Common use of Restoration of Mortgaged Property Clause in Contracts

Restoration of Mortgaged Property. With respect to the Non-Agency Mortgage Loans, the Servicer need not obtain the approval of the Owner 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 and the terms of this Agreement. At a minimum, the Servicer shall comply with the following conditions in connection with any such release of such Insurance Proceeds or Condemnation Proceeds:

Restoration of Mortgaged Property. With respect to the Non-Agency Mortgage Loans, the The Servicer need not obtain the approval of the Owner 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 and the terms of this Servicing Agreement. At a minimum, the Servicer shall comply with the following conditions in connection with any such release of such Insurance Proceeds or Condemnation Proceeds:

Restoration of Mortgaged Property. With respect to the Non-Agency Mortgage Loans, the The Servicer need not obtain the approval of the Owner Lender or its designee prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor Borrower to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Customary Servicing Practices Procedures and the terms of this Agreementapplicable Loan Documents. At a minimum, the Servicer shall comply with the following conditions in connection with any such release of such Insurance Proceeds or Condemnation Proceeds:

Restoration of Mortgaged Property. (a) With respect to the Non-Agency Mortgage Portfolio Loans, the Servicer need not obtain the approval of the Owner prior to releasing to the Mortgagor any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property or any Condemnation Proceeds, if such release is in accordance with Accepted Servicing Practices and Practices; provided, however, that in connection with any release of Insurance Proceeds in excess of the terms of this Agreement. At a minimumlevels set forth in the Xxxxxx Mae Guide, the Servicer shall comply with the following conditions in connection with any such release of such Insurance Proceeds or Condemnation Proceedsconditions: