's right to make final and binding determinations relating to claims against GMAC Commercial Mortgage Corporation. Further, nothing in this section shall require the Master Servicer to take or fail to take any action which, in the Master Servicer's good faith and reasonable judgment, may (1) result in an Adverse REMIC Event or (2) subject the Master Servicer to material liability or materially expand the scope of the Master Servicer's obligations under this Agreement. The Special Servicer shall have the right at any time to direct the Master Servicer to settle any claims brought against the Trust, including claims asserted against the Master Servicer, provided that such settlement does not require any admission of liability or wrongdoing on the part of the Master Servicer, the cost of such settlement is paid by the Trust, and the Master Servicer is indemnified pursuant to Section 6.03 hereof for all costs and expenses of the Master Servicer incurred in defending and settling the Trust-Related Litigation. The foregoing terms of this paragraph shall not apply in the event the Special Servicer authorizes the Master Servicer, and the Master Servicer agrees (both authority and agreement to be in writing), to make certain decisions or control certain litigation on behalf of the Trust.
(d) If, from time to time, pursuant to the terms of the Universal Hotel Portfolio Intercreditor Agreement and the Universal Hotel Portfolio Pooling Agreement, and as appropriate for enforcing the terms of the Universal Hotel Portfolio Mortgage Loan, the Universal Hotel Portfolio Master Servicer requests delivery to it of the original Mortgage Note for the Universal Hotel Portfolio Mortgage Loan, then the Trustee shall release or cause the release of such original Mortgage Note to the Universal Hotel Portfolio Master Servicer or its designee.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (JPMorgan Chase Commercial Mortgage Securities Corp Series 2005-Ldp3), Pooling and Servicing Agreement (JPMorgan Chase Commercial Mortgage Securities Corp Series 2005-Ldp3)
Trustee to Cooperate; Release of Mortgage Files. Upon (i) the payment in full of any Mortgage Loan, or the receipt by the Master Servicer or the related Servicer of a notification that payment in full will be escrowed in a manner customary for such purposespurposes or (ii) otherwise in connection with the servicing of any Mortgage Loan, the Master Servicer or shall, upon receipt of notification from the related Servicer will immediately notify the Trustee (or, at the direction of the Trustee, the related Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned pursuant to the related Servicer with applicable Servicing Agreement, which notification shall state that such payment in full has been deposited in the Mortgage File) of Collection Account or has otherwise been escrowed in a Request manner customary for Release (which may be delivered in an electronic format acceptable to such purposes, instruct the Trustee Custodian to, and the Master Servicer or the related Servicer). Upon receipt of such request, the Trustee or the related Custodian, as applicable, Custodian shall within seven (7) Business Days release the related Mortgage File to the Master Servicer or the related Servicer. The Upon notification, the Trustee shall at the Master Servicer's or the related ServicerCustodian's direction execute and deliver to the Master Servicer or the related Servicer Custodian the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related ServicerCustodian, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage Loan. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing OfficerMortgagor. If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgages Trust 2004-1), Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgages Trust 2004-1)
Trustee to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, or the receipt by the Master Servicer or the related Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Master Servicer or the related Servicer will immediately notify the Trustee (or, at and the direction of the Trustee, the related Custodian) Custodian by delivering, or causing to be delivered, two copies (one of which will be returned to the related Servicer with the Mortgage File) of a Request for Release (which may be delivered in an electronic format acceptable to the Custodian and the Trustee and the Master Servicer or the related Servicer). Upon receipt of such request, the Trustee or the related Custodian, as applicable, Custodian shall within seven (7) Business Days release the related Mortgage File to the Master Servicer or the related Servicer. The Trustee shall at the Master Servicer's or the related Servicer's direction execute and deliver to the Master Servicer or the related Servicer the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related Servicer, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage Loan. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, Custodian shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) Custodian of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, Custodian when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such the Servicer shall deliver to the Trustee or the Custodian, as applicable, Custodian a Request for Release, signed by a Servicing Officer. If the Master Servicer or any related the Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related the Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (SunTrust Alternative Loan Trust, Series 2005-1f)
Trustee to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage WF Master Serviced Loan, or the receipt by the WF Master Servicer or the related WF Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the WF Master Servicer or the related WF Servicer will immediately notify the Trustee (or, at the direction of the Trustee, the related Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned to the related WF Servicer with the Mortgage File) of a Request for Release (which may be delivered in an electronic format acceptable to the Trustee and the WF Master Servicer or the related WF Servicer). Upon receipt of such request, the Trustee or the related Custodian, as applicable, shall within seven (7) Business Days release the related Mortgage File to the WF Master Servicer or the related WF Servicer. The Trustee shall at the WF Master Servicer's or the related WF Servicer's direction execute and deliver to the WF Master Servicer or the related WF Servicer the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage WF Master Serviced Loan, in each case provided by the WF Master Servicer or the related WF Servicer, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the WF Master Servicer shall enforce the applicable WF Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage WF Master Serviced Loan. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing Officer. If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.
Appears in 1 contract
Trustee to Cooperate; Release of Mortgage Files. (a) Upon the payment in full of any Mortgage Loan, or the receipt by the Master Servicer or the related Servicer of a notification that payment in full will shall be escrowed in a manner customary for such purposes, the Master Servicer or the related Servicer will immediately notify the Trustee (or, at the direction of shall deliver to the Trustee, the related Custodianin written (with two executed copies) by deliveringor electronic format, or causing to be delivered, two copies (one of which will be returned to the related Servicer with the Mortgage File) of a Request for Release in the form of Exhibit E hereto (which may certification shall include a statement to the effect that all amounts received or to be delivered received in an connection with such payment which are required to be deposited in the Collection Account pursuant to Section 3.10 have been or will be so deposited) signed by a Servicing Officer (or in a mutually agreeable electronic format acceptable that will, in lieu of a signature on its face, originate from a Servicing Officer) and shall request delivery to it of the Trustee and the Master Servicer or the related Servicer)Mortgage File. Upon receipt of such certification and request, the Trustee or the related Custodianshall, as applicablewithin three Business Days, shall within seven (7) Business Days release the related Mortgage File to the Master Servicer or (which, if the Servicer requests, shall be sent by overnight mail at the Servicer's expense; provided, however, that in the event a Servicer has not previously received copies of the relevant Mortgage Loan Documents necessary to service the related Servicer. The Trustee shall at Mortgage Loan in accordance with the Master Servicer's or Servicing Standard, the related Servicer's direction execute Originator shall reimburse the applicable Servicer for any overnight courier charges incurred for the requested Custodial Files) and deliver the Servicer is authorized to cause the Master Servicer or removal from the related Servicer registration on the request for reconveyance, deed MERS(R) System of reconveyance or release or satisfaction of mortgage or any such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case if applicable. Except as otherwise provided by the Master Servicer or the related Servicerherein, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses no expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of Collection Account or the Mortgage Loan. Distribution Account.
