Common use of Contract for Servicing; Possession of Loan Documents Clause in Contracts

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans and the Serviced Companion Loans. On and after the Closing Date, the Primary Servicer shall hold any portion of the Servicing File or the Mortgage File in the possession of the Primary Servicer in trust by the Primary Servicer, on behalf of the Master Servicer for the benefit of the Trustee. The Primary Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Loan and Serviced Companion Loan pursuant to this Agreement, and such retention and possession by the Primary Servicer shall be in a custodial capacity only. Any portion of the Servicing File or the Mortgage File retained by the Primary Servicer shall be identified to reflect clearly the ownership of the related Mortgage Loan by the Trustee. The Primary Servicer shall release from its custody any Mortgage File retained by it only in accordance with this Agreement and the Pooling and Servicing Agreement. The Primary Servicer shall provide to the Master Servicer as soon as practicable after request therefor by the Master Servicer a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans. During the term of this Agreement, the Primary Servicer will also provide to the Master Servicer a copy of any lease, amendments and other documents related to the Mortgaged Properties securing the Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Serviced Companion Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans to any Person not a party to this Agreement. If and so long as the Primary Servicer (i) has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, the Primary Servicer shall hold the original of any letters of credit related to a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver to the Master Servicer the original of any letters of credit related to any Mortgage Loan.

Appears in 6 contracts

Samples: Primary Servicing Agreement (GS Mortgage Securities Trust 2015-Gs1), Primary Servicing Agreement (CFCRE 2016-C3 Mortgage Trust), Primary Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-Gc36)

AutoNDA by SimpleDocs

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Sub-Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans and the Serviced Pari Passu Companion LoansLoan. On and after the Closing Date, the Primary Sub-Servicer shall hold any portion of the Servicing File or the Mortgage File (including without limitation, any original letter of credit) in the possession of the Primary Sub-Servicer in trust by the Primary Sub-Servicer, on behalf of the Master Servicer for the benefit of the Trustee. The Primary Sub-Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Loan and related Serviced Pari Passu Companion Loan pursuant to this Agreement, and such retention and possession by the Primary Sub-Servicer shall be in a custodial capacity only. Any portion of the Servicing File or the Mortgage File retained by the Primary Sub-Servicer shall be identified to reflect clearly the ownership of the related Mortgage Loan by the TrusteeTrustee and ownership of the Serviced Pari Passu Companion Loan by the Companion Loan Holder. The Primary Sub-Servicer shall release from its custody any Servicing File or any Mortgage File retained by it only in accordance with this Agreement and the Pooling and Servicing Agreement. Within thirty (30) days following the Closing Date the Sub-Servicer shall provide to the Master Servicer a certification executed by a duly authorized officer of the Sub-Servicer, certifying to the Master Servicer as to the original letters of credit held by the Sub-Servicer and identifying the letters of credit, the amounts of the letters of credit and the Mortgage Loans to which they relate. The Primary Sub-Servicer shall provide to the Master Servicer as soon as practicable after request therefor by the Master Servicer a copy of any documents held by it with respect to any Mortgage Loan or the Mortgage Loans and Serviced Pari Passu Companion LoansLoan. During the term of this Agreement, upon the Primary request of the Master Servicer, without limiting any obligation in any other provision in this Agreement, the Sub-Servicer will also provide to the Master Servicer a copy of any lease, amendments to Loan Documents and other documents in its possession related to the Mortgaged Properties Property securing the related Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Loan or the Serviced Pari Passu Companion Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans to any Person not a party to this Agreement. If and so long as the Primary Servicer (i) has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, the Primary Servicer shall hold the original of any letters of credit related to a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver to the Master Servicer the original of any letters of credit related to any Mortgage Loan.

Appears in 6 contracts

Samples: Sub Servicing Agreement (Citigroup Commercial Mortgage Trust 2017-P8), Sub Servicing Agreement (Citigroup Commercial Mortgage Trust 2017-P7), Sub Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-P5)

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans and the Serviced Companion Loans. On and after the Closing Date, the Primary Servicer shall hold any portion of the Servicing File or the Mortgage File (including without limitation, any original letter of credit) in the possession of the Primary Servicer in trust by the Primary Servicer, on behalf of the Master Servicer for the benefit of the TrusteeCertificateholders. The Primary Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Loan and Serviced Companion Loan pursuant to this Agreement, and such retention and possession by the Primary Servicer shall be in a custodial capacity only. Any portion of the Servicing File or the Mortgage File retained by the Primary Servicer shall be identified to reflect clearly the ownership of the related Mortgage Loan by the Trustee. The Primary Servicer shall release from its custody any Servicing File or any Mortgage File retained by it only in accordance with this Agreement and the Pooling and Servicing Agreement. The Primary Servicer shall provide hold the original of each letter of credit relating to a Mortgage Loan in trust on behalf of the Trust in order to draw on such letter of credit on behalf of the Trust. The Primary Servicer shall forward a copy of each letter of credit to the Master Servicer as soon as practicable after request therefor by the Master Servicer a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion LoansServicer. During the term of this Agreement, the Primary Servicer will also provide to the Master Servicer a copy of any lease, amendments to Loan Documents and other documents related to the Mortgaged Properties Property securing the related Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Serviced Companion Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans to any Person not a party to this Agreement. If and so long as the Primary Servicer (i) has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, the Primary Servicer shall hold the original of any letters of credit related to a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver to the Master Servicer the original of any letters of credit related to any Mortgage Loan.

