Common use of Trustee to Cooperate Clause in Contracts

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shall be reimbursed from the Collection Account. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Servicer and delivery to the Trustee of a trust receipt signed by a Servicing Officer, release the related Mortgage File to the Servicer and shall execute such documents as shall be necessary for the prosecution of any such proceedings. Such trust receipt shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the Servicer.

Appears in 11 contracts

Samples: Pooling and Servicing Agreement (American Business Financial Services Inc /De/), Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp), Pooling and Servicing Agreement (American Business Financial Services Inc /De/)

AutoNDA by SimpleDocs

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shall be reimbursed from the Collection Account. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Servicer and delivery to the Trustee of a trust receipt signed by a Servicing Officer, release the related Mortgage File to the Servicer and shall execute such documents as shall be necessary for the prosecution of any such proceedings. Such trust receipt shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the Servicer.

Appears in 10 contracts

Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp), Pooling and Servicing Agreement (American Business Financial Services Inc /De/), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)

Trustee to Cooperate. (a) Upon the payment in full of the Principal Balance of any Mortgage LoanContract, the Servicer will notify the Trustee on the next Distribution Date by a certification certificate of a Servicing Officer (which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 4.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant to the authorization contained in Section 5.01, execute an instrument in satisfaction of satisfaction regarding such Contract and to do such other acts and execute such other documents as the related Mortgage, which instrument of satisfaction Servicer deems necessary to discharge the Obligor thereunder and eliminate the security interest in the Manufactured Home. The Servicer shall be recorded determine when a Contract has been paid in full. To the extent insufficient payments are received on a Contract mistakenly determined by the Servicer if required by applicable law to be prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Servicer out of its own funds by deposit into the Certificate Account. . (b) From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land Home Contract and the related Mortgage Land Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land Home Contract to be released to the Servicer with a notation that the Land Home Contract has been assigned to the Trustee. (c) The Servicer's receipt of a Land Home Contract and/or Land Home Contract File shall obligate the Servicer to return the Mortgage original Land Home Contract and the related Land Home Contract File to the Collateral Agent Trustee, or any person acting on behalf of the Trustee Trustee, when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, repurchased or replaced as described in which case, upon receipt of a certificate Section 3.05. (d) Upon request of a Servicing Officer similar to that hereinabove specifiedOfficer, the trust receipt shall be released Trustee shall, at the expense of the Servicer, perform such acts as are reasonably requested by the Collateral Agent on behalf Servicer (including the execution of documents) and otherwise cooperate with the Trustee Servicer in the enforcement of rights and remedies with respect to the ServicerContracts.

Appears in 9 contracts

Samples: Pooling and Servicing Agreement (Bank of America National Trust & Saving Association), Pooling and Servicing Agreement (Greenpoint Financial Corp), Pooling and Servicing Agreement (Bank of America National Trust & Saving Association)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in fullPrincipal Prepayment, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01(f), if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee or Custodian is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee or Custodian shall, upon request of the Servicer and delivery to the Trustee Custodian two copies of a trust receipt Request for Release, one of which will be returned to the Servicer with the Mortgage File, in the form annexed hereto as Exhibit I, signed by a Servicing Officer or in a mutually agreeable electronic format which originates from a Servicing Officer, release the related Mortgage File to the Servicer Servicer, and the Trustee or Custodian shall execute such documents documents, in the forms provided by the Servicer, as shall be necessary for the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt Request for Release shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of Trustee or the Trustee Custodian, as the case may be, when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt Mortgage File shall be released by the Collateral Agent on behalf of the Trustee or Custodian to the Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the related Assignment of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Servicer, execute an appropriate assignment in the form provided to the Trustee by the Servicer to assign such Mortgage Loan for the purpose of collection to the Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only) and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 9 contracts

Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/), Pooling and Servicing Agreement (Delta Funding Home Equity Loan Tr 99-3 Home Eq as Bk Se 99-3), Pooling and Servicing Agreement (Delta Funding Corp /De/)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and the Company (if the Company is not the Servicer) on the next succeeding Remittance Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant execute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate the lien on the related real estate. The Servicer shall determine when a Contract has been paid in full; to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Account. Servicer out of its own funds. b. From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand-and-Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land-and-Home Contract and the related Mortgage Land-and-Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land- and-Home Contract to be released to the Servicer with a notation that the Land- and-Home Contract has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholders' rights and remedies with respect to Contracts. c. The Servicer's receipt of a Land-and-Home Contract and/or Land-and- Home Contract File shall obligate the Servicer to return the Mortgage original Land-and- Home Contract and the related Land-and-Home Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.05.

Appears in 7 contracts

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in fullPrincipal Prepayment, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01(f), if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto. The Servicer is also authorized to cause the removal from the registration on the MERS System of such Mortgage and to execute and deliver, it being on behalf of the Trustee and the Certificateholders or any of them, any and all instruments of satisfaction or cancellation or of partial or full release. It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee or Custodian is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee or Custodian shall, upon request of the Servicer and delivery to the Trustee Custodian of two (2) copies of a trust receipt Request for Release, one of which will be returned to the Servicer with the Mortgage File, in the form annexed hereto as Exhibit I, signed by a Servicing Officer or in a mutually agreeable electronic format which originates from a Servicing Officer, release the related Mortgage File to the Servicer Servicer, and the Trustee or Custodian shall execute such documents documents, in the forms provided by the Servicer, as shall be necessary for the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt Request for Release shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of Trustee or the Trustee Custodian, as the case may be, when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt Mortgage File shall be released by the Collateral Agent on behalf of the Trustee or Custodian to the Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the related Assignment of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Servicer, execute an appropriate assignment in the form provided to the Trustee by the Servicer to assign such Mortgage Loan for the purpose of collection to the Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only) and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (Renaissance Mort Acc Corp Renaissance Home Eq Ln Tr 2004 1), Pooling and Servicing Agreement (Renaissance Mort Accept Corp Home Equity Ln as Bk Ce Se 03-3), Pooling and Servicing Agreement (Renaissance Mort Accept Corp Home Equity Ln as Bk Ce Se 03-3)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in fullPrincipal Prepayment, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01(f), if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto. The Servicer is also authorized to cause the removal from the registration on the MERS System of such Mortgage and to execute and deliver, it being on behalf of the Trustee and the Certificateholders or any of them, any and all instruments of satisfaction or cancellation or of partial or full release. It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee or Custodian is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee or Custodian shall, upon request of the Servicer and delivery to the Trustee Custodian two (2) copies of a trust receipt Request for Release, one of which will be returned to the Servicer with the Mortgage File, in the form annexed hereto as Exhibit I, signed by a Servicing Officer or in a mutually agreeable electronic format which originates from a Servicing Officer, release the related Mortgage File to the Servicer Servicer, and the Trustee or Custodian shall execute such documents documents, in the forms provided by the Servicer, as shall be necessary for the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt Request for Release shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of Trustee or the Trustee Custodian, as the case may be, when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt Mortgage File shall be released by the Collateral Agent on behalf of the Trustee or Custodian to the Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the related Assignment of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Servicer, execute an appropriate assignment in the form provided to the Trustee by the Servicer to assign such Mortgage Loan for the purpose of collection to the Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only) and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Home Equity Loan Asset-Backed Certificates Series 2003-2), Pooling and Servicing Agreement (Home Equity Loan Asset-Backed Certificates Series 2003-2), Pooling and Servicing Agreement (Renaissance Home Equity Loan Tr Asset BKD Cer Series 2002-3)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and the Company (if the Company is not the Servicer) on the next succeeding Payment Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) and shall request delivery of a Servicing Officerthe Contract and Contract File to the Servicer. Upon any receipt of such payment in fulldelivery and request, the Trustee shall promptly release or cause to be released such Contract and Contract File to the Servicer. Upon receipt of such Contract and Contract File, each of the Company (if different from the Servicer) and the Servicer is authorized to executeexecute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate any lien on the related real estate. The Servicer shall determine when a Contract has been paid in full; provided that, pursuant to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer as prepaid or paid in full and satisfied, the shortfall shall be paid by the Servicer out of its own funds, without any right of reimbursement therefor (except from additional amounts recovered from the related Obligor or otherwise in respect of such Contract), and deposited in the Certificate Account. b. If the Servicer elects to submit a claim to FHA under the FHA Insurance in respect of an FHA-Insured Contract and payment is received from FHA, the Servicer shall notify the Trustee and the Company (if required the Company is not the Servicer) on the next succeeding Payment Date by applicable law and be delivered certification of a Servicing Officer (which certification shall include a statement to the Person entitled thereto, it being understood and agreed effect that no expenses incurred all amounts received in connection with such instrument payments which are required to be deposited in the Certificate Account pursuant to Section 5.05 have been so deposited) and shall request delivery of satisfaction the Contract and Contract File to the Servicer. Upon receipt of such delivery and request, the Trustee shall promptly release or cause to be reimbursed from released such Contract and Contract File to the Collection Account. Servicer. c. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loanservicing, the Collateral Agent on behalf of foreclosing, and making a claim for FHA Insurance coverage in connection with an FHA-Insured Contract, the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Contract and the related Mortgage Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' rights and remedies with respect to Contracts. d. The Servicer's receipt of a Contract and/or Contract File shall obligate the Servicer to return the Mortgage original Contract and the related Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.05 or 8.06.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and the Company (if the Company is not the Servicer) on the next succeeding Remittance Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant execute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate the lien on the related real estate. The Servicer shall determine when a Contract has been paid in full; to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Account. Servicer out of its own funds. b. From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand-and-Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land-and-Home Contract and the related Mortgage Land-and-Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land-and-Home Contract to be released to the Servicer with a notation that the Land-and-Home Contract has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholders' rights and remedies with respect to Contracts. c. The Servicer's receipt of a Land-and-Home Contract and/or Land-and-Home Contract File shall obligate the Servicer to return the Mortgage original Land-and-Home Contract and the related Land-and-Home Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.05.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in fullPrincipal Prepayment, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01(f), if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee or Custodian is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee or Custodian shall, upon request of the Servicer and delivery to the Trustee of a trust receipt Request for Release, in the form annexed hereto as Exhibit I, signed by a Servicing Officer, release the related Mortgage File to the Servicer Servicer, and the Trustee or Custodian shall execute such documents documents, in the forms provided by the Servicer, as shall be necessary for the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt Request for Release shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of Trustee or the Trustee Custodian, as the case may be, when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt Request for Release shall be released by the Collateral Agent on behalf of the Trustee or Custodian to the Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the related Assignment of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Servicer, execute an appropriate assignment in the form provided to the Trustee by the Servicer to assign such Mortgage Loan for the purpose of collection to the Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only) and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/), Pooling and Servicing Agreement (Delta Funding Corp /De/), Pooling and Servicing Agreement (Delta Funding Corp /De/)

Trustee to Cooperate. (a) Upon the any payment in full of the Principal Balance of any Mortgage Home Equity Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Home Equity Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Master Servicer and delivery to the Trustee of a trust receipt signed by a Servicing Officer, release the related Mortgage File to the Servicer Master Servicer, and the Trustee shall execute such documents as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Master Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Master Servicer no longer exists unless the Mortgage Home Equity Loan shall be liquidated, in which case, upon receipt of a certificate an Officer's Certificate of a Servicing Officer similar to that hereinabove specifiedthe Master Servicer, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the Master Servicer. (b) In order to facilitate the foreclosure of the Mortgage securing any Home Equity Loan that is in default following recordation of the assignments of Mortgage in accordance with the provisions hereof, the Trustee shall, if the Master Servicer so requests in writing and supplies the Trustee with appropriate forms therefor, assign such Home Equity Loan for the purpose of collection to the Master Servicer or to the related Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Home Equity Loan and deposit or credit the Net Liquidation Proceeds received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Home Equity Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Home Equity Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (HFC Revolving Corp), Pooling and Servicing Agreement (HFC Revolving Corp), Pooling and Servicing Agreement (HFC Revolving Corp)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in fullPrincipal Prepayment, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01(f), if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Servicer and delivery to the Trustee of a trust receipt Request for Release, in the form annexed hereto as Exhibit I, signed by a Servicing Officer, release the related Mortgage File to the Servicer Servicer, and the Trustee shall execute such documents documents, in the forms provided by the Servicer, as shall be necessary for the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt Request for Release shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt Request for Release shall be released by the Collateral Agent on behalf of the Trustee to the Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the related Assignment of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Servicer, execute an appropriate assignment in the form provided to the Trustee by the Servicer to assign such Mortgage Loan for the purpose of collection to the Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only) and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/), Pooling and Servicing Agreement (Delta Funding Corp /De/), Pooling and Servicing Agreement (Delta Funding Corp /De/)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment Principal Prepayment in full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01(f), if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon request of by the Servicer and delivery to the Trustee of a trust receipt Request for Release, in the form annexed hereto as Exhibit I, signed by a Servicing Officer, release the related Mortgage File to the Servicer Servicer, and the Trustee shall execute such documents documents, in the forms provided by the Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt Request for Release shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt Request for Release shall be released by the Collateral Agent on behalf of the Trustee to the Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the related Assignment of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Servicer, execute an appropriate assignment in the form provided to the Trustee by the Servicer to assign such Mortgage Loan for the purpose of collection, to the Servicer (any such assignment shall unambiguously indicate that the assignment is for the purposes of collection only), and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured, then the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was previously being maintained.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Home Loan Mortgage Loan Trust 2005-1), Pooling and Servicing Agreement (Structured Asset Securities Corp), Pooling and Servicing Agreement (Lehman Abs Corp)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and the Trust Depositor on the next succeeding Payment Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Account pursuant to Section 5.02 5.05 have been so deposited) and shall (if the Servicer is not then in possession of a Servicing Officerthe Contracts and Contract Files) request delivery of the Contract and Contract File to the Servicer. Upon any receipt of such payment in fulldelivery and request, the Trustee shall promptly release or cause to be released such Contract and Contract File to the Servicer. Upon receipt of such Contract and Contract File, each of the Trust Depositor and the Servicer is authorized to execute, pursuant execute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate the security interest in the Motorcycle related thereto. The Servicer shall determine when a Contract has been paid in full; to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection AccountServicer out of its own funds. From time to time and as appropriate for servicing and repossession in connection with any Contract, if the servicing or foreclosure Servicer is not then in possession of any Mortgage Loanthe Contracts and Contract Files, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Contract and the related Mortgage Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem reasonably necessary for to the prosecution of any such proceedings. Such trust receipt shall obligate the Servicer to return the Mortgage original Contract and the related Contract File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, repurchased as described in which case, upon receipt of a certificate Section 8.09. Upon request of a Servicing Officer similar to that hereinabove specifiedOfficer, the trust receipt Trustee shall be released perform such other acts as reasonably requested by the Collateral Agent on behalf Servicer and otherwise cooperate with the Servicer in the enforcement of the Trustee Certificateholders' rights and remedies with respect to the ServicerContracts.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Eaglemark Inc), Pooling and Servicing Agreement (Eaglemark Inc), Pooling and Servicing Agreement (Harley Davidson Customer Funding Corp)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.1, if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Master Servicer and delivery to the Trustee of a trust receipt Request for Release, in the form approved by the Trustee signed by a Servicing Officer, release the related Mortgage File to the Servicer Master Servicer, and the Trustee shall execute such documents documents, in the forms provided by the Master Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt Request for Release shall obligate the Master Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Master Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt Request for Release shall be released by the Collateral Agent on behalf of the Trustee to the Master Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the related Assignment of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Master Servicer, execute an appropriate assignment in the form provided to the Trustee by the Master Servicer to assign such Mortgage Loan for the purpose of collection to the Master Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 3 contracts

