Common use of Books and Records; Transfers of Mortgage Loans Clause in Contracts

Books and Records; Transfers of Mortgage Loans. Record title to each Mortgage and the related Mortgage Note as of the applicable Closing Date shall be in the name of the Purchaser or as the Purchaser shall designate. All rights arising out of the Mortgage Loans including, but not limited to, all funds received by the Company after the related Cut-off Date on or in connection with a Mortgage Loan shall be vested in the Purchaser; provided, however, that all funds received on or in connection with a Mortgage Loan shall be received and held by the Company in trust for the benefit of the Purchaser as owner of the Mortgage Loans, for the sole purpose of servicing the Mortgage Loans. The sale of each Mortgage Loan shall be reflected on the Company’s balance sheet and other financial statements as a sale of assets by the Company. The Company shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Mortgage Loan which shall be marked clearly to reflect the ownership of each Mortgage Loan by the Purchaser. The Company shall maintain with respect to each Mortgage Loan and shall make available for inspection by any Purchaser or its designee the related Servicing File during the time the Purchaser retains ownership of a Mortgage Loan and thereafter in accordance with applicable laws and regulations.

Books and Records; Transfers of Mortgage Loans. Record title to each Mortgage From and after the related Mortgage Note as sale of the applicable Closing Date shall be in the name of Mortgage Loans to the Purchaser or as the Purchaser shall designate. All all rights arising out of the Mortgage Loans Loans, including, but not limited to, all funds received by the Company after the related Cut-off Date on or in connection with a the Mortgage Loan shall be vested in the Purchaser; providedLoans, however, that all funds received on or in connection with a Mortgage Loan shall be received and held by the Company in trust for the benefit of the Purchaser as owner of the Mortgage Loans, for the sole purpose of servicing the Mortgage Loans. The sale of each Mortgage Loan and related Servicing Rights shall be reflected on the Company’s balance sheet and other financial statements statements, tax returns and business records as a sale of assets by the Company. The Company shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Mortgage Loan Loan, which shall be marked clearly to reflect the ownership of each Mortgage Loan and the Servicing Rights by the Purchaser. In particular, the Company shall maintain in its possession, available for inspection by the Purchaser, or its designee, and shall deliver to the Purchaser upon demand, evidence of compliance with all Applicable Laws and, if applicable, requirements of Fxxxxx Mae or Fxxxxxx Mac. The Company shall maintain with respect to each Mortgage Loan and shall make available for inspection by any the Purchaser or its designee the related Servicing File during the time the Purchaser retains ownership of a Mortgage Loan Interim Servicing Period and thereafter in accordance with applicable laws and regulationsApplicable Laws.