Examples of Required Servicing Practices in a sentence
In servicing and administering the Mortgage Loans, the Servicer shall employ procedures (including collection procedures) consistent with the provisions of this Agreement, in compliance with Required Servicing Practices and exercise the same care that it customarily employs and exercises in servicing and administering mortgage and hypothecary loans for its own account, giving due consideration to Accepted Servicing Practices and the Company's reliance on the Servicer.
For so long as the Servicer is acting as servicer of any Mortgage Loan relating to any REO Property, the Servicer shall submit to the Company all reports with respect to such Mortgaged Property which it is obligated to submit to the CMHC pursuant to Required Servicing Practices.
Without limiting the generality of the foregoing, the Servicer shall, in accordance with Required Servicing Practices, execute and deliver all instruments of satisfaction or cancellation, or of partial or full release, discharge and all other comparable instruments, with respect to the Mortgage Loans and with respect to the Mortgaged Properties.
In the event that any payment due under any Mortgage Loan is not postponed pursuant to Section 2.1 and remains delinquent beyond the expiration of any grace or cure period (or such other period as is required by law in the jurisdiction where the related Mortgaged Property is located), the Servicer shall commence foreclosure proceedings as directed by the Company in accordance with Required Servicing Practices.
The Servicer shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to Required Servicing Practices.
In the event that any payment due under any Mortgage Loan and not postponed pursuant to Section 2.1 is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the Mortgage Loan File and such failure continues beyond any applicable grace period, the Servicer shall take such administrative action as is consistent with Required Servicing Practices.
From and after the date hereof, the Servicer, as provider of services, shall service and administer the Mortgage Loans in strict compliance with the servicing provisions of the CMHC Guide and the NHA and shall, subject to such serving provisions, do all things in connection with such servicing and administration which are consistent with the terms of this Agreement and Required Servicing Practices.
The Servicer shall be required, consistent with Required Servicing Practices, to enforce on behalf of the Company any "due-on-sale" provision contained in any Mortgage Loan File and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, whether or not the Mortgagor remains liable on the Mortgage Loan.
From and after the Closing Date, the Servicer, as provider of services, shall service and administer the Mortgage Loans in strict compliance with the servicing provisions of the CMHC Guide and the NHA and shall, subject to such serving provisions, do all things in connection with such servicing and administration which are consistent with the terms of this Agreement and Required Servicing Practices.