Samples: Master Servicing Agreement (Gs Mortgage Securities Corp), Master Servicing Agreement (Gs Mortgage Securities Corp), Master Servicing Agreement (Gs Mortgage Securities Corp)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and Conseco Finance Corp. (if Conseco Finance Corp. is not the Servicer) on the next succeeding Remittance Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant execute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate the lien on the related real estate. The Servicer shall determine when a Contract has been paid in full; to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Account. Servicer out of its own funds. b. From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand-and-Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land-and-Home Contract and the related Mortgage Land-and-Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land- and-Home Contract to be released to the Servicer with a notation that the Land- and-Home Contract has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholders' rights and remedies with respect to Contracts. c. The Servicer's receipt of a Land-and-Home Contract and/or Land-and- Home Contract File shall obligate the Servicer to return the Mortgage original Land-and- Home Contract and the related Land-and-Home Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.06.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp), Pooling and Servicing Agreement (Conseco Finance Securitizations Corp), Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and the Company (if the Company is not the Servicer) on the next succeeding Payment Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) and shall request delivery of a Servicing Officerthe Contract and Contract File to the Servicer. Upon any receipt of such payment in fulldelivery and request, the Trustee shall promptly release or cause to be released such Contract and Contract File to the Servicer. Upon receipt of such Contract and Contract File, each of the Company (if different from the Servicer) and the Servicer is authorized to executeexecute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate any lien on the related real estate. The Servicer shall determine when a Contract has been paid in full; provided that, pursuant to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer as prepaid or paid in full and satisfied, the shortfall shall be paid by the Servicer out of its own funds, without any right of reimbursement therefor (except from additional amounts recovered from the related Obligor or otherwise in respect of such Contract), and deposited in the Certificate Account. b. If the Servicer elects to submit a claim to FHA under the FHA Insurance in respect of an FHA-Insured Contract and payment is received from FHA, the Servicer shall notify the Trustee and the Company (if required the Company is not the Servicer) on the next succeeding Payment Date by applicable law and be delivered certification of a Servicing Officer (which certification shall include a statement to the Person entitled thereto, it being understood and agreed effect that no expenses incurred all amounts received in connection with such instrument payments which are required to be deposited in the Certificate Account pursuant to Section 5.05 have been so deposited) and shall request delivery of satisfaction the Contract and Contract File to the Servicer. Upon receipt of such delivery and request, the Trustee shall promptly release or cause to be reimbursed from released such Contract and Contract File to the Collection Account. Servicer. c. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loanservicing, the Collateral Agent on behalf of foreclosing, and making a claim for FHA Insurance coverage in connection with an FHA-Insured Contract, the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Contract and the related Mortgage Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' rights and remedies with respect to Contracts. d. The Servicer's receipt of a Contract and/or Contract File shall obligate the Servicer to return the Mortgage original Contract and the related Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.05 or 8.06.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of on any Mortgage Loan, the Master Servicer will shall notify the Trustee by certification of a certification Servicing Officer (which certification shall include a statement to the effect that such Mortgage Loan has been paid in full and that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.01, execute an instrument in satisfaction of satisfaction regarding such Mortgage Loan and to do such other acts and execute such other documents as the Master Servicer reasonably deems to be necessary to discharge the Mortgagor thereunder and eliminate the security interest in the Mortgaged Property related Mortgagethereto. The Master Servicer shall determine when a Mortgage Loan has been paid in full. To the extent that insufficient payments are received on a Mortgage Loan credited by the Master Servicer as prepaid or paid in full and satisfied, which instrument of satisfaction the shortfall shall be recorded paid by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument out of satisfaction shall be reimbursed from the Collection Accountits own funds. From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee Trustee, of a trust receipt signed by a such Servicing Officer, release cause the original Mortgage Loan and the related Mortgage File to be released to the Master Servicer and shall execute such documents as the Master Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust receipt shall obligate the Master Servicer to return the original Mortgage Loan and the related File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Master Servicer no longer exists has ceased unless the Mortgage Loan shall be liquidated, liquidated or repurchased as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.05 or 4.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Cit Home Equity Loan Trust 2002-1), Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Acceptance Corp), Pooling and Servicing Agreement (Cit Group Securitization Corp Iii)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and the Company (if the Company is not the Servicer) on the next succeeding Payment Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) and shall request delivery of a Servicing Officerthe Contract and Contract File to the Servicer. Upon any receipt of such payment in fulldelivery and request, the Trustee shall promptly release or cause to be released such Contract and Contract File to the Servicer. Upon receipt of such Contract and Contract File, each of the Company (if different from the Servicer) and the Servicer is authorized to executeexecute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder. The Servicer shall determine when a Contract has been paid in full; provided that, pursuant to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer as prepaid or paid in full and satisfied, the shortfall shall be paid by the Servicer out of its own funds, without any right of reimbursement therefor (except from additional amounts recovered from the related Obligor or otherwise in respect of such Contract), and deposited in the Certificate Account. b. If the Servicer elects to submit a claim to FHA under the FHA Insurance in respect of an FHA-Insured Contract and payment is received from FHA, the Servicer shall notify the Trustee and the Company (if required the Company is not the Servicer) on the next succeeding Payment Date by applicable law and be delivered certification of a Servicing Officer (which certification shall include a statement to the Person entitled thereto, it being understood and agreed effect that no expenses incurred all amounts received in connection with such instrument payments which are required to be deposited in the Certificate Account pursuant to Section 5.05 have been so deposited) and shall request delivery of satisfaction the Contract and Contract File to the Servicer. Upon receipt of such delivery and request, the Trustee shall promptly release or cause to be reimbursed from released such Contract and Contract File to the Collection Account. Servicer. c. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loanand making a claim for FHA Insurance coverage in connection with an FHA-Insured Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Contract and the related Mortgage Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' rights and remedies with respect to Contracts. d. The Servicer's receipt of a Contract and/or Contract File shall obligate the Servicer to return the Mortgage original Contract and the related Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.05 or 8.06.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Conseco Finance Securitizations Corp), Pooling and Servicing Agreement (Green Tree Financial Corp)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in fullPrincipal Prepayment, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01(f), if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee or Custodian is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee or Custodian shall, upon request of the Servicer and delivery to the Trustee Custodian two (2) copies of a trust receipt Request for Release, one of which will be returned to the Servicer with the Mortgage File, in the form annexed hereto as Exhibit I, signed by a Servicing Officer or in a mutually agreeable electronic format which originates from a Servicing Officer, release the related Mortgage File to the Servicer Servicer, and the Trustee or Custodian shall execute such documents documents, in the forms provided by the Servicer, as shall be necessary for the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt Request for Release shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of Trustee or the Trustee Custodian, as the case may be, when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt Mortgage File shall be released by the Collateral Agent on behalf of the Trustee or Custodian to the Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the related Assignment of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Servicer, execute an appropriate assignment in the form provided to the Trustee by the Servicer to assign such Mortgage Loan for the purpose of collection to the Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only) and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Renaissance Mortgage Acceptance Corp), Pooling and Servicing Agreement (Renaissance Mortgage Acceptance Corp), Pooling and Servicing Agreement (Renaissance Home Equity Loan Asset-BKD Cert Series 2002-1)

Trustee to Cooperate. (a) Upon the any payment in full of the Principal Balance of any Mortgage Home Equity Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage or written evidence of cancellation thereon and to cause the removal from the registration on the MERS® System of such Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Home Equity Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Servicer and delivery to the Trustee of a trust receipt signed by a Servicing Officer, release the related Mortgage File to the Servicer Servicer, and the Trustee shall execute such documents as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Home Equity Loan shall be liquidated, in which case, upon receipt of a certificate an Officer’s Certificate of a Servicing Officer similar to that hereinabove specifiedthe Servicer, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the Servicer. (b) In order to facilitate the foreclosure of the Mortgage securing any Home Equity Loan that is in default following recordation of the assignments of Mortgage in accordance with the provisions hereof, the Trustee shall, if the Servicer so requests in writing and supplies the Trustee with appropriate forms therefor, assign such Home Equity Loan for the purpose of collection to the Servicer or to the related Subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Home Equity Loan and deposit or credit the Net Liquidation Proceeds received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Home Equity Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Home Equity Loan to the Trustee, on behalf of the Trust, and return it to the place where the related Mortgage File was being maintained.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (HSBC Home Equity Loan Trust (USA) 2007-3), Pooling and Servicing Agreement (HSBC Home Equity Loan Trust (USA) 2006-4)

Trustee to Cooperate. (a) Upon the any payment in full of the Principal Balance of any Mortgage Home Equity Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Home Equity Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Servicer and delivery to the Trustee of a trust receipt signed by a Servicing Officer, release the related Mortgage File to the Servicer Servicer, and the Trustee shall execute such documents as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Home Equity Loan shall be liquidated, in which case, upon receipt of a certificate an Officer’s Certificate of a Servicing Officer similar to that hereinabove specifiedthe Servicer, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the Servicer. (b) In order to facilitate the foreclosure of the Mortgage securing any Home Equity Loan that is in default following recordation of the assignments of Mortgage in accordance with the provisions hereof, the Trustee shall, if the Servicer so requests in writing and supplies the Trustee with appropriate forms therefor, assign such Home Equity Loan for the purpose of collection to the Servicer or to the related Subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Home Equity Loan and deposit or credit the Net Liquidation Proceeds received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Home Equity Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Home Equity Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (HSBC Home Equity Loan Corp I), Pooling and Servicing Agreement (HSBC Home Equity Loan Corp I)

Trustee to Cooperate. Upon the payment in full of the Principal Trust Balance of any Mortgage Loan during the Rapid Amortization Period or the distribution of all Net Trust Liquidation Proceeds with respect to any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in credited to the Collection Account Mortgage Loan Payment Record pursuant to Section 5.02 3.02 have been so depositedcredited) of a Servicing Officer. Such notification shall be made each month at the time that the Servicer delivers the Servicing Certificate to the Trustee pursuant to Section 4.01. Upon any such payment in fullor distribution, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01, if the Loan Balance of such Mortgage Loan equals zero, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being understood and agreed that no . No expenses incurred in connection with such instrument of satisfaction shall be reimbursed from amounts at the Collection Accounttime credited to the Mortgage Loan Payment Record. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Servicer and delivery to the Trustee of a trust receipt signed by a Servicing Officer, release the related Mortgage File to the Servicer and shall execute at the Servicer's direction such documents as shall be necessary for to the prosecution of any such proceedings. Such trust receipt shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the Servicer. In order to facilitate the foreclosure of the Mortgage securing any delinquent or defaulted Mortgage Loan following any recordation of the assignments of Mortgage in accordance with the provisions of this Agreement, the Trustee shall, if so requested, assign such delinquent or defaulted Mortgage Loan for the purpose of collection to the Servicer or to another assignee for collection designated by the Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and the Servicer will deposit or credit any Net Trust Liquidation Proceeds received with respect thereto in the Certificate Account or the Mortgage Loan Payment Record, as the case may be. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the Servicer shall cause the assignee for collection to promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (MLCC Mortgage Investors Inc), Pooling and Servicing Agreement (MLCC Mortgage Investors Inc)

Trustee to Cooperate. (a) Upon the payment in full of the Principal Balance of any Mortgage LoanContract, the Servicer will notify the Trustee on the next Distribution Date by a certification certificate of a Servicing Officer (which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection applicable Certificate Account pursuant to Section 5.02 4.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant to the authorization contained in Section 5.01, execute an instrument in satisfaction of satisfaction regarding such Contract and to do such other acts and execute such other documents as the related Mortgage, which instrument of satisfaction Servicer deems necessary to discharge the Obligor thereunder and eliminate the security interest in the Manufactured Home. The Servicer shall be recorded determine when a Contract has been paid in full. To the extent insufficient payments are received on a Contract mistakenly determined by the Servicer if required by applicable law to be prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Servicer out of its own funds by deposit into the applicable Certificate Account. . (b) From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land Home Contract and the related Mortgage Land Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land Home Contract to be released to the Servicer with a notation that the Land Home Contract has been assigned to the Trustee. (c) The Servicer's receipt of a Land Home Contract and/or Land Home Contract File shall obligate the Servicer to return the Mortgage original Land Home Contract and the related Land Home Contract File to the Collateral Agent Trustee, or any person acting on behalf of the Trustee Trustee, when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be paid in full, liquidated, repurchased or replaced as described in which case, upon receipt of a certificate Section 3.05. (d) Upon request of a Servicing Officer similar to that hereinabove specifiedOfficer, the trust receipt shall be released Trustee shall, at the expense of the Servicer, perform such acts as are reasonably requested by the Collateral Agent on behalf Servicer (including the execution of documents) and otherwise cooperate with the Trustee Servicer in the enforcement of rights and remedies with respect to the ServicerContracts.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Greenpoint Credit Man Housing Cont Tr Pas THR Cert Ser 01 1), Pooling and Servicing Agreement (Greenpoint Credit Manufactured Housing Cont Tru Ser 2001-2)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of on any Mortgage Loan, the Master Servicer will shall notify the Trustee by certification of a certification Servicing Officer (which certification shall include a statement to the effect that such Mortgage Loan has been paid in full and that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.01, execute an instrument in satisfaction of satisfaction regarding such Mortgage Loan and to do such other acts and execute such other documents as the Master Servicer reasonably deems to be necessary to discharge the Mortgagor thereunder and eliminate the security interest in the Mortgaged Property related Mortgagethereto. The Master Servicer shall determine when a Mortgage Loan has been paid in full. To the extent that insufficient payments are received on a Mortgage Loan credited by the Master Servicer as prepaid or paid in full and satisfied, which instrument of satisfaction the shortfall shall be recorded paid by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument out of satisfaction shall be reimbursed from the Collection Accountits own funds. From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee Trustee, of a trust receipt signed by a such Servicing Officer, release cause the original Mortgage Loan and the related Mortgage File to be released to the Master Servicer and shall execute such documents as the Master Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust receipt shall obligate the Master Servicer to return the original Mortgage Loan and the related File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Master Servicer no longer exists has ceased unless the Mortgage Loan shall be liquidated, liquidated or repurchased as described in which case, upon receipt of a certificate Section 3.05 or 4.03. Upon the request of a Servicing Officer similar to that hereinabove specifiedOfficer, the trust receipt Trustee shall be released perform such other acts as reasonably requested by the Collateral Agent on behalf Master Servicer and otherwise cooperate with the Master Servicer in enforcement of the Trustee Certificateholders' rights and remedies with respect to the ServicerMortgage Loans.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Cit Home Equity Loan Trust 2003-1), Pooling and Servicing Agreement (Cit Group Securitization Corp Iii)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in fullPrincipal Prepayment, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01(f), if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto. The Servicer is also authorized to cause the removal from the registration on the MERS System of such Mortgage and to execute and deliver, it being on behalf of the Trustee and the Certificateholders or any of them, any and all instruments of satisfaction or cancellation or of partial or full release. It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee or Custodian is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee or Custodian shall, upon request of the Servicer or the Master Servicer and delivery to the Trustee Custodian of two (2) copies of a trust receipt Request for Release, one of which will be returned to the Servicer or the Master Servicer with the Mortgage File, in the form annexed hereto as Exhibit G, signed by a Servicing Officer or a Master Servicing Officer or in a mutually agreeable electronic format which originates from a Servicing Officer or a Master Servicing Officer, release the related Mortgage File to the Servicer or the Master Servicer, and the Trustee or Custodian shall execute such documents documents, in the forms provided by the Servicer or the Master Servicer, as shall be necessary for the prosecution of any such proceedingsproceedings or the taking of other servicing or master servicing actions. Such trust receipt Request for Release shall obligate the Servicer or the Master Servicer to return the Mortgage File to the Collateral Agent on behalf of Trustee or the Trustee Custodian, as the case may be, when the need therefor by the Servicer or the Master Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer or Master Servicing Officer similar to that hereinabove specified, the trust receipt Mortgage File shall be released by the Collateral Agent on behalf of Trustee or Custodian to the Servicer or the Master Servicer. In addition to the foregoing, the Trustee or Custodian shall release to the ServicerSeller, any Mortgage File for which the Seller has repurchased or substituted for the related Mortgage Loan and the Trustee or the Custodian shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be necessary to vest in the Seller or its designee any Mortgage Loan released pursuant hereto. If the Seller repurchases a Mortgage Loan that is a MERS Mortgage Loan, the Servicer shall, at the Seller’s expense, either (i) cause MERS to execute and deliver an Assignment of Mortgage in recordable form to transfer the Mortgage from MERS to the Seller and shall cause such Mortgage to be removed from registration on the MERS® System in accordance with MERS’ rules and regulations or (ii) cause MERS to designate on the MERS® System the Seller as the beneficial holder of such Mortgage Loan.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Renaissance Home Equity Loan Trust 2007-3), Pooling and Servicing Agreement (Renaissance Home Equity Loan Trust 2007-3)

