Common use of Servicing Advances Clause in Contracts

Servicing Advances. If any Obligor is in default in the payment of premiums on its Standard Hazard Insurance Policy or Policies, the Servicer may pay such premiums or taxes out of its own funds. If any Obligor is in default in the payment of premiums on its Standard Hazard Insurance Policy or Policies and coverage is not provided in respect of the related Asset under a blanket policy maintained by the Servicer pursuant to Section 3.16(a) below, or if any Obligor is in default in the payment of personal property taxes or real estate taxes due in respect of its Manufactured Home or Mortgaged Property, the Servicer shall pay such premiums or taxes out of its own funds in a timely manner, as Servicing Advances, unless the Servicer, in its reasonable judgment, determines that any such Servicing Advance would be a Non-Recoverable Advance. In addition, the Servicer shall pay in a timely manner, as Servicing Advances, any and all personal property taxes and real estate taxes due in respect of any Repo Property or REO Property it holds on behalf of the Trust and all premiums for any Standard Hazard Insurance Policy maintained for such Repo Property or REO Property (except as similar coverage may be provided under a blanket policy maintained by the Servicer pursuant to Section 3.16 below) unless the Servicer, in its reasonable judgment, determines that any such Servicing Advance would be a Non-Recoverable Advance.

Servicing Advances. If any Obligor is in default in the payment of ------------------ premiums on its Standard Hazard Insurance Policy or Policies, the Servicer may pay such premiums or taxes out of its own funds. If any Obligor is in default in the payment of premiums on its Standard Hazard Insurance Policy or Policies and coverage is not provided in respect of the related Asset under a blanket policy maintained by the Servicer pursuant to Section 3.16(a) below, or if any Obligor is in default in the payment of personal property taxes or real estate taxes due in respect of its Manufactured Home or Mortgaged Property, the Servicer shall pay such premiums or taxes out of its own funds in a timely manner, as Servicing Advances, unless the Servicer, in its reasonable judgment, determines that any such Servicing Advance would be a Non-Recoverable Advance. In addition, the Servicer shall pay in a timely manner, as Servicing Advances, any and all personal property taxes and real estate taxes due in respect of any Repo Property or REO Property it holds on behalf of the Trust and all premiums for any Standard Hazard Insurance Policy maintained for such Repo Property or REO Property (except as similar coverage may be provided under a blanket policy maintained by the Servicer pursuant to Section 3.16 below) unless the Servicer, in its reasonable judgment, determines that any such Servicing Advance would be a Non-Recoverable Advance.

Servicing Advances. If any Obligor is in default in the payment of premiums on its Standard Hazard Insurance Policy or Policies, the Servicer may pay such premiums or taxes out of its own funds. If any Obligor is in default in the payment of premiums on its Standard Hazard Insurance Policy or Policies and coverage is not provided in respect of the related Asset under a blanket policy maintained by the Servicer pursuant to Section 3.16(a) below, or if any Obligor is in default in the payment of personal property taxes or real estate taxes due in respect of its Manufactured Home or Mortgaged Property, the Servicer shall pay such premiums or taxes out of its own funds in a timely manner, as Servicing Advances, unless the Servicer, in its reasonable judgment, determines that any such Servicing Advance would be a Non-Non- Recoverable Advance. In addition, the Servicer shall pay in a timely manner, as Servicing Advances, any and all personal property taxes and real estate taxes due in respect of any Repo Property or REO Property it holds on behalf of the Trust and all premiums for any Standard Hazard Insurance Policy maintained for such Repo Property or REO Property (except as similar coverage may be provided under a blanket policy maintained by the Servicer pursuant to Section 3.16 below) unless the Servicer, in its reasonable judgment, determines that any such Servicing Advance would be a Non-Recoverable AdvanceXxxxxxxxxxx Xxxxxxx.