Property Protection Expenses. Any costs and expenses incurred by the Master Servicer, the Special Servicer or the Trustee pursuant to Section 3.04, 3.07, 3.10(f), 3.10(g) or 3.17(b) or indicated herein as being a cost or expense of the Lower-Tier REMIC to be advanced by the Master Servicer or the Trustee, as applicable.
Property Protection Expenses. With respect to any Mortgage Loan, expenses paid or incurred by or for the account of the Company in accordance with the related Mortgage for (a) real estate property taxes and property repair, replacement, protection and preservation expenses and (b) similar expenses reasonably paid or incurred to preserve or protect the value of such Mortgage to the extent the Company is not reimbursed therefor pursuant to the Primary Insurance Policy, if any, or any other insurance policy with respect thereto.
Property Protection Expenses means the following costs and expenses, but only to the extent that they are paid to Persons who are generally in the business of providing such goods and services and are reasonable for the types of goods or services provided in the geographical area in which such goods or services are provided:
Examples of Property Protection Expenses in a sentence
Hazard Insurance Policies; Property Protection Expenses 31 Section 5.05.
Any advances made towards Property Protection Expenses and/or Property Improvement Expenses shall be deemed to be Servicing Advances.
Amounts required to be deposited into the Escrow Account and (unless otherwise provided in Article XII) amounts in the nature of prepayment charges, late payment charges, assumption fees, excess interest paid by Mortgagors and other fees and proceeds of reimbursements of Property Protection Expenses received with respect to Mortgage Loans need not be deposited by the Servicer in the Collection Account.
Hazard Insurance Policies; Property Protection Expenses 32 Section 5.05.
Servicer shall advance Property Protection Expenses and/or Property Improvement Expenses; provided, however, that Servicer shall not be obligated to make any advance if Servicer determines in its reasonable judgment that such advance will be a Non-Recoverable Advance.
More Definitions of Property Protection Expenses
Property Protection Expenses. Expenses (exclusive of overhead expenses) reasonably paid or incurred by or for the account of the Servicer in connection with the preservation or protection of a Mortgaged Property or the security of a Mortgaged Property, including (a) hazard insurance policy premiums, (b) real estate taxes and property repair, replacement, protection and preservation expenses, (c) amounts expended to cure or prevent any default with respect to any mortgage loan senior to the related Mortgage Loan and (d) similar expenses reasonably paid or incurred to preserve or protect the value of such Mortgaged Property or security (including but not limited to reasonable legal fees and expenses).
Property Protection Expenses. The following costs and expenses, but, with respect to items (ii) through (xiii) below, only to the extent that they are paid to third persons in arms' length arrangements, which may, to the extent expressly approved in the related Asset Strategy Report as to the Special Servicer, be Affiliates, who are generally in the business of providing such goods and services and that such expenses are reasonable for the types of goods or services provided in the geographical area in which such goods or services are provided: (i) real estate taxes, assessments and similar charges; (ii) premiums for insurance; (iii) utility costs; (iv) payments required under service contracts, including but not limited to service contracts for heating, ventilation and air conditioning systems, elevators, landscape maintenance, pest extermination, security, model furniture, swimming pool service, trash removal, answering service, credit checks and monitoring the satisfaction of real estate tax assessments and the designation from time to time of special flood hazard areas; (v) payroll costs and benefits for on-site maintenance personnel, including but not limited to housekeeping employees, porters and general maintenance and security employees; (vi) property management fees; (vii) usual and customary leasing and sales brokerage expenses and commissions and other costs and expenses associated with marketing, selling or otherwise disposing of Specially Serviced Mortgage Loans or REO Properties including, without limitation, marketing brochures, auction services, reasonable legal fees, surveys, title insurance premiums and other title company costs; (viii) permits, licenses and registration fees and costs; (ix) any expense necessary in order to prevent or cure a breach under a lease, contract or agreement, if the consequences of failure to prevent or cure could, in the sole judgment of the Special Servicer, have a material adverse effect with respect to the Mortgage Loan, REO Property or Mortgaged Property; (x) any expense necessary in order to prevent or cure a material violation of any applicable Law, regulation, code or ordinance with respect to any Mortgaged Property, including without limitation any environmental remediation; (xi) costs and expenses of appraisals, valuations, surveys, inspections, environmental assessments, credit reports, or market studies (including, in each case, review thereof); (xii) other such reasonable marketing, legal, accountants expert witness fees and ot...
Property Protection Expenses. Expenses (exclusive of overhead expenses) reasonably paid or incurred by or for the account of the Servicer in connection with the preservation or protection of a Mortgaged Property or the security of a Mortgaged Property, including (a) hazard insurance policy premiums, (b) real estate taxes and property repair, replacement, protection and preservation expenses, (c) amounts expended to cure or prevent any default with respect to any mortgage loan senior to the related Mortgage Loan and (d) similar expenses reasonably paid or incurred to preserve or protect the value of such Mortgaged Property or security (including but not limited to reasonable legal fees and expenses). Prospectus: That certain Prospectus dated as of September 7, 2001 relating to the asset-backed bonds and certificates to be sold by the Company.
Property Protection Expenses. For Mortgage Loans prior to their becoming Liquidated Loans, expenses paid or incurred by or for the account of the Servicer or the Trust Fund in accordance with the related Mortgages for (a) real estate property taxes, insurance premiums and property repair, replacement, protection and preservation expenses and (b) similar expenses reasonably paid or incurred to preserve or protect the value of such Mortgages or the related Mortgaged Properties.
Property Protection Expenses. Any costs and expenses incurred pursuant to Sections 3.10(c), 3.10(g), 3.10(j), 3.17(b), 3.17(c), 3.18(a) and 3.18(b).
Property Protection Expenses in Article I is hereby amended by adding the word "reasonable" at the beginning of clauses (h) and (i).
Property Protection Expenses. Expenses paid or incurred by or for ---------------------------- the account of the Servicer in connection with the preservation or protection of a Mortgaged Property or the security of a Mortgaged Property including (i) hazard insurance policy premiums, (ii) real estate taxes and property repair, replacement, protection and preservation expenses, (iii) amounts expended to cure or prevent any default with respect to any mortgage loan senior to a Mortgage Loan, and (iv) similar expenses reasonably paid or incurred to preserve or protect the value of such security.