Review of Property Inspections, Operating Statements and Rent Rolls Sample Clauses

Review of Property Inspections, Operating Statements and Rent Rolls. (a) The Master Servicer shall inspect or cause to be inspected each related Mortgaged Property and shall verify and deliver a copy of a Property Inspection Report in substantially the form of Exhibit M hereto to the Trustee at such times and in such manner as are consistent with Accepted Master Servicing Practices; provided that (i) each Mortgaged Property securing a Mortgage Loan with an outstanding principal balance in excess of $2,000,000 or 2% of the current aggregate principal balance of all Mortgage Loans shall be inspected and a Property Inspection Report shall be delivered at least once a year and (ii) each other Mortgaged Property securing a Mortgage Loan shall be inspected and a Property Inspection Report shall be delivered at least once every two years; provided, however, that any Mortgaged Property securing a Mortgage Loan which becomes a Specially Serviced Mortgage Loan shall be inspected promptly by the Special Servicer after the Servicing Transfer Event occurs and, so long as the related Mortgage Loan is a Specially Serviced Mortgage Loan, annually thereafter. A copy of each Property Inspection Report prepared by the Special Servicer shall be delivered by hard copy or electronic means to the Master Servicer and the Directing Certificateholder promptly, but in any event within 30 days after such inspection.
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Review of Property Inspections, Operating Statements and Rent Rolls. (a) The Master Servicer shall inspect or cause to be inspected each related Mortgaged Property at such times and in such manner as are consistent with Accepted Master Servicing Practices and shall verify and deliver a copy of a Property Inspection Report in substantially the form of Exhibit M to the Trustee upon request and to the Directing Certificateholder quarterly; provided that (i) each Mortgaged Property securing a Mortgage Loan with an outstanding principal balance in excess of $2,000,000 or 2% of the current aggregate principal balance of all Mortgage Loans shall be inspected and a Property Inspection Report shall be delivered at least once a year and (ii) each other Mortgaged Property securing a Mortgage Loan shall be inspected and a Property Inspection Report shall be delivered at least once every two years; provided, however, that any Mortgaged Property securing a Mortgage Loan which becomes a Specially Serviced Mortgage Loan shall be inspected promptly by the Special Servicer after the Servicing Transfer Event occurs and, so long as the related Mortgage Loan is a Specially Serviced Mortgage Loan, annually thereafter. A copy of each Property Inspection Report prepared by the Special Servicer shall be delivered by hard copy or electronic means (as directed by the recipient) to the Master Servicer and the Directing Certificateholder promptly, but in any event within 30 days after such inspection. All reasonable costs and expenses of the Special Servicer incurred in connection with its obligations under this Section 4.09(a) shall be offset by late fees collected in respect of the related Mortgage Loans and, to the extent not offset by late fees, shall be an Additional Trust Fund Expense.
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Review of Property Inspections, Operating Statements and Rent Rolls. (a) Each Primary Servicer shall inspect or cause to be inspected each related Mortgaged Property and shall verify and deliver a copy of a Property Inspection Report in the form of Exhibit M hereto to the Master Servicer at such times and in such manner as are consistent with Accepted Primary Servicing Practices; provided that (i) each -------- Mortgaged Property securing a Related Mortgage Loan with an outstanding principal balance in excess of $2,000,000 and each GMACCM Mortgage Loan shall be inspected and a Property Inspection Report shall be delivered at least once a year and (ii) each other Mortgaged Property securing a Related Mortgage Loan shall be inspected and a Property Inspection Report shall be delivered at least once every two years. The Primary Servicer shall promptly report to the Master Servicer any violation of applicable laws, statutes, regulations or ordinances and any waste or destruction of the Related Mortgaged Property of which it has actual knowledge, and shall report any and all actions taken by the Primary Servicer in response to such violation, waste or destruction.
Sample 1
Review of Property Inspections, Operating Statements and Rent Rolls. (a) The Master Servicer shall inspect or cause to be inspected each related Mortgaged Property and shall verify and deliver a copy of a Property Inspection Report in the form of Exhibit M hereto to the Trustee at such times and in such manner as are consistent with Accepted Servicing Practices; provided that (i) each Mortgaged Property securing a Mortgage Loan -------- with an outstanding principal balance in excess of $2,000,000 and each Mortgage Loan shall be inspected and a Property Inspection Report shall be delivered at least once a year and (ii) each other Mortgaged Property securing a Mortgage Loan shall be inspected and a Property Inspection Report shall be delivered at least once every two years.
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Related to Review of Property Inspections, Operating Statements and Rent Rolls

  • Property Inspections The Servicer shall conduct property inspections in accordance with the milestones of the repair and rehabilitation plan for such Mortgaged Property and prepare Property Inspection Reports on any Mortgaged Property involving property damage over $15,000. The Servicer shall furnish a copy of the repair and rehabilitation plan for such Mortgaged Property to the Master Servicer upon request.

