Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. in trust for Centre Capital Group, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipt, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.07. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 5 contracts
Sources: Master Servicing Agreement (Structured Asset Securities Corp 2004-18h), Master Servicing Agreement (Structured Asset Securities Corp), Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titledtitled “Countrywide Home Loans Servicing LP, "▇▇▇▇▇ Fargo Home Mortgage, Inc. in trust for Centre Capital Group, Inc., owner [Name of Fixed and Adjustable Rate Mortgage Loans, Owner] and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)”. The Escrow Accounts Account shall be established with a Qualified Depository as a Special Deposit Account, in a manner that which shall provide maximum available insurance thereunderby the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Escrow Account Accounts may be drawn on by the Servicer in accordance with Section 3.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit D 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such letter agreement certification shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage LoansOwner. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton or prior to the second Business Day following receipt thereof, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.072.07. The Servicer shall retain any Any interest paid on funds deposited in the Escrow Account by the depository institutioninstitution shall accrue to the benefit of the Servicer, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall be responsible to pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 5 contracts
Sources: Servicing Agreement (GSR Mortgage Loan Trust 2006-3f), Servicing Agreement (GSR 2006-4f), Servicing Agreement (GSR Mortgage Loan Trust 2006-1f)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. North American Mortgage Company in trust for Centre Capital Group, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.07. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 5 contracts
Sources: Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Series 2003-7h), Master Servicing Agreement (Structured Asset Sec Corp Mor Pass Thru Cer Ser 2002-10h), Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h)
Establishment of and Deposits to Escrow Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "RBC Mortgage Company, in trust for ▇▇▇▇▇▇ Fargo Home MortgageBrothers Bank, Inc. in trust for Centre Capital Group, Inc., owner of FSB Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2003-2, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Seller in accordance with Section 3.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Seller, or by a letter agreement in the form of Exhibit D 5 hereto, in the case of an account held by a depository other than the Seller. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Seller shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Seller shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.072.07. The Servicer Seller shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Seller shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 5 contracts
Sources: Interim Servicing Agreement (Structured Asset Securities Corp), Interim Servicing Agreement (Structured Asset Securities Corp), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home MortgageIndyMac Bank, Inc. F.S.B., as Servicer, in trust for Centre Capital Group, Inc., owner the Purchaser of Conventional Residential Fixed Rate and Adjustable Rate Mortgage Loans, Loans and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 5 contracts
Sources: Master Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-3), Master Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-1), Master Seller's Warranties and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. Commercial Federal Mortgage Corporation in trust for Centre Capital Group, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.07. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 4 contracts
Sources: Master Servicing Agreement (Structured Asset Securities Corp 2004-18h), Master Servicing Agreement (Structured Asset Securities Corp), Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Series 2003-7h)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home MortgageIndyMac Bank, Inc. FSB, in trust for Centre Capital Group, Inc., owner the Purchaser of Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2005-1, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 4 contracts
Sources: Seller's Warranties and Servicing Agreement (Lehman Xs Trust Series 2006-2n), Seller's Warranties and Servicing Agreement (Lehman XS Trust Series 2005-5n), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-7n)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, titled "▇▇▇▇▇ Fargo Home Mortgage, Inc. _________________________ in trust for Centre Capital Group____________________________________, Inc.as Indenture Trustee, owner of Fixed and Adjustable Rate for ______ Mortgage Loans, and various MortgagorsInvestment Trust 200_-__." (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with an Eligible Institution. Nothing herein shall require the Servicer to compel a Qualified Depository Mortgagor to establish an Escrow Account in a manner that shall provide maximum available insurance thereunderviolation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.074.02(g). The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D F hereto. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage LoansMaster Servicer. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.02(g). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that the interest earnings paid thereon is are insufficient for such purposes.
Appears in 4 contracts
Sources: Sale and Servicing Agreement (CWMBS Inc), Sale and Servicing Agreement (Cwalt Inc), Sale and Servicing Agreement (Cwabs Inc)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home MortgageNational City Mortgage Co., Inc. as Servicer, in trust for Centre the Banc of America Mortgage Capital Group, Inc., owner Corporation and/or subsequent purchasers of Fixed and Adjustable Rate Mortgage Loans, Loans and various Mortgagors." (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the related Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the related Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 4 contracts
Sources: Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-2 Trust), Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-3 Trust), Warranties and Servicing Agreement (Banc of America Funding 2007-a Trust)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Wells Fargo Home MortgageBank, Inc. N.A., in trust for Centre Capital Group, Inc., owner the Purchaser and/or subsequent purchasers of Fixed and Adjustable Rate Residential Mortgage Loans, and various MortgagorsMortgagors - T & I." (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Escrow Account. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours two (2) Business Days of Company's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds or Subsidy Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payments are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes. The Company shall reimburse the Escrow Account for any losses incurred as a result of the investment of amounts on deposit in the Escrow Account.
