Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) With respect to each Mortgaged Property securing a Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or Whole Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or Whole Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor [(other than with respect to a Non-Serviced Mortgage Loan)] has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance if making the payment would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, or would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Companion Loan Holder (as a collective whole as if the Certificateholders and such Companion Loan Holder constituted a single lender). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit. (b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Whole Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more segregated custodial accounts (each, an “Escrow Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and any Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in an account that is not an Eligible Account) and shall be entitled, “[_____], as Master Servicer, on behalf of [_____], as Trustee for the benefit of registered Holders of CSMC Trust 20[ ]-[ ], Commercial Mortgage Pass-Through Certificates, Series 20[__]-[__], any related Companion Loan Holders and Various Mortgagors.” Withdrawals from an Escrow Account may be made by the Master Servicer only: (i) to effect timely payments of items constituting Escrow Payments for the related Loan Documents and in accordance with the terms of the related Mortgage Loan or Whole Loan, as applicable; (ii) to transfer funds to the Collection Account and/or the applicable Whole Loan Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan or Whole Loan, as applicable, which represent late collections of Escrow Payments thereunder; (iii) for application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Whole Loan, as applicable, and the Servicing Standard; (iv) to clear and terminate such Escrow Account upon the termination of this Agreement; (v) to pay from time to time to the related Mortgagor (a) any interest or investment income earned on funds deposited in the Escrow Account if such income is required to be paid to the related Mortgagor under law or by the terms of the Mortgage Loan or Whole Loan, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and (vi) to remove any funds deposited in an Escrow Account that were not required to be deposited therein. In the event any Loan Documents permit the lender, at the discretion of the lender, to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the Maturity Date and in the absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Account for so long as the Loan Documents permit such discretion. (c) [Reserved.] (d) To the extent that (i) an operations and maintenance plan is required to be established and executed pursuant to the terms of a Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or a Whole Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or Whole Loan, the Master Servicer shall determine in accordance with the Servicing Standard (which determination may be made on the basis of inquiry to the Mortgagor and this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be made to Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or Whole Loan as of the date required under the related Mortgage Loan or Whole Loan and report any such failure to the Special Servicer, the Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) With respect to each Mortgaged Property securing a Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or Whole Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or Whole Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor [(other than with respect to a Non-the Outside Serviced Mortgage Trust Loan)] ) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan (other than an Outside Serviced Trust Loan) notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder (as a collective whole as if the Certificateholders and such Serviced Companion Loan Holder constituted a single lender). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Whole Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more segregated custodial accounts (each, an “Escrow Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and any Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in an account that is not an Eligible Account) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “[_____]Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of [_____]Deutsche Bank Trust Company Americas, as Trustee for the benefit of the registered Holders of CSMC Trust 20[ ]-[ ]Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 20[__]-[__]2014-GC23, any related the Serviced Companion Loan Holders Holders, and Various Mortgagors.” Withdrawals from an Escrow Account may be made by the Master Servicer only:
(i) to effect timely payments of items constituting Escrow Payments for the related Loan Documents and in accordance with the terms of the related Mortgage Loan or Whole LoanServiced Loan Combination, as applicable;
(ii) to transfer funds to the Collection Account and/or the applicable Whole Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan or Whole LoanServiced Loan Combination, as applicable, which represent late collections of Escrow Payments thereunder;
(iii) for application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Whole LoanServiced Loan Combination, as applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay from time to time to the related Mortgagor (a) any interest or investment income earned on funds deposited in the Escrow Account if such income is required to be paid to the related Mortgagor under law or by the terms of the Mortgage Loan or Whole LoanServiced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in an Escrow Account that were not required to be deposited therein. .
(c) In the event any Loan Documents permit the lender, at the discretion of the lender, to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the Maturity Date and in the absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Account for so long as the Loan Documents permit such discretion.
(c) [Reserved.]
(d) To the extent that (i) an operations and maintenance plan is required to be established and executed pursuant to the terms of a Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or a Whole Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or Whole Loan, the Master Servicer shall determine in accordance with the Servicing Standard (which determination may be made on the basis of inquiry to the Mortgagor and this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be made to Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or Whole Serviced Loan Combination as of the date required under the related Mortgage Loan or Whole Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative Directing Holder within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2014-Gc23)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) With respect to each Mortgaged Property securing a Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or Whole Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or Whole Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor [(other than with respect to a Non-Serviced Mortgage Loan)] ) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance Advance, if making the payment would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, or would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Companion Loan Holder (as a collective whole as if the Certificateholders and such Companion Loan Holder constituted a single lender). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Whole Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more segregated custodial accounts (each, an “Escrow Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and any Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in an account that is not an Eligible Account) and shall be entitled, “[_____]▇▇▇▇▇ Fargo Bank, National Association, as Master Servicer, on behalf of [_____]Deutsche Bank Trust Company Americas, as Trustee for the benefit of registered Holders of CSMC Trust 20[ ]-[ ]GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 20[__]-[__], any related Companion Loan Holders 2013-GCJ14 and Various Mortgagors.” Withdrawals from an Escrow Account may be made by the Master Servicer only:
(i) to effect timely payments of items constituting Escrow Payments for the related Loan Documents and in accordance with the terms of the related Mortgage Loan or Whole Loan, as applicable;
(ii) to transfer funds to the Collection Account and/or the applicable Whole Loan Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan or Whole Loan, as applicable, which represent late collections of Escrow Payments thereunder;
(iii) for application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Whole Loan, as applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay from time to time to the related Mortgagor (a) any interest or investment income earned on funds deposited in the Escrow Account if such income is required to be paid to the related Mortgagor under law or by the terms of the Mortgage Loan or Whole Loan, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in an Escrow Account that were not required to be deposited therein. In the event any Loan Documents permit the lender, at the discretion of the lender, to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the Maturity Date and in the absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Account for so long as the Loan Documents permit such discretion.
(c) [Reserved.]
(d) To the extent that (i) an operations and maintenance plan is required to be established and executed pursuant to the terms of a Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or a Whole Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or Whole Loan, the Master Servicer shall determine in accordance with the Servicing Standard (which determination may be made on the basis of inquiry to the Mortgagor and this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be made to Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or Whole Loan as of the date required under the related Mortgage Loan or Whole Loan and report any such failure to the Special Servicer, the Companion Loan Holders Servicer and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2013-Gcj14)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) With respect to each Mortgaged Property securing a Mortgage Loan [(other than a Nonor the Split-Serviced Mortgage Loan)] or Whole Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage Loan [(other than a Nonor the Split-Serviced Mortgage Loan)] or Whole Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor [(other than with respect to a Non-Serviced Mortgage Loan)] has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Mortgage Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance Advance, if making the payment would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, or would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related the Companion Loan Holder (as a collective whole as if the such Certificateholders and such Companion Loan Holder constituted a single lender). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Whole the Split-Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more segregated custodial accounts (each, an “Escrow Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and any Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in an account that is not an Eligible Account) and shall be entitled, “[_____MASTER SERVICER], as Master Servicer, on behalf in trust for [TRUSTEE], as Trustee in trust for Holders of [_____], as Trustee for the benefit of registered Holders of CSMC _] Commercial Mortgage Trust 20[ ]-[ ], 20[__]-[__] Commercial Mortgage Pass-Through Certificates, Series 20[__]-[__], any related the Companion Loan Holders Holder and Various Mortgagors.” Withdrawals from an Escrow Account may be made by the Master Servicer only:
(i) to effect timely payments of items constituting Escrow Payments for the related Loan Documents and in accordance with the terms of the related Mortgage Loan or Whole Loan, as applicable;
(ii) to transfer funds to the Collection Account and/or the applicable Whole Split-Loan Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan or Whole Loan, as applicable, which represent late collections of Escrow Payments thereunder;
(iii) for application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Whole Loan, as applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay from time to time to the related Mortgagor (a) any interest or investment income earned on funds deposited in the Escrow Account if such income is required to be paid to the related Mortgagor under law or by the terms of the Mortgage Loan or Whole Loan, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in an Escrow Account that were not required to be deposited therein. In the event any Loan Documents permit the lender, at the discretion of the lender, to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the Maturity Date and in the absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Account for so long as the Loan Documents permit such discretion.
(c) [ReservedIf the Trustee, the Certificate Administrator or the Master Servicer has received notice from a Rating Agency that the Master Servicer no longer is an approved master servicer then such party shall promptly notify the others and the Special Servicer, and the Certificate Administrator shall notify the Companion Loan Holder of the same.]
(d) To the extent that (i) an operations and maintenance plan is required to be established and executed pursuant to the terms of a Mortgage Loan [(other than a Nonor the Split-Serviced Mortgage Loan)] or a Whole Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan [(other than a Nonor the Split-Serviced Mortgage Loan)] or Whole Loan, the Master Servicer shall determine in accordance with the Servicing Standard (which determination may be made on the basis of inquiry to the Mortgagor and this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be made to Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or Whole the Split-Loan as of the date required under the related Mortgage Loan or Whole the Split-Loan and report any such failure to the Special Servicer, Servicer and the Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative Holder within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CCRE Commercial Mortgage Securities, L.P.)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) With respect to each Mortgaged Property securing a Mortgage Loan [(other than a Non-The Special Servicer, in the case of Specially Serviced Mortgage Loan)] or Whole LoanLoans and REO Loans and, if applicable, the related Serviced Companion Loans that are Specially Serviced Loans or REO Loans, and the applicable Master Servicer Servicer, in the case of all Performing Loans that it is servicing, shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents assessments and other similar items that are or may become a lien on the related Mortgaged Property thereon and the status of insurance premiums payable with respect thereto. From With respect to each Specially Serviced Loan, the Special Servicer shall use its reasonable efforts, consistent with the Servicing Standard, to collect income statements and rent rolls from Borrowers as required by the Loan Documents. The Special Servicer, in the case of Specially Serviced Loans and REO Loans, and the applicable Master Servicer, in the case of all Performing Loans that it is servicing, shall use reasonable efforts consistent with the Servicing Standard to, from time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage Loan [(other than a Non-or Serviced Mortgage Loan)] or Whole Companion Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that If a Mortgagor [(other than with respect to a Non-Serviced Mortgage Loan)] has failed Borrower fails to make any such payment or, with respect to escrowed loans, on a timely basis or collections from the Mortgagor Borrower are insufficient to pay any such item before the applicable penalty or termination date, the applicable Master Servicer shall advance the amount of any shortfall as a Property Advance unless the such Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect Advance (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account provided that would otherwise be a Property Advance with respect to a Mortgage Loan notwithstanding that the advancing insurance premiums or delinquent tax assessments such Master Servicer or shall comply with the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance if making the payment would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss provisions of the priority second to last paragraph in Section 3.24(d)). Each Master Servicer shall be entitled to reimbursement of Property Advances, with interest thereon at the lien Advance Rate, that it makes pursuant to this Section 3.04 from amounts received on or in respect of the related MortgageMortgage Loan or Serviced Whole Loan respecting which such Advance was made or if such Advance has become a Nonrecoverable Advance, or to the loss extent permitted by Section 3.06 of any security for the related Mortgage Loan, or would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Companion Loan Holder (as a collective whole as if the Certificateholders and such Companion Loan Holder constituted a single lender). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Accountthis Agreement. No costs incurred by the applicable Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to CertificateholdersCertificateholders or Serviced Companion Loan Noteholders, be added to the amount owing under the related Mortgage Loans or, Serviced Companion Loans, notwithstanding that the terms of such Mortgage Loans or Serviced Companion Loans so permit.
(b) The Each Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Whole any Serviced Companion Loan that it is servicing constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more segregated custodial accounts (each, an “"Escrow Account”") into which all Escrow Payments shall be deposited within two (2) Business Days after receiptreceipt and maintained in accordance with the requirements of the related Mortgage Loan or Serviced Whole Loan, as applicable, and in accordance with the Servicing Standard. The applicable Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments pursuant to the extent required by Section 3.07(b) of this Agreement and any Insurance Proceeds or Condemnation Liquidation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan or Serviced Whole Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in an account that is not an Eligible Account); provided, however, in the event that the ratings of the financial institution holding such account are downgraded to a ratings level below that of an Eligible Account (except to the extent the related Mortgage Loan requires it to be held in an account that is not an Eligible Account), the applicable Master Servicer shall have 30 Business Days (or such longer time as confirmed by a written confirmation from the Rating Agencies, obtained at the expense of the applicable Master Servicer, that such longer time shall not result in a downgrade, qualification or withdrawal of the then-current ratings assigned to any of the Certificates) and to transfer such account to an Eligible Account. Escrow Accounts shall be entitledentitled "[Midland Loan Services, “Inc.] [_____Wachovia Bank, National Association], as Master Servicer, on behalf of [_____]in trust for Wells Fargo Bank, N.A., as Trustee in trust for the benefit of registered Holders of CSMC Trust 20[ ]Deutsche M▇▇▇▇▇ge & Asset Receiving Corporation, CD 2006-[ ], CD2 Commercial Mortgage Pass-Through CertificatesCertificates and Various Borrowers and, Series 20[__]-[__]if applicable, any related Serviced Companion Loan Holders and Various MortgagorsNoteholders.” " Withdrawals from an Escrow Account may be made by the applicable Master Servicer only:
(i) to effect timely payments of items constituting Escrow Payments for the related Loan Documents and in accordance with the terms of the related Mortgage Loan or Whole Loan, as applicableMortgage;
(ii) to transfer funds to the its Collection Account and/or the applicable Serviced Whole Loan Custodial Collection Account (or any sub-account thereof) to reimburse the applicable Master Servicer, the Special Servicer or the Trustee, as applicable, Trustee for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan or and/or Serviced Whole Loan, as applicable, which represent late collections of Escrow Payments thereunder;
(iii) for application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or and/or Serviced Whole Loan, as applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this AgreementAgreement or pay-off of the related Mortgage Loan or Serviced Whole Loan, as applicable;
(v) to pay from time to time to the related Mortgagor (a) Borrower any interest or investment income earned on funds deposited in the Escrow Account if such income is required to be paid to the related Mortgagor Borrower under law or by the terms of the Mortgage Loan or Serviced Whole Loan, as applicable, or otherwise to the applicable Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan DocumentsServicer; andor
(vi) to remove any funds deposited in an Escrow Account that were not required to be deposited therein. In the event any Loan Documents permit the lender, at the discretion of the lender, therein or to use letters of credit and/or cash reserves refund amounts to prepay the related Mortgage Loan prior Borrowers determined to the Maturity Date and in the absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Account for so long as the Loan Documents permit such discretionbe overages.
(c) [Reserved.]
