Examples of Transferred Mortgage in a sentence
The Servicing Agreement shall govern all Mortgage Loan transfers and the Servicer shall service the Transferred Mortgage Loans pursuant to the terms and conditions of the Servicing Agreement.
The Transferred Mortgage Loans that are subject to this Servicing Transfer Agreement are listed in Schedule H-1, attached hereto and made a part hereof.
With respect to each adjustable rate Transferred Mortgage Loan, the Special Servicer shall adjust the Mortgage Interest Rate on the related interest rate adjustment date and shall adjust the Monthly Payment on the related mortgage payment adjustment date, if applicable, in compliance with the requirements of applicable law and the related Mortgage and Mortgage Note.
The Mortgage Loan Schedule attached hereto as Schedule A specifies those Mortgage Loans that are Transferred Mortgage Loans and the Mortgage Loan Schedule attached hereto as Schedule B specifies those Mortgage Loans that are Bank Originated Loans, each of which categories of Mortgage Loans have been assigned by the Bank to the Seller pursuant to the Assignment and Assumption Agreement.
If the Special Servicer or its designee fails to collect the Prepayment Charge upon any prepayment of any Transferred Mortgage Loan which contains a Prepayment Charge pursuant to the Transferred Mortgage Loan documents that are available to the Special Servicer for such Transferred Mortgage Loan, the Special Servicer shall pay the Trust Fund at such time (by deposit to the Custodial Account) an amount equal to the Prepayment Charge which was not collected.
Accordingly, the parties hereby acknowledge that the Trust Fund remains the sole and absolute owner of the Transferred Mortgage Loans (other than the servicing rights) and all rights related thereto.
The Special Servicer, as an independent contractor, shall service and administer the Transferred Mortgage Loans from and after each Servicing Transfer Date, as applicable, and shall have full power and authority, acting alone, to do any and all things in connection with such servicing and administration which the Special Servicer may deem necessary or desirable, consistent with the terms of this Agreement and with Accepted Servicing Practices.
In connection with such appointment and assumption, the Master Servicer or the Seller, as applicable, may make such arrangements for the compensation of such successor out of payments on Transferred Mortgage Loans as it and such successor shall agree, provided, however, that no such compensation shall be in excess of the Servicing Fee permitted under this Agreement.
The Special Servicer shall keep confidential and shall not divulge to any party, without the Seller’s prior written consent, any nonpublic information pertaining to the Transferred Mortgage Loans or any borrower thereunder, except to the extent that it is appropriate for the Special Servicer to do so in working with legal counsel, auditors, taxing authorities or other governmental agencies.
The Special Servicer shall segregate and hold all funds collected and received pursuant to a Transferred Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, “[SPECIAL SERVICER] in trust for [TRUSTEE], as Trustee for the [SERIES NO.]”.