Appears in 5 contracts

Samples: Primary Servicing Agreement (COMM 2016-Dc2 Mortgage Trust), Primary Servicing Agreement (COMM 2015-Ccre25 Mortgage Trust), Primary Servicing Agreement (COMM 2014-Ubs3 Mortgage Trust)

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans and the Serviced Companion LoansLoan Combination. On and after the Closing Date, the Primary Servicer shall hold any portion of the Servicing File or the Mortgage File (including without limitation, any original letter of credit) in the possession of the Primary Servicer in trust by the Primary Servicer, on behalf of the Master Servicer for the benefit of the TrusteeCertificateholders. The Primary Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Serviced Loan and Serviced Companion Loan Combination pursuant to this Agreement, and such retention and possession by the Primary Servicer shall be in a custodial capacity only. Any portion of the Servicing File or the Mortgage File retained by the Primary Servicer shall be identified to reflect clearly the ownership of the related Mortgage Loan by the Trustee. The Primary Servicer shall release from its custody any Servicing File or any Mortgage File retained by it only in accordance with this Agreement and the Pooling and Servicing Agreement. The Primary Servicer shall provide hold the original of each letter of credit relating to a Mortgage Loan in trust on behalf of the Trust in order to draw on such letter of credit on behalf of the Trust. The Primary Servicer shall, within twenty (20) days of the Closing Date, forward a copy of each letter of credit to the Master Servicer as soon as practicable after request therefor by the Master Servicer a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion LoansServicer. During the term of this Agreement, the Primary Servicer will also provide to the Master Servicer a copy of any lease, amendments to Loan Documents and other documents related to the Mortgaged Properties Property securing the related Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Serviced Companion Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans to any Person not a party to this Agreement. If and so long as the Primary Servicer (i) has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, the Primary Servicer shall hold the original of any letters of credit related to a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver to the Master Servicer the original of any letters of credit related to any Mortgage Loan.

Appears in 3 contracts

Samples: Primary Servicing Agreement (COMM 2014-Ccre14 Mortgage Trust), Primary Servicing Agreement (COMM 2013-Ccre13 Mortgage Trust), Primary Servicing Agreement (COMM 2013-Ccre13 Mortgage Trust)

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans and the Serviced Companion Loans. On and after the Closing Date, the Primary Servicer shall hold any portion of the Servicing File or the Mortgage File in the possession of the Primary Servicer in trust by the Primary Servicer, on behalf of the Master Servicer for the benefit of the Trustee. The Primary Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Loan and Serviced Companion Loan Loans pursuant to this Agreement, and such retention and possession by the Primary Servicer shall be in a custodial capacity only. Any portion of the Servicing File or the Mortgage File retained by the Primary Servicer shall be identified to reflect clearly the ownership of the related Mortgage Loan Loans by the Trustee. The Primary Servicer shall release from its custody any Mortgage File retained by it only in accordance with this Agreement and the Pooling and Servicing Agreement. The Primary Servicer shall provide to the Master Servicer as soon as practicable after request therefor by the Master Servicer a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans. During the term of this Agreement, the Primary Servicer will also provide to the Master Servicer a copy of any lease, amendments and other documents related to the Mortgaged Properties Property securing the related Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Serviced Companion Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans to any Person not a party to this Agreement. If and so long as the Primary Servicer (i) has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, the Primary Servicer shall hold the original of any letters of credit related to a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver to the Master Servicer the original of any letters of credit related to any a Mortgage Loan.

Appears in 3 contracts

Samples: Primary Servicing Agreement (COMM 2015-Lc23 Mortgage Trust), Primary Servicing Agreement (COMM 2015-Ccre26 Mortgage Trust), Primary Servicing Agreement (COMM 2014-Ccre20 Mortgage Trust)

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans and the Serviced Companion LoansLoan Combination. On and after the Closing Date, the Primary Servicer shall hold any portion of the Servicing File or the Mortgage File in the possession of the Primary Servicer in trust by the Primary Servicer, on behalf of the Master Servicer for the benefit of the Trustee. The Primary Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Serviced Loan and Serviced Companion Loan Combination pursuant to this Agreement, and such retention and possession by the Primary Servicer shall be in a custodial capacity only. Any portion of the Servicing File or the Mortgage File retained by the Primary Servicer shall be identified to reflect clearly the ownership of the related Mortgage Loan Loans by the Trustee. The Primary Servicer shall release from its custody any Mortgage File retained by it only in accordance with this Agreement and the Pooling and Servicing Agreement. The Primary Servicer shall provide to the Master Servicer as soon as practicable after request therefor by the Master Servicer a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion LoansLoan Combination. During the term of this Agreement, the Primary Servicer will also provide to the Master Servicer a copy of any lease, amendments and other documents related to the Mortgaged Properties Property securing the related Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Serviced Companion Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans Loan Combination to any Person not a party to this Agreement. If and so long as the Primary Servicer (i) has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, the Primary Servicer shall hold the original of any letters of credit related to a Mortgage the Serviced Loan Combination and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c2.01(b) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver to the Master Servicer the original of any letters of credit related to any Mortgage Loanthe Serviced Loan Combination.

Appears in 3 contracts

Samples: Primary Servicing Agreement (Citigroup Commercial Mortgage Trust 2018-C6), Primary Servicing Agreement (CFCRE 2016-C6 Mortgage Trust), Primary Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-C1)

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans and the Serviced Companion Loans. On and after the Closing Date, the Primary Servicer shall hold any portion of the Servicing File or the Mortgage File in the possession of the Primary Servicer in trust by the Primary Servicer, on behalf of the Master Servicer for the benefit of the Trustee. The Primary Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Loan and Serviced Companion Loan pursuant to this Agreement, and such retention and possession by the Primary Servicer shall be in a custodial capacity only. Any portion of the Servicing File or the Mortgage File retained by the Primary Servicer shall be identified to reflect clearly the ownership of the related Mortgage Loan by the Trustee. The Primary Servicer shall release from its custody any Mortgage File retained by it only in accordance with this Agreement and the Pooling and Servicing Agreement. The Primary Servicer shall provide to the Master Servicer as soon as practicable after request therefor by the Master Servicer a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans. During the term of this Agreement, the Primary Servicer will also provide to the Master Servicer a copy of any lease, amendments and other documents related to the Mortgaged Properties securing the Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Serviced Companion Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans to any Person not a party to this Agreement. If and so long as the Primary Servicer (i) has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, the Primary Servicer shall hold the original of any letters of credit related to a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver to the Master Servicer the original of any letters of credit related to any Mortgage Loan.

Appears in 3 contracts

Samples: Primary Servicing Agreement, Primary Servicing Agreement (CFCRE 2017-C8 Mortgage Trust), Primary Servicing Agreement (CFCRE 2016-C6 Mortgage Trust)

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans and the Serviced Companion LoansB Note. On and after the Closing Date, the Primary Servicer shall hold any portion of the Servicing Servicer Mortgage File or the Mortgage File (including without limitation, any original letter of credit) in the possession of the Primary Servicer in trust by the Primary Servicer, on behalf of the Master Servicer for the benefit of the Trustee. The Primary Servicer’s possession of any portion of the Servicing Servicer Mortgage File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Loan and Serviced Companion Loan pursuant to this Agreement, and such retention and possession by the Primary Servicer shall be in a custodial capacity only. Any portion of the Servicing Servicer Mortgage File or the Mortgage File retained by the Primary Servicer shall be identified to reflect clearly the ownership of the related Mortgage Loan by the Trustee. The Primary Servicer shall release from its custody any Servicer Mortgage File or any Mortgage File retained by it only in accordance with this Agreement and the Pooling and Servicing Agreement. The Within 20 days following the Closing Date, the Primary Servicer shall provide to the Master Servicer as soon as practicable after request therefor a certification executed by a duly authorized officer of the Primary Servicer, certifying to the Master Servicer a copy as to any original letters of any documents credit held by it with respect to the Primary Servicer and identifying the letters of credit, the amounts of the letters of credit and the Mortgage Loans and Serviced Companion Loansto which they relate. During the term of this Agreement, the Primary Servicer will also provide to the Master Servicer a copy of any lease, amendments to Mortgage Loan documents and other documents related to the Mortgaged Properties Property securing the related Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Serviced Companion Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans to any Person not a party to this Agreement. If and so long as the Primary Servicer (i) has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, the Primary Servicer shall hold the original of any letters of credit related to a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver to the Master Servicer the original of any letters of credit related to any Mortgage Loan.

Appears in 2 contracts

Samples: Primary Servicing Agreement (Morgan Stanley Capital I Trust 2011-C3), Primary Servicing Agreement (Morgan Stanley Capital I Trust 2011-C3)

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans and the Serviced Companion Loans. On and after the Closing Date, the Primary Servicer shall hold any portion of the Servicing File or the Mortgage File in the possession of the Primary Servicer in trust by the Primary Servicer, on behalf of the Master Servicer for the benefit of the Trustee. The Primary Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Loan and Serviced Companion Loan Loans pursuant to this Agreement, and such retention and possession by the Primary Servicer shall be in a custodial capacity only. Any portion of the Servicing File or the Mortgage File retained by the Primary Servicer shall be identified to reflect clearly the ownership of the related Mortgage Loan Loans by the Trustee. The Primary Servicer shall release from its custody any Mortgage File retained by it only in accordance with this Agreement and the Pooling and Servicing Agreement. The Primary Servicer shall provide to the Master Servicer as soon as practicable after request therefor by the Master Servicer a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans. During the term of this Agreement, the Primary Servicer will also provide to the Master Servicer a copy of any lease, amendments and other documents related to the Mortgaged Properties Property securing the related Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Serviced Companion Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans to any Person not a party to this Agreement. If and so long as the Primary Servicer (i) has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, the Primary Servicer shall hold the original of any letters of credit related to a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c2.01(b) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver to the Master Servicer the original of any letters of credit related to any a Mortgage Loan.

Appears in 2 contracts

Samples: Primary Servicing Agreement (GS Mortgage Securities Trust 2015-Gc34), Primary Servicing Agreement (GS Mortgage Securities Trust 2015-Gc28)

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans and the Serviced Companion Loans. On and after the Closing Date, the Primary Servicer shall hold any portion of the Servicing File or the Mortgage File (including without limitation, any original letter of credit) in the possession of the Primary Servicer in trust by the Primary Servicer, on behalf of the Master Servicer for the benefit of the TrusteeCertificateholders. The Primary Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Loan and Serviced Companion Loan pursuant to this Agreement, and such retention and possession by the Primary Servicer shall be in a custodial capacity only. Any portion of the Servicing File or the Mortgage File retained by the Primary Servicer shall be identified to reflect clearly the ownership of the related Mortgage Loan by the Trustee. The Primary Servicer shall release from its custody any Servicing File or any Mortgage File retained by it only in accordance with this Agreement and the Pooling and Servicing Agreement. The Upon request by the Primary Servicer, the Master Servicer shall provide to the Master Primary Servicer as soon as practicable after request therefor any copies of recorded or filed assignment documents received by the Master Servicer a copy pursuant to Sections 2.01(a) and (b) of any documents held by it with respect to the Mortgage Loans Pooling and Serviced Companion LoansServicing Agreement. During the term of this Agreement, the Primary Servicer will also provide to the Master Servicer a copy of any lease, amendments to Loan Documents and other documents related to the Mortgaged Properties Property securing the related Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Serviced Companion Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans to any Person not a party to this Agreement. If and so long as the Primary Servicer (i) has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, the Primary Servicer shall hold the original of any letters of credit related to a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver to the Master Servicer the original of any letters of credit related to any Mortgage Loan.

Appears in 2 contracts

Samples: Primary Servicing Agreement, Primary Servicing Agreement (CFCRE 2016-C3 Mortgage Trust)

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans and the Serviced Companion LoansLoan. On and after the Closing Date, the Primary Servicer shall hold any portion of the Servicing File or the Mortgage File (including without limitation, any original letter of credit) in the possession of the Primary Servicer in trust by the Primary Servicer, on behalf of the Master Servicer for the benefit of the Trustee. The Primary Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Loan and Serviced Companion Loan pursuant to this Agreement, and such retention and possession by the Primary Servicer shall be in a custodial capacity only. Any portion of the Servicing File or the Mortgage File retained by the Primary Servicer shall be identified to reflect clearly the ownership of the related Mortgage Loan by the Trustee. The Primary Servicer shall release from its custody any Servicing File or any Mortgage File retained by it only in accordance with this Agreement and the Pooling and Servicing Agreement. The Within 20 days following the Closing Date, the Primary Servicer shall provide to the Master Servicer as soon as practicable after request therefor a certification executed by a duly authorized officer of the Primary Servicer, certifying to the Master Servicer a copy as to any original letters of any documents credit held by it with respect to the Primary Servicer and identifying the letters of credit, the amounts of the letters of credit and the Mortgage Loans and Serviced Companion Loansto which they relate. During the term of this Agreement, the Primary Servicer will also provide to the Master Servicer a copy of any lease, amendments to Loan Documents and other documents related to the Mortgaged Properties Property securing the related Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Serviced Companion Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans to any Person not a party to this Agreement. If and so long as the Primary Servicer (i) has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, the Primary Servicer shall hold the original of any letters of credit related to a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver to the Master Servicer the original of any letters of credit related to any Mortgage Loan.

Appears in 2 contracts

Samples: Primary Servicing Agreement (DBUBS 2011-Lc3 Mortgage Trust), Primary Servicing Agreement (DBUBS 2011-Lc3 Mortgage Trust)

