Agenda Packets - 2017/09/25 - Laserfiche WebLink

Home Browse Search

may increase the Fees from time to time by providing an updated Schedule 2 to Client at least 30 days prior to effective date of the new Fee schedule. Section 5. Initial Boarding of Client Loans. I. In making this agreement with Servicer, Client represents, warrants, and agrees to provide to Servicer the information fields for each Client Loan and the documentation as identified in Schedule 3, attached hereto, regarding the Client Loans for which it desires servicing under the terms of this Agreement ("Boarding"). Each Client Loan will be communicated to Servicer in a mutually agreed-upon electronic format or formats (in cases where more than one file format is needed by Servicer). ii. The Client will cooperate with Servicer, and provide Servicer such information as may be necessary to perform its duties under this Agreement, reconcile any loan balance information provided to Servicer, and Servicer may rely in good faith on information provided to it by the Client. Section 6. Ongoing Boarding of Client Loans. From time to time, following the Effective Date of this Agreement, the Client may notify Servicer of newly -originated Loans for which it desires servicing under the terms of this Agreement. Each Client Loan will be communicated to Servicer in a mutually agreed-upon electronic format which will include the information required by Servicer to service such loan or loans as identified in Schedule 3. iii. Client represents, warrants, and agrees to cooperate with Servicer, and to provide Servicer such information as may be necessary to perform its duties under this Agreement, to reconcile any loan balance information provided to Servicer, and that Servicer may rely in good faith on the information provided to it by the Client. Section 7. Reports the Property of Client. All reports, documents, and material delivered by Servicer to Client pursuant to this Agreement are the exclusive property of the Client. Client may use any work product prepared by Servicer in such manner, for such purpose, and as often as Client shall deem advisable, in whole, in part, or in modified form, without further compensation to Servicer. Section 8. Nature of Agreement. Servicer shall perform all of its services and duties hereunder at its own expense and without cost or charge to the Client except as expressly provided herein. Servicer acknowledges that this Agreement does not constitute a joint venture, that the Client is not responsible for Servicer's acts, and that Servicer is acting as an independent contractor and not as agent for the Client except as may be specifically provided for herein. I. Governmental Approvals. Servicer has obtained and will maintain in full force and effect all related eligibility criteria in order to maintain in full force and effect, without material impairment, suspension or revocation, all municipal, local, or other applicable governmental approvals, registrations, qualifications, permits, licenses and other applicable authorizations that are required or necessary to perform and conduct the services and Servicer's business in accordance with Applicable Requirements, as hereinafter defined. ii. For purposes of this Agreement "Applicable Requirements" shall mean: (a) All applicable federal, state, and local legal and regulatory requirements binding upon the Servicer related to the performance of the Services; (b) All other applicable requirements and guidelines of each governmental and quasi -governmental agency, board, commission, instrumentality, and other governmental body or office having jurisdiction over Servicer; (c) All other judicial and administrative judgments, orders, stipulations, awards, writs, and injunctions applicable to the services or the Servicer; and 50615642 AMB MU210-194