Primary Servicing. Section 2.1 Primary Servicing From the Closing Date until the Primary Servicing Termination Date, Master Servicer hereby authorizes and directs Primary Servicer to service each Mortgage Loan and each A/B Mortgage Loan as primary servicer on behalf of and at the direction of the Master Servicer as provided in this Agreement. The Services shall consist of the following:
Primary Servicing. 8 SECTION 2.1 PRIMARY SERVICING ................................................... 8 SECTION 2.2
Primary Servicing. With respect to each Primary Servicer, and unless expressly stated otherwise, the provisions of the Trust Documents will be interpreted as referring only to the Mortgage Loans serviced by that Primary Servicer. Terms such as “Custodial Account,” “Escrow Account” and “Supplemental Account” will be construed to mean accounts pertaining to only the Mortgage Loans serviced by that Primary Servicer. With respect to each Mortgage Loan, unless expressly stated otherwise, references to the “Primary Servicer” will mean the particular Primary Servicer (and any Subservicer engaged by that Primary Servicer) that is then servicing that Mortgage Loan.
Primary Servicing. 9 Section 2.1 Primary Servicing ...................................... 9 Section 2.2 Standard of Care ....................................... 18 Section 2.3 Compensation and Other Payments to the Primary Servicer ............................................ 18 Section 2.4 Primary Servicer Representations and Warranties ........ 19
Primary Servicing. SECTION 2.2
Primary Servicing. To the extent necessary for the Primary Servicer to comply with applicable laws, or if otherwise consented to by the Master Servicer (which consent shall not be unreasonably withheld or delayed), the Primary Servicer may enter into any sub-subservicing agreement with a sub-subservicer that would permit such sub-subservicer to perform any or all of the Primary Servicer's servicing responsibilities under this Agreement and such sub-subservicer meets the requirements of the PSA; provided, however, if such sub-subservicer would be a servicer as contemplated by Item 1108(a)(2) of Regulation AB, no such sub-subservicer may be Risk Retention Affiliated with or a Risk Retention Affiliate of any Successor Third-Party Purchaser; further provided, however, that the consent of the Master Servicer shall not be required to engage a third party contractor to perform ministerial tasks, including property inspections. Notwithstanding any sub-subservicing agreement or third party subcontract, the Primary Servicer shall remain obligated and primarily liable to the Master Servicer for the servicing and administering of the Mortgage Loans in accordance with the provisions of this Agreement without diminution of such obligation or liability by virtue of such sub-subservicing agreement or contract to the same extent and under the same terms and conditions as if the Primary Servicer were servicing the Mortgage Loans alone.
Primary Servicing. The Company has entered into the Loan Servicing Agreement with GMAC for certain loan servicing activities with respect to the Company's mortgage loans. The Manager will monitor and administer the loan servicing activities provided by third-party servicers of the Company's mortgage loans (including, without limitation, GMAC). Such monitoring and administrative services will include, but not be limited to, the following activities: serving as the Company's consultant with respect to the servicing of loans; collection of information and submission of reports pertaining to the mortgage loans and to moneys remitted to the Manager or the Company by servicers; periodic review and evaluation of the performance of each servicer to determine its compliance with the terms and conditions of the servicing agreement and, if deemed appropriate, recommending to the Company the termination of such servicing agreement; acting as a liaison between servicers and the Company and working with servicers to the extent necessary to improve their servicing performance. The Manager will provide all loan servicing activities which are not provided by third-party servicers. Such services shall include, but not be limited to, the following activities: review of and recommendations as to fire losses, easement problems and condemnation, delinquency and foreclosure procedures with regard to the mortgage loans; preparation of delinquency, foreclosing and other reports on mortgage loans; and advising as to and supervising claims filed under any insurance policies.
Primary Servicing. Section 2.2 Standard of Care.......................................... Section 2.3
Primary Servicing. FROM THE CLOSING DATE UNTIL THE PRIMARY SERVICING TERMINATION DATE, MASTER SERVICER HEREBY AUTHORIZES AND DIRECTS PRIMARY SERVICER TO SERVICE EACH MORTGAGE LOAN AS PRIMARY SERVICER ON BEHALF OF AND AT THE DIRECTION OF THE MASTER SERVICER AS PROVIDED IN THIS AGREEMENT. THE SERVICES SHALL CONSIST OF THE FOLLOWING: 5
Primary Servicing. To the extent necessary for the Primary Servicer to comply with applicable laws, or if otherwise consented to by the Master Servicer (which consent shall not be unreasonably withheld or delayed), the Primary Servicer may enter into any subservicing agreement with another subservicer that would permit such subservicer to perform any or all of the Primary Servicer’s servicing responsibilities under this Agreement and such subservicer meets the requirements of the PSA; provided, however, that the consent of the Master Servicer shall not be required to engage a third party contractor to perform ministerial tasks, including property inspections. Notwithstanding any subservicing agreement or third party subcontract, the Primary Servicer shall remain obligated and primarily liable to the Master Servicer for the servicing and administering of the Mortgage Loans in accordance with the provisions of this Agreement without diminution of such obligation or liability by virtue of such subservicing agreement or contract to the same extent and under the same terms and conditions as if the Primary Servicer were servicing the Mortgage Loans alone.
