Loan Servicing. The Company presently anticipates that all Company Loans will be serviced (i.e., loan payments collected and other services relating to the loan) by the Manager operating under the fictitious business name of Lake City Servicing (in its capacity as Servicer), who shall be entitled to a fee for servicing the Company Loans. Loan servicing consists of the administrative aspects of a Loan from the time when funds are dispersed until the loan is paid in full. Loan servicing includes, without limitations, sending monthly payment statements, collecting payments, maintaining records of payments and balances, collecting and paying taxes and insurance (where applicable), and following up on delinquencies and other similar activities. Notwithstanding the foregoing, the Manager may, at its sole and absolute discretion, appoint an Affiliate or third-party loan servicer to service the Company Loans. To the extent that it is applicable, the Manager will oversee the activities and performance of the Servicer.
Appears in 4 contracts
Samples: Limited Liability Company Operating Agreement (Circle of Wealth Fund III LLC), Limited Liability Company Operating Agreement (Circle of Wealth Fund III LLC), Limited Liability Company Operating Agreement (Circle of Wealth Fund III LLC)