(d) To the extent Each Master Servicer shall, as to each Mortgage Loan and each Serviced Companion Loan that it is servicing, (i) an operations and maintenance plan is required to be established and executed pursuant maintain accurate records with respect to the terms related Mortgaged Property reflecting the status of real estate taxes, assessments and other similar items that are or may become a Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or a Whole Loan, or lien thereon and the status of insurance premiums and any ground rents payable in respect thereof and (ii) use reasonable efforts to obtain, from time to time, all bills for (or otherwise confirm) the payment of such items (including renewal premiums) and, for such Mortgage Loans and Serviced Companion Loans that require the related Borrower to escrow for such items, shall effect payment thereof prior to the applicable penalty or termination date. For purposes of effecting any repairssuch payment for which it is responsible, capital improvements, actions or remediations are required to have been taken or completed pursuant to the applicable Master Servicer shall apply Escrow Payments as allowed under the terms of the related Mortgage Loan [and Serviced Companion Loan (other than a Non-or, if such Mortgage Loan or Serviced Mortgage Loan)] or Whole LoanCompanion Loan does not require the related Borrower to escrow for the payment of real estate taxes, assessments, insurance premiums, ground rents (if applicable) and similar items, the applicable Master Servicer shall determine in accordance use reasonable efforts consistent with the Servicing Standard (which determination may be made on the basis of inquiry to the Mortgagor and this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be made to Master Servicer under cause the related Loan Documents Borrower to comply with the requirement of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or Whole Loan as that the Borrower make payments in respect of such items at the date required under the related Mortgage Loan or Whole Loan and report time they first become due and, in any such failure to the Special Servicer, the Companion Loan Holders andevent, prior to the occurrence institution of foreclosure or similar proceedings with respect to the related Mortgaged Property for nonpayment of such items). Subject to Section 3.24, each Master Servicer shall timely make a Property Advance with respect to the Mortgage Loans and continuance of a Consultation Termination EventServiced Whole Loans that it is servicing, if any, to cover any such item which is not so paid, including any penalties or other charges arising from the Controlling Class Representative within a reasonable time after the date as of which Borrower's failure to timely pay such actions or remediations are required to be or to have been taken or completeditems.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Deutsche Mortgage & Asset Receiving Corp)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) With respect to each Mortgaged Property securing a Mortgage Loan [(other than a Non-The Special Servicer, in the case of Specially Serviced Mortgage Loan)] or Whole LoanLoans and REO Loans and, if applicable, the related [_____] B Loan that are Specially Serviced Loans or REO Loans, and the Master Servicer Servicer, in the case of all Performing Loans that it is servicing, shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents assessments and other similar items that are or may become a lien on the related Mortgaged Property thereon and the status of insurance premiums payable with respect thereto. From With respect to each Specially Serviced Loan, the Special Servicer shall use its reasonable efforts, consistent with the Servicing Standard, to collect income statements and rent rolls from Borrowers as required by the Loan Documents. The Special Servicer, in the case of Specially Serviced Loans and REO Loans, and the Master Servicer, in the case of all Performing Loans that it is servicing, shall use reasonable efforts consistent with the Servicing Standard to, from time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage Loan or the [(other than a Non-Serviced Mortgage Loan)_____] or Whole B Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that If a Mortgagor [(other than with respect to a Non-Serviced Mortgage Loan)] has failed Borrower fails to make any such payment or, with respect to escrowed loans, on a timely basis or collections from the Mortgagor Borrower are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard its good faith business judgment that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect Advance (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account provided that would otherwise be a Property Advance with respect to a Mortgage Loan notwithstanding that the Master Servicer advancing insurance premiums or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance if making the payment would prevent (i) the related Mortgaged Property from being uninsured or being sold at a delinquent tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, or would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Companion Loan Holder (as a collective whole as if the Certificateholders and such Companion Loan Holder constituted a single lender). If the Special Servicer makes such a determination, it shall notify the Master Servicer and assessments the Master Servicer shall make comply with the provisions of the second to last paragraph in Section 3.24(d)). The Master Servicer shall be entitled to reimbursement of Property Advances, with interest thereon at the Advance Rate, that it makes pursuant to this Section 3.04 from amounts received on or in respect of the related Mortgage Loan or Loan Combination respecting which such payment from Advance was made or if such Advance has become a Nonrecoverable Advance, to the Collection Accountextent permitted by Section 3.06 of this Agreement. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to CertificateholdersCertificateholders or the [_____] B Loan Noteholder, be added to the amount owing under the related Mortgage LoansLoans or, [_____] B Loan, notwithstanding that the terms of such Mortgage Loans or the [_____] B Loan so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Whole the [_____] B Loan that it is servicing constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more segregated custodial accounts (each, an “the "Escrow Account”") into which all Escrow Payments shall be deposited within two [two] [(2) )] Business Days after receiptreceipt and maintained in accordance with the requirements of the related Mortgage Loan or Loan Combination, as applicable, and in accordance with the Servicing Standard. The Master Servicer shall also deposit into each applicable the Escrow Account any amounts representing losses on Permitted Investments pursuant to the extent required by Section 3.07(b) of this Agreement and any Insurance Proceeds or Condemnation Liquidation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage LoanLoan or Loan Combination. The Escrow Accounts Account shall be an Eligible Accounts Account (except to the extent the related Mortgage Loan requires or permits it to be held in an account that is not an Eligible Account); provided, however, in the event that the ratings of the financial institution holding such account are downgraded to a ratings level below that of an Eligible Account (except to the extent the related Mortgage Loan requires it to be held in an account that is not an Eligible Account), the Master Servicer shall have [30] Business Days (or such longer time as confirmed by a written confirmation from the Rating Agencies, obtained at the expense of the Master Servicer, that such longer time shall not result in a downgrade, qualification or withdrawal of the then-current ratings assigned to any of the Certificates) and to transfer such account to an Eligible Account. The Escrow Account shall be entitled, “entitled "[_____], ___] as Master Servicer, on behalf of in trust for [________], as Trustee in trust for the benefit of registered Holders of CSMC Trust 20[ ]-[ ]Deutsche Mortgage & Asset Receiving Corporation, COMM 200[_]-[_] Commercial Mortgage Pass-Through CertificatesCertificates and Various Borrowers and, Series 20[__]-if applicable, [__], any related Companion ___] B Loan Holders and Various MortgagorsNoteholder.” " Withdrawals from an the Escrow Account may be made by the Master Servicer only:
(i) to effect timely payments of items constituting Escrow Payments for the related Loan Documents and in accordance with the terms of the related Mortgage Loan or Whole Loan, as applicableMortgage;
(ii) to transfer funds to the its Collection Account and/or the applicable Whole Loan Custodial Combination Collection Account (or any sub-account thereof) to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, Trustee for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan or Whole Loanand/or Loan Combination, as applicable, which represent late collections of Escrow Payments thereunder;
(iii) for application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Whole Loanand/or Loan Combination, as applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this AgreementAgreement or pay-off of the related Mortgage Loan or Loan Combination, as applicable;
(v) to pay from time to time to the related Mortgagor (a) Borrower any interest or investment income earned on funds deposited in the Escrow Account if such income is required to be paid to the related Mortgagor Borrower under law or by the terms of the Mortgage Loan or Whole Loan, as applicableLoan Combination, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan DocumentsServicer; andor
(vi) to remove any funds deposited in an Escrow Account that were not required to be deposited therein. In the event any Loan Documents permit the lender, at the discretion of the lender, therein or to use letters of credit and/or cash reserves refund amounts to prepay the related Mortgage Loan prior Borrowers determined to the Maturity Date and in the absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Account for so long as the Loan Documents permit such discretionbe overages.
(c) The Master Servicer shall, as to each Mortgage Loan and the [Reserved.]
(d) To the extent _____] B Loan that it is servicing, (i) an operations and maintenance plan is required to be established and executed pursuant maintain accurate records with respect to the terms related Mortgaged Property reflecting the status of real estate taxes, assessments and other similar items that are or may become a Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or a Whole Loan, or lien thereon and the status of insurance premiums and any ground rents payable in respect thereof and (ii) any repairsuse reasonable efforts to obtain, capital improvementsfrom time to time, actions all bills for (or remediations are required otherwise confirm) the payment of such items (including renewal premiums) and, for such Mortgage Loans and [_____] B Loan that require the related Borrower to have been taken or completed pursuant escrow for such items, shall effect payment thereof prior to the terms applicable penalty or termination date. For purposes of the Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or Whole Loaneffecting any such payment for which it is responsible, the Master Servicer shall determine in accordance apply Escrow Payments as allowed under the terms of the related Mortgage Loan and [_____] B Loan (or, if such Mortgage Loan or the [_____] B Loan does not require the related Borrower to escrow for the payment of real estate taxes, assessments, insurance premiums, ground rents (if applicable) and similar items, the Master Servicer shall use reasonable efforts consistent with the Servicing Standard (which determination may be made on to cause the basis related Borrower to comply with the requirement of inquiry the related Mortgage that the Borrower make payments in respect of such items at the time they first become due and, in any event, prior to the Mortgagor and this sentence shall in no event be construed institution of foreclosure or similar proceedings with respect to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be made to Master Servicer under the related Loan Documents Mortgaged Property for nonpayment of supporting documentation have been made; then such items). Subject to Section 3.24, the Master Servicer shall report timely make a Property Advance with respect to the then current status as a failure) whether the related Mortgagor has failed Mortgage Loans and Loan Combination that it is servicing, if any, to perform such obligations under the related Mortgage Loan or Whole Loan as of the date required under the related Mortgage Loan or Whole Loan and report cover any such item which is not so paid, including any penalties or other charges arising from the Borrower's failure to the Special Servicer, the Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which timely pay such actions or remediations are required to be or to have been taken or completeditems.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Deutsche Mortgage & Asset Receiving Corp)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) With respect to each Mortgaged Property securing a Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or Whole Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or Whole Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor [(other than with respect to a Non-the Outside Serviced Mortgage Loan)] ) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan (other than an Outside Serviced Mortgage Loan) notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder Holder(s) (as a collective whole as if the Certificateholders and such Serviced Companion Loan Holder Holder(s) constituted a single lenderlender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Whole Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more segregated custodial accounts (each, an “Escrow Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receiptreceipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and any Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in an account that is not an Eligible Account) in accordance with the terms of the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “[_____]▇▇▇▇▇ Fargo Bank, National Association, as Master Servicer, on behalf of [_____]Wilmington Trust, National Association, as Trustee for the benefit of the registered Holders of CSMC Citigroup Commercial Mortgage Trust 20[ ]2018-[ ]C6, Commercial Mortgage Pass-Through Certificates, Series 20[__]-[__]2018-C6, any related the Serviced Companion Loan Holders Holders, and Various Mortgagors.” Withdrawals from an Escrow Account may be made by the Master Servicer only:
(i) to effect timely payments of items constituting Escrow Payments for the related Loan Documents and in accordance with the terms of the related Mortgage Loan or Whole LoanServiced Loan Combination, as applicable;
(ii) to transfer funds to the Collection Account and/or the applicable Whole Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan or Whole LoanServiced Loan Combination, as applicable, which represent late collections of Escrow Payments thereunder;
(iii) for application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Whole LoanServiced Loan Combination, as applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay from time to time to the related Mortgagor (a) any interest or investment income earned on funds deposited in the Escrow Account if such income is required to be paid to the related Mortgagor under law or by the terms of the Mortgage Loan or Whole LoanServiced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in an Escrow Account that were not required to be deposited therein. .
