Common use of Contract for Servicing; Maintenance of Servicing Files Clause in Contracts

Contract for Servicing; Maintenance of Servicing Files. The Owner does hereby contract with the Servicer, subject to the terms of this Agreement for the servicing of the Mortgage Loans. In respect of all Mortgage Loans sold to the Owner pursuant to the Loan Purchase Agreement, the Servicer shall maintain a Servicing File, available for inspection by the Owner, consisting of a copy of the contents of each Mortgage File and the originals of the documents in each Mortgage File not delivered to the Custodian, as well as all other documents and records related to each Mortgage Loan. The possession of each Servicing File by the Servicer is at the will of the Owner for the sole purpose of servicing the related Mortgage Loan, and such retention and possession by the Servicer is in a custodial capacity only. Upon the sale of each Mortgage Loan pursuant to the Loan Purchase Agreement the ownership of each Mortgage Note, the related Mortgage and the related Mortgage File and Servicing File shall vest immediately in the Owner, and the ownership of all records and documents with respect to the related Mortgage Loan prepared by or which come into the possession of the Servicer shall vest immediately in the Owner and shall be retained and maintained by the Servicer, in trust, at the will of the Owner and only in such custodial capacity. Each Servicing File shall be segregated from the other books and records of the Servicer and shall be marked appropriately to reflect clearly the sale of the related Mortgage Loan to the Owner. The Servicer shall release its custody of the contents of any Servicing File only in accordance with written instructions from the Owner, unless such release is required as incidental to the Servicer's servicing of the Mortgage Loans or is in connection with a repurchase of any Mortgage Loan pursuant to Section 6.02.