Trustee to Cooperate. Upon On or before each Distribution Date, the Master Servicer will notify the Trustee of the payment in full of the Principal Asset Balance of any Mortgage LoanLoan during the preceding Collection Period, the Servicer will notify the Trustee which notification shall be by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 3.02 have been so depositeddeposited or credited) of a Servicing Officer. Upon any such payment in full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the Collateral Agent on behalf payment in full of the Asset Balance of any Mortgage Loan, the Trustee shall, upon request of the Master Servicer and delivery to the Trustee of a trust receipt Request for Release substantially in the form attached hereto as Exhibit J signed by a Servicing Officer, release the related Mortgage File to the Master Servicer and the Trustee shall execute such documents documents, in the forms provided by the Master Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Master Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Master Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf Trustee or such Custodian to the Master Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the assignments of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Master Servicer, execute an appropriate assignment in the form provided to the ServicerTrustee by the Master Servicer to assign such Mortgage Loan for the purpose of collection to the Master Servicer or to the related subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, the Master Servicer will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign such Mortgage Loan to the Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Cwabs Inc), Pooling and Servicing Agreement (Cwabs Inc)

Trustee to Cooperate. (a) Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and Conseco Finance Corp. (if Conseco Finance Corp. is not the Servicer) on the next succeeding Remittance Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant execute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate the lien on the related real estate. The Servicer shall determine when a Contract has been paid in full; to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Account. Servicer out of its own funds. (b) From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand-and-Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land-and-Home Contract and the related Mortgage Land-and-Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land-and-Home Contract to be released to the Servicer with a notation that the Land-and-Home Contract has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholders' rights and remedies with respect to Contracts. (c) The Servicer's receipt of a Land-and-Home Contract and/or Land-and-Home Contract File shall obligate the Servicer to return the Mortgage original Land-and-Home Contract and the related Land-and-Home Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.06.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp), Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage Loan, the Servicer will notify the Trustee and Conseco Finance Corp. (if Conseco Finance Corp. is not the Servicer) on the next succeeding Payment Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) and shall request delivery of a Servicing Officerthe Loan and Loan File to the Servicer. Upon any receipt of such payment in fulldelivery and request, the Trustee shall promptly release or cause to be released such Loan and Loan File to the Servicer. Upon receipt of such Loan and Loan File, each of Conseco Finance Corp. (if different from the Servicer) and the Servicer is authorized to executeexecute an instrument in satisfaction of such Loan and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate any lien on the related real estate. The Servicer shall determine when a Loan has been paid in full; provided that, pursuant to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Loan credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed paid by the Servicer out of its own funds, without any right of reimbursement therefor (except from additional amounts recovered from the Collection related Obligor or otherwise in respect of such Loan), and deposited in the Certificate Account. . b. From time to time and as appropriate for the servicing or foreclosure of any Mortgage and foreclosing in connection with a Loan, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Loan and the related Mortgage Loan File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Loan to be released to the Servicer with a notation that the Loan has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholder rights and remedies with respect to Loans. c. The Servicer's receipt of a Loan and/or Loan File shall obligate the Servicer to return the Mortgage original Loan and the related Loan File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.06 or Section 8.06.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp), Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)

Trustee to Cooperate. Upon the payment in full of the -------------------- Principal Balance of any Mortgage Home Equity Loan, the Master Servicer will immediately notify the Trustee by a certification in the form of Exhibit C hereto (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 3.2 have been so depositeddeposited or credited) of a Servicing Officer. Upon any such payment in full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.1, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Master Servicer at the expense of the Obligor if required by applicable law and be delivered to the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shall be reimbursed from amounts on deposit in the Collection Account. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Home Equity Loan, the Collateral Agent on behalf of the Trustee or such Custodian shall, upon request of the Master Servicer and delivery to the Trustee or the Custodian of a trust receipt receipt, in the form annexed hereto as Exhibit D, signed by a Servicing Officer, promptly release the related Mortgage Loan File to the Servicer Master Servicer, and the Trustee shall promptly execute such documents documents, in the forms provided by the Master Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Master Servicer to, or to cause the applicable Subservicer to, return the Mortgage Loan File to the Collateral Agent on behalf of Trustee or the Trustee Custodian when the need therefor by the Master Servicer no longer exists unless the Mortgage Home Equity Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be promptly released by the Collateral Agent on behalf of the Trustee to the Master Servicer. In order to facilitate the foreclosure of the Mortgage securing any Home Equity Loan, the Trustee shall, if so requested, promptly execute an appropriate assignment prepared by the Master Servicer in the form provided to the Trustee by the Master Servicer to assign such Home Equity Loan for the purpose of collection to the Master Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Home Equity Loan and deposit or credit the Net Liquidation Proceeds received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Home Equity Loan are paid by the Obligor and any other defaults are cured, then the assignee for collection shall promptly reassign such Home Equity Loan to the Trustee and return it to the place where the related Loan File was being maintained prior to such assignment. The Trustee, when requested in writing by a Servicing Officer, shall promptly execute any document deemed appropriate and not adverse to the interests of the Holders of the Class A Certificates in the Home Equity Loans, including, but not limited to, consents to the granting of easements, leases or licenses on the Mortgaged Properties, subordination agreements or any other document requested by an Obligor. Any such request of a Servicing Officer shall state that the Master Servicer has determined such document to be appropriate, not adverse to the interests of the Holders of the Class A Certificates in the related Home Equity Loan and executed and delivered in accordance with the Servicing Standards. The Trustee shall forward to the Master Servicer, promptly after receipt, any notices or other documents with respect to the Home Equity Loans received by the Trustee from third parties.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Transamerica Consumer Mortgage Receivables Corp), Pooling and Servicing Agreement (Transamerica Consumer Mortgage Receivables Corp)

Trustee to Cooperate. Upon the payment in full of the Principal Trust Balance of any Mortgage Loan or the distribution of all Investor Liquidation Proceeds with respect to any Mortgage Loan, the Servicer will shall promptly so notify the Trustee or the Custodial Agent by a certification (which certification, substantially in the form of Exhibit H, of a Servicing Officer. Such certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in into the Collection Certificate Account pursuant to Section 5.02 3.2(c) have been so deposited) of a Servicing Officer. Upon any such payment in fullor distribution, (i) the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.1(a), if the Loan Balance of such Mortgage Loan equals zero, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being understood and agreed that no (ii) the Custodial Agent shall release the related Mortgage File to the Transferor. No expenses incurred in connection with such instrument of satisfaction or assignment shall be reimbursed from amounts at the Collection time on deposit in the Certificate Account, the Pre-Funding Account, the Spread Account or the Capitalized Interest Account. No certificate or expense incurred pursuant to this Section 3.7 shall be at the expense of the Trustee. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Custodial Agent on behalf of or the Trustee shall, upon request and at the expense of the Servicer and upon delivery to the Custodial Agent or the Trustee of a trust receipt substantially in the form of Exhibit I signed by a Servicing Officer, release the related Mortgage File to the Servicer solely for the purposes specified in the Servicer's request, and the Custodial Agent shall execute such documents prepared by and at the expense of the Servicer as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions by the Servicer. Such trust receipt shall obligate the Servicer to return the Mortgage File to the Collateral Custodial Agent on behalf of or the Trustee when the need therefor by the Servicer no longer exists exists, unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specifiedspecified stating that the Investor Liquidation Proceeds with respect to such Mortgage Loan have been deposited into the Certificate Account pursuant to Section 3.2(c), the trust receipt shall be released by the Collateral Custodial Agent on behalf of the Trustee to the Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default, the Custodial Agent shall, if so requested in writing by the Servicer, assign such Mortgage Loan without recourse for the purpose of collection to the Servicer or its designee. Any such assignment shall be prepared by the Servicer and shall unambiguously indicate that the assignment is for the purpose of collection only. Upon such assignment, such assignee for collection shall thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan, and the Servicer shall deposit the Investor Liquidation Proceeds received with respect thereto into the Certificate Account to the extent provided in Section 3.2(c). In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured, the assignee for collection shall promptly reassign such Mortgage Loan to the Custodial Agent.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Chevy Chase Bank FSB), Pooling and Servicing Agreement (Chevy Chase Bank FSB)

Trustee to Cooperate. (a) Upon the payment in full of the Principal Balance of on any Mortgage Loan, the Servicer will notify the Trustee and Conseco Finance Corp. (if Conseco Finance Corp. is not the Servicer) on the next succeeding Payment Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so depositeddeposited and may be in substantially the form of Exhibit J-4 hereto) and shall request delivery of a Servicing Officerthe Loan and Loan File to the Servicer. Upon any receipt of such payment in fulldelivery and request, the Trustee shall promptly release or cause to be released such Loan and Loan File to the Servicer. Upon receipt of such Loan and Loan File, each of Conseco Finance Corp. (if different from the Servicer) and the Servicer is authorized to executeexecute an instrument in satisfaction of such Loan and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate any lien on the related real estate. The Servicer shall determine when a Loan has been paid in full; provided, pursuant that, to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Loan credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed paid by the Servicer out of its own funds, without any right of reimbursement therefor (except from additional amounts recovered from the Collection related Obligor or otherwise in respect of such Loan), and deposited in the Certificate Account. . (b) From time to time and as appropriate for the servicing or foreclosure of any Mortgage and foreclosing in connection with a Loan, the Collateral Agent on behalf of the Trustee shall, upon written request of a Servicing Officer (which may be substantially in the Servicer form of Exhibit J-4 hereto) and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Loan and the related Mortgage Loan File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Loan to be released to the Servicer with a notation that the Loan has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class R Certificateholder's rights and remedies with respect to Loans. (c) The Servicer's receipt of a Loan and/or Loan File shall obligate the Servicer to return the Mortgage original Loan and the related Loan File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.06 or Section 8.06.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp), Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shall be reimbursed from the Collection Account. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Servicer and delivery to the Trustee of a trust receipt signed by a Servicing Officer, release the related Mortgage File to the Servicer and shall execute such documents as shall be necessary for to the prosecution of any such proceedings. Such trust receipt shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the Servicer.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Business Financial Services Inc /De/), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage Loan, the Servicer will notify the Trustee and Conseco Finance Corp. (if Conseco Finance Corp. is not the Servicer) on the next succeeding Payment Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) and shall request delivery of a Servicing Officerthe Loan and Loan File to the Servicer. Upon any receipt of such payment in fulldelivery and request, the Trustee shall promptly release or cause to be released such Loan and Loan File to the Servicer. Upon receipt of such Loan and Loan File, each of Conseco Finance Corp. (if different from the Servicer) and the Servicer is authorized to executeexecute an instrument in satisfaction of such Loan and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate any lien on the related real estate. The Servicer shall determine when a Loan has been paid in full; provided that, pursuant to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Loan credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed paid by the Servicer out of its own funds, without any right of reimbursement therefor (except from additional amounts recovered from the Collection related Obligor or otherwise in respect of such Loan), and deposited in the Certificate Account. . b. From time to time and as appropriate for the servicing or foreclosure of any Mortgage and foreclosing in connection with a Loan, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Loan and the related Mortgage Loan File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Loan to be released to the Servicer with a notation that the Loan has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholder's rights and remedies with respect to Loans. c. The Servicer's receipt of a Loan and/or Loan File shall obligate the Servicer to return the Mortgage original Loan and the related Loan File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.06 or Section 8.06.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp), Pooling and Servicing Agreement (Conseco Finance Corp)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage LoanOn or before each Payment Date, the Servicer will notify the Trustee of the payment in full of the Asset Balance of any Mortgage Loan during the preceding Collection Period, which notification shall be by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 3.02 have been so depositeddeposited or credited) of a Servicing Officer. Upon any such payment in full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the Collateral Agent on behalf payment in full of the Asset Balance of any Mortgage Loan, the Trustee shall, upon request of the Servicer and delivery to the Trustee of a trust receipt Request for Release substantially in the form attached hereto as Exhibit J signed by a Servicing Officer, release the related Mortgage File to the Servicer and the Trustee shall execute such documents documents, in the forms provided by the Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee or such Custodian to the Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the assignments of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Servicer, execute an appropriate assignment in the form provided to the Trustee by the Servicer to assign such Mortgage Loan for the purpose of collection to the Servicer or to the related subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, the Servicer will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured, then the Servicer shall promptly reassign such Mortgage Loan to the Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Greenpoint Mortgage Securities Inc/), Pooling and Servicing Agreement (Greenpoint Mortgage Securities Inc/)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and the Company (if the Company is not the Servicer) on the next succeeding Remittance Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant execute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate the lien on the related real estate. The Servicer shall determine when a Contract has been paid in full; to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Account. Servicer out of its own funds. b. From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand-and-Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land-and-Home Contract and the related Mortgage Land-and-Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land- and-Home Contract to be released to the Servicer with a notation that the Land- and-Home Contract has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholders' rights and remedies with respect to Contracts. c. The Servicer's receipt of a Land-and-Home Contract and/or Land-and- Home Contract File shall obligate the Servicer to return the Mortgage original Land-and- Home Contract and the related Land- and-Home Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.05.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.1, if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Master Servicer and delivery to the Trustee of a trust receipt Request for Release, in the form approved by the Trustee signed by a Servicing Officer, release the related Mortgage File to the Servicer Master Servicer, and the Trustee shall execute such documents documents, in the forms provided by the Master Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt Request for Release shall obligate the Master Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Master Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt Request for Release shall be released by the Collateral Agent on behalf of the Trustee to the Master Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the related Assignment of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Master Servicer, execute an appropriate assignment in the form provided to the Trustee by the Master Servicer to assign such Mortgage Loan for the purpose of collection to the Master Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 2 contracts

Samples: Master Servicing Agreement (Structured Asset Mortgage Investments Inc), Master Servicing Agreement (Structured Asset Mortgage Investments Inc)

Trustee to Cooperate. (a) Upon the any payment in full of the Principal Balance of any Mortgage Home Equity Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage or written evidence of cancellation thereon and to cause the removal from the registration on the MERS® System of such Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Home Equity Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Servicer and delivery to the Trustee of a trust receipt signed by a Servicing Officer, release the related Mortgage File to the Servicer Servicer, and the Trustee shall execute such documents as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Home Equity Loan shall be liquidated, in which case, upon receipt of a certificate an Officer’s Certificate of a Servicing Officer similar to that hereinabove specifiedthe Servicer, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the Servicer. (b) In order to facilitate the foreclosure of the Mortgage securing any Home Equity Loan that is in default following recordation of the assignments of Mortgage in accordance with the provisions hereof, the Trustee shall, if the Servicer so requests in writing and supplies the Trustee with appropriate forms therefor, assign such Home Equity Loan for the purpose of collection to the Servicer or to the related Subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Home Equity Loan and deposit or credit the Net Liquidation Proceeds received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Home Equity Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Home Equity Loan to the Trust and return it to the place where the related Mortgage File was being maintained.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (HSBC Home Equity Loan Trust (USA) 2006-3)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment Principal Prepayment in -------------------- full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01, if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Home Equity Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Servicer and delivery to the Trustee of a trust receipt Request for Release, in the form annexed hereto as Exhibit I, signed by a Servicing Officer, release the related Mortgage File to the Servicer Servicer, and the Trustee shall execute such documents documents, in the forms provided by the Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt Request for Release shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Home Equity Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt Request for Release shall be released by the Collateral Agent on behalf of the Trustee to the Servicer. 50 In order to facilitate the foreclosure of the Mortgage securing any Home Equity Loan that is in default following recordation of the related Assignment of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Servicer, execute an appropriate assignment in the form provided to the Trustee by the Servicer to assign such Home Equity Loan for the purpose of collection to the Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Home Equity Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Excess Proceeds, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Home Equity Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Home Equity Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Norwest Asset Acceptance Corp)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and the Company (if the Company is not the Servicer) on the next succeeding Remittance Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant execute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate the lien on the related real estate. The Servicer shall determine when a Contract has been paid in full; to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Account. Servicer out of its own funds. b. From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand-and-Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land-and-Home Contract and the related Mortgage Land-and-Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such 5-5 proceedings. Such trust The Trustee shall stamp the face of each such Land-and-Home Contract to be released to the Servicer with a notation that the Land-and-Home Contract has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholders' rights and remedies with respect to Contracts. c. The Servicer's receipt of a Land-and-Home Contract and/or Land-and- Home Contract File shall obligate the Servicer to return the Mortgage original Land-and- Home Contract and the related Land-and-Home Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.05.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)

