Common use of Servicing Responsibilities Clause in Contracts

Servicing Responsibilities. The Seller represents that in undertaking responsibility for performance of the services specified in this Agreement, it will exercise at least the degree of care generally exercised by and expected of a prudent lender, and that in its function of trusteeship it will exercise at least that degree of care which is legally required of a trustee. The Seller shall be responsible for the execution of all appropriate notices and all other acts necessary to protect title in the Buyer, Buyer's successors, or Buyer's assignees, as the case may be, as to the ownership of the participation ownership interests in the Loans sold under this Agreement and: for preserving all rights in said Loans and administering them in all respects consistent with applicable law and regulations, and for servicing the same in a manner consistent with good and prudent mortgage practices.