Monitoring of Servicers. (a) The Master Servicer shall be responsible for reporting to the Trustee, the Trust Administrator and the Depositor the compliance by each Servicer with its duties under the related Servicing Agreement. In the review of each Servicer's activities, the Master Servicer may rely upon an officer's certificate of the Servicer with regard to such Servicer's compliance with the terms of its Servicing Agreement. In the event that the Master Servicer, in its judgment, determines that a Servicer should be terminated in accordance with its Servicing Agreement, or that a notice should be sent pursuant to such Servicing Agreement with respect to the occurrence of an event that, unless cured, would constitute grounds for such termination, the Master Servicer shall notify the Depositor, the Trust Administrator and the Trustee thereof and the Master Servicer shall issue such notice or take such other action as it deems appropriate.
(b) The Master Servicer, for the benefit of the Trustee, the Trust Administrator and the Certificateholders, shall enforce the obligations of each Servicer under the related Servicing Agreement, and shall, in the event that a Servicer fails to perform its obligations in accordance with the related Servicing Agreement, subject to the preceding paragraph, terminate the rights and obligations of such Servicer thereunder and act as successor Servicer of the related Mortgage Loans or cause the Trustee to enter into a new Servicing Agreement with a successor Servicer selected by the Master Servicer; provided, however, it is understood and acknowledged by the parties hereto that there will be a period of transition (not to exceed 90 days) before the actual servicing functions can be fully transferred to such successor Servicer. Such enforcement, including, without limitation, the legal prosecution of claims, termination of Servicing Agreements and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as the Master Servicer, in its good faith business judgment, would require were it the owner of the related Mortgage Loans. The Master Servicer shall pay the costs of such enforcement at its own expense, provided that the Master Servicer shall not be required to prosecute or defend any legal action except to the extent that the Master Servicer shall have received reasonable indemnity for its costs and expenses in pursuing such action.
(c) To the extent that the costs and expenses of the Master...
Monitoring of Servicers. 65 Section 3.04 Fidelity Bond........................................... 66 Section 3.05 Power to Act; Procedures................................ 66 Section 3.06 Due-on-Sale Clauses; Assumption Agreements.............. 67 Section 3.07 Release of Mortgage Files............................... 67
Monitoring of Servicers. Section 3.03 [Reserved]..................................................
Monitoring of Servicers. 48 Section 3.04 FIDELITY BOND.........................................................................49 Section 3.05
Monitoring of Servicers. Section 3.04 Fidelity Bond
Monitoring of Servicers. Section 3.03 Fidelity Bond; Errors and Omissions Insurance................ Section 3.04
Monitoring of Servicers. 40 Section 3.04 Fidelity Bond.......................................................................41 Section 3.05 Power to Act; Procedures............................................................41 Section 3.06 Due-on-Sale Clauses; Assumption Agreements..........................................42 Section 3.07 Release of Mortgage Files...........................................................42 Section 3.08 Documents, Records and Funds in Possession of Master Servicer To Be Held for Trustee........................................................................................................43 Section 3.09 Standard Hazard Insurance and Flood Insurance Policies..............................44 Section 3.10 Presentment of Claims and Collection of Proceeds....................................44 Section 3.11 Maintenance of the Primary Mortgage Insurance Policies..............................45 Section 3.12 Trustee to Retain Possession of Certain Insurance Policies and Documents............45 Section 3.13 Realization Upon Defaulted Mortgage Loans...........................................46 Section 3.14 Compensation for the Master Servicer................................................46 Section 3.15
Monitoring of Servicers. 58 Section 3.04 Fidelity Bond.....................................................................59 Section 3.05 Power to Act; Procedures........................................................
Monitoring of Servicers. Section 3.4
Monitoring of Servicers. 110 Section 3.03 Fidelity Bond; Errors and Omissions Insurance..........111 Section 3.04 Access to Certain Documentation........................112 Section 3.05 Maintenance of Primary Mortgage Insurance Policy; Claims.................................................112 Section 3.06 Rights of the Depositor, the Securities Administrator and the Trustee in Respect of the Master Servicer......113 Section 3.07 Trustee to Act as Master Servicer......................113 Section 3.08 Servicer Custodial Accounts and Escrow Accounts........113 Section 3.09 Collection of Mortgage Loan Payments; Master Servicer Custodial Account, Certificate Account, Cap Carryover Reserve Account, Class 1-A-16 Reserve Fund, Class 1-A-18 Reserve Fund and Interest Rate Cap Agreements...114 Section 3.10 Access to Certain Documentation and Information Regarding the Mortgage Loans...........................119 Section 3.11 Permitted Withdrawals from the Certificate Account and the Master Servicer Custodial Account..................119 Section 3.12 Maintenance of Hazard Insurance and Other Insurance....121 Section 3.13 Presentment of Claims and Collection of Proceeds.......121