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Sub-Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans and the Serviced Companion Loans. On and after the Closing Date, the Primary Sub-Servicer shall hold any portion of the Servicing File or the Mortgage File (including without limitation, any original letter of credit) in the possession of the Primary Sub-Servicer in trust by the Primary Sub-Servicer, on behalf of the Master Servicer for the benefit of the Trustee. The Primary Sub-Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Loan and Serviced Companion Loan Loans pursuant to this Agreement, and such retention and possession by the Primary Sub-Servicer shall be in a custodial capacity only. Any portion of the Servicing File or the Mortgage File retained by the Primary Sub-Servicer shall be identified to reflect clearly the ownership of the related Mortgage Loan Loans by the Trustee. The Primary Sub-Servicer shall release from its custody any Mortgage File retained by it only in accordance with this Agreement and and, to the extent incorporated herein, the Pooling and Servicing Agreement. Within 20 days following the Closing Date the Sub-Servicer shall provide to the Master Servicer a certification executed by a duly authorized officer of the Sub-Servicer, certifying to the Master Servicer as to the original letters of credit held by the Sub-Servicer and identifying the letters of credit, the amounts of the letters of credit and the Mortgage Loans to which they relate. The Primary Sub-Servicer shall provide to the Master Servicer as soon as practicable after request therefor by the Master Servicer a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans. During Upon request, without limiting any obligation in any other provision in this Agreement, during the term of this Agreement, the Primary Sub-Servicer will also provide to the Master Servicer a copy copies of any lease, amendments and other documents related to the Mortgaged Properties securing the any Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Serviced Companion Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans to any Person not a party to this Agreement. If and so long as the Primary Servicer (i) has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, the Primary Servicer shall hold the original of any letters of credit related to a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver to the Master Servicer the original of any letters of credit related to any Mortgage Loan.

Appears in 2 contracts

Samples: Sub Servicing Agreement (Citigroup Commercial Mortgage Trust 2015-P1), Sub Servicing Agreement (Citigroup Commercial Mortgage Trust 2015-P1)

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans and the Serviced Companion Loans. On and after the Closing Date, the Primary Servicer shall hold any portion of the Servicing File or the Mortgage File in the possession of the Primary Servicer in trust by the Primary Servicer, on behalf of the Master Servicer for the benefit of the Trustee. The Primary Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Loan and Serviced Companion Loan Loans pursuant to this Agreement, and such retention and possession by the Primary Servicer shall be in a custodial capacity only. Any portion of the Servicing File or the Mortgage File retained by the Primary Servicer shall be identified to reflect clearly the ownership of the related Mortgage Loan Loans by the Trustee. The Primary Servicer shall release from its custody any Mortgage File retained by it only in accordance with this Agreement and and, to the extent incorporated herein, the Pooling and Servicing Agreement. The Primary Servicer shall provide to the Master Servicer as soon as practicable after request therefor by the Master Servicer a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans. During Upon request, without limiting any obligation in any other provision in this Agreement, during the term of this Agreement, the Primary Servicer will also provide to the Master Servicer a copy copies of any lease, amendments and other documents related to the Mortgaged Properties securing the any Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Serviced Companion Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans to any Person not a party to this Agreement. If and so long as the Primary Servicer (i) has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, the Primary Servicer shall hold the original of any letters of credit related to a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver to the Master Servicer the original of any letters of credit related to any Mortgage Loan.

Appears in 2 contracts

Samples: Primary Servicing Agreement, Primary Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-Gc37)

AutoNDA by SimpleDocs

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Sub-Servicer, subject to the terms of this Agreement and the Pooling and Servicing Agreement, for the servicing of the Mortgage Loans and the Serviced Pari Passu Companion LoansLoan. On and after the Closing Date, the Primary Sub-Servicer shall hold any portion of the Servicing File or the Mortgage File (including without limitation, any original letter of credit) in the possession of the Primary Sub-Servicer in trust by the Primary Sub-Servicer, on behalf of the Master Servicer for the benefit of the Trustee. The Primary Sub-Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Loan and related Serviced Pari Passu Companion Loan pursuant to this Agreement, and such retention and possession by the Primary Sub-Servicer shall be in a custodial capacity only. Any portion of the Servicing File or the Mortgage File retained by the Primary Sub-Servicer shall be identified to reflect clearly the ownership of the related Mortgage Loan by the TrusteeTrustee and ownership of the Serviced Pari Passu Companion Loan by the Companion Loan Holder. The Primary Sub-Servicer shall release from its custody any Servicing File or any Mortgage File retained by it only in accordance with this Agreement and the Pooling and Servicing Agreement. Within thirty (30) days following the Closing Date the Sub-Servicer shall provide to the Master Servicer a certification executed by a duly authorized officer of the Sub-Servicer, certifying to the Master Servicer as to the original letters of credit held by the Sub-Servicer and identifying the letters of credit, the amounts of the letters of credit and the Mortgage Loans to which they relate. The Primary Sub-Servicer shall provide to the Master Servicer as soon as practicable after request therefor by the Master Servicer a copy of any documents held by it with respect to any Mortgage Loan or the Mortgage Loans and Serviced Pari Passu Companion LoansLoan. During the term of this Agreement, upon the Primary request of the Master Servicer, without limiting any obligation in any other provision in this Agreement, the Sub-Servicer will also provide to the Master Servicer a copy of any lease, amendments to Loan Documents and other documents in its possession related to the Mortgaged Properties Property securing the related Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Loan or the Serviced Pari Passu Companion Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans to any Person not a party to this Agreement. If and so long as the Primary Servicer (i) has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, the Primary Servicer shall hold the original of any letters of credit related to a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver to the Master Servicer the original of any letters of credit related to any Mortgage Loan.

Appears in 2 contracts

Samples: Sub Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-P6), Sub Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-P5)

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Sub-Servicer, subject to the terms of this Agreement and the Pooling and Servicing Agreement, for the servicing of the Mortgage Loans and the Serviced Pari Passu Companion LoansLoan. On and after the Closing Date, the Primary Sub-Servicer shall hold any portion of the Servicing File or the Mortgage File (including without limitation, any original letter of credit) in the possession of the Primary Sub-Servicer in trust by the Primary Sub-Servicer, on behalf of the Master Servicer for the benefit of the Trustee. The Primary Sub-Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Loan and related Serviced Pari Passu Companion Loan pursuant to this Agreement, and such retention and possession by the Primary Sub-Servicer shall be in a custodial capacity only. Any portion of the Servicing File or the Mortgage File retained by the Primary Sub-Servicer shall be identified to reflect clearly the ownership of the related Mortgage Loan by the TrusteeTrustee and ownership of the Serviced Pari Passu Companion Loan by the Companion Loan Noteholder. The Primary Sub-Servicer shall release from its custody any Servicing File or any Mortgage File retained by it only in accordance with this Agreement and the Pooling and Servicing Agreement. Within thirty (30) days following the Closing Date the Sub-Servicer shall provide to the Master Servicer a certification executed by a duly authorized officer of the Sub-Servicer, certifying to the Master Servicer as to the original letters of credit held by the Sub-Servicer and identifying the letters of credit, the amounts of the letters of credit and the Mortgage Loans to which they relate. The Primary Sub-Servicer shall provide to the Master Servicer as soon as practicable after request therefor by the Master Servicer a copy of any documents held by it with respect to any Mortgage Loan or the Mortgage Loans and Serviced Pari Passu Companion LoansLoan. During the term of this Agreement, upon the Primary request of the Master Servicer, without limiting any obligation in any other provision in this Agreement, the Sub-Servicer will also provide to the Master Servicer a copy of any lease, amendments to Loan Documents and other documents in its possession related to the Mortgaged Properties Property securing the related Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Loan or the Serviced Pari Passu Companion Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans to any Person not a party to this Agreement. If and so long as the Primary Servicer (i) has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, the Primary Servicer shall hold the original of any letters of credit related to a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver to the Master Servicer the original of any letters of credit related to any Mortgage Loan.

Appears in 2 contracts

Samples: Sub Servicing Agreement (CSAIL 2021-C20 Commercial Mortgage Trust), Sub Servicing Agreement (CD 2019-Cd8 Mortgage Trust)

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans and the Serviced Companion Loans. On and after the Closing Date, the Primary Servicer shall hold any portion of the Servicing File or the Mortgage File (including, without limitation, any original letter of credit) in the possession of the Primary Servicer in trust by the Primary Servicer, on behalf of the Master Servicer for the benefit of the TrusteeCertificateholders. The Primary Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Loan Loans and Serviced Companion Loan Loans pursuant to this Agreement, and such retention and possession by the Primary Servicer shall be in a custodial capacity only. Any portion of the Servicing File or the Mortgage File retained by the Primary Servicer shall be identified to in accordance with its customary procedures by assigning a loan number that will reflect clearly the ownership of the related Mortgage Loan by the Trustee. The Primary Servicer shall release from its custody any portion of the Servicing File or the Mortgage File retained or held by it only in accordance with this Agreement and and, to the extent incorporated herein, the Pooling and Servicing Agreement. The Within twenty (20) days following the Closing Date the Primary Servicer shall provide to the Master Servicer as soon as practicable after request therefor a certification executed by a duly authorized officer of the Primary Servicer, certifying to the Master Servicer as to the original letters of credit held by the Primary Servicer and identifying the letters of credit, the amounts of the letters of credit and the Mortgage Loan or the Serviced Companion Loans to which they relate. The Primary Servicer shall hold the original of each letter of credit relating to a Mortgage Loan in trust on behalf of the Trust in order to draw on such letter of credit on behalf of the Trust. The Primary Servicer shall forward a copy of any documents held by it with respect each letter of credit to the Mortgage Loans and Serviced Companion LoansMaster Servicer. During the term of this Agreement, the Primary Servicer will also provide to the Master Servicer a copy of any lease, amendments to Mortgage Loan documents, Serviced Companion Loan documents and other documents related to the Mortgaged Properties Property securing the related Mortgage Loans and any related Loan or the Serviced Companion Loan Loans or related to the Mortgage Loans and any related Loan or Serviced Companion Loan Loans as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, References in this Section 2.01 to the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to possessing the Mortgage Loans and Serviced Companion Loans File are not intended to any Person not a party to this Agreement. If and so long as imply that the Primary Servicer (i) has a vault or other adequate safety procedures is the primary custodian of the Mortgage File, but rather such references are contained in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, this Section 2.01 solely because the Primary Servicer may from time to time, have possession of one or more documents in the Mortgage File in connection with certain servicing duties but shall hold return or forward the original of any letters of credit related to a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver such documents upon receipt to the Master Servicer and shall maintain a copy of such document as necessary for servicing the original of any letters of credit related to any Mortgage LoanLoan and the Serviced Companion Loans.

