Servicer's Responsibilities Clause Samples
The 'Servicer's Responsibilities' clause defines the specific duties and obligations that the servicer must fulfill under the agreement. Typically, this includes tasks such as collecting payments, managing accounts, maintaining records, and communicating with borrowers or other relevant parties. By clearly outlining these responsibilities, the clause ensures that both parties understand the scope of the servicer's role, thereby reducing the risk of misunderstandings and ensuring that the servicing process operates smoothly and efficiently.
Servicer's Responsibilities. Subject to the provisions of Article Three hereof, after acquisition of a Mortgaged Property, through foreclosure or a deed-in-lieu of foreclosure, or after the Servicer shall have taken possession of the Mortgaged Property, whichever occurs first, the Servicer shall be responsible for the management of such Mortgaged Property. The Servicer shall remain responsible until possession has been assumed by the applicable Primary Mortgage Insurer or the applicable Pool Insurer or until such Mortgaged Property are otherwise disposed of, as the case may be. The Servicer shall take such action as is necessary to protect the Trustee's security or, after acquisition thereof, ownership interest in such Mortgaged Property. Such action shall include, without limitation, (i) management of such Mortgaged Property, (ii) maintenance of such Mortgaged Property and (iii) if such Mortgaged Property are vacant, protection of such Mortgaged Property against vandals and the elements.
Servicer's Responsibilities. In addition to any other obligations set forth herein, upon acquisition of each REO, the Servicer shall be responsible for:
(a) managing, maintaining, securing and, where applicable, renting such REO until it is conveyed or sold;
(b) inspecting such REO at least once every 30 days and promptly sending the Master Servicer an updated Property Inspection Report upon request;
(c) paying all taxes, insurance, maintenance, management and foreclosure costs relating to such REO;
(d) submitting recommendations for listing and soliciting offers on such REO;
(e) marketing such REO;
(f) completing the sale of such REO;
(g) depositing sales proceeds relating to such REO into the appropriate Custodial P&I Account for remittance to the Trustee;
(h) where applicable, satisfying all of the Primary Mortgage Insurer's procedural requirements and filing all required forms and claims;
(i) where applicable, depositing Primary Mortgage Insurance or Pool Insurance proceeds relating to such REO into the applicable Custodial P&I Account for remittance to the Trustee; and
(j) processing the conveyance of such REO to the Primary Mortgage Insurer, where applicable.
Servicer's Responsibilities. In addition to any other obligations set forth herein, upon acquisition of each REO, the Servicer shall be responsible for:
(a) managing, maintaining, securing and, where applicable, renting such REO until it is conveyed or sold;
(b) inspecting such REO at least once every 30 days and promptly sending the Master Servicer an updated Property Inspection Report upon request;
(c) paying all taxes, insurance, maintenance, management and foreclosure costs relating to such REO;
(d) submitting recommendations for listing and soliciting offers on such REO;
(e) marketing such REO; (f) completing the sale of such REO;
Servicer's Responsibilities. (a) Limitations of Responsibility and Liabilities of Servicer. --------------------------------------------------------- Servicer will have no responsibility under this Agreement other than to render the services specifically called for hereunder in good faith. Servicer, its affiliates, its directors, officers, shareholders and employees will not be liable to Bank or others, except by reason of acts constituting bad faith, willful misfeasance, gross negligence or reckless disregard of its duties.