(b) From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including including, for such purpose this purpose, collection under any Primary Mortgage Insurance Policy, any insurance policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections relating to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage FileLoans, the Trustee or the related Custodian, as applicable, shall, upon any request made by or on behalf of the Servicer and delivery to the Trustee (or, at the direction of the Trustee, the Custodianin written (with two executed copies) or electronic format, of a Request for Release in the form of Exhibit E hereto signed by a Master Servicing Officer (or in a mutually agreeable electronic format that will, in lieu of a signature on its face, originate from a Servicing Officer), release the related Mortgage File within seven (7) Business Days to the Master Servicer or within three Business Days, and the Trustee shall, at the written direction of the Servicer, execute such documents as shall be necessary to the prosecution of any such proceedings. The Trustee shall deliver the related Servicer. Subject Custodial File to the further limitations Servicer by regular mail unless the Servicer requests that the Trustee deliver such Custodial File to the Servicer by overnight courier (in which case such delivery shall be at the Servicer's expense; provided, however, that in the event a Servicer has not previously received copies of the relevant Mortgage Loan Documents necessary to service the related Mortgage Loan in accordance with the servicing standards set forth belowin Section 3.01, the Master Servicer or Originator shall reimburse the applicable Servicer for any overnight courier charges incurred for the requested Custodial Files). Such Request for Release shall cause obligate the Servicer to return each and every document previously requested from the Mortgage Files so released to be returned File to the Trustee or the Custodian, as applicable, when the need therefor by the Servicer no longer exists, unless the Mortgage Loan is has been liquidated and the proceeds thereof are Liquidation Proceeds relating to the Mortgage Loan have been deposited in the related Collection Account or the Mortgage File 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 initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or non-judicially, and the Servicer Custodial Accounthas delivered, in which case such Servicer shall deliver or caused to be delivered, to the Trustee an additional Request for Release certifying as to such liquidation or action or proceedings. Upon the Custodianrequest of the Trustee, as applicable, the Servicer shall provide notice to the Trustee of the name and address of the Person to which such Mortgage File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a Request for Release, signed by in written (with two executed copies) or electronic format (or in a mutually agreeable electronic format that will, in lieu of a signature on its face, originate from a Servicing Officer. If ), from a Servicing Officer stating that such Mortgage Loan was liquidated and that all amounts received or to be received in connection with such liquidation that are required to be deposited into the Master Collection Account have been so deposited, or that such Mortgage Loan has become an REO Property, such Mortgage Loan shall be released by the Trustee to the Servicer or any related its designee within three Business Days.
(c) Upon written certification of a Servicing Officer, the Trustee shall execute and deliver to the Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signatureSub-Servicer, as appropriatethe case may be, copies of any court pleadings, requests for trustee's sale or other documents necessary to effectuate such the foreclosure or trustee's sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against the any Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment judgment, or to enforce any other remedies or rights provided by the Mortgage Note or the 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 a statement as to the reason such documents or pleadings are required and that the execution and delivery thereof by the Trustee will not invalidate or otherwise affect the lien of the Mortgage, except for the termination of such a lien upon completion of the foreclosure or trustee's sale.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2004-1)
Trustee to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage WF Master Serviced Loan, or the receipt by the WF Master Servicer or the related WF Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the WF Master Servicer or the related WF Servicer will immediately notify the Trustee (or, at the direction of the Trustee, the related Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned to the related WF Servicer with the Mortgage File) of a Request for Release (which may be delivered in an electronic format acceptable to the Trustee and the WF Master Servicer or the related WF Servicer). Upon receipt of such request, the Trustee or the related Custodian, as applicable, shall within seven (7) Business Days release the related Mortgage File to the WF Master Servicer or the related WF Servicer. The Trustee shall at the WF Master Servicer's or the related WF Servicer's direction execute and deliver to the WF Master Servicer or the related WF Servicer the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage WF Master Serviced Loan, in each case provided by the WF Master Servicer or the related WF Servicer, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the WF Master Servicer shall enforce the applicable WF Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage WF Master Serviced Loan. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing Officer. If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.
Appears in 1 contract
Trustee to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, or the receipt by the Master Servicer or the related Servicer of a notification that payment in full will shall be escrowed in a manner customary for such purposes, the Master Servicer or the related Servicer will immediately notify the Trustee (or, at the direction of the Trustee, the related Custodian) by delivering, or causing to be delivered, two copies (one of which will shall be returned to the related Servicer with the Mortgage File) of a Request for Release (which may be delivered in an electronic format acceptable to the Trustee and the Master Servicer or the related Servicer). Upon receipt of such request, the Trustee or the related Custodian, as applicable, shall within seven (7) Business Days release the related Mortgage File to the Master Servicer or the related Servicer. The Trustee shall at the Master Servicer's or the related Servicer's direction execute and deliver to the Master Servicer or the related Servicer the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related Servicer, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage Loan. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) it of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing Officer. If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-F Trust)
Trustee to Cooperate; Release of Mortgage Files. (a) Upon the payment in full of any Mortgage Loan, or the receipt by the Master Servicer or the related Servicer Special Servicer, as the case may be, of a notification that payment in full will shall be escrowed in a manner customary for such purposes, the Master Servicer or Special Servicer, as the related Servicer case may be, will immediately promptly notify the Trustee (or, at the direction and request delivery of the Trustee, the related Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned to the related Servicer with the Mortgage File) . Any such notice and request shall be in the form of a Request for Release (which may be delivered in an electronic format acceptable signed by a Servicing Officer and shall include a statement to the Trustee and effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Certificate Account pursuant to Section 3.04(a) or remitted to the Master Servicer to enable such deposit, have been or will be so deposited. Within seven Business Days (or within such shorter period as release can reasonably be accomplished if the Master Servicer or the related Servicer). Upon Special Servicer notifies the Trustee of an exigency) of receipt of such notice and request, the Trustee shall release, or the cause any related CustodianCustodian to release, as applicable, shall within seven (7) Business Days release the related Mortgage File to the Master Servicer or the related Servicer. The Trustee shall at the Master Servicer's or the related Servicer's direction execute and deliver to the Master Servicer or the related Servicer the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related Special Servicer, together with as the Mortgage Note with written evidence of cancellation thereoncase may be. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage Loan. Certificate Account.