Appears in 2 contracts

Samples: Primary Servicing Agreement (Benchmark 2019-B9 Mortgage Trust), Primary Servicing Agreement

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Sub-Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans and the Serviced Companion Loans. On and after the Closing Date, the Primary Sub-Servicer shall hold any portion of the Servicing File or the Mortgage File (including without limitation, any original letter of credit) in the possession of the Primary Sub-Servicer in trust by the Primary Sub-Servicer, on behalf of the Master Servicer for the benefit of the Trustee. The Primary Sub-Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Loan and Serviced Companion Loan pursuant to this Agreement, and such retention and possession by the Primary Sub-Servicer shall be in a custodial capacity only. Any portion of the Servicing File or the Mortgage File retained by the Primary Sub-Servicer shall be identified to reflect clearly the ownership of the related Mortgage Loan by the Trustee. The Primary Sub-Servicer shall release from its custody any Servicing File or any Mortgage File retained by it only in accordance with this Agreement and the Pooling and Servicing Agreement. Within thirty (30) days following the Closing Date the Sub-Servicer shall provide to the Master Servicer a certification executed by a duly authorized officer of the Sub-Servicer, certifying to the Master Servicer as to the original letters of credit held by the Sub-Servicer and identifying the letters of credit, the amounts of the letters of credit and the Mortgage Loans to which they relate. The Primary Sub-Servicer shall provide to the Master Servicer as soon as practicable after request therefor by the Master Servicer a copy of any documents held by it with respect to the any Mortgage Loans and Serviced Companion LoansLoan. During the term of this Agreement, upon the Primary request of the Master Servicer, without limiting any obligation in any other provision in this Agreement, the Sub-Servicer will also provide to the Master Servicer a copy of any lease, amendments to Loan Documents and other documents in its possession related to the Mortgaged Properties Property securing the related Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Serviced Companion Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans to any Person not a party to this Agreement. If and so long as the Primary Servicer (i) has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, the Primary Servicer shall hold the original of any letters of credit related to a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver to the Master Servicer the original of any letters of credit related to any Mortgage Loan.

Appears in 1 contract

Samples: Sub Servicing Agreement (Citigroup Commercial Mortgage Trust 2017-P8)

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans and the Serviced Companion Loans. On and after the Closing Date, the Primary Servicer shall hold any portion of the Servicing File or the Mortgage File (including without limitation, any original letter of credit) in the possession of the Primary Servicer in trust by the Primary Servicer, on behalf of the Master Servicer for the benefit of the TrusteeCertificateholders. The Primary Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Loan and Serviced Companion Loan pursuant to this Agreement, and such retention and possession by the Primary Servicer shall be in a custodial capacity only. Any portion of the Servicing File or the Mortgage File retained by the Primary Servicer shall be identified to reflect clearly the ownership of the related Mortgage Loan by the Trustee. The Primary Servicer shall release from its custody any Servicing File or any Mortgage File retained by it only in accordance with this Agreement and the Pooling and Servicing Agreement. The Primary Servicer shall provide hold the original of each letter of credit relating to a Mortgage Loan in trust on behalf of the Trust in order to draw on such letter of credit on behalf of the Trust. The Primary Servicer shall forward a copy of each letter of credit to the Master Servicer as soon as practicable after request therefor by the Master Servicer a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion LoansServicer. During the term of this Agreement, the Primary Servicer will also provide to the Master Servicer a copy of any lease, amendments to Mortgage Loan documents and other documents related to the Mortgaged Properties Property securing the related Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Serviced Companion Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans to any Person not a party to this Agreement. If and so long as the Primary Servicer (i) has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, the Primary Servicer shall hold the original of any letters of credit related to a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver to the Master Servicer the original of any letters of credit related to any Mortgage Loan.

Appears in 1 contract

Samples: Primary Servicing Agreement (COMM 2013-Ccre10 Mortgage Trust)