Trustee to Cooperate. (a) Upon the payment in full of the Principal Balance of any Mortgage LoanLoan or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer will notify shall deliver to the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) one copy of a Servicing OfficerRequest for Release. Upon receipt of such copy of the Request for Release, the Trustee shall promptly release the related Trustee’s Mortgage File, in trust to (i) the Servicer (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee, in each case pending its release by the Servicer, such escrow agent or such employee, agent or attorney of the Trustee, as the case may be. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Servicer is authorized to executegive, pursuant to as attorney-in-fact for the authorization contained in Section 5.01Trustee and the mortgagee under the Mortgage which secured the Mortgage Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the related Mortgaged Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be recorded by the Servicer if required by applicable law and be delivered to the Person or Persons entitled theretothereto against receipt therefor of payment in full, it being understood and agreed that no expenses expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be reimbursed from chargeable to the Collection Account. . (b) (i) From time to time and as appropriate for in the servicing or foreclosure of any Mortgage Loan, including, without limitation, foreclosure or other comparable conversion of a Mortgage Loan, the Collateral Agent on behalf Trustee shall (except in the case of the Trustee shallpayment or liquidation pursuant to which the related Trustee’s Mortgage File is released to an escrow agent or an employee, agent or attorney of the Trustee), upon request of the Servicer and delivery to the Trustee of one copy of a trust receipt signed by a Servicing OfficerRequest for Release, release the related Trustee’s Mortgage File to the Servicer and shall execute such documents as shall be necessary for to the prosecution of any such proceedings, including, without limitation, an assignment without recourse of the related Mortgage to the Servicer. The Trustee shall complete in the name of the Trustee any endorsement in blank on any Mortgage Note prior to releasing such Mortgage Note to the Servicer. Such trust receipt shall obligate the Servicer to return the Trustee’s Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt the Servicer shall deliver one copy of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerRequest for Release indicating such loan has been paid in full.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Accredited Mortgage Loan REIT Trust)

Trustee to Cooperate. Upon On or before each Distribution Date, the Master Servicer will notify the Trustee of the payment in full of the Principal Asset Balance of any Mortgage LoanLoan during the preceding Collection Period, the Servicer will notify the Trustee which notification shall be by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 3.02 have been so depositeddeposited or credited) of a Servicing Officer. Upon any such payment in full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the Collateral Agent on behalf payment in full of the Asset Balance of any Mortgage Loan, the Trustee shall, upon request of the Master Servicer and delivery to the Trustee of a trust receipt Request for Release substantially in the form attached hereto as Exhibit G signed by a Servicing Officer, release the related Mortgage File to the Master Servicer and the Trustee shall execute such documents documents, in the forms provided by the Master Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Master Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Master Servicer no longer exists exists, unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf Trustee or such Custodian to the Master Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recorda- tion of the assignments of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Master Servicer, execute an appropriate assignment in the form provided to the ServicerTrustee by the Master Servicer to assign such Mortgage Loan for the purpose of collection to the Master Servicer or to the related subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, the Master Servicer will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign such Mortgage Loan to the Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Indymac Abs Inc)

Trustee to Cooperate. Upon On or before each Payment Date, the Servicer will notify the Trustee of the payment in full of the Principal Balance of any Mortgage LoanLoan during the preceding Collection Period, the Servicer will notify the Trustee which notification shall be by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 3.02 have been so depositeddeposited or credited) of a Servicing Officer. Upon any such payment in full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the Collateral Agent on behalf payment in full of the Principal Balance of any Mortgage Loan, the Trustee shall, upon request of the Servicer and delivery to the Trustee of a trust receipt Request for Release substantially in the form attached hereto as Exhibit C signed by a Servicing Officer, release the related Mortgage File to the Servicer and the Trustee shall execute such documents documents, in the forms provided by the Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent Trustee. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the Assignments of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Servicer, execute an appropriate assignment in the form provided to the Trustee by the Servicer to assign such Mortgage Loan for the purpose of collection to the Servicer or to the related subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, the Servicer will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured, then the Servicer shall, within two Business Days, reassign such Mortgage Loan to the Trustee and return the related Mortgage File to the place where it was being maintained. The Residual Certificateholders shall be deemed to have repurchased the ownership interest in any Liquidated Mortgage Loan in Pool I beneficially held by Holders of the Class A-1 Certificates. After such repurchase, the Servicer, if requested by such Residual Certificateholders and if offered suitable indemnification and reimbursement for expenses, is authorized to seek a deficiency judgment if permitted by law against the Mortgagor under such Liquidated Mortgage Loan on behalf of the Trustee Residual Certificateholders to the Servicerextent of any Liquidation Loss Amount.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Greenpoint Mortgage Securities Inc/)

Trustee to Cooperate. Upon On or before each Distribution Date, the Servicer shall notify the Trustee of the payment in full of the Principal Balance of any Mortgage LoanLoan during the preceding Collection Period, the Servicer will notify the Trustee which notification shall be by a certification of a Servicing Officer (which certification shall include including a statement to the effect that all amounts received in connection with such payment which that are required to be deposited in the Collection Account pursuant to Section 5.02 3.02 have been so deposited) of a Servicing Officerdeposited or credited). Upon any such payment in full, if the assignments of Mortgage have been recorded as required hereunder, the Servicer is authorized to execute, execute an instrument of satisfaction regarding the related Mortgage pursuant to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage3.01, which instrument of satisfaction shall be recorded by the Servicer (if required by applicable law law) and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan or in connection with the payment in full of the Principal Balance of any Mortgage Loan, the Collateral Agent on behalf of Trustee shall release the Trustee shall, related Mortgage File to the Servicer upon request of the Servicer and delivery to the Trustee of a trust receipt Request for Release substantially in the form attached hereto as Exhibit F signed by a Servicing Officer, release and the related Mortgage File to the Servicer and Trustee shall execute such documents documents, in the forms provided by the Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor it is no longer needed by the Servicer no longer exists Servicer, unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, case the trust receipt shall be released by the Collateral Agent on behalf Trustee or such Custodian to the Servicer upon receipt of a certification of a Servicing Officer similar to the certification specified above. To facilitate the foreclosure of the Trustee Mortgage securing any Mortgage Loan that is in default following recordation of the assignments of Mortgage in accordance with the provisions hereof, the Trustee, if requested in writing by the Servicer, shall execute an appropriate assignment in the form provided to the ServicerTrustee by the Servicer to assign such Mortgage Loan for the purpose of collection to the Servicer or to the related subservicer (any such assignment unambiguously indicating that the assignment is for the purpose of collection only) and, upon such assignment, the Servicer shall thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds (exclusive of Foreclosure Profits) received with respect thereto in the Collection Account. If all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured, then the Servicer shall promptly reassign such Mortgage Loan to the Trustee and return the related Mortgage File to the location where it previously was being maintained.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Banc One Abs Corp)

Trustee to Cooperate. (a) Upon the payment in full of the Principal Balance of on any Mortgage Loan, the Servicer will notify the Trustee and Conseco Finance Corp. (if Conseco Finance Corp. is not the Servicer) on the next succeeding Payment Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) and shall request delivery of a Servicing Officerthe Loan and Loan File to the Servicer. Upon any receipt of such payment in fulldelivery and request, the Trustee shall promptly release or cause to be released such Loan and Loan File to the Servicer. Upon receipt of such Loan and Loan File, each of Conseco Finance Corp. (if different from the Servicer) and the Servicer is authorized to executeexecute an instrument in satisfaction of such Loan and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate any lien on the related real estate. The Servicer shall determine when a Loan has been paid in full; provided that, pursuant to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Loan credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed paid by the Servicer out of its own funds, without any right of reimbursement therefor (except from additional amounts recovered from the Collection related Obligor or otherwise in respect of such Loan), and deposited in the Certificate Account. . (b) From time to time and as appropriate for the servicing or foreclosure of any Mortgage and foreclosing in connection with a Loan, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Loan and the related Mortgage Loan File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Loan to be released to the Servicer with a notation that the Loan has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class R Certificateholder's rights and remedies with respect to Loans. (c) The Servicer's receipt of a Loan and/or Loan File shall obligate the Servicer to return the Mortgage original Loan and the related Loan File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.06 or Section 8.06.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)

Trustee to Cooperate. (a) Upon the payment in full of the Principal Balance of any Mortgage LoanContract, the Servicer will notify the Trustee on the next Distribution Date by a certification certificate of a Servicing Officer (which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 3.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant to the authorization contained in Section 5.01, execute an instrument in satisfaction of satisfaction regarding such Contract and to do such other acts and execute such other documents as the related Mortgage, which instrument of satisfaction Servicer deems necessary to discharge the Obligor thereunder and eliminate the security interest in the Manufactured Home. The Servicer shall be recorded determine when a Contract has been paid in full. To the extent insufficient payments are received on a Contract mistakenly determined by the Servicer if required by applicable law to be prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Servicer out of its own funds by deposit into the Certificate Account. . (b) From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of one copy of a trust receipt Request for Release signed by a Servicing Officer substantially in the form of Exhibit E (or in a mutually agreeable electronic format which will, in lieu of a signature on its face, originate from a Servicing Officer), release cause the original Land Home Contract and the related Mortgage Land Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust To the extent not already completed by the Servicer, the Trustee shall stamp the face of each such Land Home Contract to be released to the Servicer with a notation that the Land Home Contract has been assigned to the Trustee. (c) The Servicer's receipt of a Land Home Contract and/or Land Home Contract File shall obligate the Servicer to return the Mortgage original Land Home Contract and the related Land Home Contract File to the Collateral Agent Trustee, or any person acting on behalf of the Trustee Trustee, when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be paid in full, liquidated, repurchased or replaced as described in which case, upon receipt Section 2.03 of a certificate the Sale and Servicing Agreement. (d) Upon request of a Servicing Officer similar to that hereinabove specifiedOfficer, the trust receipt shall be released Trustee shall, at the expense of the Servicer, perform such acts as are reasonably requested by the Collateral Agent on behalf Servicer (including the execution of documents) and otherwise cooperate with the Trustee Servicer in the enforcement of rights and remedies with respect to the ServicerContracts.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns Ast BCK Sec Inc Madison Ave Trust 2002-A)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and Conseco Finance Corp. (if Conseco Finance Corp. is not the Servicer) on the next succeeding Remittance Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant execute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate the lien on the related real estate. The Servicer shall determine when a Contract has been paid in full; to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Account. Servicer out of its own funds. b. From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand-and-Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land-and-Home Contract and the related Mortgage Land-and-Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land-and-Home Contract to be released to the Servicer with a notation that the Land-and-Home Contract has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholders' rights and remedies with respect to Contracts. c. The Servicer's receipt of a Land-and-Home Contract and/or Land-and-Home Contract File shall obligate the Servicer to return the Mortgage original Land-and-Home Contract and the related Land-and-Home Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.06.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)

Trustee to Cooperate. RELEASE OF CUSTODIAL FILES (a) Upon becoming aware of the payment in full of the Principal Balance of any Mortgage Loan, or upon the receipt by the Master Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Master Servicer will immediately notify the Trustee (if it holds the related Custodial File) or the Custodian by a certification of a Servicing Officer (which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Custodial Account pursuant to Section 5.02 3.07 have been or will be so deposited) ), substantially in one of the forms attached as Exhibit F to the Standard Terms, or, in the case of the Custodian, an electronic request in a Servicing Officerform acceptable to the Custodian, requesting delivery to it of the Custodial File. Upon any Within two Business Days of receipt of such payment in fullcertification and request, the Trustee shall release, or cause the Custodian to release, the related Custodial File to the Master Servicer. The Master Servicer is authorized to execute, pursuant execute and deliver to the authorization contained in Section 5.01Mortgagor the request for reconveyance, an deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage, together with the Mortgage Note with, as appropriate, written evidence of cancellation thereon and to cause the removal from the registration on the MERS(R) System of such Mortgage and to execute and deliver, on behalf of the Trustee and the Certificateholders or any of them, any and all instruments of satisfaction regarding the related Mortgage, which instrument or cancellation or of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being understood and agreed that no partial or full release. No expenses incurred in connection with such any instrument of satisfaction or deed of reconveyance shall be reimbursed from chargeable to the Collection Custodial Account or the Certificate Account. . (b) From time to time and as is appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf Master Servicer shall deliver to the Custodian, with a copy to the Trustee, a certificate of a Servicing Officer substantially in one of the Trustee shallforms attached as Exhibit F to the Standard Terms, upon request or, in the case of the Custodian, an electronic request in a form acceptable to the Custodian, requesting that possession of all, or any document constituting part of, the Custodial File be released to the Master Servicer and delivery certifying as to the reason for such release and that such release will not invalidate any insurance coverage provided in respect of the Mortgage Loan under any Required Insurance Policy. Upon receipt of the foregoing, the Trustee of a trust receipt signed by a Servicing Officershall deliver, release or cause the related Mortgage Custodian to deliver, the Custodial File or any document therein to the Master Servicer. The Master Servicer and shall execute such documents as shall cause each Custodial File or any document therein so released to be necessary for the prosecution of any such proceedings. Such trust receipt shall obligate the Servicer to return the Mortgage File returned to the Collateral Agent on behalf of Trustee, or the Custodian as agent for the Trustee when the need therefor by the Master Servicer no longer exists exists, unless (i) the Mortgage Loan shall be liquidatedhas been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Custodial Account or (ii) the Custodial File or such document has been delivered directly or through a Subservicer to an attorney, in which caseor to a public trustee or other public official as required by law, upon receipt 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 Master Servicer has delivered directly or through a Subservicer to the Trustee a certificate of a Servicing Officer similar certifying as to that hereinabove specifiedthe name and address of the Person to which such Custodial File or such document was delivered and the purpose or purposes of such delivery. In the event of the liquidation of a Mortgage Loan, the trust receipt Trustee shall be released cause the Custodian to deliver the Request for Release with respect thereto to the Master Servicer upon deposit of the related Liquidation Proceeds in the Custodial Account. (c) The Trustee or the Master Servicer on the Trustee's behalf shall execute and deliver to the Master Servicer, if necessary, any court pleadings, requests for trustee's sale or other documents necessary to the foreclosure or trustee's sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against any Mortgagor on the Mortgage Note or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Collateral Agent on behalf Mortgage Note or Mortgage or otherwise available at law or in equity. Together with such documents or pleadings (if signed by the Trustee), the Master Servicer shall deliver to the Trustee 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 any insurance coverage under any Required Insurance Policy or invalidate or otherwise affect the lien of the Trustee to Mortgage, except for the Servicertermination of such a lien upon completion of the foreclosure or trustee's sale.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (RALI Series 2006-Qo7 Trust)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage Loan, the Servicer will notify the Trustee and the Company (if the Company is not the Servicer) on the next succeeding Payment Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) and shall request delivery of a Servicing Officerthe Loan and Loan File to the Servicer. Upon any receipt of such payment in fulldelivery and request, the Trustee shall promptly release or cause to be released such Loan and Loan File to the Servicer. Upon receipt of such Loan and Loan File, each of the Company (if different from the Servicer) and the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.01, execute an instrument in satisfaction of satisfaction regarding such Loan and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate any lien on the related Mortgagereal estate. The Servicer shall determine when a Loan has been paid in full; provided that, which instrument of satisfaction shall be recorded to -------- the extent that insufficient payments are received on a Loan credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed paid by the Servicer out of its own funds, without any right of reimbursement therefor (except from additional amounts recovered from the Collection related Obligor or otherwise in respect of such Loan), and deposited in the Certificate Account. . b. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loanand foreclosing, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Loan and the related Mortgage Loan File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' rights and remedies with respect to Loans. c. The Servicer's receipt of a Loan and/or Loan File shall obligate the Servicer to return the Mortgage original Loan and the related Loan File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.05 or 8.06.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)

Trustee to Cooperate. (a) Upon the payment in full of the Principal Balance of any Mortgage LoanContract, the Servicer will notify the Trustee on the next Distribution Date by a certification certificate of a Servicing Officer (which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 4.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant to the authorization contained in Section 5.01, execute an instrument in satisfaction of satisfaction regarding such Contract and to do such other acts and execute such other documents as the related Mortgage, which instrument of satisfaction Servicer deems necessary to discharge the Obligor thereunder and eliminate the security interest in the Manufactured Home. The Servicer shall be recorded determine when a Contract has been paid in full. To the extent insufficient payments are received on a Contract mistakenly determined by the Servicer if required by applicable law to be prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Servicer out of its own funds by deposit into the Certificate Account. . (b) From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land Home Contract and the related Mortgage Land Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land Home Contract to be released to the Servicer with a notation that the Land Home Contract has been assigned to the Trustee. (c) The Servicer's receipt of a Land Home Contract and/or Land Home Contract File shall obligate the Servicer to return the Mortgage original Land Home Contract and the related Land Home Contract File to the Collateral Agent Trustee, or any person acting on behalf of the Trustee Trustee, when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be paid in full, liquidated, repurchased or replaced as described in which case, upon receipt of a certificate Section 3.05. (d) Upon request of a Servicing Officer similar to that hereinabove specifiedOfficer, the trust receipt shall be released Trustee shall, at the expense of the Servicer, perform such acts as are reasonably requested by the Collateral Agent on behalf Servicer (including the execution of documents) and otherwise cooperate with the Trustee Servicer in the enforcement of rights and remedies with respect to the ServicerContracts.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Greenpoint Credit LLC)