(b) From time to time and as shall be is appropriate for the servicing or foreclosure of any Mortgage Loan (and any related Companion Loan), including the Master Servicer or the Special Servicer shall deliver to the Trustee a Request for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting Release signed by a partial release of any Mortgaged Property from the lien Servicing Officer. Upon receipt of the foregoing, the Trustee shall deliver or cause the related Custodian to deliver, the Mortgage File or any document therein to the Master Servicer or the making Special Servicer (or a designee), as the case may be. Upon return of any corrections such Mortgage File or such document to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon or the delivery to the Trustee (or, at the direction of a certificate of a Servicing Officer of the TrusteeMaster Servicer or the Special Servicer, as the Custodiancase may be, stating that such Mortgage Loan was liquidated and that all amounts received or to be received in connection with such liquidation which are required to be deposited into the Certificate Account pursuant to Section 3.04(a) have been or will be so deposited, or that such Mortgage Loan has become an REO Property, a copy of a the Request for Release signed shall be released by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days Trustee to the Master Servicer or the related Servicer. Subject to Special Servicer (or a designee), as the further limitations set forth belowcase may be, with the original being released upon termination of the Trust.
(c) Within seven Business Days (or within such shorter period as delivery can reasonably be accomplished if the Special Servicer notifies the Trustee of an exigency) of receipt thereof, the Master Servicer or the applicable Servicer Trustee shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated execute and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing Officer. If the Master Special Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such the foreclosure or trustee's sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against the any Mortgagor on the Mortgage Note (including any note evidencing the related Companion Loan) or the Mortgage or to obtain a deficiency judgment judgment, or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity. The Special Servicer shall be responsible for the preparation of all such documents and pleadings. When submitted to the Trustee for signature, such documents or pleadings shall be accompanied by a certificate of a Servicing Officer requesting that such pleadings or documents be executed by the Trustee and certifying as to the reason such documents or pleadings are required and that the execution and delivery thereof by the Trustee will not invalidate or otherwise affect the lien of the Mortgage, except for the termination of such a lien upon completion of the foreclosure or trustee's sale.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2006-Cibc15)
Trustee to Cooperate; Release of Mortgage Files. Upon (i) the payment in full of any Mortgage Loan, or (ii) the receipt by the Master Servicer or the related Servicer of a notification that payment in full will be escrowed in a manner customary for such purposespurposes or otherwise in connection with the servicing of any Mortgage Loan, the Master Servicer or shall, upon receipt of notification from the related Servicer will immediately notify the Trustee (or, at the direction of the Trustee, the related Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned pursuant to the related Servicer with Servicing Agreement, which notification shall state that such payment in full has been deposited in the Mortgage File) of Collection Account or has otherwise been escrowed in a Request manner customary for Release (which may be delivered in an electronic format acceptable to such purposes, instruct the Trustee Custodian to, and the Master Servicer or the related Servicer). Upon receipt of such request, the Trustee or the related Custodian, as applicable, Custodian shall within seven (7) Business Days release the related Mortgage File to the Master Servicer or the related Servicer. The Upon notification, the Trustee shall at the Master Servicer's or the related Servicer's Custodian’s direction execute and deliver to the Master Servicer or the related Servicer Custodian the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related ServicerCustodian, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage Loan. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing OfficerMortgagor. If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's ’s sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity. Subject to this Section 3.17, the Trustee shall execute, at the written request of the Master Servicer, and furnish to the Master Servicer or the Servicer such documents as are necessary or appropriate to enable the Master Servicer or the Servicer to carry out their servicing and administrative duties hereunder. The Trustee shall not be liable for the actions of the Master Servicer or the Servicer under any such documents.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (TBW Mortgage-Backed Trust Series 2006-6)
Trustee to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, or the receipt by the Master Servicer or the related Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Master Servicer or the related Servicer will immediately notify the Trustee (or, at the direction of the Trustee, the related Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned to the related Servicer with the Mortgage File) of a Request for Release (which may be delivered in an electronic format acceptable to the Trustee and the Master Servicer or the related Servicer). Upon receipt of such request, the Trustee or the related Custodian, as applicable, shall within seven (7) Business Days release the related Mortgage File to the Master Servicer or the related Servicer. The Trustee shall at the Master Servicer's or the related Servicer's direction execute and deliver to the Master Servicer or the related Servicer the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related Servicer, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage Loan. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing Officer. If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Funding 2005-3 Trust)
Trustee to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage WF Master Serviced Loan, or the receipt by the WF Master Servicer or the related WF Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the WF Master Servicer or the related WF Servicer will immediately notify the Trustee (or, at the direction of the Trustee, the related Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned to the related WF Servicer with the Mortgage File) of a Request for Release (which may be delivered in an electronic format acceptable to the Trustee and the WF Master Servicer or the related WF Servicer). Upon receipt of such request, the Trustee or the related Custodian, as applicable, shall within seven (7) Business Days release the related Mortgage File to the WF Master Servicer or the related WF Servicer. The Trustee shall at the WF Master Servicer's or the related WF Servicer's direction execute and deliver to the WF Master Servicer or the related WF Servicer the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage WF Master Serviced Loan, in each case provided by the WF Master Servicer or the related WF Servicer, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the WF Master Servicer shall enforce the applicable WF Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage WF Master Serviced Loan. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing Officer. If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-1 Trust)
