ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS. Section 3.01 The Servicer to act as Servicer of the Mortgage Loans.
ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS. Section 3.01 The Servicer to act as Servicer of the Mortgage Loans. The Servicer shall service and administer the Mortgage Loans on behalf of the Trust and in the best interest of and for the benefit of the Certificateholders (as determined by the Servicer in its reasonable judgment) in accordance with the terms of this Agreement and the Mortgage Loans and to the extent consistent with such terms and in accordance with and exercising the same care in performing those practices that the Servicer customarily employs and exercises in servicing and administering mortgage loans for its own account (including, compliance with all applicable federal, state and local laws). To the extent consistent with the foregoing, the Servicer shall seek the timely and complete recovery of principal and interest on the Mortgage Notes and shall waive a Prepayment Charge only under the following circumstances: (i) such waiver is standard and customary in servicing similar mortgage loans and (ii) either (A) such waiver is related to a default or reasonably foreseeable default and would, in the reasonable judgment of the Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related Mortgage Loan and, if such waiver is made in connection with a refinancing of the related Mortgage Loan, such refinancing is related to a default or a reasonably foreseeable default or (B) such waiver is made in connection with a refinancing of the related Mortgage Loan unrelated to a default or a reasonably foreseeable default where (x) the related Mortgagor has stated to the Servicer an intention to refinance the related Mortgage Loan and (y) the Servicer has concluded in its reasonable judgment that the waiver of such Prepayment Charge would induce such Mortgagor to refinance with the Servicer or (iii) the Servicer reasonably believes such Prepayment Charge is unenforceable in accordance with applicable law or the collection of such related Prepayment Charge would otherwise violate applicable law. If a Prepayment Charge is waived as permitted by meeting both of the standards described in clauses (i) and (ii)(B) above, then Servicer is required to pay the amount of such waived Prepayment Charge (the “Servicer Prepayment Charge Payment Amount”), for the benefit of the Holders of the Class P Certificates, by depositing such amount into the Custodial Account within ninety (90) days of notice or discovery of such waiver meeting the standard set forth...
ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS. SECTION 3.01. The Servicer to Act as Servicer.
ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS. Section 3.01 GMACM to act as Servicer of the related Mortgage Loans.
ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS. SECTION 3.01. The Servicer to Act as Servicer. From and after the Closing Date, the Servicer shall service and administer the Mortgage Loans on behalf of the Trust Fund and in the best interests of and for the benefit of the Certificateholders (as determined by the Servicer in its reasonable judgment) in accordance with the terms of this Agreement and the Mortgage Loans and all applicable law and regulations and, to the extent consistent with such terms, in the same manner in which it services and administers similar mortgage loans for its own portfolio, giving due consideration to customary and usual standards of practice of prudent mortgage lenders and loan servicers administering similar mortgage loans but without regard to:
ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS. Section 3.01 Servicer to act as Servicer of the Related Mortgage Loans................................. Section 3.02 Due-on-Sale Clauses; Assumption Agreements................................................ Section 3.03 Subservicers.............................................................................. Section 3.04
ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS. SECTION 3.01. The Servicer to Act as a Servicer. From and after the Closing Date until the day preceding the Servicing Transfer Date, the Mortgage Loans will be serviced and administered by the Interim Servicers pursuant to the Servicing Agreements and the Servicer will have no responsibility to service and administer the Mortgage Loans during this period. On and after the Servicing Transfer Date, the Servicer shall service and administer the Mortgage Loans on behalf of the Trust Fund and in the best interests of and for the benefit of the Certificateholders (as determined by the Servicer in its reasonable judgment) in accordance with the terms of this Agreement and the respective Mortgage Loans and all applicable law and regulations and, to the extent consistent with such terms, in the same manner in which it services and administers similar mortgage loans for its own portfolio, giving due consideration to customary and usual standards of practice of prudent mortgage lenders and loan servicers administering similar mortgage loans but without regard to:
ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS. SECTION 3.01. The Servicer to Act as Servicer. 96 SECTION 3.02. Sub-Servicing Agreements Between the Servicer and Sub-Servicers. 98 SECTION 3.03. Successor Sub-Servicers. 100 SECTION 3.04. No Contractual Relationship Between Sub-Servicer, Subcontractor, Trustee or the Certificateholders. 100 SECTION 3.05. Assumption or Termination of Sub-Servicing Agreement by Successor Servicer. 100 SECTION 3.06. Collection of Certain Mortgage Loan Payments. 101 SECTION 3.07. Collection of Taxes, Assessments and Similar Items; Servicing Accounts. 101 SECTION 3.08. Collection Account and Distribution Account. 102 SECTION 3.09. Withdrawals from the Collection Account and Distribution Account. 105 SECTION 3.10. Investment of Funds in the Investment Accounts. 107 SECTION 3.11. Maintenance of Hazard Insurance, Errors and Omissions and Fidelity Coverage and Primary Mortgage Insurance. 108 SECTION 3.12. Enforcement of Due-on-Sale Clauses; Assumption Agreements 110 SECTION 3.13. Realization Upon Defaulted Mortgage Loans. 111 SECTION 3.14. Trustee to Cooperate; Release of Mortgage Files. 113 SECTION 3.15. Servicing Compensation. 114 SECTION 3.16. Collection Account Statements. 115 SECTION 3.17. Annual Statement as to Compliance. 115 SECTION 3.18. Assessments of Compliance and Attestation Reports. 116 SECTION 3.19. [Reserved]. 117 SECTION 3.20. Annual Certification. 117 SECTION 3.21. Access to Certain Documentation. 118 SECTION 3.22. Title, Management and Disposition of REO Property. 118 SECTION 3.23. Obligations of the Servicer in Respect of Prepayment Interest Shortfalls; Relief Act Interest Shortfalls. 122 SECTION 3.24. Obligations of the Servicer in Respect of Mortgage Rates and Monthly Payments. 122 SECTION 3.25. Reserve Fund. 122 SECTION 3.26. Advance Facility. 124 SECTION 3.27. Indemnification. 125 ARTICLE IV ADMINISTRATION AND MASTER SERVICING OF THE MORTGAGE LOANS BY THE MASTER SERVICER SECTION 4.01. Master Servicer. 127 SECTION 4.02. REMIC-Related Covenants. 128 SECTION 4.03. Monitoring of Servicer. 128 SECTION 4.04. Fidelity Bond. 129 SECTION 4.05. Power to Act; Procedures. 129 SECTION 4.06. Due-on-Sale Clauses; Assumption Agreements. 130
ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS. Section 3.01 The Master Servicer.
ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS
