Common use of Limitation on Assignment by the Servicer Clause in Contracts

Limitation on Assignment by the Servicer. The Owner has entered into this Agreement with the Servicer and, if applicable, subsequent purchasers will purchase the Mortgage Loans in reliance upon the independent status of the Servicer, and the representations as to the adequacy of its servicing facilities, plant, personnel, records and procedures, its integrity, reputation and financial standing, and the continuance thereof. Therefore, the Servicer shall not assign this Agreement or the servicing hereunder or delegate its rights or duties hereunder or any portion hereof without the prior written consent of the Owner, except: (a) as otherwise provided for in this Agreement, (b) in the case where such assignment, delegation, sale or disposition is to the corporate parent of the Servicer or to an affiliate of the Servicer or (c) the Servicer, without the consent of the Owner, may retain third party contractors to perform certain servicing and loan administration functions, including without limitation, hazard insurance administration, tax payment and administration, flood certification and administration, collection services and similar functions; provided that the retention of such contractors by the Servicer shall not limit the obligation of the Servicer to service the Mortgage Loans pursuant to the terms and conditions of this Agreement.

Limitation on Assignment by the Servicer. The Owner has entered into this Agreement with the Servicer and, if applicable, subsequent purchasers will purchase the Mortgage Loans in reliance upon the independent status of the Servicer, and the representations as to the adequacy of its servicing facilities, plant, personnel, records and procedures, its integrity, reputation and financial standing, and the continuance thereof. Therefore, the Servicer shall not assign this Agreement or the servicing hereunder or delegate its rights or duties hereunder or any portion hereof without the prior written consent of the Owner, except: (a) as otherwise provided for in this Agreement, or (b) in the case where such assignment, delegation, sale or disposition is to the corporate parent of the Servicer or to an affiliate of the Servicer or (c) the Servicer, without the consent of the Owner, may retain third party contractors to perform certain servicing and loan administration functions, including without limitation, hazard insurance administration, tax payment and administration, flood certification and administration, collection services and similar functions; provided provided, that the retention of such contractors by the Servicer shall not limit the obligation of the Servicer to service the Mortgage Loans pursuant to the terms and conditions of this Agreement.

Limitation on Assignment by the Servicer. (a) The Owner has entered into this Agreement with the Servicer and, if applicable, subsequent purchasers will purchase the Mortgage Loans in reliance upon the independent status of the Servicer, and the representations as to the adequacy of its servicing facilities, plant, personnel, records and procedures, its integrity, reputation and financial standing, and the continuance thereof. Therefore, the Servicer shall not assign this Agreement or the servicing hereunder or delegate its rights or duties hereunder or any portion hereof without thereof; provided however, that Servicer may assign this Agreement with the prior written consent of the Owner to an Eligible Servicer as to whom the Owner’s engagement as a subservicer hereunder for the Agency Loans has been approved by the applicable Agencies; and provided further, except: (a) as otherwise provided for in this Agreementhowever, that such Eligible Servicer shall execute and deliver to the Owner a mutually agreeable assignment and assumption agreement. (b) in Notwithstanding the case where such assignmentforegoing, delegation, sale or disposition is to the corporate parent of the Servicer or to an affiliate of the Servicer or (c) the Serviceror, as applicable, its Affiliates may also, without the consent of the Owner, may subject to the terms of this Agreement, retain third party contractors (including the entities listed on Exhibit 6) to perform certain discrete servicing and loan administration functions, including without limitation, hazard insurance administration, tax payment and administration, flood certification and administration, collection services, REO services and similar functions; provided provided, that the retention of such contractors by the Servicer or its Affiliate shall not limit the obligation of the Servicer to service the Mortgage Loans and REO Properties pursuant to the terms and conditions of this Agreement.