Trustee to Cooperate. Upon On or before each Distribution Date, the Servicer shall notify the Trustee of the payment in full of the Principal Balance of any Mortgage LoanLoan during the preceding Collection Period, the Servicer will notify the Trustee which notification shall be by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 3.02 have been so depositeddeposited or credited) of a Servicing Officer. Upon any such payment in full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the Collateral Agent on behalf payment in full of the Principal Balance of any Mortgage Loan, the Trustee shall, upon request of the Servicer and delivery to the Trustee of a trust receipt Request for Release substantially in the form attached hereto as Exhibit F signed by a Servicing Officerofficer, release the related Mortgage File to the Servicer Servicer, and the Trustee shall execute such documents documents, in the forms provided by the Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate Certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee or such Custodian to the Servicer.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Banc One Abs Corp)

Trustee to Cooperate. Upon the payment in full of the Principal Trust Balance of any Mortgage Loan or the distribution of all Investor Liquidation Proceeds with respect to any Mortgage Loan, the Servicer will shall promptly so notify the Trustee or the Custodial Agent by a certification (which certification, substantially in the form of Exhibit H, of a Servicing Officer. Such certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in into the Collection Certificate Account pursuant to Section 5.02 3.2(c) have been so deposited) of a Servicing Officer. Upon any such payment in fullor distribution, (i) the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.1(a), if the Loan Balance of such Mortgage Loan equals zero, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being understood and agreed that no (ii) the Custodial Agent shall release the related Mortgage File to the Transferor. No expenses incurred in connection with such instrument of satisfaction or assignment shall be reimbursed from amounts at the Collection time on deposit in the Certificate Account, the Pre-Funding Account or the Capitalized Interest Account. No certificate or expense incurred pursuant to this Section 3.7 shall be at the expense of the Trustee. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Custodial Agent on behalf of or the Trustee shall, upon request and at the expense of the Servicer and upon delivery to the Custodial Agent or the Trustee of a trust receipt substantially in the form of Exhibit I signed by a Servicing Officerofficer, release the related Mortgage File to the Servicer solely for the purposes specified in the Servicer's request, and the Custodial Agent shall execute such documents prepared by and at the expense of the Servicer as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions by the Servicer. Such trust receipt shall obligate the Servicer to return the Mortgage File to the Collateral Custodial Agent on behalf of or the Trustee when the need therefor by the Servicer no longer exists exists, unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specifiedspecified stating that the Investor Liquidation Proceeds with respect to such Mortgage Loan have been deposited into the Certificate Account pursuant to Section 3.2(c), the trust receipt shall be released by the Collateral Custodial Agent on behalf of the Trustee to the Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default, the Custodial Agent shall, if so requested in writing by the Servicer, assign such Mortgage Loan without recourse for the purpose of collection to the Servicer or its designee. Any such assignment shall be prepared by the Servicer and shall unambiguously indicate that the assignment is for the purpose of collection only. Upon such assignment, such assignee for collection shall thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan, and the Servicer shall deposit the Investor Liquidation Proceeds received with respect thereto into the Certificate Account to the extent provided in Section 3.2(c). In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured, the assignee for collection shall promptly reassign such Mortgage Loan to the Custodial Agent.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Capitol Revolving Home Equity Loan Trust 1996-1)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and the Company (if the Company is not the Servicer) on the next succeeding Distribution Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Account pursuant to Section 5.02 5.05 of the Sale and Servicing Agreement have been so deposited) and shall request delivery of a Servicing Officerthe Contract and Contract File to the Servicer. Upon any receipt of such payment in fulldelivery and request, the Trustee shall promptly release or cause to be released such Contract and Contract File to the Servicer. Upon receipt of such Contract and Contract File, each of the Company (if different from the Servicer) and the Servicer is authorized to executeexecute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate any lien on the related real estate. The Servicer shall determine when a Contract has been paid in full; provided that, pursuant to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer as prepaid or paid in full and satisfied, the shortfall shall be paid by the Servicer out of its own funds, without any right of reimbursement therefor (except from additional amounts recovered from the related Obligor or otherwise in respect of such Contract), and deposited in the Collection Account. b. If the Servicer elects to submit a claim to FHA under the FHA Insurance in respect of an FHA-Insured Contract and payment is received from FHA, the Servicer shall notify the Trustee and the Company (if required the Company is not the Servicer) on the next succeeding Distribution Date by applicable law and be delivered certification of a Servicing Officer (which certification shall include a statement to the Person entitled thereto, it being understood and agreed effect that no expenses incurred all amounts received in connection with such instrument of satisfaction shall payments which are required to be reimbursed from deposited in the Collection AccountAccount pursuant to Section 5.05 of the Sale and Servicing Agreement have been so deposited) and shall request delivery of the Contract and Contract File to the Servicer. Upon receipt of such delivery and request, the Trustee shall promptly release or cause to be released such Contract and Contract File to the Servicer. c. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loanservicing, the Collateral Agent on behalf of foreclosing, and making a claim for FHA Insurance coverage in connection with an FHA-Insured Contract, the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Contract and the related Mortgage Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Noteholders' rights and remedies with respect to Contracts. d. The Servicer's receipt of a Contract and/or Contract File shall obligate the Servicer to return the Mortgage original Contract and the related Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf Section 3.05 or 8.06 of the Trustee to the ServicerSale and Servicing Agreement.

Appears in 1 contract

Samples: Indenture (Green Tree Financial Corp)

Trustee to Cooperate. Upon On or before each Distribution Date, -------------------- the Master Servicer will notify the Trustee of the payment in full of the Principal Asset Balance of any Mortgage LoanLoan during the preceding Collection Period, the Servicer will notify the Trustee which notification shall be by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 3.02 have been so depositeddeposited or credited) of a Servicing Officer. Upon any such payment in full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the Collateral Agent on behalf payment in full of the Asset Balance of any Mortgage Loan, the Trustee shall, upon request of the Master Servicer and delivery to the Trustee of a trust receipt Request for Release substantially in the form attached hereto as Exhibit G signed by a Servicing Officer, release the related Mortgage File to the Master Servicer and the Trustee shall execute such documents documents, in the forms provided by the Master Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Master Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Master Servicer no longer exists exists, unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the Master Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the assignments of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Master Servicer, execute an appropriate assignment in the form provided to the Trustee by the Master Servicer to assign such Mortgage Loan for the purpose of collection to the Master Servicer or to the related subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, the Master Servicer will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign such Mortgage Loan to the Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Cwabs Inc)

Trustee to Cooperate. (a) Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and the Seller on the next succeeding Distribution Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant execute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate the lien on the related real estate and collateral. The Servicer shall determine when a Contract has been paid in full; to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Account. Servicer out of its own funds. (b) From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand-and-Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release at the expense of the Servicer, cause the original Land-and-Home Contract and the related Mortgage Land-and-Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land-and-Home Contract to be released to the Servicer with a notation that the Land-and-Home Contract has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' rights and remedies with respect to Contracts. (c) The Servicer's receipt of a Land-and-Home Contract and/or Land-and-Home Contract File shall obligate the Servicer to return the Mortgage original Land-and-Home Contract and the related Land-and-Home Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.06.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Origen Manufactured Housng CNT Sen/Sub as-BCK CRT Sr 2002-A)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of any Mortgage LoanContract, the Servicer will notify the Trustee and Conseco Finance Corp. (if Conseco Finance Corp. is not the Servicer) on the next succeeding Remittance Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant execute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate the lien on the related real estate. The Servicer shall determine when a Contract has been paid in full; to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Account. Servicer out of its own funds. b. From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand-and-Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land-and-Home Contract and the related Mortgage Land-and-Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land- and-Home Contract to be released to the Servicer with a notation that the Land- and-Home Contract has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholders' rights and remedies with respect to Contracts. c. The Servicer's receipt of a Land-and-Home Contract and/or Land-and-Home Contract File shall obligate the Servicer to return the Mortgage original Land-and-Home Contract and the related Land-and-Home Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.06.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)

Trustee to Cooperate. (a) Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and Conseco Finance Corp. (if Conseco Finance Corp. is not the Servicer) on the next succeeding Remittance Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant execute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate the lien on the related real estate. The Servicer shall determine when a Contract has been paid in full; to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Account. Servicer out of its own funds. (b) From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand-and-Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land-and-Home Contract and the related Mortgage Land-and-Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land- and-Home Contract to be released to the Servicer with a notation that the Land- and-Home Contract has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholders' rights and remedies with respect to Contracts. (c) The Servicer's receipt of a Land-and-Home Contract and/or Land-and-Home Contract File shall obligate the Servicer to return the Mortgage original Land-and-Home Contract and the related Land-and-Home Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.06.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment Principal Prepayment in full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01(f), if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Servicer and delivery to the Trustee of a trust receipt Request for Release, in the form attached hereto as Exhibit J, signed by a Servicing Officer, release the related Mortgage File to the Servicer Servicer, and the Trustee shall execute such documents documents, in the forms provided by the Servicer, as shall be necessary for the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt Request for Release shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt Request for Release shall be released by the Collateral Agent on behalf of the Trustee to the Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the related Assignment of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Servicer, execute an appropriate assignment in the form provided to the Trustee by the Servicer to assign such Mortgage Loan for the purpose of collection to the Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only) and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 1 contract

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

Trustee to Cooperate. (a) Upon the payment in full of the Principal Balance of any Mortgage LoanContract, the Servicer will notify the Trustee on the next Distribution Date by a certification certificate of a Servicing Officer (which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection applicable Certificate Account pursuant to Section 5.02 4.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant to the authorization contained in Section 5.01, execute an instrument in satisfaction of satisfaction regarding such Contract and to do such other acts and execute such other documents as the related Mortgage, which instrument of satisfaction Servicer deems necessary to discharge the Obligor thereunder and eliminate the security interest in the Manufactured Home. The Servicer shall be recorded determine when a Contract has been paid in full. To the extent insufficient payments are received on a Contract mistakenly determined by the Servicer if required by applicable law to be prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Servicer out of its own funds by deposit into the applicable Certificate Account. . (b) From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land Home Contract and the related Mortgage Land Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land Home Contract to be released to the Servicer with a notation that the Land Home Contract has been assigned to the Trustee. (c) The Servicer's receipt of a Land Home Contract and/or Land Home Contract File shall obligate the Servicer to return the Mortgage original Land Home Contract and the related Land Home Contract File to the Collateral Agent Trustee, or any person acting on behalf of the Trustee trustee, when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, repurchased or replaced as described in which case, upon receipt of a certificate Section 3.05. (d) Upon request of a Servicing Officer similar to that hereinabove specifiedOfficer, the trust receipt shall be released Trustee shall, at the expense of the Servicer, perform such acts as are reasonably requested by the Collateral Agent on behalf Servicer (including the execution of documents) and otherwise cooperate with the Trustee Servicer in the enforcement of rights and remedies with respect to the ServicerContracts.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Greenpoint Credit LLC)

Trustee to Cooperate. (a) Upon the payment in full of the Principal Balance of any Mortgage LoanContract, the Servicer will notify the Trustee on the next Distribution Date by a certification certificate of a Servicing Officer (which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Account Certificate Accounts pursuant to Section 5.02 4.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant to the authorization contained in Section 5.01, execute an instrument in satisfaction of satisfaction regarding such Contract and to do such other acts and execute such other documents as the related Mortgage, which instrument of satisfaction Servicer deems necessary to discharge the Obligor thereunder and eliminate the security interest in the Manufactured Home. The Servicer shall be recorded determine when a Contract has been paid in full. To the extent insufficient payments are received on a Contract mistakenly determined by the Servicer if required by applicable law to be prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Servicer out of its own funds by deposit into the applicable Certificate Account. . (b) From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land Home Contract and the related Mortgage Land Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land Home Contract to be released to the Servicer with a notation that the Land Home Contract has been assigned to the Trustee. (c) The Servicer's receipt of a Land Home Contract and/or Land Home Contract File shall obligate the Servicer to return the Mortgage original Land Home Contract and the related Land Home Contract File to the Collateral Agent Trustee, or any person acting on behalf of the Trustee Trustee, when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, repurchased or replaced as described in which case, upon receipt of a certificate Section 3.05. (d) Upon request of a Servicing Officer similar to that hereinabove specifiedOfficer, the trust receipt shall be released Trustee shall, at the expense of the Servicer, perform such acts as are reasonably requested by the Collateral Agent on behalf Servicer (including the execution of documents) and otherwise cooperate with the Trustee Servicer in the enforcement of rights and remedies with respect to the ServicerContracts.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Greenpoint Credit Corp)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment Principal Prepayment in -------------------- full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01(f), if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee and/or the Document Custodian is holding all or a portion of the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Master Servicer or the Designated Subservicer and delivery to the Trustee of a trust receipt Request for Release, in the form attached hereto as Exhibit J, signed by a Servicing Officer, release or direct the Document Custodian to release the related Mortgage File to the Master Servicer or the Designated Subservicer, as the case may be, and the Trustee shall execute such documents documents, in the forms provided by the Master Servicer or the Designated Subservicer, as the case may be, as shall be necessary for the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt Request for Release shall obligate the Master Servicer or the Designated Subservicer, as the case may be, to return the Mortgage File to the Collateral Agent on behalf of Trustee or the Trustee Document Custodian, as appropriate, when the need therefor by the Master Servicer or the Designated Subservicer, as the case may be, no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, a copy of the trust receipt Request for Release shall be released by the Collateral Agent on behalf of the Trustee to the Master Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the related Assignment of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Master Servicer or the Designated Subservicer, as the case may be, execute an appropriate assignment in the form provided to the Trustee by the Master Servicer or the Designated Subservicer, as the case may be, to assign such Mortgage Loan for the purpose of collection to the Master Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only) and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was being maintained. Each Request for Release may be delivered to the Trustee or the Document Custodian, as the case may be, (i) via mail or courier, (ii) via facsimile or (iii) by such other means, including, without limitation, electronic or computer readable format, as the Master Servicer or the Designated Subservicer, as the case may be, and the Trustee shall mutually agree. The Trustee or the Document Custodian shall promptly release the related Mortgage File within five to seven business day of receipt of a properly completed Request for Release pursuant to clauses (i), (ii) or (iii) above. Receipt of a Request for Release pursuant to clauses (i), (ii) or (iii) above shall be authorization to the Trustee or the Document Custodian to release such Mortgage Files, provided the Trustee or the Document Custodian, as the case may be, has determined that such Request for Release has been executed, with respect to clauses (i) or (ii) above, or approved, with respect to clause (iii) above, by a Servicing Officer of the Master Servicer or the Designated Subservicer, as the case may be. If the Trustee or the Document Custodian is unable to release the Mortgage Files within the time frames previously specified after receipt of a fully completed and executed Request for Release, the Trustee or the Document Custodian shall immediately notify the Master Servicer or the Designated Subservicer, as the case may be, indicating the reason for such delay, but in no event shall such notification be later than five business days after receipt of such Request for Release. If the Master Servicer is required to pay penalties or damages due solely to the Trustee's or the Document Custodian's negligent failure to release the related Mortgage File or the Trustee's or the Document Custodian's negligent failure to execute and release documents in a timely manner, the Trustee or the Document Custodian, as the case may be, shall be liable for such penalties or damages. On each day that the Master Servicer or the Designated Subservicer remits to the Trustee or the Document Custodian Requests for Release pursuant to clauses (ii) or (iii) above, the Master Servicer or the Designated Subservicer shall also submit to the Trustee or the Document Custodian, as the case may be, a summary of the total amount of such Requests for Release requested on such day by the same method as described in such clauses (ii) or (iii) above.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Provident Bank)