(c) In the event any Loan Documents permit the lender, at the discretion of the lender, to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the Maturity Date and in the absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Account for so long as the Loan Documents permit such discretion.
(cd) [ReservedUnless required by the related Loan Documents, neither the Master Servicer nor the Special Servicer shall apply any earnout escrows or reserves established with respect to any Mortgage Loan as a prepayment of such Mortgage Loan if no event of default has occurred under such Mortgage Loan.]
(de) To the extent that (i) an operations and maintenance plan is required to be established and executed pursuant to the terms of a Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or a Whole Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or Whole Loan, the Master Servicer shall determine in accordance with the Servicing Standard (which determination may be made on the basis of inquiry to the Mortgagor and this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be made to Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or Whole Serviced Loan Combination as of the date required under the related Mortgage Loan or Whole Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSAIL 2018-C14 Commercial Mortgage Trust)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) With respect to each Mortgaged Property securing a Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or Whole Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or Whole Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor [(other than with respect to a Non-the Outside Serviced Mortgage Loan)] ) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Serviced Trust Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Trust Loan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders Trust Certificateholders, the Uncertificated Interest Owners and any related Serviced Companion Loan Holder Holder(s) (as a collective whole as if the Certificateholders Trust Certificateholders, the Uncertificated Interest Owners and such Serviced Companion Loan Holder Holder(s) constituted a single lenderlender (and, in the case of a Serviced AB Whole Loan, taking into account the subordinate nature of the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to CertificateholdersTrust Certificateholders and the Uncertificated Interest Owners, be added to the amount owing under the related Mortgage Trust Loans, notwithstanding that the terms of such Mortgage Trust Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Whole Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more segregated custodial accounts (each, an “Escrow Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receiptreceipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and any Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage LoanLoan Documents. Escrow Accounts shall be Eligible Accounts (except to the extent the related Mortgage Loan requires Documents require or permits permit it to be held in an account that is not an Eligible Account) in accordance with the terms of the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “[_____]Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of [_____]Computershare Trust Company, National Association, as Trustee for the benefit of the registered Holders of CSMC Trust 20[ ]BMO 2023-[ ]C7 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 20[__]-[__]2023-C7, any related the Uncertificated Interest Owners, the Serviced Companion Loan Holders Holders, and Various Mortgagors.” Withdrawals from an Escrow Account may be made by the Master Servicer only:
(i) to effect timely payments of items constituting Escrow Payments for the related Loan Documents and in accordance with the terms of the related Mortgage Loan or Serviced Whole Loan, as applicable;
(ii) to transfer funds to the Collection Account and/or the applicable Whole Loan Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan or Serviced Whole Loan, as applicable, which represent late collections of Escrow Payments thereunder;
(iii) for application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Whole Loan, as applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay from time to time to the related Mortgagor (a) any interest or investment income earned on funds deposited in the Escrow Account if such income is required to be paid to the related Mortgagor under law or by the terms of the Mortgage Loan or Serviced Whole Loan, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in an Escrow Account that were not required to be deposited therein. .
(c) In the event any Loan Documents permit the lender, at the discretion of the lender, to use letters of credit and/or cash reserves to prepay the related Mortgage Trust Loan prior to the Maturity Date and in the absence of an event of default or acceleration of the Mortgage Trust Loan, then the Master Servicer shall hold such amounts in an Escrow Account for so long as the Loan Documents permit such discretion.
(cd) [ReservedUnless required by the related Loan Documents, neither the Master Servicer nor the Special Servicer shall apply any earnout escrows or reserves established with respect to any Trust Loan as a prepayment of such Trust Loan if no event of default has occurred under such Trust Loan.]
(de) To the extent that (i) an operations and maintenance plan is required to be established and executed pursuant to the terms of a Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or a Whole Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or Whole Loan, the Master Servicer shall determine in accordance with the Servicing Standard (which determination may be made on the basis of inquiry to the Mortgagor and this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be made to Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or Serviced Whole Loan as of the date required under the related Mortgage Loan or Serviced Whole Loan and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (BMO 2023-C7 Mortgage Trust)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) With respect to each Mortgaged Property securing a Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or Whole Loanthe Loan Combination, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or Whole Loanthe Loan Combination. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor [(other than with respect to a Non-Serviced Mortgage Loan)] has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Mortgage Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance Advance, if making the payment would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, or would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Companion the Non-Trust Mortgage Loan Holder (as a collective whole as if the such Certificateholders and such Companion Non-Trust Mortgage Loan Holder constituted a single lender). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Whole Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more segregated custodial accounts (each, an “Escrow Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and any Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in an account that is not an Eligible Account) and shall be entitled, “[_____], as Master Servicer, on behalf of in trust for [_____], as Trustee in trust for the benefit of registered Holders of CSMC Trust 20[ ]-[ ]Barclays Commercial Mortgage Securities LLC, Commercial Mortgage Pass-Through Certificates, Series 20[__]-[__], any related Companion Non-Trust Mortgage Loan Holders Holder and Various Mortgagors.” Withdrawals from an Escrow Account may be made by the Master Servicer only:
(i) to effect timely payments of items constituting Escrow Payments for the related Loan Documents and in accordance with the terms of the related Mortgage Loan or Whole Loan, as applicable;
(ii) to transfer funds to the Collection Account and/or the applicable Whole Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan or Whole Loan, as applicable, which represent late collections of Escrow Payments thereunder;
(iii) for application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Whole Loan, as applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this Agreement;
(v) to pay from time to time to the related Mortgagor (a) any interest or investment income earned on funds deposited in the Escrow Account if such income is required to be paid to the related Mortgagor under law or by the terms of the Mortgage Loan or Whole Loan, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and
(vi) to remove any funds deposited in an Escrow Account that were not required to be deposited therein. In the event any Loan Documents permit the lender, at the discretion of the lender, to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the Maturity Date and in the absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Account for so long as the Loan Documents permit such discretion.
(c) If the Trustee[Reserved, the Certificate Administrator] or the Master Servicer has received notice from [_____] or [_____] that the Master Servicer no longer is an approved master servicer then such party shall promptly notify the others and the Special Servicer, and the Trustee shall notify the related Non-Trust Mortgage Loan Holder(s) of the same.]
(d) To the extent that (i) an operations and maintenance plan is required to be established and executed pursuant to the terms of a Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or a Whole Loanthe Loan Combination, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or Whole Loanthe Loan Combination, the Master Servicer shall determine in accordance with the Servicing Standard (which determination may be made on the basis of inquiry to the Mortgagor and this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be made to Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or Whole the Loan Combination as of the date required under the related Mortgage Loan or Whole the Loan Combination and report any such failure to the Special Servicer, the Companion Non-Trust Mortgage Loan Holders Holder and, prior to the occurrence and continuance of during a Subordinate Control Period or a Collective Consultation Termination EventPeriod, the Controlling Subordinate Class Representative within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Barclays Commercial Mortgage Securities LLC)
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) With respect to each Mortgaged Property securing a Mortgage Loan [(other than a Non-The Special Servicer, in the case of Specially Serviced Mortgage Loan)] or Whole LoanLoans and REO Loans and, if applicable, the related Serviced Companion Loans that are Specially Serviced Loans or REO Loans, and the Master Servicer Servicer, in the case of all Performing Loans that it is servicing, shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents assessments and other similar items that are or may become a lien on the related Mortgaged Property thereon and the status of insurance premiums payable with respect thereto. From With respect to each Specially Serviced Loan, the Special Servicer shall use its reasonable efforts, consistent with the Servicing Standard, to collect income statements and rent rolls from Borrowers as required by the Loan Documents. The Special Servicer, in the case of Specially Serviced Loans and REO Loans, and the Master Servicer, in the case of all Performing Loans that it is servicing, shall use reasonable efforts consistent with the Servicing Standard to, from time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Mortgage Loan [(other than a Non-or Serviced Mortgage Loan)] or Whole Companion Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that If a Mortgagor [(other than with respect to a Non-Serviced Mortgage Loan)] has failed Borrower fails to make any such payment or, with respect to escrowed loans, on a timely basis or collections from the Mortgagor Borrower are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect Advance (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account provided that would otherwise be a Property Advance with respect to a Mortgage Loan notwithstanding that the Master Servicer advancing insurance premiums or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance if making the payment would prevent (i) the related Mortgaged Property from being uninsured or being sold at a delinquent tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan, or would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Companion Loan Holder (as a collective whole as if the Certificateholders and such Companion Loan Holder constituted a single lender). If the Special Servicer makes such a determination, it shall notify the Master Servicer and assessments the Master Servicer shall make comply with the provisions of the second to last paragraph in Section 3.24(d)). The Master Servicer shall be entitled to reimbursement of Property Advances, with interest thereon at the Advance Rate, that it makes pursuant to this Section 3.04 from amounts received on or in respect of the related Mortgage Loan or Serviced Whole Loan respecting which such payment from Advance was made or if such Advance has become a Nonrecoverable Advance, to the Collection Accountextent permitted by Section 3.06 of this Agreement. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to CertificateholdersCertificateholders or Serviced Companion Loan Noteholders, be added to the amount owing under the related Mortgage Loans or, Serviced Companion Loans, notwithstanding that the terms of such Mortgage Loans or Serviced Companion Loans so permit.
