Withdrawals From Escrow Account. Withdrawals from the Escrow Account shall be made by the Seller only (a) to effect timely payments of ground rents, taxes, assessments, premiums for Primary Mortgage Insurance Policies, fire and hazard insurance premiums or other items constituting Escrow Payments for the related Mortgage, (b) to reimburse the Seller for any Servicing Advance made by Seller pursuant to Subsection 11.08 hereof with respect to a related Mortgage Loan, (c) to refund to any Mortgagor any funds found to be in excess of the amounts required under the terms of the related Mortgage Loan, (d) for transfer to the Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law,
Appears in 4 contracts
Samples: Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-2), Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-4), Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-1)