AutoNDA by SimpleDocs

Trustee to Cooperate. Upon On or before each Distribution -------------------- Date, the Master Servicer will notify the Trustee of the payment in full of the Principal Asset Balance of any Mortgage LoanLoan during the preceding Collection Period, the Servicer will notify the Trustee which notification shall be by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 3.02 have been so depositeddeposited or credited) of a Servicing Officer. Upon any such payment in full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the Collateral Agent on behalf payment in full of the Asset Balance of any Mortgage Loan, the Trustee shall, upon request of the Master Servicer and delivery to the Trustee of a trust receipt Request for Release substantially in the form attached hereto as Exhibit H signed by a Servicing Officer, release the related Mortgage File to the Master Servicer and the Trustee shall execute such documents documents, in the forms provided by the Master Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Master Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Master Servicer no longer exists exists, unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf Trustee or such Custodian to the Master Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the assignments of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Master Servicer, execute an appropriate assignment in the form provided to the ServicerTrustee by the Master Servicer to assign such Mortgage Loan for the purpose of collection to the Master Servicer or to the related subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, the Master Servicer will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign such Mortgage Loan to the Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Cwabs Inc)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and the Company (if the Company is not the Servicer) on the next succeeding Payment Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) and shall request delivery of a Servicing Officerthe Contract and Contract File to the Servicer. Upon any receipt of such payment in fulldelivery and request, the Trustee shall promptly release or cause to be released such Contract and Contract File to the Servicer. Upon receipt of such Contract and Contract File, each of the Company (if different from the Servicer) and the Servicer is authorized to executeexecute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate any lien on the related real estate. The Servicer shall determine when a Contract has been paid in full; PROVIDED that, pursuant to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer as prepaid or paid in full and satisfied, the shortfall shall be paid by the Servicer out of its own funds, without any right of reimbursement therefor (except from additional amounts recovered from the related Obligor or otherwise in respect of such Contract), and deposited in the Certificate Account. b. If the Servicer elects to submit a claim to FHA under the FHA Insurance in respect of an FHA-Insured Contract and payment is received from FHA, the Servicer shall notify the Trustee and the Company (if required the Company is not the Servicer) on the next succeeding Payment Date by applicable law and be delivered certification of a Servicing Officer (which certification shall include a statement to the Person entitled thereto, it being understood and agreed effect that no expenses incurred all amounts received in connection with such instrument payments which are required to be deposited in the Certificate Account pursuant to Section 5.05 have been so deposited) and shall request delivery of satisfaction the Contract and Contract File to the Servicer. Upon receipt of such delivery and request, the Trustee shall promptly release or cause to be reimbursed from released such Contract and Contract File to the Collection Account. Servicer. c. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loanservicing, the Collateral Agent on behalf of foreclosing, and making a claim for FHA Insurance coverage in connection with an FHA-Insured Contract, the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Contract and the related Mortgage Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' rights and remedies with respect to Contracts. d. The Servicer's receipt of a Contract and/or Contract File shall obligate the Servicer to return the Mortgage original Contract and the related Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.05 or 8.06.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)

Trustee to Cooperate. (a) Upon the any payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing 39 or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Master Servicer and delivery to the Trustee of a trust receipt signed by a Servicing Officer, release the related Mortgage File to the Servicer Master Servicer, and the Trustee shall execute such documents as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Master Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Master Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate an Officer's Certificate of a Servicing Officer similar to that hereinabove specifiedthe Master Servicer, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the Master Servicer. (b) In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the assignments of Mortgage in accordance with the provisions hereof, the Trustee shall, if the Master Servicer so requests in writing and supplies the Trustee with appropriate forms therefor, assign such Mortgage Loan for the purpose of collection to the Master Servicer or to the related Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Household Mortgage Funding Corp Iii)

Trustee to Cooperate. Release of Mortgage Files. Upon the payment in full of any Loan, or the Principal Balance receipt by the Servicer of any Mortgage Loana notification that the payment in full will be escrowed in a manner customary for such purposes, the Servicer will immediately notify the Trustee by a certification an Officer's Certificate (which certification Officer's Certificate shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Custodial Account for P&I pursuant to Section 5.02 3.2 have been or will be so deposited) and shall by such Officer's Certificate request delivery to it of a Servicing Officerthe Mortgage File. Upon receipt of such Officer's Certificate and request, the Trustee shall promptly release or cause to be released the related Mortgage File to the Servicer. Upon the Trustee's receipt of any such payment release or reconveyance documents or instruments relating to the Loan paid in full, the Servicer is authorized to executeTrustee shall, pursuant not later than the 5th succeeding Business Day, execute and return such documents and instruments to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shall be reimbursed from the Collection AccountServicer. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer and delivery to the Trustee of a trust receipt signed by a Servicing Officer, release or cause to be released the related Mortgage File to the Servicer and shall execute such documents furnished to it as shall be necessary for to the prosecution of any such proceedings. Such trust receipt shall obligate the Servicer to return each and every document previously requested from the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerServicer by delivery to a Servicing Officer and the Trustee shall have no further responsibility with respect to such Mortgage Files.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 2002-7)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage Loan, the Servicer will notify the Trustee and Conseco Finance Corp. (if Conseco Finance Corp. is not the Servicer) on the next succeeding Payment Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) and shall request delivery of a Servicing Officerthe Loan and Loan File to the Servicer. Upon any receipt of such payment in fulldelivery and request, the Trustee shall promptly release or cause to be released such Loan and Loan File to the Servicer. Upon receipt of such Loan and Loan File, each of Conseco Finance Corp. (if different from the Servicer) and the Servicer is authorized to executeexecute an instrument in satisfaction of such Loan and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate any lien on the related real estate. The Servicer shall determine when a Loan has been paid in full; provided that, pursuant to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a -------- Loan credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed paid by the Servicer out of its own funds, without any right of reimbursement therefor (except from additional amounts recovered from the Collection related Obligor or otherwise in respect of such Loan), and deposited in the Certificate Account. . b. From time to time and as appropriate for the servicing or foreclosure of any Mortgage and foreclosing in connection with a Loan, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Loan and the related Mortgage Loan File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Loan to be released to the Servicer with a notation that the Loan has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholder rights and remedies with respect to Loans. c. The Servicer's receipt of a Loan and/or Loan File shall obligate the Servicer to return the Mortgage original Loan and the related Loan File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.06 or Section 8.06.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and the Company (if the Company is not the Servicer) on the next 5-5 succeeding Remittance Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant execute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate the lien on the related real estate. The Servicer shall determine when a Contract has been paid in full; to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Account. Servicer out of its own funds. b. From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand-and-Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land-and-Home Contract and the related Mortgage Land-and-Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land-and-Home Contract to be released to the Servicer with a notation that the Land-and-Home Contract has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholders' rights and remedies with respect to Contracts. c. The Servicer's receipt of a Land-and-Home Contract and/or Land-and-Home Contract File shall obligate the Servicer to return the Mortgage original Land-and-Home Contract and the related Land-and-Home Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.05.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage Loan, the Servicer will notify the Trustee and the Company (if the Company is not the Servicer) on the next succeeding Payment Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) and shall request delivery of a Servicing Officerthe Loan and Loan File to the Servicer. Upon any receipt of such payment in fulldelivery and request, the Trustee shall promptly release or cause to be released such Loan and Loan File to the Servicer. Upon receipt of such Loan and Loan File, each of the Company (if different from the Servicer) and the Servicer is authorized to executeexecute an instrument in satisfaction of such Loan and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate any lien on the related real estate. The Servicer shall determine when a Loan has been paid in full; provided that, pursuant to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Loan credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed paid by the Servicer out of its own funds, without any right of reimbursement therefor (except from additional amounts recovered from the Collection related Obligor or otherwise in respect of such Loan), and deposited in the Certificate Account. . b. From time to time and as appropriate for the servicing or foreclosure of any Mortgage and foreclosing in connection with a Loan, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Loan and the related Mortgage Loan File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Loan to be released to the Servicer with a notation that the Loan has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholders' rights and remedies with respect to Loans. c. The Servicer's receipt of a Loan and/or Loan File shall obligate the Servicer to return the Mortgage original Loan and the related Loan File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.05 or 8.06.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.1, if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Servicer and delivery to the Trustee of a trust receipt Request for Release, in the form annexed hereto as Exhibit E, signed by a Servicing Officerofficer, release the related Mortgage File to the Servicer Servicer, and the Trustee shall execute such documents documents, in the forms provided by the Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt Request for Release shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer officer similar to that hereinabove specified, the trust receipt Request for Release shall be released by the Collateral Agent on behalf of the Trustee to the Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the related Assignment of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Servicer, execute an appropriate assignment in the form provided to the Trustee by the Servicer to assign such Mortgage Loan for the purpose of collection to the Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Chevy Chase Bank FSB)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage Loan, the Servicer will notify the Trustee and Conseco Finance Corp. (if Conseco Finance Corp. is not the Servicer) on the next succeeding Payment Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so depositeddeposited and may be substantially in the form of Exhibit J-4 hereto) and shall request delivery of a Servicing Officerthe Loan and Loan File to the Servicer. Upon any receipt of such payment in fulldelivery and request, the Trustee shall promptly release or cause to be released such Loan and Loan File to the Servicer. Upon receipt of such Loan and Loan File, each of Conseco Finance Corp. (if different from the Servicer) and the Servicer is authorized to executeexecute an instrument in satisfaction of such Loan and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate any lien on the related real estate. The Servicer shall determine when a Loan has been paid in full; provided that, pursuant to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Loan credited by the Servicer as prepaid or paid in full and satisfied, the shortfall shall be paid by the Servicer out of its own funds, without any right of reimbursement therefor (except from additional amounts recovered from the related Obligor or otherwise in respect of such Loan), and deposited in the Certificate Account. b. If the Servicer elects to submit a claim to FHA under the FHA Insurance in respect of an FHA-Insured Loan and payment is received from FHA, the Servicer shall notify the Trustee and the Originator (if required the Originator is not the Servicer) on the next succeeding Payment Date by applicable law and be delivered certification of a Servicing Officer (which certification shall include a statement to the Person entitled thereto, it being understood and agreed effect that no expenses incurred all amounts received in connection with such instrument payments which are required to be deposited in the Certificate Account pursuant to Section 5.05 have been so deposited and may be substantially in the form of satisfaction Exhibit J-4 hereto) and shall request delivery of the Loan and Loan File to the Servicer. Upon receipt of such delivery and request, the Trustee shall promptly release or cause to be reimbursed from released such Loan and Loan File to the Collection Account. Servicer. c. From time to time and as appropriate for the servicing or foreclosure of any Mortgage and foreclosing, and making a claim for FHA Insurance coverage in connection with an FHA Insured Loan, the Collateral Agent on behalf of the Trustee shall, upon written request of a Servicing Officer (which may be substantially in the Servicer form of Exhibit J-4 hereto) and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Loan and the related Mortgage Loan File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Loan to be released to the Servicer with a notation that the Loan has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' rights and remedies with respect to Loans. d. The Servicer's receipt of a Loan and/or Loan File shall obligate the Servicer to return the Mortgage original Loan and the related Loan File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.06 or Section 8.06.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment Principal Prepayment in full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01(f), an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Servicer and delivery to the Trustee of a trust receipt Request for Release, in the form attached hereto as Exhibit G, signed by a Servicing Officer, release the related Mortgage File to the Servicer Servicer, and the Trustee shall execute 38 44 such documents documents, in the forms provided by the Servicer, as shall be necessary for the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt Request for Release shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt Request for Release shall be released by the Collateral Agent on behalf of the Trustee to the Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the related Assignment of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Servicer, execute an appropriate assignment in the form provided to the Trustee by the Servicer to assign such Mortgage Loan for the purpose of collection to the Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only) and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Fleet Home Equity Loan Corp)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and the Depositor on the next succeeding Distribution Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment Contract which are required to be deposited in the Collection Account pursuant to Section 5.02 SECTION 5.05 have been so deposited) and shall (if the Servicer is not then in possession of a Servicing Officerthe Contracts and Contract Files) request delivery of the Contract and Contract File to the Servicer. Upon any receipt of such payment in fulldelivery and request, the Trustee shall promptly release or cause to be released such Contract and Contract File to the Servicer. Upon receipt of such Contract and Contract File, each of the Depositor and the Servicer is authorized to execute, pursuant execute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate the security interest in the Financed Vehicle related thereto. The Servicer shall determine when a Contract has been paid in full; to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection AccountServicer out of its own funds. From time to time and as appropriate for servicing and repossession in connection with any Contract, if the servicing or foreclosure Servicer is not then in possession of any Mortgage Loanthe Contracts and Contract Files, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Contract and the related Mortgage Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem reasonably necessary for to the prosecution of any such proceedings. Such trust receipt shall obligate the Servicer to return the Mortgage original Contract and the related Contract File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, repurchased as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSECTION 9.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Dealer Auto Receivables Corp)

Trustee to Cooperate. Upon On or before each Distribution Date, the Master Servicer will notify the Trustee of the payment in full of the Principal Loan Balance of any Mortgage Loan, Loan during the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the preceding Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing OfficerPeriod. Upon any such payment in full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.1, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of Document Custodian shall, or if the Trustee is holding the Mortgage Files, the Trustee shall, upon request of the Master Servicer and delivery to the Trustee Document Custodian or the Trustee, as applicable, of two copies of a trust receipt receipt, in the form annexed hereto as Exhibit I, signed by a Servicing Officer, release the related Mortgage File to the Master Servicer and the Document Custodian or the Trustee, as applicable, shall execute such documents documents, in the forms provided by the Master Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Master Servicer to return the Mortgage File to the Collateral Agent on behalf of Trustee or the Trustee Document Custodian appointed by it when the need therefor by the Master Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf Document Custodian or the Trustee, as applicable, to the Master Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the Assignments of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Master Servicer, execute an appropriate assignment in the form provided to the ServicerTrustee by the Master Servicer to assign such Mortgage Loan for the purpose of collection to the Master Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account, it being understood that the Trustee shall have no responsibility for determining the sufficiency of such assignment for its intended purpose. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Union Residential Securitization Transactions Inc)

Trustee to Cooperate. Release of Mortgage Files Upon the payment in full of the Principal Balance principal balance of any Mortgage Loan, if the Trustee is holding the Mortgage Files, the Servicer will shall notify the Trustee by a certification in the form of Exhibit H hereto (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in to the Collection Account pursuant to Section 5.02 3.02 have been so deposited) of a Servicing Officer. Such notification shall be made each month at the time that the Servicer delivers its Servicer Remittance Report to the Trustee pursuant to Section 4.01. Upon any such payment in full, the Servicer is authorized to executeprocure from such trustee under the Mortgage that secured the related Mortgage Note a deed of full reconveyance covering the related Mortgaged Property encumbered by such Mortgage, pursuant to the authorization contained which deed, except as otherwise provided in Section 5.012941(c) of the California Civil Code or other applicable law, shall be recorded by such trustee in the office of the County Recorder in which the Mortgage is recorded, or, as the case may be, to procure from such trustee an instrument of satisfaction regarding or, if the related MortgageMortgagor so requests, an assignment without recourse, in each case prepared by the Servicer at its expense and executed by the Trustee, which deed of reconveyance, instrument of satisfaction or assignment shall be recorded delivered by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such deed of reconveyance, assignment or instrument of satisfaction shall be reimbursed from amounts at the time on deposit in the Collection or Certificate Account. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer and delivery to the Trustee of a trust receipt signed by a Servicing Officer, release the related Mortgage File to the Servicer and shall execute such documents prepared by the Servicer as shall be necessary for to the prosecution of any such proceedings. Such trust receipt shall state that the Servicer is holding the Mortgage File in trust for the Trustee and shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove herein above specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the Servicer.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Aames Mortgage Trust 1999-1)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and Conseco Finance Corp. (if Conseco Finance Corp. is not the Servicer) on the next succeeding Remittance Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant execute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate the lien on the related real estate. The Servicer shall determine when a Contract has been paid in full; to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Account. Servicer out of its own funds. b. From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand-and-Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land-and- Home Contract and the related Mortgage Land-and-Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land-and-Home Contract to be released to the Servicer with a notation that the Land-and-Home Contract has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholders' rights and remedies with respect to Contracts. c. The Servicer's receipt of a Land-and-Home Contract and/or Land-and-Home Contract File shall obligate the Servicer to return the Mortgage original Land-and-Home Contract and the related Land-and-Home Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.06.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee by certification of a certification Servicing Officer (which certification shall include a statement to the effect that such Contract has been paid in full and that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant to the authorization contained in Section 5.01, execute an instrument in satisfaction of satisfaction regarding such Contract and to do such other acts and execute such other documents as the Servicer reasonably deems to be necessary to discharge the Obligor thereunder and eliminate the security interest in the Manufactured Home related Mortgage, which instrument of satisfaction thereto. The Servicer shall be recorded determine when a Contract has been paid in full. To the extent that insufficient payments are received on a Contract credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection AccountServicer out of its own funds. From time to time and as appropriate for the servicing or foreclosure of and repossession in connection with any Mortgage LoanContract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee Trustee, of a trust receipt signed by a such Servicing Officer, release cause the original Contract and the related Mortgage Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. The Trustee shall stamp the face of any such Contract to be released to the Servicer with a notation that the Contract has been assigned to the Trustee. Such trust receipt shall obligate the Servicer to return the Mortgage original Contract and the related Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased as described in which case, upon receipt of a certificate Section 3.05. Upon the request of a Servicing Officer similar to that hereinabove specifiedOfficer, the trust receipt Trustee shall be released perform such other acts as reasonably requested by the Collateral Agent on behalf Servicer and otherwise cooperate with the Servicer in enforcement of the Trustee Certificateholders' rights and remedies with respect to the ServicerContracts.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Cit Group Securitization Corp Ii)

Trustee to Cooperate. Upon On or before each Distribution Date, -------------------- the Servicer will notify the Trustee of the payment in full of the Principal Asset Balance of any Mortgage LoanLoan during the preceding Collection Period, the Servicer will notify the Trustee which notification shall be by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 3.02 have been so depositeddeposited or credited) of a Servicing Officer. Upon any such payment in full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the Collateral Agent on behalf payment in full of the Asset Balance of any Mortgage Loan, the Trustee shall, upon request of the Servicer and delivery to the Trustee of a trust receipt Request for Release substantially in the form attached hereto as Exhibit E signed by a Servicing Officer, release the related Mortgage File to the Servicer and the Trustee shall execute such documents documents, in the forms provided by the Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee or such Custodian to the Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the assignments of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Servicer, execute an appropriate assignment in the form provided to the Trustee by the Servicer to assign such Mortgage Loan for the purpose of collection to the Servicer or to the related subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, the Servicer will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured, then the Servicer shall promptly reassign such Mortgage Loan to the Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Financial Asset Securities Corp)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and Conseco Finance Corp. (if Conseco Finance Corp. is not the Servicer) on the next succeeding Remittance Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant execute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate the lien on the related real estate. The Servicer shall determine when a Contract has been paid in full; to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Account. Servicer out of its own funds. b. From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand-and-Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land-and-Home Contract and the related Mortgage Land-and-Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land-and- Home Contract to be released to the Servicer with a notation that the Land-and- Home Contract has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholders' rights and remedies with respect to Contracts. c. The Servicer's receipt of a Land-and-Home Contract and/or Land-and- Home Contract File shall obligate the Servicer to return the Mortgage original Land-and- Home Contract and the related Land-and-Home Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.06.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)

Trustee to Cooperate. Upon the payment in full of the any Principal Balance of any Mortgage LoanPrepayment, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01(f), if the related Assignment of Mortgage has been recorded or an Opinion of Counsel has been delivered as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Home Equity Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Master Servicer and delivery to the Trustee of a trust receipt Request for Release, in the form annexed hereto as Exhibit I, signed by a Servicing Officer, release the related Mortgage File to the Servicer Master Servicer, and the Trustee shall execute such documents documents, in the forms provided by the Master Servicer, as shall be necessary for the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt Request for Release shall obligate the Master Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Master Servicer no longer exists unless the Mortgage Home Equity Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar In order to facilitate the foreclosure of the Mortgage securing any Home Equity Loan that hereinabove specifiedis in default following recordation of the related Assignment of Mortgage in accordance with the provisions hereof, the trust receipt shall be released Trustee shall, if so requested in writing by the Collateral Agent on behalf Master Servicer, execute an appropriate assignment in the form provided to the Trustee by the Master Servicer to assign such Home Equity Loan for the purpose of collection to the Master Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only) and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Trustee Home Equity Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Home Equity Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Home Equity Loan to the ServicerTrustee and return it to the place where the related Mortgage File was being maintained.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Avco Abs Receivables Corp)

Trustee to Cooperate. Upon On or before each Distribution Date, the Master Servicer will notify the Trustee of the payment in full of the Principal Asset Balance of any Mortgage LoanLoan during the preceding Collection Period, the Servicer will notify the Trustee which notification shall be by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 3.02 have been so depositeddeposited or credited) of a Servicing Officer. Upon any such payment in full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto. [If the Mortgage has been registered on the MERS(R) System, it being the Master Servicer shall cause the removal of the Mortgage from registration on the MERS(R) System and execute and deliver, on behalf of the Trustee and the Certificateholders, any instruments of satisfaction or cancellation or of partial or full release.] It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the Collateral Agent on behalf payment in full of the Asset Balance of any Mortgage Loan, the Trustee shall, upon request of the Master Servicer and delivery to the Trustee of a trust receipt Request for Release substantially in the form attached hereto as Exhibit G signed by a Servicing Officer, release the related Mortgage File to the Master Servicer and the Trustee shall execute such documents documents, in the forms provided by the Master Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Master Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Master Servicer no longer exists exists, unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the Master Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the assignments of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Master Servicer, execute an appropriate assignment in the form provided to the Trustee by the Master Servicer to assign such Mortgage Loan for the purpose of collection to the Master Servicer or to the related subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, the Master Servicer will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign such Mortgage Loan to the Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Indymac Abs Inc)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Home Equity Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.1, if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Home Equity Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Master Servicer and delivery to the Trustee of a trust receipt Request for Release, in the form annexed hereto as Exhibit E, signed by a Servicing Officer, release the related Mortgage File to the Servicer Master Servicer, and the Trustee shall execute such documents documents, in the forms provided by the Master Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt Request for Release shall obligate the Master Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Master Servicer no longer exists unless the Mortgage Home Equity Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt Request for Release shall be released by the Collateral Agent on behalf of the Trustee to the Master Servicer. In order to facilitate the foreclosure of the Mortgage securing any Home Equity Loan that is in default following recordation of the related Assignment of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Master Servicer, execute an appropriate assignment in the form provided to the Trustee by the Master Servicer to assign such Home Equity Loan for the purpose of collection to the Master Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Home Equity Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Home Equity Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Home Equity Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Avco Abs Receivables Corp)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Home -------------------- Equity Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.1, if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Home Equity Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Servicer and delivery to the Trustee of a trust receipt Request for Release, in the form annexed hereto as Exhibit E, signed by a Servicing Officer, release the related Mortgage File to the Servicer Servicer, and the Trustee shall execute such documents documents, in the forms provided by the Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt Request for Release shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Home Equity Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt Request for Release shall be released by the Collateral Agent on behalf of the Trustee to the Servicer. In order to facilitate the foreclosure of the Mortgage securing any Home Equity Loan that is in default following recordation of the related Assignment of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Servicer, execute an appropriate assignment in the form provided to the Trustee by the Servicer to assign such Home Equity Loan for the purpose of collection to the Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assign ment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Home Equity Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Home Equity Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Home Equity Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 1 contract

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

Trustee to Cooperate. Upon the payment in full of the Principal Trust Balance of any Mortgage Loan or the distribution of all investor Liquidation Proceeds with respect to any Mortgage Loan, the Servicer will shall promptly so notify the Trustee or the Custodial Agent by a certification (which certification, substantially in the form of Exhibit H, of a Servicing Officer. Such certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in into the Collection Certificate Account pursuant to Section 5.02 3.2(c) have been so deposited) of a Servicing Officer. Upon any such payment in fullor distribution, (i) the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.1(a), if the Loan Balance of such Mortgage Loan equals zero, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being understood and agreed that no (ii) the Custodial Agent shall release the related Mortgage File to the Seller. No expenses incurred in connection with such instrument of satisfaction or assignment shall be reimbursed from amounts at the Collection time on deposit in the Certificate Account. No certificate or expense incurred pursuant to this Section 3.7 shall be at the expense of the Trustee. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Custodial Agent on behalf of or the Trustee shall, upon request and at the expense of the Servicer and upon delivery to the Custodial Agent or the Trustee of a trust receipt substantially in the form of Exhibit I signed by a Servicing Officer, release the related Mortgage File to the Servicer solely for the purposes specified in the Servicer's request, and the Custodial Agent shall execute such documents prepared by and at the expense of the Servicer as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions by the Servicer. Such trust receipt shall obligate the Servicer to return the Mortgage File to the Collateral Custodial Agent on behalf of or the Trustee when the need therefor by the Servicer no longer exists exists, unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specifiedspecified stating that the investor Liquidation Proceeds with respect to such Mortgage Loan have been deposited into the Certificate Account pursuant to section 3.2(c), the trust receipt shall be released by the Collateral Custodial Agent on behalf of the Trustee to the Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default, the Trustee shall, if so requested in writing by the Servicer, assign such Mortgage Loan without recourse for the purpose of collection to the Servicer or its designee. Any such assignment shall be prepared by the Servicer and shall unambiguously indicate that the assignment is for the purpose of collection only. Upon such assignment, such assignee for collection shall thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan, and the Servicer shall deposit the investor Liquidation Proceeds received with respect thereto into the Certificate Account to the extent provided in Section 3.2(c). In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured, the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chevy Chase Bank FSB)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage LoanOn or before each Distribution Date, the Master Servicer will notify the Trustee of the payment in full during the related Collection Period of the Trust Balance of any Mortgage Loan with respect to which the Credit Limit has been reduced to zero which notification shall be by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account or credited to the Mortgage Loan Payment Record pursuant to Section 5.02 3.02 have been so depositeddeposited or credited) of a Servicing Officer. Upon any such payment in full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection AccountAccount or Funding Account or credited to the Mortgage Loan Payment Record. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Master Servicer and delivery to the Trustee of a trust receipt substantially in the form of Exhibit F hereto signed by a Servicing Officer, release the related Mortgage File to the Servicer Master Servicer, and the Trustee shall execute such documents as shall be necessary for to the prosecution of any such proceedings. Such trust receipt shall obligate proceedings or the Servicer to return the Mortgage File to the Collateral Agent on behalf taking of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the Servicer.other servicing

Appears in 1 contract

Samples: Pooling and Servicing Agreement (HFC Revolving Corp)

Trustee to Cooperate. Upon On or before each Distribution Date, the Master Servicer will notify the Trustee of the payment in full of the Principal Loan Balance of any Mortgage LoanLoan during the preceding Collection Period, the Servicer will notify the Trustee which notification shall be by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 3.2 have been so depositeddeposited or credited) of a Servicing Officer. Upon any such payment in full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.1, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Master Servicer and delivery to the Trustee of a trust receipt receipt, in the form annexed hereto as Exhibit H, signed by a Servicing Officer, release the related Mortgage File to the Master Servicer and the Trustee shall execute such documents documents, in the forms provided by the Master Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Master Servicer to return the Mortgage File to the Collateral Agent on behalf of Trustee or the Trustee Document Custodian appointed by it when the need therefor by the Master Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the Master Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the assignments of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Master Servicer, execute an appropriate assignment in the form provided to the Trustee by the Master Servicer to assign such Mortgage Loan for the purpose of collection to the Master Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account, it being understood that the Trustee shall have no responsibility for determining the sufficiency of such assignment for its intended purpose. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Union Residential Securitization Transactions Inc)

Trustee to Cooperate. (a) Upon the payment in full of the Principal Balance of any Mortgage LoanContract, the Servicer will notify the Trustee on the next Distribution Date by a certification certificate of a Servicing Officer (which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection applicable Certificate Account pursuant to Section 5.02 4.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant to the authorization contained in Section 5.01, execute an instrument in satisfaction of satisfaction regarding such Contract and to do such other acts and execute such other documents as the related Mortgage, which instrument of satisfaction Servicer deems necessary to discharge the Obligor thereunder and eliminate the security interest in the Manufactured Home. The Servicer shall be recorded determine when a Contract has been paid in full. To the extent insufficient payments are received on a Contract mistakenly determined by the Servicer if required by applicable law to be prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Servicer out of its own funds by deposit into the applicable Certificate Account. . (b) From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land Home Contract and the related Mortgage Land Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land Home Contract to be released to the Servicer with a notation that the Land Home Contract has been assigned to the Trustee. (c) The Servicer's receipt of a Land Home Contract and/or Land Home Contract File shall obligate the Servicer to return the Mortgage original Land Home Contract and the related Land Home Contract File to the Collateral Agent Trustee, or any person acting on behalf of the Trustee Trustee, when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, repurchased or replaced as described in which case, upon receipt of a certificate Section 3.05. (d) Upon request of a Servicing Officer similar to that hereinabove specifiedOfficer, the trust receipt shall be released Trustee shall, at the expense of the Servicer, perform such acts as are reasonably requested by the Collateral Agent on behalf Servicer (including the execution of documents) and otherwise cooperate with the Trustee Servicer in the enforcement of rights and remedies with respect to the ServicerContracts.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Greenpoint Financial Corp)

Trustee to Cooperate. (a) Upon the payment in full of the Principal Balance of on any Mortgage LoanAsset, the Servicer will notify the Trustee and the Seller on the next succeeding Distribution Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Account pursuant to Section 5.02 5.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant execute an instrument in satisfaction of such Asset and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate the lien on the related real estate and collateral. The Servicer shall determine when an Asset has been paid in full; to the authorization contained in Section 5.01, extent that insufficient payments are received on an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded Asset credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed paid by the Servicer out of its own funds; provided, that the Servicer may reimburse itself for such shortfall payment from the Collection Account. Account if the Servicer corrects the error and receives amounts in respect of such shortfall payment from future collections with respect to such Asset. (b) From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand-and-Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release at the expense of the Servicer, cause the original Land-and-Home Contract and the related Mortgage Land-and-Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land-and-Home Contract to be released to the Servicer with a notation that the Land-and-Home Contract has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' rights and remedies with respect to Assets. The Trustee shall not be liable for the performance of any such acts at the request of the Servicer. (c) The Servicer's receipt of a Land-and-Home Contract and/or Land-and-Home Contract File shall obligate the Servicer to return the Mortgage original Land-and-Home Contract and the related Land-and-Home Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Asset shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.06.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Origen Residential Securities, Inc.)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and the Company (if the Company is not the Servicer) on the next succeeding Remittance Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant execute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate the lien on the related real estate. The Servicer shall determine when a Contract has been paid in full; to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Account. Servicer out of its own funds. b. From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand-and-Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land-and- Home Contract and the related Mortgage Land-and-Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land-and-Home Contract to be released to the Servicer with a notation that the Land-and-Home Contract has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholders' rights and remedies with respect to Contracts. c. The Servicer's receipt of a Land-and-Home Contract and/or Land-and-Home Contract File shall obligate the Servicer to return the Mortgage original Land-and-Home Contract and the related Land-and-Home Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.05.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage Loan, the Servicer will notify the Trustee and the Company (if the Company is not the Servicer) on the next succeeding Payment Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) and shall request delivery of a Servicing Officerthe Loan and Loan File to the Servicer. Upon any receipt of such payment in fulldelivery and request, the Trustee shall promptly release or cause to be released such Loan and Loan File to the Servicer. Upon receipt of such Loan and Loan File, each of the Company (if different from the Servicer) and the Servicer is authorized to executeexecute an instrument in satisfaction of such Loan and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate any lien on the related real estate. The Servicer shall determine when a Loan has been paid in full; provided that, pursuant to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Loan credited by the Servicer as prepaid or paid in full and satisfied, the shortfall shall be paid by the Servicer out of its own funds, without any right of reimbursement therefor (except from additional amounts recovered from the related Obligor or otherwise in respect of such Loan), and deposited in the Certificate Account. b. If the Servicer elects to submit a claim to FHA under the FHA Insurance in respect of an FHA-Insured Loan and payment is received from FHA, the Servicer shall notify the Trustee and the Company (if required the Company is not the Servicer) on the next succeeding Payment Date by applicable law and be delivered certification of a Servicing Officer (which certification shall include a statement to the Person entitled thereto, it being understood and agreed effect that no expenses incurred all amounts received in connection with such instrument payments which are required to be deposited in the Certificate Account pursuant to Section 5.05 have been so deposited) and shall request delivery of satisfaction the Loan and Loan File to the Servicer. Upon receipt of such delivery and request, the Trustee shall promptly release or cause to be reimbursed from released such Loan and Loan File to the Collection Account. Servicer. c. From time to time and as appropriate for the servicing or foreclosure of any Mortgage servicing, foreclosing, and making a claim for FHA Insurance coverage in connection with an FHA-Insured Loan, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Loan and the related Mortgage Loan File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Loan to be released to the Servicer with a notation that the Loan has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholders' rights and remedies with respect to Loans. d. The Servicer's receipt of a Loan and/or Loan File shall obligate the Servicer to return the Mortgage original Loan and the related Loan File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.05 or 8.06.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)