(b) The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Whole any Serviced Companion Loan that it is servicing constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more segregated custodial accounts (each, an “"Escrow Account”") into which all Escrow Payments shall be deposited within two (2) Business Days after receiptreceipt and maintained in accordance with the requirements of the related Mortgage Loan or Serviced Whole Loan, as applicable, and in accordance with the Servicing Standard. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments pursuant to the extent required by Section 3.07(b) of this Agreement and any Insurance Proceeds or Condemnation Liquidation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan or Serviced Whole Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in an account that is not an Eligible Account); provided, however, in the event that the ratings of the financial institution holding such account are downgraded to a ratings level below that of an Eligible Account (except to the extent the related Mortgage Loan requires it to be held in an account that is not an Eligible Account), the Master Servicer shall have 30 Business Days (or such longer time as confirmed by a written confirmation from the Rating Agencies, obtained at the expense of the Master Servicer, that such longer time shall not result in a downgrade, qualification or withdrawal of the then-current ratings assigned to any of the Certificates or Companion Loan Securities) to transfer such account to an Eligible Account. Escrow Accounts, other than with respect to the Ala Moana Portfolio Whole Loan and the Fair Lakes Office Portfolio Whole Loan, shall be entitled, “[_____]entitled "Capmark Finance Inc., as Master Servicer, on behalf of [_____]in trust for LaSalle Bank National Association, as Trustee in trust for the benefit of registered Holders of CSMC Trust 20[ ]Deutsche Mortgage & Asset Receiving Corporation, CD 2006-[ ], CD3 Commercial Mortgage Pass-Through CertificatesCertificates and Various Borrowers and, Series 20[__]-[__]if applicable, any related Serviced Companion Loan Noteholders," and with respect to the Ala Moana Portfolio Whole Loan and the Fair Lakes Office Portfolio Whole Loan, "Wachovia Bank, National Association, as Master Servicer, in trust for LaSalle Bank National Association, as Trustee in trust for Holders of Deutsche Mortgage & Asset Receiving Corporation, CD 2006-CD3 Commercial Mortgage Pass-Through Certificates and Various MortgagorsBorrowers and, if applicable, Serviced Companion Loan Noteholders.” " Withdrawals from an Escrow Account may be made by the Master Servicer only:
(i) to effect timely payments of items constituting Escrow Payments for the related Loan Documents and in accordance with the terms of the related Mortgage Loan or Whole Loan, as applicableMortgage;
(ii) to transfer funds to the its Collection Account and/or the applicable Serviced Whole Loan Custodial Collection Account (or any sub-account thereof) to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, Trustee for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan or and/or Serviced Whole Loan, as applicable, which represent late collections of Escrow Payments thereunder;
(iii) for application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or and/or Serviced Whole Loan, as applicable, and the Servicing Standard;
(iv) to clear and terminate such Escrow Account upon the termination of this AgreementAgreement or pay-off of the related Mortgage Loan or Serviced Whole Loan, as applicable;
(v) to pay from time to time to the related Mortgagor (a) Borrower any interest or investment income earned on funds deposited in the Escrow Account if such income is required to be paid to the related Mortgagor Borrower under law or by the terms of the Mortgage Loan or Serviced Whole Loan, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan DocumentsServicer; andor
(vi) to remove any funds deposited in an Escrow Account that were not required to be deposited therein. In the event any Loan Documents permit the lender, at the discretion of the lender, therein or to use letters of credit and/or cash reserves refund amounts to prepay the related Mortgage Loan prior Borrowers determined to the Maturity Date and in the absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Account for so long as the Loan Documents permit such discretionbe overages.
(c) [Reserved.]
(d) To the extent The Master Servicer shall, as to each Mortgage Loan and each Serviced Companion Loan that it is servicing, (i) an operations and maintenance plan is required to be established and executed pursuant maintain accurate records with respect to the terms related Mortgaged Property reflecting the status of real estate taxes, assessments and other similar items that are or may become a Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or a Whole Loan, or lien thereon and the status of insurance premiums and any ground rents payable in respect thereof and (ii) any repairsuse reasonable efforts to obtain, capital improvementsfrom time to time, actions all bills for (or remediations are required otherwise confirm) the payment of such items (including renewal premiums) and, for such Mortgage Loans and Serviced Companion Loans that require the related Borrower to have been taken or completed pursuant escrow for such items, shall effect payment thereof prior to the terms applicable penalty or termination date. For purposes of the Mortgage Loan [(other than a Non-Serviced Mortgage Loan)] or Whole Loaneffecting any such payment for which it is responsible, the Master Servicer shall determine in accordance apply Escrow Payments as allowed under the terms of the related Mortgage Loan and Serviced Companion Loan (or, if such Mortgage Loan or Serviced Companion Loan does not require the related Borrower to escrow for the payment of real estate taxes, assessments, insurance premiums, ground rents (if applicable) and similar items, the Master Servicer shall use reasonable efforts consistent with the Servicing Standard (which determination may be made on to cause the basis related Borrower to comply with the requirement of inquiry the related Mortgage that the Borrower make payments in respect of such items at the time they first become due and, in any event, prior to the Mortgagor and this sentence shall in no event be construed institution of foreclosure or similar proceedings with respect to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be made to Master Servicer under the related Loan Documents Mortgaged Property for nonpayment of supporting documentation have been made; then such items). Subject to Section 3.24, the Master Servicer shall report timely make a Property Advance with respect to the then current status as a failure) whether the related Mortgagor has failed Mortgage Loans and Serviced Whole Loans that it is servicing, if any, to perform such obligations under the related Mortgage Loan or Whole Loan as of the date required under the related Mortgage Loan or Whole Loan and report cover any such item which is not so paid, including any penalties or other charges arising from the Borrower's failure to the Special Servicer, the Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date as of which timely pay such actions or remediations are required to be or to have been taken or completeditems.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CD 2006-Cd3 Mortgage Trust)