Section 819. The Primary Servicer shall immediately notify the Master Servicer of any event or circumstance that the Primary Servicer deems a Servicing Transfer Event with respect to the Mortgage Loans, and to the extent of the Primary Servicer’s knowledge, whether such Mortgage Loan is covered by an Environmental Insurance Policy. The final determination as to whether a Servicing Transfer Event has occurred shall be made by the Master Servicer or the Special Servicer. Upon receipt by the Master Servicer of notice from the Special Servicer that a Specially Serviced Mortgage Loan has become a Rehabilitated Mortgage Loan, the Master Servicer shall promptly give the Primary Servicer notice thereof and the full obligations of the Primary Servicer to service and administer such mortgage loan shall resume. The Primary Servicer shall be entitled to continue to receive its Primary Servicing Fee with respect to a Mortgage Loan serviced hereunder while it is a Specially Serviced Mortgage Loan.
Appears in 2 contracts
Sources: Primary Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5), Primary Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5)