Appears in 4 contracts
Sources: Master Seller's Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-6xs), Master Seller's Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-1xs), Master Seller's Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-11)
Establishment of and Deposits to Escrow Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "IndyMac Bank, F.S.B., in trust for ▇▇▇▇▇▇ Fargo Home MortgageBrothers Bank, Inc. in trust for Centre Capital Group, Inc., owner of FSB Residential Fixed and Adjustable Rate Mortgage Loans, Loans and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Seller in accordance with Section 3.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Seller, or by a letter agreement in the form of Exhibit D 5 hereto, in the case of an account held by a depository other than the Seller. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Seller shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged PropertyProperty or Cooperative Unit, as applicable. The Servicer Seller shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.072.07. The Servicer Seller shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Seller shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 3 contracts
Sources: Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Flow Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust), Flow Interim Servicing Agreement (Sturctured Asset Securities Corp Mort Pass Thru Ser 2004-1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titledtitled “PNMAC Loan Svc LLC as agent, "▇▇▇▇▇ Fargo Home Mortgage, Inc. ITF ttee and/or bailee for PNMAC LLC and/or pmts of var mtgrs &/or owners of int in trust for Centre Capital Group, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)lns- T&I”. The Escrow Accounts Account shall be established with a Qualified Depository in as a manner that shall provide maximum available insurance thereunderSpecial Deposit Account. Funds deposited in the Escrow Account Accounts may be drawn on by the Servicer in accordance with Section 3.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer (provided the Servicer qualifies as a Qualified Depository), or by a letter agreement in the form of Exhibit D 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such letter agreement certification shall be furnished to the Owner and, upon request, on or prior to any subsequent owner the execution of the Mortgage Loansthis Servicing Agreement. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:therein the following collections received by the Servicer (such collections being those received by Servicer within two Business Days prior to actual deposit into the Escrow Account):
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Servicing Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Servicing Agreement, as set forth in Section 3.072.07. The Servicer shall retain any Any interest paid on funds deposited in the Escrow Account by the depository institutioninstitution shall accrue to the benefit of the Servicer, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall be responsible to pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-non interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 3 contracts
Sources: Flow Servicing Agreement (Pennymac Financial Services, Inc.), Flow Servicing Agreement (Pennymac Financial Services, Inc.), Flow Servicing Agreement (Pennymac Financial Services, Inc.)
Establishment of and Deposits to Escrow Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "SIB Mortgage Corp., in trust for ▇▇▇▇▇▇ Fargo Home MortgageBrothers Bank, Inc. in trust for Centre Capital Group, Inc., owner of FSB Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2002-2, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Seller in accordance with Section 3.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Seller, or by a letter agreement in the form of Exhibit D 5 hereto, in the case of an account held by a depository other than the Seller. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Seller shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Seller shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.072.07. The Servicer Seller shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Seller shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 3 contracts
Sources: Interim Servicing Agreement (Structured Asset Securities Corp), Interim Servicing Agreement (Mortgage Pass-Through Certificates Series 2003-37a), Interim Servicing Agreement (Structured Asset Securities Corp)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home MortgageNational City Mortgage Co., Inc. as Servicer, in trust for Centre Capital Group, Inc., owner the Purchaser of Conventional Residential Fixed Rate and Adjustable Rate Mortgage Loans, Loans and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 3 contracts
Sources: Master Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-A3), Master Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-A4), Master Seller's Warranties and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-A2)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. Inc., in trust for Centre Capital Group, Inc., owner the Purchaser and/or subsequent purchasers of Fixed and Adjustable Rate Mortgage Loans, and various MortgagorsMortgagors - T & I." (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the case of an account established with the Company, or by a letter agreement in the form case of an account held by a depository other than the Company each in the forms attached hereto as Exhibit D hereto. E. A copy of such certification or letter agreement shall be furnished to the Owner andPurchaser or any subsequent purchaser, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours one (1) Business Day of Company's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property; and
(iii) all payments on account of Buydown Funds. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 3 contracts
Sources: Seller's Warranties and Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cert Se 03 2a), Seller's Warranties and Servicing Agreement (Structured Asset Securities Corp Mort Pa THR Ce Ser 2001-18a), Seller's Warranties and Servicing Agreement (Structured Asset Securities Corp)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. titled “PNMAC Loan Svc LLC ttee and/or bailee for PNMAC LLC and/or pmts of var mtgrs and/or other owners of int in trust for Centre Capital Group, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)loans- T&I”. The Escrow Accounts Account shall be established with a Qualified Depository in as a manner that shall provide maximum available insurance thereunderSpecial Deposit Account. Funds deposited in the Escrow Account Accounts may be drawn on by the Servicer in accordance with Section 3.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer (provided the Servicer qualifies as a Qualified Depository), or by a letter agreement in the form of Exhibit D 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such letter agreement certification shall be furnished to the Owner and, upon request, on or prior to the execution of this Servicing Agreement. The Servicer shall segregate and hold all funds in any subsequent owner of Escrow Account separate and apart from the Mortgage LoansServicer’s own funds and general assets. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipt, and retain thereintherein the following collections received by the Servicer:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Servicing Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Servicing Agreement, as set forth in Section 3.072.07. The Servicer shall retain any Any interest paid on funds deposited in the Escrow Account by the depository institutioninstitution shall accrue to the benefit of the Servicer, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall be responsible to pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-non interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 3 contracts
Sources: Servicing Agreement (PennyMac Mortgage Investment Trust), Servicing Agreement (PennyMac Mortgage Investment Trust), Servicing Agreement (PennyMac Mortgage Investment Trust)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Wells Fargo Bank, N.A., in trust for the Purchaser and/or subs▇▇▇▇▇ Fargo Home Mortgage, Inc. in trust for Centre Capital Group, Inc., owner ▇t purchasers of Fixed and Adjustable Rate Residential Mortgage Loans, and various MortgagorsMortgagors - T & I." (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Escrow Account. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours two (2) Business Days of Company's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property; and
(iii) all payments on account of Buydown Funds. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes. The Company shall reimburse the Escrow Account for any losses incurred as a result of the investment of amounts on deposit in the Escrow Account.
Appears in 3 contracts
Sources: Seller's Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-1ar), Seller's Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-5ar), Seller's Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-3ar)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“National City Mortgage Co., as Servicer, in trust for the ▇▇▇▇▇▇ Fargo Home Mortgage, ▇▇▇▇▇▇▇ Mortgage Capital Inc. in trust for Centre Capital Group, Inc., owner and/or subsequent purchasers of Fixed and Adjustable Rate Mortgage Loans, Loans and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). .” The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 3 contracts
Sources: Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar), Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax), Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home MortgageIndyMac Bank, Inc. FSB, in trust for Centre Capital Group, Inc., owner the Purchaser of Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2001-3, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 3 contracts
Sources: Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-3), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2001 19)
Establishment of and Deposits to Escrow Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home MortgageIndyMac Bank, Inc. F.S.B., in trust for Centre Capital Group, Inc., owner Barclays Bank PLC as Purchaser of Fixed and Adjustable Rate Mortgage Loans, ." The Seller and various Mortgagors" (provided, in the event Purchaser intend that this Agreement is assigned to a third party, the Escrow Account(s) shall Account be reestablished in trust for such Assignee)a special deposit account. The Escrow Accounts Account shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account Accounts may be drawn on by the Servicer Seller in accordance with Section 3.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Seller, or by a letter agreement in the form of Exhibit D 5 hereto, in the case of an account held by a depository other than the Seller. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Seller shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Seller shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.072.07. The Servicer Seller shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law or the applicable mortgage loan documents to be paid to the Mortgagor. To the extent required by law, the Servicer Seller shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (BCAP LLC Trust 2008-Ind1), Master Servicing and Trust Agreement (BCAP LLC Trust 2006-Aa2), Pooling and Servicing Agreement (BCAP LLC Trust 2008-Ind2)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. Inc., in trust for Centre Capital Group, Inc., owner of Fixed and Adjustable Rate the Purchaser and/or subsequent purchasers Mortgage Loans, and various MortgagorsMortgagors - T & I." (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. The Company shall provide the Purchaser with written confirmation of the existence of such Escrow Account in the form of Exhibit F, attached hereto, which shall be furnished to the Purchaser upon request. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours two (2) Business Days of receiptCompany’s receipt , and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay pay, from its own funds, interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Sources: Servicing Agreement (Greenwich Capital Acceptance Inc), Servicing Agreement (Structured Asset Mortgage Investments Inc)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇W▇▇▇▇ Fargo Home MortgageBank, Inc. N.A., in trust for Centre Capital Group, Inc., owner the Owner and/or subsequent purchasers of Fixed and Adjustable Rate residential Mortgage Loans, and various MortgagorsMortgagors - T & I." (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans4.07. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours one (1) Business Day of Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Sources: Flow Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar9), Sale and Servicing Agreement (Bear Stearns ARM Trust 2007-2)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Countrywide Home Loans, Inc., in trust for ▇▇▇▇▇▇ Fargo Home MortgageBrothers Bank, Inc. in trust for Centre Capital Group, Inc., owner purchaser of Fixed and Adjustable Rate Residential Mortgage Loans, Group No. 2006-Flow, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)”. The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.075.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage Loanspurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours two Business Days of receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.075.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Sources: Servicing Agreement (Sail 2006-3), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Sasco 2006-Bc4)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage“National City Mortgage Co., Inc. as Servicer, in trust for Centre Capital Group, Inc., owner the Purchaser of Fixed and Adjustable ARM Rate Conventional, FHA or VA Residential Mortgage Loans, Loans and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)”. The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Sources: Flow Master Seller’s Warranties and Servicing Agreement (J.P. Morgan Mortgage Trust 2006-S1), Flow Master Seller’s Warranties and Servicing Agreement (JPMMT 2007-A6)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage“National City Mortgage Corp., Inc. in trust for Centre Capital Group, Inc., owner the Purchaser of Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2001-1 and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)”. The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Sources: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-26), Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-10)
Establishment of and Deposits to Escrow Account. The Interim Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home MortgageFremont Investment & Loan, Inc. in trust for Centre Capital Group, Inc., owner Barclays Bank PLC as Purchaser of Fixed and Adjustable Rate Mortgage Loans, Loans and various Mortgagors." (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts Account shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account Accounts may be drawn on by the Interim Servicer in accordance with Section 3.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit D 5 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Interim Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Interim Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.072.07. The Interim Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law or the applicable mortgage loan documents to be paid to the Mortgagor. To the extent required by law, the Interim Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Sabr Trust 2005-Fr2), Pooling and Servicing Agreement (Sabr Trust 2005-Fr3)
Establishment of and Deposits to Escrow Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Pinnacle Financial Corporation in trust for ▇▇▇▇▇▇ Fargo Home MortgageBrothers Bank, Inc. in trust for Centre Capital GroupFSB, Inc., owner of Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2004-1 and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Seller in accordance with Section 3.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Seller, or by a letter agreement in the form of Exhibit D 5 hereto, in the case of an account held by a depository other than the Seller. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Seller shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Seller shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.072.07. The Servicer Seller shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Seller shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Sources: Interim Servicing Agreement (Structured Asset Securities Corp), Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇▇▇▇▇▇ Fargo Home MortgageMortgage Company, Inc. in trust for Centre Capital Group, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.07. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Sources: Master Servicing Agreement (Structured Asset Securities Corp), Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home MortgageNational City Mortgage Corp., Inc. in trust for Centre Capital Group, Inc., owner the Purchaser of Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2002-1 and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Sources: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-15), Seller's Warranties and Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 5a)
Establishment of and Deposits to Escrow Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. First National Bank of Nevada in trust for Centre Capital Group, Inc., owner Purchasers of Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2004-1 and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Seller in accordance with Section 3.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Seller, or by a letter agreement in the form of Exhibit D 5 hereto, in the case of an account held by a depository other than the Seller. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Seller shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Seller shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.072.07. The Servicer Seller shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Seller shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Sources: Master Interim Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22), Master Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Countrywide Home MortgageLoans, Inc. in trust for Centre Capital Group, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.07. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Sources: Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Countrywide Home MortgageLoans, Inc. Inc., in trust for Centre Capital Group, Inc., owner the Purchaser of Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2001-2 and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours two Business Days of receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Sources: Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titledtitled "Countrywide Home Loans Servicing LP, "▇▇▇▇▇ Fargo Home Mortgage, Inc. in trust for Centre Capital Group, Inc., owner [Name of Fixed and Adjustable Rate Mortgage Loans, Owner] and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts Account shall be established with a Qualified Depository as a Special Deposit Account, in a manner that which shall provide maximum available insurance thereunderby the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Escrow Account Accounts may be drawn on by the Servicer in accordance with Section 3.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit D 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such letter agreement certification shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage LoansOwner. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton or prior to the second Business Day following receipt thereof, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.072.07. The Servicer shall retain any Any interest paid on funds deposited in the Escrow Account by the depository institutioninstitution shall accrue to the benefit of the Servicer, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall be responsible to pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Sources: Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-4), Trust Agreement (GSAA Home Equity 2005-12)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Countrywide Home Loans, Inc., in trust for L▇▇▇▇▇ Fargo Home MortgageBrothers Bank, Inc. in trust for Centre Capital Group, Inc., owner purchaser of Fixed and Adjustable Rate Residential Mortgage Loans, Group No. 2006-Flow, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)”. The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.075.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage Loanspurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours two Business Days of receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.075.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Sources: Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Sasco 2006-Bc3), Mortgage Loan Purchase Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc5)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage“National City Mortgage Co., Inc. as Servicer, in trust for Centre Capital Group, Inc., owner the Purchaser of Conventional Residential Fixed Rate and Adjustable Rate Mortgage Loans, Loans and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)”. The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Countrywide Home MortgageLoans, Inc. Inc., in trust for Centre Capital Groupthe EMC Mortgage Corporation, Inc., owner as purchaser of Fixed and Residential Adjustable Rate Mortgage Loans, Loans and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours two Business Days of receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust II 2007-1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. titled “Option One Mortgage Corporation in trust for Centre Capital GroupU.S. Bank National Association, Inc.as Trustee for Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). 2005-6.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, on or prior to the Second Business Day following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Subservicing Agreement (Structured Asset Investment Loan Trust 2005-6)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. titled “Option One Mortgage Corporation in trust for Centre Capital GroupLaSalle Bank National Association, Inc.as Trustee for Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). 2005-2.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, on or prior to the Second Business Day following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Subservicing Agreement (Structured Asset Investment Loan Trust 2005-2)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home MortgageFirst Nationwide Mortgage Corporation, Inc. in trust for Centre Capital Group, Inc., owner the Purchaser of Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 1997-FN-01, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-non- interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Seller's Warranties and Servicing Agreement (Structured Asset Securities Corporation)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home MortgageBank, Inc. N.A., in trust for Centre Capital Group, Inc., owner of Fixed and Adjustable Rate the Purchaser and/or subsequent purchasers Residential Mortgage Loans, and various MortgagorsMortgagors – T & I." (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. The Company shall provide the Purchaser with written confirmation of the existence of such Escrow Account on the Closing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours two (2) Business Days of Company’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payments are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Seller's Warranties and Servicing Agreement (RBSGC 2007-A)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“▇▇▇▇▇ Fargo Home MortgageBank, Inc. N.A. in trust for Centre Capital GroupLaSalle Bank National Association, Inc.as Trustee for Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). Series 2004-BNC2.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository in a manner that shall provide maximum available insurance thereunderan Eligible Institution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement certification in the form of Exhibit D C hereto. A copy of such letter agreement certification shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2004-Bnc2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. “Wilshire Credit Corporation in trust for Centre Capital GroupCitibank, Inc.N.A., owner of Fixed and Adjustable Rate as Trustee for the Structured Asset Securities Corporation, Mortgage LoansPass-Through Certificates, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). Series 2003-S1.” The Escrow Accounts shall be established with a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D C hereto. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 S1)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Wells Fargo Home Mortgage, Inc., in trust for the Purchaser and/or ▇▇▇▇▇ Fargo Home Mortgage, Inc. in trust for Centre Capital Group, Inc., owner ▇quent purchasers of Fixed and Adjustable Rate Mortgage Loans, and various MortgagorsMortgagors - T & I." (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the case of an account established with the Company, or by a letter agreement in the form case of an account held by a depository other than the Company each in the forms attached hereto as Exhibit D hereto. E. A copy of such certification or letter agreement shall be furnished to the Owner andPurchaser or any subsequent purchaser, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours one (1) Business Day of receiptCompany's receipt , and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property; and
(iii) all payments on account of Buydown Funds. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home MortgageOption One Mortgage Corporation, Inc. in trust for Centre Capital Group, Inc., owner the Purchaser of Conventional Residential Adjustable and Fixed and Adjustable Rate Mortgage Loans, Group No. 1997-LB/00, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-non- interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Seller's Warranties and Servicing Agreement (Structured Asset Securities Corp/Ny)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. “Ocwen Federal Bank FSB in trust for Centre Capital GroupJPMorgan Chase Bank, Inc.as Trustee for the Structured Asset Securities Corporation, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). Series 2003-BC3.” The Escrow Accounts shall be established with either (i) a Qualified Depository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D C hereto. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Series 2003 Bc3)
Establishment of and Deposits to Escrow Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage“Escrow Account of , Inc. in trust as Servicer for Centre Capital Group, Inc., owner the benefit of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). First NLC Securitization Trust 200 - .” The Escrow Accounts Account shall be established with a Qualified Depository as an Eligible Account, in a manner that which shall provide maximum available insurance thereunder. Upon request of the Master Servicer and within ten days thereof, the Servicer shall provide the Master Servicer with written confirmation of the existence of such Escrow Account. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. 4.8.
(b) The Servicer shall deposit in the Escrow Account or Accounts within 48 hours two Business Days of Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.8. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the any Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the a Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Transfer and Servicing Agreement (First NLC Securitization, Inc.)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. titled “Option One Mortgage Corporation in trust for Centre Capital GroupU.S. Bank National Association, Inc.as Trustee for Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). 2005-3.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, on or prior to the Second Business Day following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Subservicing Agreement (Structured Asset Investment Loan Trust 2005-3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. SouthTrust Mortgage Corporation in trust for Centre Capital Group, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.07. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Master Servicing Agreement (Structured Asset Securities Corp)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“New Century Mortgage Corporation in trust for ▇▇▇▇▇ Fargo Home MortgageBank, Inc. in trust N.A., as Trustee for Centre Capital Groupthe Structured Asset Securities Corporation, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). Series 2005-NC2.” The Escrow Accounts shall be Eligible Accounts established with a Qualified Depository an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D C hereto. A copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and, upon requestif required, to any subsequent owner the NIMS Insurer within thirty days of the Mortgage Loansestablishment of such account. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Servicing Agreement (SASCO Mortgage Pass Through Certificates, Series 2005-Nc2)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage“National City Mortgage Corp., Inc. as Servicer, in trust for Centre Capital Group, Inc., owner the Purchaser of Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Loans and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)”. The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Master Seller’s Warranties and Servicing Agreement (MASTR Asset Securitization Trust 2007-1)
Establishment of and Deposits to Escrow Account. The Interim Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, accounts titled, "New Century Mortgage Corporation, in trust for Goldman Sachs Mortgage Company Residential Fixed and Adjustable Ra▇▇ ▇▇▇▇▇ Fargo Home Mortgage, Inc. in trust for Centre Capital Group, Inc., owner of Fixed and Adjustable Rate Mortgage gage Loans, and various Mortgagors." (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. The parties hereto intend that the Escrow Account shall be a special deposit account. Funds deposited in the Escrow Account may be drawn on by the Interim Servicer in accordance with Section 3.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit D 5 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Interim Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.07. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Trust Agreement (New Century Alternative Mortgage Loan Trust 2006-Alt2)
Establishment of and Deposits to Escrow Account. The Interim Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "EverBank., as Interim Servicer, in trust for the Morgan Stanley Mortgage Capital Inc. and/or subsequent purchase▇▇ ▇▇ M▇▇▇▇▇▇▇ Fargo Home Mortgage, Inc. in trust for Centre Capital Group, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, Loans and various Mortgagors." (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Interim Servicer in accordance with Section 3.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Interim Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Interim Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.072.07. The Interim Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law or the applicable Mortgage Loan Documents to be paid to the Mortgagor. To the extent required by law, the Interim Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Interim Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-6ar)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇“W▇▇▇▇ Fargo Home MortgageBank, Inc. N.A., in trust for Centre Capital Group, Inc., owner the Purchaser and/or subsequent purchasers of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). Mortgagors - T & I.” The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Escrow Account. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours one (1) Business Day of Company’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property; and
(iii) all payments on account of Buydown Funds. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Servicing Agreement (Sasco Mortgage Loan Trust Series 2004-Gel2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. titled “Option One Mortgage Corporation in trust for Centre Capital GroupU.S. Bank National Association, Inc.as Trustee for Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). 2005-11.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, on or prior to the Second Business Day following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Subservicing Agreement (Structured Asset Investment Loan Trust 2005-11)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. “Ocwen Federal Bank FSB in trust for Centre Capital GroupLaSalle Bank National Association, Inc.as Trustee for the Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). 2003-BC8.” The Escrow Accounts shall be established with either (i) a Qualified Depository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D C hereto. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc8)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. “Wilshire Credit Corporation in trust for Centre Capital GroupJPMorgan Chase Bank, Inc.as Trustee for the Structured Asset Securities Corporation, owner of Fixed and Adjustable Rate Mortgage LoansPass-Through Certificates, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)Series 2003-AM1”. The Escrow Accounts shall be established with a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D C hereto. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 Am1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. “Ocwen Federal Bank FSB in trust for Centre Capital GroupLaSalle Bank National Association, Inc.as Trustee for the First Franklin Mortgage Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)2003-FF3”. The Escrow Accounts shall be established with either (i) a Qualified Depository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D C hereto. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 Ff3)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. in trust for Centre Capital ABN AMRO Mortgage Group, Inc., owner in trust for the Purchaser of Fixed and Conventional Residential Adjustable Rate Mortgage Loans, Group No. 2002-1, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home MortgageBank, Inc. N.A., in trust for Centre Capital Group, Inc., owner the Purchaser and/or subsequent purchasers of Fixed and Adjustable Rate Residential Mortgage Loans, and various MortgagorsMortgagors - T & I." (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Escrow Account. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours one (1) Business Days of Company's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property; and
(iii) all payments on account of Buydown Funds. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-7)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“▇▇▇▇▇ Fargo Home MortgageBank, Inc. N.A. in trust for Centre Capital GroupLaSalle Bank National Association, Inc.as Trustee for Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). Series 2004-BNC1.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository in a manner that shall provide maximum available insurance thereunderan Eligible Institution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement certification in the form of Exhibit D C hereto. A copy of such letter agreement certification shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2004-Bnc1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. “Wilshire Credit Corporation in trust for Centre Capital GroupU.S. Bank National Association, Inc.as Trustee for the Aames Mortgage Loan Trust Mortgage Pass-Through Certificates, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). Series 2003-1.” The Escrow Accounts shall be established with a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D C hereto. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Servicing Agreement (Aames Mortgage Tr Mort Pas Thru Cert Sers 2003-1)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home “SunTrust Mortgage, Inc. Inc., in trust for Centre Banc of America Mortgage Capital Group, Inc., owner Corporation and/or subsequent purchasers of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). Mortgagors - T & I.” The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Escrow Account. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours two (2) Business Days of Company’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only be entitled to effect such payments as are required under this Agreement, as set forth in Section 3.07. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the related Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the related Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Flow Sale and Servicing Agreement (GSR Mortgage Loan Trust 2007-4f)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Ocwen Federal Bank FSB in trust for ▇▇▇▇▇ Fargo Home MortgageBank Minnesota, Inc. in trust National Association, as Trustee for Centre Capital Groupthe Structured Asset Investment Loan Trust, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). 2003-BC3.” The Escrow Accounts shall be established with either (i) a Qualified Depository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D C hereto. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“▇▇▇▇▇ Fargo Home MortgageBank, Inc. N.A. in trust for Centre Capital GroupU.S. Bank National Association, Inc.as Trustee for Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). Series 2005-8.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository in a manner that shall provide maximum available insurance thereunderan Eligible Institution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement certification in the form of Exhibit D C hereto. A copy of such letter agreement certification shall be furnished to the Owner and, Master Servicer no later than 30 days after the Closing Date (and to the NIMS Insurer upon request, to any subsequent owner of the Mortgage Loans). The Servicer shall deposit in the Escrow Account or Accounts within 48 hours one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2005-8)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. in trust for Centre Capital Group, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Account or Accounts shall be established with a Qualified Depository. If the Custodial Account is held at a Qualified Depository the deposit accounts of which are insured by the FDIC, any funds deposited in a manner that the Custodial Account shall provide maximum available insurance thereunderat all times be insured to the full extent permitted under applicable law. Funds deposited in the Escrow Account Accounts may be drawn on by the Servicer in accordance with Section 3.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit D 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours one Business Day of receipt, and retain therein:
(i) a. all Escrow Payments payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) b. all amounts representing Insurance Proceeds or Condemnation Proceeds proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.072.07. The Servicer shall be entitled to retain any interest paid on on, or other income generated by and paid on, funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law or the Mortgage Loan Documents to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest noninterest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Servicing Agreement (Chevy Chase Preferred Capital Corp)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. titled “Option One Mortgage Corporation in trust for Centre Capital GroupU.S. Bank National Association, Inc.as Trustee for Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). 2005-10.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, on or prior to the Second Business Day following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Subservicing Agreement (Structured Asset Investment Loan Trust 2005-10)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Countrywide Home MortgageLoans, Inc. Inc., in trust for Centre Capital GroupBarclays Bank, Inc., owner PLC as Purchaser of Fixed and Adjustable Rate Mortgage Loans, Loans and various Mortgagors." (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts Account shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunderby the FDIC through the BIF or the SAIF. Funds deposited in the Escrow Account Accounts may be drawn on by the Servicer in accordance with Section 3.072.09. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit D 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours two (2) Business Days of receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.072.09. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law or the applicable mortgage loan documents to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Sabr Trust 2005-Fr2)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Wells Fargo Home Mortgage, Inc., in trust for the Purchaser and/or ▇▇▇▇▇ Fargo Home Mortgage, Inc. in trust for Centre Capital Group, Inc., owner of Fixed and Adjustable Rate ▇quent purchasers Residential Mortgage Loans, and various MortgagorsMortgagors - T & I." (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. .. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the case of an account established with the Company, or by a letter agreement in the form case of an account held by a depository other than the Company each in the forms attached as Exhibit D hereto. F. A copy of such certification or letter agreement shall be furnished to the Owner andPurchaser or any subsequent purchaser, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours one (1) Business Day of receiptCompany's receipt , and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Ce Se 2001-Bc3)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage“Third Federal Savings and Loan Association of Cleveland, Inc. in trust for Centre Capital Group, Inc., owner the Purchaser of Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2002-1, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)”. The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 03 4)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“▇▇▇▇▇ Fargo Home Mortgage, Inc. Inc., in trust for Centre Capital Group, Inc., owner of Fixed and Adjustable Rate the Purchaser and/or subsequent purchasers Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). Mortgagors - T & I.” The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. The Company shall provide the Purchaser with written confirmation of the existence of such Escrow Account in the form of Exhibit F, attached hereto, which shall be furnished to the Purchaser upon request. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours two (2) Business Days of receiptCompany’s receipt , and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay pay, from its own funds, interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Servicing Agreement (Greenwich Capital Acceptance Inc)
Establishment of and Deposits to Escrow Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "RBC Mortgage Company, in trust for L▇▇▇▇▇ Fargo Home MortgageBrothers Bank, Inc. in trust for Centre Capital Group, Inc., owner of FSB Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2003-2, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Seller in accordance with Section 3.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Seller, or by a letter agreement in the form of Exhibit D 5 hereto, in the case of an account held by a depository other than the Seller. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Seller shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Seller shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.072.07. The Servicer Seller shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Seller shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇W▇▇▇▇ Fargo Home MortgageBank, Inc. N.A., in trust for Centre Capital Group, Inc., owner of Fixed and Adjustable Rate the Purchaser and/or subsequent purchasers Residential Mortgage Loans, and various MortgagorsMortgagors - T & I." (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. The Company shall provide the Purchaser with written confirmation of the existence of such Escrow Account on the Closing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours two (2) Business Days of Company’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payments are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Seller's Warranties and Servicing Agreement (RBSGC Mortgage Loan Trust 2007-B)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Ocwen Federal Bank FSB in trust for ▇▇▇▇▇ Fargo Home MortgageBank Minnesota, Inc. in trust National Association, as Trustee for Centre Capital Groupthe Amortizing Residential Collateral Trust, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)2002-BC10”. The Escrow Accounts shall be established with either (i) a Qualified Depository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D C hereto. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc10)
Establishment of and Deposits to Escrow Account. The Interim Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage_______________, Inc. in trust for Centre Capital Group, Inc., owner of Inc. Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2000-1 and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Interim Servicer in accordance with Section 3.072.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit D 5 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Interim Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. ; and The Interim Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.072.06. The Interim Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Interim Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Master Interim Servicing Agreement (Structured Asset Sec Corp Mor Pass Thru Cer Ser 2002-10h)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. titled “Option One Mortgage Corporation in trust for Centre Capital GroupU.S. Bank National Association, Inc.as Trustee for Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). 2005-7.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, on or prior to the Second Business Day following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Subservicing Agreement (Structured Asset Investment Loan Trust 2005-7)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home MortgageNational City Mortgage Co., Inc. as Servicer, in trust for Centre Capital Group, Inc., owner the Purchaser of Fixed and Adjustable ARM Rate Conventional, FHA or VA Residential Mortgage Loans, Loans and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Flow Master Seller's Warranties and Servicing Agreement (Sunset Financial Resources Inc)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. titled “Option One Mortgage Corporation in trust for Centre Capital GroupU.S. Bank National Association, Inc.as Trustee for Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). 2006-1.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, on or prior to the Second Business Day following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Subservicing Agreement (Structured Asset Investment Loan Trust 2006-1)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home MortgageCommercial Federal Mortgage Corporation, Inc. in trust for Centre Capital Group, Inc., owner the Purchaser of Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2001-1 and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours of or receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. “Ocwen Federal Bank FSB in trust for Centre Capital GroupLaSalle Bank National Association, Inc.as Trustee for the Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). 2003-BC11.” The Escrow Accounts shall be established with either (i) a Qualified Depository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D C hereto. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc11)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Household Finance Corporation, in trust for ▇▇▇▇▇▇ Fargo Home MortgageBrothers Bank FSB, Inc. in trust for Centre Capital Group, Inc., owner of Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2002-1 and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)". The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit D 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.072.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002 Hf1)
Establishment of and Deposits to Escrow Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo “Escrow Account of Chase Home MortgageFinance, Inc. in trust LLC, as subservicer for Centre Capital GroupJPMorgan Chase Bank, Inc.National Association, owner as Servicer for the benefit of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). FBR Securitization Trust 2005-1.” The Escrow Accounts Account shall be established with a Qualified Depository as an Eligible Account, in a manner that which shall provide maximum available insurance thereunder. Upon request of the Master Servicer and within ten days thereof, the Servicer shall provide the Master Servicer with written confirmation of the existence of such Escrow Account. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. 4.8.
(b) The Servicer shall deposit in the Escrow Account or Accounts within 48 hours two Business Days of Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.8. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the any Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the a Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Transfer and Servicing Agreement (FBR Securitization Trust 2005-1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. titled “Option One Mortgage Corporation in trust for Centre Capital GroupU.S. Bank National Association, Inc.as Trustee for Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). 2005-5.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, on or prior to the Second Business Day following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Subservicing Agreement (Structured Asset Investment Loan Trust 2005-5)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home MortgageBank, Inc. N.A. in trust for Centre Capital GroupJPMorgan Chase Bank, Inc., owner of Fixed and as Trustee for Structured Adjustable Rate Mortgage LoansLoan Trust, and various Mortgagors2004-13." (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository in a manner that shall provide maximum available insurance thereunderan Eligible Institution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement certification in the form of Exhibit D C hereto. A copy of such letter agreement certification shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours one (1) Business Day of the Servicer's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Subservicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. titled “Option One Mortgage Corporation in trust for Centre Capital GroupU.S. Bank National Association, Inc., owner of Fixed and Adjustable Rate as Trustee for BNC Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). Loan Trust 2006-1.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, on or prior to the Second Business Day following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Subservicing Agreement (BNC Mortgage Loan Trust 2006-1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. titled “Option One Mortgage Corporation in trust for Centre Capital GroupU.S. Bank National Association, Inc.as Trustee for Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). 2005-4.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, on or prior to the Second Business Day following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Subservicing Agreement (Structured Asset Investment Loan Trust 2005-4)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. “Ocwen Federal Bank FSB in trust for Centre Capital GroupLaSalle Bank National Association, Inc.as Trustee for the Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). 2003-BC9.” The Escrow Accounts shall be established with either (i) a Qualified Depository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D C hereto. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc9)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Household Finance Corporation, in trust for ▇▇▇▇▇▇ Fargo Home MortgageBrothers Bank FSB, Inc. in trust for Centre Capital Group, Inc., owner of Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2002-1 and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)”. The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit D 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.072.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003 Bc1)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage“IndyMac Bank, Inc. FSB, in trust for Centre Capital Group, Inc., owner the Purchaser of Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2001-3, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)”. The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-12xs)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. titled “Option One Mortgage Corporation in trust for Centre Capital GroupU.S. Bank National Association, Inc., owner of Fixed and Adjustable Rate as Trustee for BNC Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). Loan Trust 2006-2.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, on or prior to the Second Business Day following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Subservicing Agreement (BNC Mortgage Loan Trust 2006-2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. “Ocwen Federal Bank FSB in trust for Centre Capital GroupLaSalle Bank National Association, Inc.as Trustee for the Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)2003-BC2”. The Escrow Accounts shall be established with either (i) a Qualified Depository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D C hereto. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2003-Bc2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. “Ocwen Federal Bank FSB in trust for Centre Capital GroupLaSalle Bank National Association, Inc.as Trustee for the Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)2003-BC7”. The Escrow Accounts shall be established with either (i) a Qualified Depository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D C hereto. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Servicing Agreement (Structured Asset Inv Loan Mort Pass Thru Cer Ser 2003-Bc7)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. titled “Option One Mortgage Corporation in trust for Centre Capital GroupU.S. Bank National Association, Inc.as Trustee for Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). 2006-4.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, on or prior to the Second Business Day following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Subservicing Agreement (Structured Asset Investment Loan Trust 2006-4)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Ocwen Federal Bank FSB in trust for ▇▇▇▇▇ Fargo Home MortgageBank Minnesota, Inc. in trust National Association, as Trustee for Centre Capital Groupthe Structured Asset Investment Loan Trust, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). 2003-BC4.” The Escrow Accounts shall be established with either (i) a Qualified Depository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D C hereto. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc4)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. titled “Option One Mortgage Corporation in trust for Centre Capital GroupU.S. Bank National Association, Inc.as Trustee for Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). 2006-2.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, on or prior to the Second Business Day following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Subservicing Agreement (Sail 2006-2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Ocwen Federal Bank FSB in trust for ▇▇▇▇▇ Fargo Home MortgageBank Minnesota, Inc. in trust National Association, as Trustee for Centre Capital Groupthe Structured Asset Investment Loan Trust, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). 2003-BC12.” The Escrow Accounts shall be established with either (i) a Qualified Depository or (ii) an account or accounts the deposits in which are insured by the FDIC to the limits established by such corporation, provided that any such deposits not so insured shall be maintained in a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D C hereto. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-Bc12)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. titled “Option One Mortgage Corporation in trust for Centre Capital GroupU.S. Bank National Association, Inc.as Trustee for Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). 2005-9.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, on or prior to the Second Business Day following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Interim Subservicing Agreement (Structured Asset Investment Loan Trust 2005-9)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home MortgageBank, Inc. N.A., in trust for Centre Capital Group, Inc., owner the Purchaser and/or subsequent purchasers of Fixed and Adjustable Rate Residential Mortgage Loans, and various MortgagorsMortgagors - T & I." (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Escrow Account. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours two (2) Business Days of Company’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property; and
(iii) all payments on account of Buydown Funds. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Seller's Warranties and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-2)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home MortgageBank, Inc. N.A., in trust for Centre Capital Group, Inc., owner of Fixed and Adjustable Rate the Purchaser and/or subsequent purchasers Residential Mortgage Loans, and various MortgagorsMortgagors - T & I." (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). The Escrow Accounts shall be established with a Qualified Depository Depository, in a manner that which shall provide maximum available insurance thereunder. On the Closing Date, the Company shall provide the Purchaser with written confirmation of the existence of such Escrow Account in the form of Exhibit F hereto. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours one (1) Business Day of Company's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property; and
(iii) all payments on account of Buydown Funds. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-A4)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. in trust for Centre Capital Group, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in titled as instructed by the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee)Purchaser. The Escrow Accounts shall be established with a Qualified Depository or shall be in an account or accounts the deposits of which are insured by the FDIC to the limits established by such corporation to the extent that amounts so deposited are fully insured, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.074.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such letter agreement certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.074.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "▇▇▇▇▇ Fargo Home Mortgage, Inc. titled “Option One Mortgage Corporation in trust for Centre Capital GroupU.S. Bank National Association, Inc.as Trustee for Structured Asset Investment Loan Trust, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Escrow Account(s) shall be reestablished in trust for such Assignee). 2006-3.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within 48 hours of receipton a daily basis, on or prior to the Second Business Day following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.073.06. The Servicer shall retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Subservicing Agreement (Sail 2006-3)