Trustee to Cooperate; Release of Mortgage Files. Upon (i) the payment in full of any Mortgage Loan, or the receipt by the Master Servicer or the related Servicer Custodian of a notification that payment in full will be escrowed in a manner customary for such purposes or (ii) otherwise in connection with the servicing of any Mortgage Loan, the Custodian shall, upon receipt of notification from the Servicer pursuant to the Servicing Agreement which notification shall state that such payment in full has been deposited in the Collection Account or has otherwise been escrowed in a manner customary for such purposes, the Master Servicer or the related Servicer will immediately notify the Trustee (orCustodian shall, at the direction of the Trustee, the related Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned to the related Servicer with the Mortgage File) of a Request for Release (which may be delivered in an electronic format acceptable to the Trustee and the Master Servicer or the related Servicer). Upon receipt of such request, the Trustee or the related Custodian, as applicable, shall within seven (7) Business Days release the related Mortgage File to the Master Servicer or Servicers. Upon notification, the related Servicer. The Trustee shall at the Master Servicer's or the related Servicer's Custodian’s direction execute and deliver to the Master Servicer or the related Servicer Custodian the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related ServicerCustodian, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage Loan. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing OfficerMortgagor. If the Master Servicer or any related Servicer the Servicers at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer the Servicers shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's ’s sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity. Subject to this Section 3.17, the Trustee shall execute, at the written request of the Master Servicer, and furnish to the Master Servicer and the Servicers such documents as are necessary or appropriate to enable the Master Servicer or the Servicers to carry out their servicing and administrative duties hereunder. The Trustee shall not be liable for the actions of the Master Servicer or the Servicers under such powers of attorney.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (STARM Mortgage Loan Trust 2007-3)
Trustee to Cooperate; Release of Mortgage Files. (a) Upon the payment in full of any Mortgage Loan, Serviced Companion Loan or Serviced B Note, or the receipt by the Master Servicer or the related Special Servicer of a notification that payment in full will shall be escrowed in a manner customary for such purposes, the Master Servicer or the related Servicer Special Servicer, as the case may be, will immediately notify the Trustee (orand, at the direction of the Trusteewith respect to any Serviced Whole Loan, the related CustodianServiced Companion Loan Holders and Serviced B Note Holders) by delivering, or causing to be delivered, two copies (one and request delivery of which will be returned to the related Servicer with the Mortgage File) . Any such notice and request shall be in the form of a Request for Release (which may be delivered in an electronic format acceptable signed by a Servicing Officer and shall include a statement to the Trustee and effect that all amounts received or to be received in connection with such payment which are required to be deposited into the Certificate Account pursuant to Section 3.04(a) or, with respect to a Serviced Whole Loan, into the related Serviced Whole Loan Custodial Account pursuant to Section 3.04(e), as applicable, have been or will be so deposited. Within seven Business Days (or within such shorter period as release can reasonably be accomplished if the Master Servicer or the related Servicer). Upon Special Servicer notifies the Trustee of an exigency) of receipt of such notice and request, the Trustee shall release, or cause any related Custodian to release, the related CustodianMortgage File (and, in the case of a Serviced Companion Loan or Serviced B Note, the Trustee shall direct each related Serviced Companion Loan Holder or Serviced B Note Holder, as applicable, shall within seven (7) Business Days to release the related Mortgage File Note for such Serviced Companion Loan or Serviced B Note) to the Master Servicer or the related Servicer. The Trustee shall at the Master Servicer's or the related Servicer's direction execute and deliver to the Master Servicer or the related Servicer the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related Special Servicer, together with the Mortgage Note with written evidence of cancellation thereonwhichever requested it. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Certificate Account or, with respect to a Serviced Whole Loan, to the related Mortgagor of the Mortgage Loan. Serviced Whole Loan Custodial Account.
(b) From time to time and as shall be is appropriate for the servicing or foreclosure of any Mortgage Loan (other than a Non-Serviced Mortgage Loan), including Serviced Companion Loan or Serviced B Note, the Master Servicer or the Special Servicer may deliver to the Trustee a Request for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting Release signed by a partial release of any Mortgaged Property from the lien Servicing Officer thereof. Upon receipt of the foregoing, the Trustee shall deliver or cause the related Custodian to deliver the Mortgage File or any document therein to the Master Servicer or the making Special Servicer, as the case may be. Upon return of any corrections such Mortgage File or such document to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon or the delivery to the Trustee (of a certificate of a Servicing Officer stating that such Mortgage Loan, Serviced Companion Loan or Serviced B Note was liquidated and that all amounts received or to be received in connection with such liquidation which are required to be deposited into the Certificate Account pursuant to Section 3.04(a) or, at with respect to a Serviced Whole Loan, into the direction of the Trusteerelated Serviced Whole Loan Custodial Account pursuant to Section 3.04(e), as applicable, have been or will be so deposited, or that such Mortgage Loan has become an REO Property, the Custodian) of a Request for Release signed shall be released by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days Trustee to the Master Servicer or the related Special Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable.
(c) Within three Business Days (or within such shorter period as delivery can reasonably be accomplished if the Special Servicer notifies the Trustee of an exigency) of receipt thereof, when the need therefor no longer exists, unless the Mortgage Loan is liquidated Trustee shall execute and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing Officer. If the Master Special Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such the foreclosure or trustee's sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against the any Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment judgment, or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available 157 at law or in equity. The Special Servicer shall be responsible for the preparation of all such documents and pleadings. When submitted to the Trustee for signature, such documents or pleadings shall be accompanied by a certificate of a Servicing Officer requesting that such pleadings or documents be executed by the Trustee and certifying as to the reason such documents or pleadings are required and that the execution and delivery thereof by the Trustee will not invalidate or otherwise affect the lien of the Mortgage, except for the termination of such a lien upon completion of the foreclosure or trustee's sale.