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans and the Serviced Companion Loans. On and after the Closing Date, the Primary Servicer shall hold any portion of the Servicing File or the Mortgage File (including without limitation, any original letter of credit) in the possession of the Primary Servicer in trust by the Primary Servicer, on behalf of the Master Servicer for the benefit of the TrusteeCertificateholders. The Primary Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee in a custodial capacity only for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Loan and Serviced Companion Loan pursuant to this Agreement, and such retention and possession by the Primary Servicer shall be in a custodial capacity only. Any portion of the Servicing File or the Mortgage File retained by the Primary Servicer shall be identified to in accordance with its customary procedures by assigning a loan number that will reflect clearly the ownership of the related Mortgage Loan by the Trustee. The Primary Servicer shall release from its custody any portion of the Servicing File or the Mortgage File retained or held by it only in accordance with this Agreement and and, to the extent incorporated herein, the Pooling and Servicing Agreement. The Within 20 days following the Closing Date the Primary Servicer shall provide to the Master Servicer as soon as practicable after request therefor a certification executed by a duly authorized officer of the Primary Servicer, certifying to the Master Servicer as to the original letters of credit held by the Primary Servicer and identifying the letters of credit, the amounts of the letters of credit and the Mortgage Loans to which they relate. The Primary Servicer shall hold the original of each letter of credit relating to a Mortgage Loan in trust on behalf of the Trust in order to draw on such letter of credit on behalf of the Trust. The Primary Servicer shall forward a copy of any documents held by it with respect each letter of credit to the Mortgage Loans and Serviced Companion LoansMaster Servicer. During the term of this Agreement, the Primary Servicer will also provide to the Master Servicer a copy of any lease, amendments to Mortgage Loan documents and other documents related to the Mortgaged Properties Property securing the related Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Serviced Companion Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, References in this Section 2.01 to the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to possessing the Mortgage Loans and Serviced Companion Loans File are not intended to any Person not a party to this Agreement. If and so long as imply that the Primary Servicer (i) has a vault or other adequate safety procedures is the primary custodian of the Mortgage File, but rather such references are contained in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, this Section 2.01 solely because the Primary Servicer may from time to time, have possession of one or more documents in the Mortgage File in connection with certain servicing duties but shall hold return or forward the original of any letters of credit related to a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver such documents upon receipt to the Master Servicer and shall maintain a copy of such document as necessary for servicing the original of any letters of credit related to any Mortgage Loan.

Appears in 1 contract

Samples: Primary Servicing Agreement (UBS-Citigroup Commercial Mortgage Trust 2011-C1)

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans and the Serviced Companion LoansLoan Combination. On and after the Closing Date, the Primary Servicer shall hold any portion of the Servicing File or the Mortgage File in the possession of the Primary Servicer in trust by the Primary Servicer, on behalf of the Master Servicer for the benefit of the Trustee. The Primary Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Serviced Loan and Serviced Companion Loan Combination pursuant to this Agreement, and such retention and possession by the Primary Servicer shall be in a custodial capacity only. Any portion of the Servicing File or the Mortgage File retained by the Primary Servicer shall be identified to reflect clearly the ownership of the related Mortgage Loan by the Trustee. The Primary Servicer shall release from its custody any Mortgage File retained by it only in accordance with this Agreement and the Pooling and Servicing Agreement. The Primary Servicer shall provide to the Master Servicer as soon as practicable after request therefor by the Master Servicer a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion LoansLoan Combination. During the term of this Agreement, the Primary Servicer will also provide to the Master Servicer a copy of any lease, amendments and other documents related to the Mortgaged Properties Property securing the related Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Serviced Companion Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans Loan Combination to any Person not a party to this Agreement. If and so long as the Primary Servicer (i) has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, the Primary Servicer shall hold the original of any letters of credit related to a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver to the Master Servicer the original of any letters of credit related to any the Mortgage Loan.

Appears in 1 contract

Samples: Primary Servicing Agreement (COMM 2015-Ccre24 Mortgage Trust)

Contract for Servicing; Possession of Loan Documents. The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans and the Serviced related Pari Passu Companion LoansLoan. On and after the Closing Date, the Primary Servicer shall hold any portion of the Servicing File or the Mortgage File (including without limitation, any original letter of credit) in the possession of the Primary Servicer in trust by the Primary Servicer, on behalf of the Master Servicer for the benefit of the TrusteeCertificateholders. The Primary Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Loan and Serviced Companion Loan pursuant to this Agreement, and such retention and possession by the Primary Servicer shall be in a custodial capacity only. Any portion of the Servicing File or the Mortgage File retained by the Primary Servicer shall be identified to reflect clearly the ownership of the related Mortgage Loan by the Trustee. The Primary Servicer shall release from its custody any Servicing File or any Mortgage File retained by it only in accordance with this Agreement and the Pooling and Servicing Agreement. The Primary Servicer shall provide hold the original of each letter of credit relating to a Mortgage Loan in trust on behalf of the Trust in order to draw on such letter of credit on behalf of the Trust. The Primary Servicer shall forward a copy of each letter of credit to the Master Servicer as soon as practicable after request therefor by the Master Servicer a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion LoansServicer. During the term of this Agreement, the Primary Servicer will also provide to the Master Servicer a copy of any lease, amendments to Mortgage Loan documents and other documents related to the Mortgaged Properties Property securing the related Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Serviced Companion Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, the Primary Servicer shall not be obligated to provide a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion Loans to any Person not a party to this Agreement. If and so long as the Primary Servicer (i) has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to the Master Servicer, in its sole discretion, the Primary Servicer shall hold the original of any letters of credit related to a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable requirements of Section 2.01(c) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately deliver to the Master Servicer the original of any letters of credit related to any Mortgage Loan.

Appears in 1 contract

Samples: Primary Servicing Agreement (UBS-Citigroup Commercial Mortgage Trust 2011-C1)

Time is Money Join Law Insider Premium to draft better contracts faster.