Trustee to Cooperate. (a) Upon the payment in full of the Principal Loan Balance of any Mortgage __________ Loan, the Master Servicer will promptly notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited substantially in the Collection Account pursuant to Section 5.02 have been so deposited) form of Exhibit E hereto of a Servicing Officer. Such notification shall be made each month at the time that the Master Servicer delivers the Servicing Certificate to the Trustee pursuant to Section 4.01. Upon any such payment in full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shall be reimbursed from amounts at the Collection Account. From time credited to the __________ Loan Payment Record. (b) If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage __________ Loan, the Collateral Agent on behalf of the Trustee shall, upon request within ___ Business Days of the Servicer and delivery to receipt by the Trustee of a trust receipt written request substantially in the form of Exhibit F hereto transmitted by the Master Servicer to the Trustee or made in writing signed by a Servicing OfficerOfficer and delivered to the Trustee as provided in Section 11.05, release deliver the related Mortgage File to the Master Servicer and shall execute such documents documents, in the forms provided by the Master Servicer, as shall be certified by a Servicing Officer to be necessary for to the prosecution of any such proceedings. Such trust receipt The Master Servicer shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Master Servicer no longer exists unless the Mortgage ___________ Loan shall be liquidated, in which case, upon receipt of case the Master Servicer shall deliver a certificate of a Servicing Officer similar to that hereinabove specified, and the trust receipt Master Servicer shall be released by entitled to retain the Collateral Agent on behalf of the Trustee to the ServicerMortgage File.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Beneficial Mortgage Services Inc)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in fullPrincipal Prepayment, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01(f), if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto. The Servicer is also authorized to cause the removal from the registration on the MERS System of such Mortgage and to execute and deliver, it being on behalf of the Trustee and the Certificateholders or any of them, any and all instruments of satisfaction or cancellation or of partial or full release. It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee or Custodian is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee or Custodian shall, upon request of the Servicer or the Master Servicer and delivery to the Trustee Custodian of two (2) copies of a trust receipt Request for Release, one of which will be returned to the Servicer or the Master Servicer with the Mortgage File, in the form annexed hereto as Exhibit I, signed by a Servicing Officer or a Master Servicing Officer or in a mutually agreeable electronic format which originates from a Servicing Officer or a Master Servicing Officer, release the related Mortgage File to the Servicer or the Master Servicer, and the Trustee or Custodian shall execute such documents documents, in the forms provided by the Servicer or the Master Servicer, as shall be necessary for the prosecution of any such proceedingsproceedings or the taking of other servicing or master servicing actions. Such trust receipt Request for Release shall obligate the Servicer or the Master Servicer to return the Mortgage File to the Collateral Agent on behalf of Trustee or the Trustee Custodian, as the case may be, when the need therefor by the Servicer or the Master Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer or Master Servicing Officer similar to that hereinabove specified, the trust receipt Mortgage File shall be released by the Collateral Agent on behalf Trustee or Custodian to the Servicer or the Master Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the related Assignment of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Servicer, execute an appropriate assignment in the form provided to the ServicerTrustee by the Servicer to assign such Mortgage Loan for the purpose of collection to the Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only) and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Renaissance Home Equity Loan Trust 2004-4)

Trustee to Cooperate. Upon the payment in full of the any Principal Balance Prepayment or other liquidation of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01(f), if the related Assignment of Mortgage has been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee and/or the Document Custodian is holding all or a portion of the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Master Servicer and delivery to the Trustee of 2 copies of a trust receipt Request for Release, in the form attached hereto as Exhibit J, signed by a Servicing Officer, release or direct the Document Custodian to release the related Mortgage File to the Master Servicer and the Trustee shall execute such documents documents, in the forms provided by the Master Servicer, as shall be necessary for the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt Request for Release shall obligate the Master Servicer to return the Mortgage File to the Collateral Agent on behalf of Trustee or the Trustee Document Custodian, as appropriate, when the need therefor by the Master Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, a copy of the trust receipt Request for Release shall be released by the Collateral Agent on behalf of the Trustee to the Master Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the related Assignment of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Master Servicer, execute an appropriate assignment in the form provided to the Trustee by the Master Servicer, to assign such Mortgage Loan for the purpose of collection to the Master Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only) and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was being maintained. Each Request for Release may be delivered to the Trustee or the Document Custodian, as the case may be, (i) via mail or courier, (ii) via facsimile or (iii) by such other means, including, without limitation, electronic or computer readable format, as the Master Servicer and the Trustee shall mutually agree. The Trustee or the Document Custodian shall promptly release the related Mortgage File within five to seven business day of receipt of a properly completed Request for Release pursuant to clauses (i), (ii) or (iii) above. Receipt of a Request for Release pursuant to clauses (i), (ii) or (iii) above shall be authorization to the Trustee or the Document Custodian to release such Mortgage Files, provided the Trustee or the Document Custodian, as the case may be, has determined that such Request for Release has been executed, with respect to clauses (i) or (ii) above, or approved, with respect to clause (iii) above, by a Servicing Officer of the Master Servicer. If the Trustee or the Document Custodian is unable to release the Mortgage Files within the time frames previously specified after receipt of a fully completed and executed Request for Release, the Trustee or the Document Custodian shall immediately notify the Master Servicer, indicating the reason for such delay, but in no event shall such notification be later than five business days after receipt of such Request for Release. If the Master Servicer is required to pay penalties or damages due solely to the Trustee's or the Document Custodian's negligent failure to release the related Mortgage File or the Trustee's or the Document Custodian's negligent failure to execute and release documents in a timely manner, the Trustee or the Document Custodian, as the case may be, shall be liable for such penalties or damages. On each day that the Master Servicer remits to the Trustee or the Document Custodian Requests for Release pursuant to clauses (ii) or (iii) above, the Master Servicer shall also submit to the Trustee or the Document Custodian, as the case may be, a summary of the total amount of such Requests for Release requested on such day by the same method as described in such clauses (ii) or (iii) above.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Provident Bank)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and Conseco Finance Corp. (if Conseco Finance Corp. is not the Servicer) on the next succeeding Remittance Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant execute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate the lien on the related real estate. The Servicer shall determine when a Contract has been paid in full; to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Account. Servicer out of its own funds. b. From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand-and-Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land-and- Home Contract and the related Mortgage Land-and-Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land-and-Home Contract to be released to the Servicer with a notation that the Land-and-Home Contract has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholders' rights and remedies with respect to Contracts. c. The Servicer's receipt of a Land-and-Home Contract and/or Land-and-Home Contract File shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the Servicer.original Land-and-Home Contract and the

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)

Trustee to Cooperate. (a) Upon the any payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage or written evidence of cancellation thereon and to cause the removal from the registration on the MERS(R) System of such Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Servicer and delivery to the Trustee of a trust receipt signed by a Servicing Officer, release the related Mortgage File to the Servicer Servicer, and the Trustee shall execute such documents as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor therefore by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate an Officer's Certificate of a Servicing Officer similar to that hereinabove specifiedthe Servicer, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the Servicer. (b) In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the assignments of Mortgage in accordance with the provisions hereof, the Trustee shall, if the Servicer so requests in writing and supplies the Trustee with appropriate forms therefore, assign such Mortgage Loan for the purpose of collection to the Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Compass Asset Acceptance Co)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage Loan, the Servicer will notify the Trustee and Green Tree Financial Corporation (if Green Tree Financial Corporation is not the Servicer) on the next succeeding Payment Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) and shall request delivery of a Servicing Officerthe Loan and Loan File to the Servicer. Upon any receipt of such payment in fulldelivery and request, the Trustee shall promptly release or cause to be released such Loan and Loan File to the Servicer. Upon receipt of such Loan and Loan File, each of Green Tree Financial Corporation (if different from the Servicer) and the Servicer is authorized to executeexecute an instrument in satisfaction of such Loan and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate any lien on the related real estate. The Servicer shall determine when a Loan has been paid in full; provided that, pursuant to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Loan credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed paid by the Servicer out of its own funds, without any right of reimbursement therefor (except from additional amounts recovered from the Collection related Obligor or otherwise in respect of such Loan), and deposited in the Certificate Account. . b. From time to time and as appropriate for the servicing or foreclosure of any Mortgage and foreclosing in connection with a Loan, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Loan and the related Mortgage Loan File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Loan to be released to the Servicer with a notation that the Loan has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholders' rights and remedies with respect to Loans. c. The Servicer's receipt of a Loan and/or Loan File shall obligate the Servicer to return the Mortgage original Loan and the related Loan File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.05 or 8.06.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage Loan, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the related Collection Account pursuant to Section 5.02 5.2 have been so deposited) of a Servicing Officer. Upon any such payment in full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.015.1, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shall be reimbursed from the related Collection Account. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Servicer and delivery to the Trustee of a trust receipt in the form of Exhibit H signed by a Servicing Officer, release the related Mortgage File to the Servicer and shall execute such documents as shall be necessary for to the prosecution of any such proceedings. Such trust receipt shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the Servicer.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)

Trustee to Cooperate. a. Upon the payment in full of the Principal Balance of on any Mortgage LoanContract, the Servicer will notify the Trustee and the Company (if the Company is not the Servicer) on the next succeeding Remittance Date by certification of a certification Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment payments which are required to be deposited in the Collection Certificate Account pursuant to Section 5.02 5.05 have been so deposited) of a Servicing Officer). Upon any such payment in full, the The Servicer is authorized to execute, pursuant execute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate the lien on the related real estate. The Servicer shall determine when a Contract has been paid in full; to the authorization contained in Section 5.01, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded extent that insufficient payments are received on a Contract credited by the Servicer if required by applicable law as prepaid or paid in full and be delivered to satisfied, the Person entitled thereto, it being understood and agreed that no expenses incurred in connection with such instrument of satisfaction shortfall shall be reimbursed from paid by the Collection Account. Servicer out of its own funds. b. From time to time and as appropriate for the servicing or and foreclosure of in connection with any Mortgage LoanLand-and-Home Contract, the Collateral Agent on behalf of the Trustee shall, upon written request of the Servicer a Servicing Officer and delivery to the Trustee of a trust receipt signed by a such Servicing Officer, release cause the original Land-and-Home Contract and the related Mortgage Land-and-Home Contract File to be released to the Servicer and shall execute such documents as the Servicer shall be deem necessary for to the prosecution of any such proceedings. Such trust The Trustee shall stamp the face of each such Land- and-Home Contract to be released to the Servicer with a notation that the Land- and-Home Contract has been assigned to the Trustee. Upon request of a Servicing Officer, the Trustee shall perform such other acts as reasonably requested by the Servicer and otherwise cooperate with the Servicer in enforcement of the Certificateholders' and Class C Certificateholders' rights and remedies with respect to Contracts. c. The Servicer's receipt of a Land-and-Home Contract and/or Land- and-Home Contract File shall obligate the Servicer to return the Mortgage original Land- and-Home Contract and the related Land-and-Home Contract File to the Collateral Agent on behalf of the Trustee when the its need therefor by the Servicer no longer exists has ceased unless the Mortgage Loan Contract shall be liquidated, liquidated or repurchased or replaced as described in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the ServicerSection 3.05.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)

Trustee to Cooperate. Upon On or before each Distribution Date, the Master Servicer will notify the Trustee of the payment in full of the Principal Asset Balance of any Mortgage LoanLoan during the preceding Collection Period, the Servicer will notify the Trustee which notification shall be by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 3.02 have been so depositeddeposited or credited) of a Servicing Officer. Upon any such payment in full, the Master Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, or in connection with the Collateral Agent on behalf payment in full of the Asset Balance of any Mortgage Loan, the Trustee shall, upon request of the Master Servicer and delivery to the Trustee of a trust receipt Request for Release substantially in the form attached hereto as Exhibit G signed by a Servicing Officer, release the related Mortgage File to the Master Servicer and the Trustee shall execute such documents documents, in the forms provided by the Master Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Master Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Master Servicer no longer exists exists, unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of the Trustee to the Master Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the assignments of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Master Servicer, execute an appropriate assignment in the form provided to the Trustee by the Master Servicer to assign such Mortgage Loan for the purpose of collection to the Master Servicer or to the related subservicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, the Master Servicer will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured, then the Master Servicer shall promptly reassign such Mortgage Loan to the Trustee and return the related Mortgage File to the place where it was being maintained.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Cwabs Inc)

Trustee to Cooperate. Upon any Principal Prepayment In -------------------- Full, the payment in full Master Servicer is authorized, on behalf of the Principal Balance of any Mortgage LoanTrustee, the Servicer will notify the Trustee by a certification (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing Officer. Upon any such payment in full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.01(e), an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Master Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From If the Trustee is holding the Mortgage Files, from time to time and as appropriate for the servicing or foreclosure of any Mortgage Home Equity Loan, the Collateral Agent on behalf of the Trustee shall, upon request of the Master Servicer and delivery to the Trustee of two (2) copies of a trust receipt Request for Release (in the form attached hereto as Exhibit G) signed by a Servicing Officer, or as a substitute therefor, the delivery to the Trustee of a request in a mutually agreeable electronic format which will, in lieu of a signature on its face, be sent by a Servicing Officer, release the related Mortgage File to the Servicer and Master Servicer. The Trustee shall execute such documents documents, in the forms provided by the Master Servicer, as shall be necessary for the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt Request for Release shall obligate the Master Servicer to return the Mortgage File to the Collateral Agent on behalf of the Trustee when the need therefor by the Master Servicer no longer exists unless the Mortgage Home Equity Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt Request for Release shall be released by the Collateral Agent on behalf of the Trustee to the Master Servicer. In order to facilitate the foreclosure of the Mortgage securing any Home Equity Loan that is in default following recordation of the related Assignment of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Master Servicer, execute an appropriate assignment in the form provided to the Trustee by the Master Servicer to assign such Home Equity Loan for the purpose of collection to the Master Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only) and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Home Equity Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such Home Equity Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Home Equity Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc Home Eq Ln as Bk Cer Ser 1999-2)

Trustee to Cooperate. Upon the payment in full of the Principal Balance of any Mortgage LoanOn or before each Distribution Date, the Servicer will notify the Trustee by a certification (which certification shall include a statement to of the effect that all amounts received payment in connection with such payment which are required to be deposited in full of the Loan Balance of any Mortgage Loan during the preceding Collection Account pursuant to Section 5.02 have been so deposited) of a Servicing OfficerPeriod. Upon any such payment in full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 5.013.1, if the assignments of Mortgage have been recorded as required hereunder, an instrument of satisfaction regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law and be delivered to the Person entitled thereto, it being . It is understood and agreed that no expenses incurred in connection with such instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Collateral Agent on behalf of Document Custodian shall, or if the Trustee is holding the Mortgage Files, the Trustee shall, upon request of the Servicer and delivery to the Trustee Document Custodian or the Trustee, as applicable, of a trust receipt receipt, in the form annexed hereto as Exhibit I, signed by a Servicing Officer, release the related Mortgage File to the Servicer and the Document Custodian or the Trustee, as applicable, shall execute such documents documents, in the forms provided by the Servicer, as shall be necessary for to the prosecution of any such proceedingsproceedings or the taking of other servicing actions. Such trust receipt shall obligate the Servicer to return the Mortgage File to the Collateral Agent on behalf of Trustee or the Trustee Document Custodian appointed by it when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released by the Collateral Agent on behalf of Document Custodian or the Trustee Trustee, as applicable, to the Servicer. In order to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the Assignments of Mortgage in accordance with the provisions hereof, the Trustee shall, if so requested in writing by the Servicer, execute an appropriate assignment in the form provided to the Trustee by the Servicer to assign such Mortgage Loan for the purpose of collection to the Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose of collection only), and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect thereto in the Collection Account, it being understood that the Trustee shall have no responsibility for determining the sufficiency of such assignment for its intended purpose. In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign such Mortgage Loan to the Trustee and return it to the place where the related Mortgage File was being maintained.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Union Residential Securitization Transactions Inc)

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