Modification Agreements Clause Samples
A Modification Agreements clause defines the process by which changes to the original contract can be made. Typically, it requires that any amendments or alterations to the agreement must be documented in writing and signed by all parties involved. This ensures that all modifications are clearly agreed upon and prevents disputes over informal or unauthorized changes, thereby maintaining the integrity and clarity of the contractual relationship.
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Modification Agreements. The Servicer or the related Subservicer, as the case may be, shall be entitled to (A) execute assumption agreements, substitution agreements, and instruments of satisfaction or cancellation or of partial or full release or discharge, or any other document contemplated by this Servicing Agreement and other comparable instruments with respect to the Mortgage Loans and with respect to the Mortgaged Properties subject to the Mortgages (and the Company shall promptly execute any such documents on request of the Servicer) and (B) approve the granting of an easement thereon in favor of another Person, any alteration or demolition of the related Mortgaged Property or other similar matters, if it has determined, exercising its good faith business judgment in the same manner as it would if it were the owner of the related Mortgage Loan, that the security for, and the timely and full collectability of, such Mortgage Loan would not be adversely affected thereby. A partial release pursuant to this Section 3.05 shall be permitted only if the Combined Loan-to-Value Ratio for such Mortgage Loan after such partial release does not exceed the Combined Loan-to-Value Ratio for such Mortgage Loan as of the Cut-Off Date. Any fee collected by the Servicer or the related Subservicer for processing such request will be retained by the Servicer or such Subservicer as additional servicing compensation.
Modification Agreements. Section 3.06 Trust Estate; Related Documents............................................... Section 3.07 Realization Upon Defaulted Mortgage Loans..................................... Section 3.08 Depositor and Indenture Trustee to Cooperate..................................
Modification Agreements. 11 Section 3.06 Trust Estate; Related Documents...............................12 Section 3.07 Realization upon Defaulted Mortgage Loans.....................13 Section 3.08 Company and Indenture Trustee to Cooperate....................14 Section 3.09 Servicing Compensation; Payment of Certain Expenses by Servicer......................................................15 Section 3.10 Annual Statement as to Compliance.............................15 Section 3.11 Annual Servicing Report.......................................16 Section 3.12 Access to Certain Documentation and Information Regarding the Mortgage Loans............................................16 Section 3.13 Maintenance of Certain Servicing Insurance Policies...........16 Section 3.14 Information Required by the Internal Revenue Service Generally and Reports of Foreclosures and Abandonments of Mortgaged Property.........................................16 Section 3.15 Optional Repurchase of Defaulted Mortgage Loans...............17
Modification Agreements. (a) The Servicer or the related Subservicer, as the case may be, shall be entitled to (a) execute assumption agreements, substitution agreements, and instruments of satisfaction or cancellation or of partial or full release or discharge, or any other document contemplated by this Agreement and other comparable instruments with respect to the Mortgage Loans and with respect to the related Mortgaged Properties (and the Issuer and the Indenture Trustee each shall promptly execute any such documents on request of the Servicer) and (b) approve the granting of an easement thereon in favor of another Person, any alteration or demolition of such Mortgaged Properties or other similar matters, if it has determined, exercising its good faith business judgment in the same manner as it would if it were the owner of the related Mortgage Loans, that the security for, and the timely and full collectability of, such Mortgage Loans would not be adversely affected thereby. A partial release pursuant to this Section 3.06 shall be permitted only if the CLTV for the related Mortgage Loan after such partial release does not exceed the CLTV for such Mortgage Loan as of the Cut-Off Date or related Subsequent Cut-Off Date, as applicable. Any fee collected by the Servicer or the related Subservicer for processing such request will be retained by the Servicer or such Subservicer as additional servicing compensation.
(b) Notwithstanding any other provision of this Agreement to the contrary, the Servicer, at its option and in its sole discretion, may modify any Mortgage Loan to (i) change the Loan Rate payable on the related Mortgage Loan, (ii) increase the credit limit on the related Mortgage Loan above the limit stated in the related Loan Agreement, (iii) refinance the existing senior Lien or place a new senior Lien related to a Mortgage Loan resulting in a CLTV Ratio above the previous CLTV Ratio for such Mortgage Loan, or (iv) make any other material modification to the related Mortgage Loan; provided, however, that without the consent of the Enhancer, the aggregate Principal Balance of the Mortgage Loans modified by this Section 3.06(b) shall not exceed five percent (5%) of the Pool Balance as of the Cut-Off Date; provided, further, that any decision by the Servicer to modify a Mortgage Loan shall be normal and usual in accordance with its general mortgage servicing activities and consistent with the procedures the Servicer employs in servicing all other Mortgage Loans in the serv...
Modification Agreements. 12 Section 3.06. Trust Estate; Related Documents..........................
