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.
Appears in 10 contracts
Samples: Pooling and Servicing Agreement (Mellon Residential Funding Corp), Pooling and Servicing Agreement (Mellon Residential Funding Corp Mort Pas THR Ser 2000 TBC 3), Pooling and Servicing Agreement (Mellon Residential Funding Corp)