  • Property Inspection The Servicer is required to inspect each Delinquent Mortgaged Property at such time and in such manner as is in accordance with Prudent Servicing Practices. The Servicer must prepare a Property Inspection Report following each inspection. All Property Inspection Reports must be retained by the Servicer and copies thereof must be forwarded to the Master Servicer promptly upon request. All expenses related to the foregoing shall be recoverable by the Servicer from the Principal or from Liquidation Proceeds, Insurance Proceeds, payments on the related Mortgage Loan or any other source relating to the related Mortgage Loan or the related Mortgaged Property. The foregoing shall not preclude the Servicer from recovering such expenses from the Borrower to the extent permitted by applicable law and the related Mortgage Loan Documents.

  • Reports of Foreclosure and Abandonment of Mortgaged Properties The Master Servicer shall file information returns with respect to the receipt of mortgage interest received in a trade or business, reports of foreclosures and abandonments of any Mortgaged Property and cancellation of indebtedness income with respect to any Mortgaged Property as required by Sections 6050H, 6050J and 6050P of the Code, respectively. Such reports shall be in form and substance sufficient to meet the reporting requirements imposed by such Sections 6050H, 6050J and 6050P of the Code.

  • Reports of Foreclosures and Abandonment of Mortgaged Property The Master Servicer or the Subservicers shall file information returns with respect to the receipt of mortgage interests received in a trade or business, the reports of foreclosures and abandonments of any Mortgaged Property and the information returns relating to cancellation of indebtedness income with respect to any Mortgaged Property required by Sections 6050H, 6050J and 6050P, respectively, of the Code, and deliver to the Trustee an Officers' Certificate on or before March 31 of each year stating that such reports have been filed. Such reports shall be in form and substance sufficient to meet the reporting requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

  • Reports of Foreclosures and Abandonments of Mortgaged Property Following the foreclosure sale or abandonment of any Mortgaged Property, the Servicer shall report such foreclosure or abandonment as required pursuant to Section 6050J of the Code.

  • Production Report and Lease Operating Statements Within 60 days after the end of each fiscal quarter, a report setting forth, for each calendar month during the then current fiscal year to date, the volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) for each such calendar month from the Oil and Gas Properties, and setting forth the related ad valorem, severance and production taxes and lease operating expenses attributable thereto and incurred for each such calendar month.

  • Inspection of Property; Books and Records; Discussions Keep proper books of records and account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities; and permit representatives of any Lender (upon reasonable advance notice coordinated through the Administrative Agent) to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time and as often as may reasonably be desired and to discuss the business, operations, properties and financial and other condition of the Borrower and its Subsidiaries with officers and employees of the Borrower and its Subsidiaries and with its independent certified public accountants.

  • Operating Statements In the case of each Mortgage Loan, the related Mortgage or another Mortgage Loan document requires the related Mortgagor, in some cases at the request of the lender, to provide the holder of such Mortgage Loan with at least quarterly operating statements and rent rolls (if there is more than one tenant) for the related Mortgaged Property and annual financial statements of the related Mortgagor, and with such other information as may be required therein.

  • Rent Rolls; Operating Histories The Seller has obtained a rent roll (the “Certified Rent Roll(s)”) other than with respect to hospitality properties certified by the related Mortgagor or the related guarantor(s) as accurate and complete in all material respects as of a date within 180 days of the date of origination of the related Mortgage Loan. The Seller has obtained operating histories (the “Certified Operating Histories”) with respect to each Mortgaged Property certified by the related Mortgagor or the related guarantor(s) as accurate and complete in all material respects as of a date within 180 days of the date of origination of the related Mortgage Loan. The Certified Operating Histories collectively report on operations for a period equal to (a) at least a continuous three-year period or (b) in the event the Mortgaged Property was owned, operated or constructed by the Mortgagor or an affiliate for less than three years then for such shorter period of time, it being understood that for mortgaged properties acquired with the proceeds of a Mortgage Loan, Certified Operating Histories may not have been available.

  • REAL ESTATE TAXES, SPECIAL ASSESSMENTS AND PRORATIONS (a) Because the Entire Property (of which the Property is a part) is subject to a triple net lease (as further set forth in paragraph 11(a)(i), the parties acknowledge that there shall be no need for a real estate tax proration. However, Seller represents that to the best of its knowledge, all real estate taxes and installments of special assessments due and payable in all years prior to the year of Closing have been paid in full. Unpaid real estate taxes and unpaid levied and pending special assessments existing on the date of Closing shall be the responsibility of Buyer and Seller in proportion to their respective Tenant in Common interests, pro-rated, however, to the date of closing for the period prior to closing, which shall be the responsibility of Seller if Tenant shall not pay the same. Seller and Buyer shall likewise pay all taxes due and payable in the year after Closing and any unpaid installments of special assessments payable therewith and thereafter, if such unpaid levied and pending special assessments and real estate taxes are not paid by any tenant of the Entire Property.

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