Modification Agreements. 11 Section 3.06 TRUST ESTATE; RELATED DOCUMENTS.......................................................12 Section 3.07 REALIZATION UPON DEFAULTED MORTGAGE LOANS.............................................13 Section 3.08 COMPANY AND INDENTURE TRUSTEE TO COOPERATE............................................14 Section 3.09 SERVICING COMPENSATION; PAYMENT OF CERTAIN EXPENSES BY SERVICER.......................15 Section 3.10 ANNUAL STATEMENT AS TO COMPLIANCE.....................................................15 Section 3.11
Modification Agreements. The Master Servicer or the related Subservicer, as the case may be, shall be entitled to (A) execute assumption agreements, substitution agreements, and instruments of satisfaction or cancellation or of partial or full release or discharge, or any other document contemplated by this Servicing Agreement and other comparable instruments with respect to the Revolving Credit Loans and with respect to the Mortgaged Properties subject to the Mortgages (and the 1996-RHS4 LLC and the Indenture Trustee each shall promptly execute any such documents on request of the Master Servicer) and (B) approve the granting of an easement thereon in favor of another Person, any alteration or demolition of the related Mortgaged Property or other similar matters, if it has determined, exercising its good faith business judgment in the same manner as it would if it were the owner of the related Revolving Credit Loan, that the security for, and the timely and full collectability of, such Revolving Credit Loan would not be adversely affected thereby. A partial release pursuant to this Section 3.05 shall be permitted only if the Combined Loan-to-Value Ratio for such Revolving Credit Loan after such partial release does not exceed the Combined Loan-to-Value Ratio for such Revolving Credit Loan as of the Cut-off Date. Any fee collected by the Master Servicer or the related Subservicer for processing such request will be retained by the Master Servicer or such Subservicer as additional servicing compensation.
Modification Agreements. The Servicer shall be entitled to (A) execute assumption agreements, substitution agreements, and instruments of satisfaction or cancellation or of partial or full release or discharge, or any other document contemplated by this Servicing Agreement and other comparable instruments with respect to the Home Equity Loans and with respect to the Mortgaged Properties subject to the Mortgages (and the Issuer and the Indenture Trustee each shall promptly execute any such documents on request of the Servicer) and (B) approve the granting of an easement thereon in favor of another Person, any alteration or demolition of the related Mortgaged Property or other similar matters, if it has determined, exercising its good faith business judgment in the same manner as it would if it were the owner of the related Home Equity Loan, that the security for, and the timely and full collectability of, such Home Equity Loan would not be adversely affected thereby. A partial release pursuant to this Section 3.05 shall be permitted only if the Combined Loan-to-Value Ratio for such Home Equity Loan after such partial release does not exceed the Combined Loan-to-Value Ratio for such Home Equity Loan as of the Cut-off Date. Any fee collected by the Servicer or the related Subservicer for processing such request will be retained by the Servicer or such Subservicer as additional servicing compensation.
Modification Agreements. At least five business days prior to the Closing, the Company shall enter into with each FFM Employee a modification agreement (the "Modification Agreement") which shall have the effect of (i) fixing the dollar value of the amount of Parent Common Stock issuable to each FFM Employee, (ii) providing that the FFM Employees shall have no rights to the Additional Payments, (iii) setting forth the appropriate pro rata percentage of Contingent Payments to which each FFM Employee is entitled to receive (which percentages shall equal the percentages referenced in subparagraph (b) above), (iv) providing that Parent and Surviving Corporation can withhold the Compensation Tax Withholdings from the shares issuable and amounts payable to the FFM Employees, and (v) such other terms as Parent and the Company shall agree. Such Modification Agreements shall specifically state that Parent is entitled to rely upon such agreements. The form and substance of the Modification Agreements shall be subject to Parent's approval in its reasonable discretion. Also at least five business days prior to the Closing, the Company shall present to Parent a spread sheet detailing all payments and distributions to be made as a result of the Modification Agreements, which spreadsheet shall be subject to Parent's approval in its reasonable discretion.
Modification Agreements. 14.1 Additional compensation shall be subject to approval by the HCSO in a written Modification Agreement as described in this Section.
14.2 Without invalidating the AGREEMENT, HCSO may, at any time or from time to time, order additions, deletions, or revisions to the services to be provided by PROFESSIONAL. Upon agreement as to changes in the services to be performed, HCSO DESIGNEE will prepare a written Modification Agreement to be signed by PROFESSIONAL and, except as provided in 14.4 below, submitted to the HCSO for approval.
14.3 Because time is of the essence regarding this AGREEMENT and to achieve the public purpose of this AGREEMENT as initially determined by HCSO, HCSO is hereby authorized by HC SHERIFF to negotiate Modification to this AGREEMENT in accordance with the following criteria:
14.3.1 HCSO'S Chief Financial Officer certifies that any increased costs are within the budgeted funds or are otherwise proper expenditures under the provisions of Sec. 129.07-08, Florida Statutes (1987), as amended.
14.3.2 The amount of any increased cost to be paid by HCSO does not exceed $120.00 or twenty- five