(d) If from time to time with respect to any Non-Serviced Mortgage Loan, pursuant to the terms of the related Intercreditor Agreement and the related Other Pooling and Servicing Agreement, and as appropriate for enforcing the terms of the Non-Serviced Mortgage Loan, the related Non-Serviced Mortgage Loan Servicer requests delivery to it of the original Mortgage Note for the Non-Serviced Mortgage Loan, then the Trustee shall release or cause the release of such original Mortgage Note to the related Non-Serviced Mortgage Loan Servicer or its designee. In connection with the release of the original Mortgage Note for the related Non-Serviced Mortgage Loan in accordance with the preceding sentence, the Trustee shall only be required to deliver such Mortgage Note to the related Non-Serviced Mortgage Loan Servicer upon delivery to the Trustee of a custodial agreement which shall evidence the holding by the related Non-Serviced Mortgage Loan Servicer of such original Mortgage Note as custodian on behalf of and for the benefit of the Trustee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GMAC Commercial Mortgage Securities Inc. Series 2004-C2)
Trustee to Cooperate; Release of Mortgage Files. (a) Upon the payment in full of any Mortgage Loan or Serviced Whole Loan, or the receipt by the Master applicable Servicer or the related Servicer Special Servicer, as the case may be, of a notification that payment in full will shall be escrowed in a manner customary for such purposes, the Master such Servicer or Special Servicer, as the related Servicer case may be, will immediately notify the Trustee (orand if applicable, at the direction holder of any Serviced Companion Loan) and request delivery of the Trusteerelated Mortgage File and if a Serviced Whole Loan is involved, the related Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned to original Mortgage Notes for the related Servicer with Serviced Companion Loan. Any such notice and request shall be in the Mortgage File) form of a Request for Release (which may be delivered in an electronic format acceptable signed by a Servicing Officer and shall include a statement to the Trustee and effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Master Certificate Account pursuant to Section 3.04(a) or the applicable Serviced Whole Loan Custodial Account pursuant to Section 3.04(e) or remitted to the applicable Servicer to enable such deposit, have been or will be so deposited. Within seven Business Days (or within such shorter period as release can reasonably be accomplished if the Servicer or the related Servicer). Upon Special Servicer notifies the Trustee of an exigency) of receipt of such notice and request, the Trustee shall release, or cause any related Custodian to release, the related CustodianMortgage File (and, in the case of any Serviced Whole Loan, the Trustee (in accordance with the related Co-Lender Agreement) shall direct or request, as applicable, shall within seven (7) Business Days the holders of any related Serviced Companion Loan to release the related Mortgage File to the Master Servicer or the related Servicer. The Trustee shall at the Master Servicer's or the related Servicer's direction execute and deliver to the Master Servicer or the related Servicer the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related Servicer, together with the Mortgage Note with written evidence of cancellation thereonfor such Serviced Pari Passu Loan) or Serviced Companion Loan to the applicable Servicer or Special Servicer, as the case may be. If the Mortgage an assignment of Mortgage, assignment of Assignment of Leases, assignment of Security Agreement or assignment of UCC Financing Statement has been recorded in the name of MERS or its designee, the Master applicable Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage such assignment of Mortgage, assignment of Assignment of Leases, assignment of Security Agreement or assignment of UCC Financing Statement on the records of MERS. Expenses No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be an expense of the Trustee or chargeable to the related Mortgagor of the Mortgage Loan. Certificate Account or any Serviced Whole Loan Custodial Account.
(b) From time to time and as shall be is appropriate for the servicing or foreclosure of any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, including the Servicers or the Special Servicer shall deliver to the Trustee a Request for such purpose collection under Release signed by a Servicing Officer. Upon receipt of the foregoing, the Trustee shall deliver or cause the related Custodian to deliver, the Mortgage File (other than the documents referred to in clause (xix) of the definition of "Mortgage File") or any Primary document therein and if a Serviced Whole Loan is involved, the original Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or Notes for the purposes of effecting a partial release of any Mortgaged Property from related Serviced Companion Loan to the lien of the Mortgage applicable Servicer or the making Special Servicer (or a designee), as the case may be. Upon return of any corrections such Mortgage File or such document to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon or the delivery to the Trustee (or, at the direction of a certificate of a Servicing Officer of the Trusteeapplicable Servicer or the Special Servicer, as the case may be, stating that such Mortgage Loan or Serviced Whole Loan was liquidated and that all amounts received or to be received in connection with such liquidation which are required to be deposited into the Certificate Account pursuant to Section 3.04(a) or the applicable Serviced Whole Loan Custodial Account pursuant to Section 3.04(e) have been or will be so deposited, or that such Mortgage Loan has become an REO Property, the Custodian) Trustee shall acknowledge receipt of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the such Mortgage File within or such certificate, as the case may be.
(c) Within seven (7) Business Days to (or within such shorter period as delivery can reasonably be accomplished if the Master Special Servicer or notifies the related Servicer. Subject to the further limitations set forth belowTrustee in writing of an exigency) of receipt thereof, the Master Servicer or the applicable Servicer Trustee shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated execute and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing Officer. If the Master Special Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such the foreclosure or trustee's sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against the any Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment judgment, or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity. The Special Servicer shall be responsible for the preparation of all such documents and pleadings. When submitted to the Trustee for signature, such documents or pleadings shall be accompanied by a certificate of a Servicing Officer requesting that such pleadings or documents be executed by the Trustee and certifying as to the reason such documents or pleadings are required and that the execution and delivery thereof by the Trustee will not invalidate or otherwise affect the lien of the Mortgage, except for the termination of such a lien upon completion of the foreclosure or trustee's sale.
(d) If from time to time with respect to any Non-Serviced Mortgage Loan, pursuant to the terms of the related Co-Lender Agreement and the related Non-Serviced Mortgage Loan Pooling Agreement, and as appropriate for enforcing the terms of the Non-Serviced Mortgage Loan, the related Non-Serviced Mortgage Loan Servicer requests delivery to it of the original Mortgage Note for the Non-Serviced Mortgage Loan, then the Trustee shall release or cause the release of such original Mortgage Note to the related Non-Serviced Mortgage Loan Servicer or its designee. In connection with the release of the original Mortgage Note for the related Non-Serviced Mortgage Loan in accordance with the preceding sentence, the Trustee shall only be required to deliver such Mortgage Note to the related Non-Serviced Mortgage Loan Servicer upon delivery to the Trustee of a custodial agreement which shall be reasonably satisfactory to the parties thereto and which shall evidence the holding by the related Non-Serviced Mortgage Loan Servicer of such original Mortgage Note as custodian on behalf of and for the benefit of the Trustee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GE Commercial Mortgage Corporation, Series 2007-C1 Trust)
Trustee to Cooperate; Release of Mortgage Files. (a) Upon the payment in full of any Mortgage Loan, Serviced Companion Loan or Serviced B Note, or the receipt by the Master Servicer or the related Special Servicer of a notification that payment in full will shall be escrowed in a manner customary for such purposes, the Master Servicer or the related Servicer Special Servicer, as the case may be, will immediately notify the Trustee (orand, at the direction of the Trusteewith respect to any Serviced Whole Loan, the related CustodianServiced Companion Loan Holders or related Serviced B Note Holders) by delivering, or causing to be delivered, two copies (one and request delivery of which will be returned to the related Servicer with the Mortgage File) . Any such notice and request shall be in the form of a Request for Release (which may be delivered in an electronic format acceptable signed by a Servicing Officer and shall include a statement to the Trustee and effect that all amounts received or to be received in connection with such payment which are required to be deposited into the Certificate Account pursuant to Section 3.04(a) or, with respect to a Serviced Whole Loan, into the related Serviced Whole Loan Custodial Account pursuant to Section 3.04(g), as applicable, have been or will be so deposited. Within seven Business Days (or within such shorter period as release can reasonably be accomplished if the Master Servicer or the related Servicer). Upon Special Servicer notifies the Trustee of an exigency) of receipt of such notice and request, the Trustee shall release, or cause any related Custodian to release, the related CustodianMortgage File (and, in the case of a Serviced Companion Loan or Serviced B Note, the Trustee shall direct each related Serviced Companion Loan Holder or Serviced B Note Holder, as applicable, shall within seven (7) Business Days to release the related Mortgage File Note for such Serviced Companion Loan or Serviced B Note) to the Master Servicer or the related Servicer. The Trustee shall at the Master Servicer's or the related Servicer's direction execute and deliver to the Master Servicer or the related Servicer the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related Special Servicer, together with the Mortgage Note with written evidence of cancellation thereonwhichever requested it. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Certificate Account or, with respect to the Serviced Whole Loan, to the related Mortgagor of the Mortgage Loan. Serviced Whole Loan Custodial Account.
(b) From time to time and as shall be is appropriate for the servicing or foreclosure of any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Companion Loan or Serviced B Note, including the Master Servicer or the Special Servicer may deliver to the Trustee a Request for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting Release signed by a partial release of any Mortgaged Property from the lien Servicing Officer thereof. Upon receipt of the foregoing, the Trustee shall deliver or cause the related Custodian to deliver the Mortgage File or any document therein to the Master Servicer or the making Special Servicer, as the case may be. Upon return of any corrections such Mortgage File or such document to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon or the delivery to the Trustee (of a certificate of a Servicing Officer stating that such Mortgage Loan, Serviced 171 Companion Loan or Serviced B Note was liquidated and that all amounts received or to be received in connection with such liquidation which are required to be deposited into the Certificate Account pursuant to Section 3.04(a) or, at with respect to a Serviced Whole Loan, into the direction of the Trusteerelated Serviced Whole Loan Custodial Account pursuant to Section 3.04(g), as applicable, have been or will be so deposited, or that such Mortgage Loan has become an REO Property, the Custodian) of a Request for Release signed shall be released by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days Trustee to the Master Servicer or the related Special Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable.
(c) Within three Business Days (or within such shorter period as delivery can reasonably be accomplished if the Special Servicer notifies the Trustee of an exigency) of receipt thereof, when the need therefor no longer exists, unless the Mortgage Loan is liquidated Trustee shall execute and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing Officer. If the Master Special Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such the foreclosure or trustee's sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against the any Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment judgment, or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity. The Special Servicer shall be responsible for the preparation of all such documents and pleadings. When submitted to the Trustee for signature, such documents or pleadings shall be accompanied by a certificate of a Servicing Officer requesting that such pleadings or documents be executed by the Trustee and certifying as to the reason such documents or pleadings are required and that the execution and delivery thereof by the Trustee will not invalidate or otherwise affect the lien of the Mortgage, except for the termination of such a lien upon completion of the foreclosure or trustee's sale.
(d) If from time to time with respect to any Non-Serviced Mortgage Loan, pursuant to the terms of the related Intercreditor Agreement and the related Other Pooling and Servicing Agreement, and as appropriate for enforcing the terms of the Non-Serviced Mortgage Loan, the related Non-Serviced Mortgage Loan Servicer requests delivery to it of the original Mortgage Note for the Non-Serviced Mortgage Loan, then the Trustee shall release or cause the release of such original Mortgage Note to the related Non-Serviced Mortgage Loan Servicer or its designee. In connection with the release of the original Mortgage Note for the related Non-Serviced Mortgage Loan in accordance with the preceding sentence, the Trustee shall only be required to deliver such Mortgage Note to the related Non-Serviced Mortgage Loan Servicer upon delivery to the Trustee of a custodial agreement which shall evidence the holding by the related Non-Serviced Mortgage Loan Servicer of such original Mortgage Note as custodian on behalf of and for the benefit of the Trustee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GMAC Commercial Mortgage Securities, Inc. Series 2006-C1 Trust)
Trustee to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, or the receipt by the Master Servicer or the related Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Master Servicer or the related Servicer will immediately notify the Trustee (or, at the direction of the Trustee, the related Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned to the related Master Servicer with the 49 56 Mortgage File) of a Request for Release (which may be delivered in an electronic format acceptable to the Trustee and the Master Servicer or the related Servicer). Upon receipt of such request, the Trustee or the related Custodian, as applicable, shall within seven (7) Business Days release the related Mortgage File to the Master Servicer or the related Servicer. The Trustee shall at the Master Servicer's or the related Servicer's direction execute and deliver to the Master Servicer or the related Servicer the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage LoanMortgage, in each case provided by the Master Servicer or the related Servicer, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage LoanMortgagor. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files File so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor by the Master Servicer no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Collection Account, in which case such the Master Servicer shall deliver to the Trustee or the Custodian, as applicable, applicable a Request for Release, signed by a Servicing Officer. If The Trustee shall execute and deliver to the Master Servicer any powers of attorney and other documents prepared by the Master Servicer that are reasonably necessary or any related appropriate to enable the Master Servicer at any time seeks to initiate a foreclosure proceeding carry out its servicing and administrative duties under this Agreement, upon the request of the Master Servicer. In addition, upon prepayment in respect full of any Mortgaged Property as authorized by this Agreement Mortgage Loan or the Servicing Agreementreceipt of notice that funds for such purpose 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, an instrument of satisfaction (or any related Assignment of Mortgage without recourse) regarding the Mortgaged Property relating to such Mortgage Loan, which instrument of satisfaction or Assignment of Mortgage, as the case may be, shall be delivered to the Person entitled thereto against receipt of the prepayment in full. In lieu of executing such satisfaction or Assignment of Mortgage, or if another document is required to be executed by the Trustee, the Master Servicer shall may deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Nationsbanc Montgomery Funding Corp)
Trustee to Cooperate; Release of Mortgage Files. Upon (i) the payment in full of any Mortgage Loan, or the receipt by the Master Servicer or the related Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, or (ii) otherwise in connection with the servicing of any Mortgage Loan, the Master Servicer or will, upon receipt of notification from the related Servicer will immediately notify the Trustee (or, at the direction of the Trustee, the related Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned pursuant to the related Servicer with the Mortgage File) of a Request for Release (which may be delivered in an electronic format acceptable to the Trustee and the Master Servicer or the related Servicer). Upon receipt of such requestapplicable Servicing Agreement, the Trustee or the related Custodian, as applicable, shall within seven (7) Business Days release the related Mortgage File to the Master Servicer or the related Servicer. The Upon notification, the Trustee shall at the Master Servicer's or the related Servicer's direction execute and deliver to the Master Servicer or the related Servicer the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related Servicer, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage Loan. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing OfficerMortgagor. If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mort Asset Sec Trans Inc E Trade Bank Mort Bak Sec Tr 2001 2)
Trustee to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, the complete defeasance of a Mortgage Loan, satisfaction or discharge in full of any Specially Serviced Mortgage Loan, the purchase of an A Note by the holder of a B Note pursuant to the related Intercreditor Agreement, or the receipt by the Master Servicer or the related Servicer of a notification that payment in full (or such payment, if any, in connection with the satisfaction and discharge in full of any Specially Serviced Mortgage Loan) will be escrowed in a manner customary for such purposes, and upon notification by the Master Servicer in the form of a certification (which certification shall include a statement to the effect that all amounts received or the related Servicer will immediately notify the Trustee (or, at the direction of the Trustee, the related Custodian) by delivering, or causing to be delivered, two copies (one of received in connection with such payment which are required to be deposited in the Certificate Account have been or will be returned to the related Servicer with the Mortgage Fileso deposited) of a Request Servicing Officer and a request for Release (which may be delivered in an electronic format acceptable to release of the Trustee and Mortgage File in the Master Servicer or the related Servicer). Upon receipt form of such request, Exhibit C hereto the Trustee or the related Custodian, as applicable, shall within seven (7) Business Days promptly release the related Trustee Mortgage File to the Master Servicer or and the related Servicer. The Trustee Custodian shall at the Master Servicer's or the related Servicer's direction execute and deliver to the Master Servicer or the related Servicer the request for reconveyance, deed of reconveyance or release release, satisfaction or satisfaction assignment of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage LoanMortgage, in each case provided as directed by the Master Servicer or the related Servicer, together with the Mortgage Note with written evidence of cancellation thereon. If thereon and, if the related Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the such Mortgage on the records of MERS. Expenses The provisions of the immediately preceding sentence shall not, in any manner, limit or impair the right of the Master Servicer to execute and deliver, on behalf of the Trustee, the Certificateholders, the holder of any Serviced Companion Mortgage Loan, the holder of any B Note or any of them, any and all instruments of satisfaction, cancellation or assignment without recourse, representation or warranty, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, any Serviced Companion Mortgage Loan or any B Note, and with respect to the Mortgaged Properties held for the benefit of the Certificateholders, the holder of any Serviced Companion Mortgage Loan and the holder of any B Note. No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Distribution Account but shall be paid by the Master Servicer except to the extent that such expenses are paid by the related cciii Mortgagor in a manner consistent with the terms of the related Mortgage Loanand applicable law. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose purpose, collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond Servicer Fidelity Bond or errors or omissions policyErrors and Omissions Policy, or for the purposes of effecting a partial or total release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Trustee Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon request of the Master Servicer and the delivery to the Trustee (or, at the direction of the Trustee, the Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, in the form of Exhibit C hereto, release the Trustee Mortgage File within seven (7) Business Days to the Master Servicer or the related Special Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing Officer. If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equitymay be.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Hq10)
Trustee to Cooperate; Release of Mortgage Files. (a) Upon the payment in full of any Mortgage Loan, or upon the receipt by the Master Servicer or the related Servicer of a notification that payment in full will shall be escrowed in a manner customary for such purposes, the Master Servicer or the related Servicer will shall immediately notify or cause to be notified the Trustee by a certification in the form of Exhibit E or such form mutually agreed upon by the Servicer and the Trustee (or, at which certification shall include a statement to the direction of the Trustee, the related Custodian) by delivering, effect that all amounts received or causing to be delivered, two copies (one of received in connection with such payment which are required to be deposited in the Custodial Account pursuant to Section 3.10 have been or will be returned so deposited) of a Servicing Officer and shall request delivery to the related Servicer with it of the Mortgage File) of a Request for Release (which may be delivered in an electronic format acceptable to the Trustee and the Master Servicer or the related Servicer). Upon receipt of such certification and request, the Trustee or the related Custodianshall, as applicablewithin three Business Days, shall within seven (7) Business Days release the related Mortgage File to the Master Servicer at no cost to the Trustee or the related ServicerTrust Fund. The Trustee shall at the Master Servicer's or the related Servicer's direction execute and deliver to the Master Servicer or the related Servicer the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related Servicer, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of Custodial Account or the Mortgage Loan. Certificate Account.
