Restoration of Mortgaged Property. The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
Restoration of Mortgaged Property. The Master Servicer need not obtain the approval of the Depositor or the Trustee prior to releasing any Insurance Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. If the Depositor or the Trustee is named as an additional loss payee, the Master Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Depositor or the Trustee.
Restoration of Mortgaged Property. The Servicer need not obtain the approval of the Company prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with the applicable Mortgage Loan File. The Servicer shall comply with the CMHC Guide and the NHA and, to the extent they do not contravene the CMHC Guide and NHA, with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:
Restoration of Mortgaged Property. Section 2.15 Title, Management and Disposition of REO Property............. Section 2.16 Permitted Withdrawals with Respect to REO Property............ Section 2.17
Restoration of Mortgaged Property. Each Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the related Mortgage Loans, which policy shall provide coverage in an amount equal to the amount at least equal to the lesser of (i) the maximum insurable value of the improvements securing such Mortgage Loan and (ii) the greater of (A) the outstanding principal balance of the Mortgage Loan and (B) an amount such that the proceeds of such policy shall be sufficient to prevent the Mortgagor and/or the mortgagee from becoming co-insurer. Any amounts collected by a Servicer under any such policy relating to a Mortgage Loan (for the avoidance of doubt, remaining after application of any such amounts to any related First Mortgage Loan) shall be deposited in the related Collection Account subject to withdrawal pursuant to Section 3.08. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a standard hazard insurance policy, and there shall have been a loss which would have been covered by such policy, the related Servicer shall deposit in the related Collection Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause which is in excess of a deductible under a standard hazard insurance policy, such amount to be deposited from such Servicer’s funds, without reimbursement therefor. Upon request of the Trustee, a Servicer shall cause to be delivered to the Trustee a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without 30 days’ prior written notice to the Trustee. In connection with its activities as Servicer of the Mortgage Loans, each Servicer agrees to present, on behalf of itself, the Depositor, and the Trustee for the benefit of the Certificateholders, claims under any such blanket policy. Pursuant to Section 3.05, any amounts collected by a Servicer under any such policies (other than amounts to be deposited in the related Escrow Account and applied to the restoration or repair of the related Mortgaged Property, or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor, in accordance with such Servicer’s normal servicing procedures) shall be deposited in the related Collection Account (subject to withdrawal pursu...
Restoration of Mortgaged Property. Section 3.20 Compliance with Gramm-Leach-Bliley Act of 1999................
Restoration of Mortgaged Property. Section 2.14
Restoration of Mortgaged Property. Section 4.16 Claims ......................................................... Section 4.17 Title, Management and Disposition of REO Property .............. Section 4.18
Restoration of Mortgaged Property. Section 4.15 Maintenance of PMI Policy; Claims............................ Section 4.16 Title, Management and Disposition of REO Property............ Section 4.17