Common use of Interim Servicer Clause in Contracts

Interim Servicer. The Interim Servicer, as independent contract servicer, shall interim service and administer the Mortgage Loans in accordance with this Agreement during the Interim Servicing Period and shall have full power and authority, acting alone, to do or cause to be done any and all things in connection with such interim servicing and administration which the Interim Servicer may deem necessary or desirable and consistent with the terms of this Agreement. Consistent with the terms of this Agreement, the Interim Servicer may waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor if in the Interim Servicer's reasonable and prudent determination such waiver, modification, postponement or indulgence is not materially adverse to the Purchaser; provided, however, that unless the Interim Servicer has obtained the prior written consent of the Purchaser, the Interim Servicer shall not permit any modification with respect to any Mortgage Loan that would change the Mortgage Interest Rate, defer or forgive the payment thereof or of any principal or interest payments, reduce the outstanding principal amount (except for actual payments of principal), make additional advances of additional principal or extend the final maturity date on such Mortgage Loan. Without limiting the generality of the foregoing, the Interim Servicer shall continue, and is hereby authorized and empowered, to execute and deliver on behalf of itself, and the Purchaser, all instruments of satisfaction or cancellation, or of partial or full release, discharge and all other comparable instruments, with respect to the Mortgage Loans and with respect to the Mortgaged Property. If reasonably required by the Interim Servicer, the Purchaser shall furnish the Interim Servicer with any powers of attorney at the Purchaser's option and other documents necessary or appropriate to enable the Interim Servicer to carry out its interim servicing and administrative duties under this Agreement. In interim servicing and administering the Mortgage Loans, the Interim Servicer shall employ procedures including collection procedures and exercise the same care that it customarily employs and exercises in servicing and administering mortgage loans for its own account and mortgage loans which are securitized by Purchaser in a rated transaction, giving due consideration to accepted mortgage servicing practices of prudent lending institutions (such practices, "Accepted Servicing Practices"). If Interim Servicer elects to utilize a subservicer to perform any or all of Interim Servicer's duties hereunder, Interim Servicer shall remain liable as though such duties were performed directly by Interim Servicer and Interim Servicer shall be responsible for the payment of any and all fees of any such subservicer.