(b) From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including including, for such purpose this purpose, collection under any Primary Mortgage Insurance Policy, any insurance policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections relating to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage FileLoans, the Trustee or the related Custodian, as applicable, shall, upon any request made by or on behalf of the Servicer and delivery to the Trustee (orof a Request for Release in the form of Exhibit E or such form mutually agreed upon by the Servicer and the Trustee, release the related Mortgage File to the Servicer within three Business Days, and the Trustee shall, at the direction of the TrusteeServicer, execute such documents as shall be necessary to the Custodian) prosecution of a any such proceedings. Such Request for Release signed by a Master Servicing Officer or a Servicing Officer, release shall obligate the Servicer to return each and every document previously requested from the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor by the Servicer no longer exists, unless (i) the Mortgage Loan is has been liquidated and the proceeds thereof are Liquidation Proceeds relating to the Mortgage Loan have been deposited in the related Custodial Account or (ii) the Mortgage File 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 initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or non-judicially, and the Servicer Custodial Accounthas delivered, in which case or caused to be delivered, to the Trustee an additional Request for Release certifying as to such liquidation or action or proceedings. Upon the request of the Trustee, the Servicer shall provide notice to the Trustee of the name and address of the Person to which such Mortgage File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such Mortgage Loan was liquidated and that all amounts received or to be received in connection with such liquidation that are required to be deposited into the Custodial Account have been so deposited, or that such Mortgage Loan has become an REO Property, any outstanding Requests for Release with respect to such Mortgage Loan shall be released by the Trustee to the Servicer or its designee.
(c) Upon written certification of a Servicing Officer, the Trustee shall execute and deliver to the Trustee Servicer or the CustodianSub-Servicer, as applicable, a Request for Release, signed by a Servicing Officer. If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriatecase may be, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such the foreclosure or trustee's sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against the any Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment judgment, or to enforce any other remedies or rights provided by the Mortgage Note or the 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 a statement as to the reason such documents or pleadings are required and that the execution and delivery thereof by the Trustee will not invalidate or otherwise affect the lien of the Mortgage, except for the termination of such a lien upon completion of the foreclosure or trustee's sale.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Carrington Mortgage Loan Trust, Series 2006-Opt1)
Trustee to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, or the receipt by the Master Servicer or the related Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Master Servicer or the related Servicer will immediately notify the Trustee (or, at the direction of the Trustee, the related Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned to the related Servicer with the Mortgage File) of a Request for Release (which may be delivered in an electronic format acceptable to the Trustee and the Master Servicer or the related Servicer). Upon receipt of such request, the Trustee or the related Custodian, as applicable, shall within seven (7) Business Days release the related Mortgage File to the Master Servicer or the related Servicer. The Trustee shall at the Master Servicer's or the related Servicer's direction execute and deliver to the Master Servicer or the related Servicer the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage Loan, in each case provided by the Master Servicer or the related Servicer, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the Master Servicer shall enforce the applicable Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage Loan. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing Officer. If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-2 Trust)
Trustee to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage WF Master Serviced Loan, or the receipt by the WF Master Servicer or the related WF Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the WF Master Servicer or the related WF Servicer will immediately notify the Trustee (or, at the direction of the Trustee, the related a Custodian) by delivering, or causing to be delivered, two copies (one of which will be returned to the related WF Servicer with the Mortgage File) of a Request for Release (which may be delivered in an electronic format acceptable to the Trustee and the WF Master Servicer or the related Servicer). Upon receipt of such request, the Trustee or the related a Custodian, as applicable, shall within seven (7) Business Days release the related Mortgage File to the WF Master Servicer or the related Servicer. The Trustee shall at the WF Master Servicer's or the related WF Servicer's direction execute and deliver to the WF Master Servicer or the related WF Servicer the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage relating to the Mortgage WF Master Serviced Loan, in each case provided by the WF Master Servicer or the related WF Servicer, together with the Mortgage Note with written evidence of cancellation thereon. If the Mortgage has been recorded in the name of MERS or its designee, the WF Master Servicer shall enforce the applicable WF Servicer's obligation under the related Servicing Agreement take all necessary action to reflect the release of the Mortgage on the records of MERS. Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor of the Mortgage WF Master Serviced Loan. From time to time and as shall be appropriate for the servicing or foreclosure of any Mortgage Loan, including for such purpose collection under any Primary Mortgage Insurance Policy, any policy of flood insurance, any fidelity bond or errors or omissions policy, or for the purposes of effecting a partial release of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note or the Mortgage or any of the other documents included in the Mortgage File, the Trustee or the related Custodian, as applicable, shall, upon delivery to the Trustee (or, at the direction of the Trustee, the Custodian) of a Request for Release signed by a Master Servicing Officer or a Servicing Officer, release the Mortgage File within seven (7) Business Days to the Master Servicer or the related Servicer. Subject to the further limitations set forth below, the Master Servicer or the applicable Servicer shall cause the Mortgage Files so released to be returned to the Trustee or the Custodian, as applicable, when the need therefor no longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in the related Servicer Custodial Account, in which case such Servicer shall deliver to the Trustee or the Custodian, as applicable, a Request for Release, signed by a Servicing Officer. If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee's sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Funding 2007-3 Trust)