Common use of Examination of Mortgage Loan Documents: Acceptance of Mortgage Loans Clause in Contracts

Examination of Mortgage Loan Documents: Acceptance of Mortgage Loans. To the extent not previously delivered to the Depositor or a designee of the Depositor, the Seller shall, prior to the Closing Date either (i) deliver to the Depositor or its designee in escrow, for examination, the Mortgage Loan Documents pertaining to each Mortgage Loan then being sold by it or (ii) make such Mortgage Loan Documents available to the Depositor or its designee for examination at the Seller’s offices or at such other place as the Seller shall specify. Any such Mortgage Loan Documents so held by the Seller and so made available to the Depositor or its designee shall be held by the Seller and so made available solely as a matter of convenience to the Depositor or its designee and in lieu of delivering such Mortgage Loan Documents to the Depositor or its designee. The Depositor, the Custodian or a designee of either entity may review the Mortgage Loan Documents to verify that all documents required to be included in each Mortgage File (as such term has been defined in the Transfer and Servicing Agreement) are so included. Prior to the Closing Date, the Seller shall cause the Custodian to review the documents delivered pursuant to Section 3(c) hereof to ascertain that, as to each Mortgage Loan listed on Schedule I, (i) all documents required to be delivered by the Seller pursuant to Section 3(c) have been received, (ii) such documents appear regular on their face and relate to such Mortgage Loan and (iii) the information on Schedule I accurately reflects the information set forth in the corresponding Mortgage File, to the extent required by Section 2.01 of the Transfer and Servicing Agreement. An additional review shall be conducted by the Custodian or its designee prior to the first anniversary of the Closing Date to determine that all Mortgage Loan Documents required to be included in the Mortgage File are included therein. If at any time the Depositor or the Indenture Trustee, or the Custodian, discovers or receives notice that any Mortgage Loan Document is missing or defective in any material respect with respect to any Mortgage Loan, the Seller shall correct or cure any such omission or defect or, if such omission or defect materially impairs the value of the Mortgage Loan, repurchase the defective Mortgage Loan or substitute for such defective Mortgage Loan a Qualified Substitute Mortgage Loan in accordance with and if permitted by the terms of Section 6 hereof. At the time of such repurchase or substitution, the Custodian shall release documents in its possession relating to such Mortgage Loan to the Seller. The fact that the Depositor, the Indenture Trustee or a designee of either entity has conducted or has failed to conduct any partial or complete examination of the Mortgage Loan Documents prior to the Closing Date shall not affect the rights of the Depositor (or any assignee or successor thereof) to demand repurchase or other relief as provided herein.

Examination of Mortgage Loan Documents: Acceptance of Mortgage Loans. To the extent not previously delivered to the Depositor or a designee of the Depositor, the Seller shall, prior to the Closing Date Date, either (i) deliver to the Depositor or its designee in escrow, for examination, the Mortgage Loan Documents pertaining to each Mortgage Loan then being sold by it or (ii) make such Mortgage Loan Documents available to the Depositor or its designee for examination at the Seller’s offices or at such other place as the Seller shall specify. Any such Mortgage Loan Documents so held by the Seller and so made available to the Depositor or its designee shall be held by the Seller and so made available solely as a matter of convenience to the Depositor or its designee and in lieu of delivering such Mortgage Loan Documents to the Depositor or its designee. The Depositor, the Custodian or a designee of either entity may review the Mortgage Loan Documents to verify that all documents required to be included in each Mortgage File (as such term has been defined in the Transfer and Servicing Agreement) are so included. Prior to the Closing Date, the Seller shall cause the Custodian to review the documents delivered pursuant to Section 3(c) hereof to ascertain that, as to each Mortgage Loan listed on Schedule I, (i) all documents required to be delivered by the Seller pursuant to Section 3(c) have been received, (ii) such documents appear regular on their face and relate to such Mortgage Loan and (iii) the information on Schedule I accurately reflects the information set forth in the corresponding Mortgage File, to the extent required by Section 2.01 of the Transfer and Servicing Agreement. An additional review shall be conducted by the Custodian or its designee prior to the first anniversary of the Closing Date to determine that all Mortgage Loan Documents required to be included in the Mortgage File are included therein. If at any time the Depositor or the Indenture Trustee, or the Custodian, discovers or receives notice that any Mortgage Loan Document is missing or defective in any material respect with respect to any Mortgage Loan, the Seller shall correct or cure any such omission or defect or, if such omission or defect materially impairs the value of the Mortgage Loan, repurchase the defective Mortgage Loan or substitute for such defective Mortgage Loan a Qualified Substitute Mortgage Loan in accordance with and if permitted by the terms of Section 6 hereof. At the time of such repurchase or substitution, the Custodian shall release documents in its possession relating to such Mortgage Loan to the Seller. The fact that the Depositor, the Indenture Trustee or a designee of either entity has conducted or has failed to conduct any partial or complete examination of the Mortgage Loan Documents prior to the Closing Date shall not affect the rights of the Depositor (or any assignee or successor thereof) to demand repurchase or other relief as provided herein.

Examination of Mortgage Loan Documents: Acceptance of Mortgage Loans. To the extent not previously delivered to the Depositor or a designee of the Depositor, the Seller shall, prior to the Closing Date either (i) deliver to the Depositor or its designee in escrow, for examination, the Mortgage Loan Documents pertaining to each Mortgage Loan then being sold by it or (ii) make such Mortgage Loan Documents available to the Depositor or its designee for examination at the Seller’s offices or at such other place as the Seller shall specify. Any such Mortgage Loan Documents so held by the Seller and so made available to the Depositor or its designee shall be held by the Seller and so made available solely as a matter of convenience to the Depositor or its designee and in lieu of delivering such Mortgage Loan Documents to the Depositor or its designee. The Depositor, the Custodian or a designee of either entity may review the Mortgage Loan Documents to verify that all documents required to be included in each Mortgage File (as such term has been defined in the Transfer and Servicing Agreement) are so included. Prior to the Closing Date, the Seller shall cause the Custodian to review the documents delivered pursuant to Section 3(c) hereof to ascertain that, as to each Mortgage Loan listed on Schedule I, (i) all documents required to be delivered by the Seller pursuant to Section 3(c) have been received, (ii) such documents appear regular on their face and relate to such Mortgage Loan and (iii) the information on Schedule I accurately reflects the information set forth in the corresponding Mortgage File, to the extent required by Section 2.01 [2.01] of the Transfer [Transfer] [Pooling] and Servicing Agreement. An additional review shall be conducted by the Custodian or its designee prior to the first anniversary of the Closing Date to determine that all Mortgage Loan Documents required to be included in the Mortgage File are included therein. If at any time the Depositor or the Indenture [Indenture] Trustee, or the Custodian, discovers or receives notice that any Mortgage Loan Document is missing or defective in any material respect with respect to any Mortgage Loan, the Seller shall correct or cure any such omission or defect or, if such omission or defect materially impairs the value of the Mortgage Loan, repurchase the defective Mortgage Loan or substitute for such defective Mortgage Loan a Qualified Substitute Mortgage Loan in accordance with and if permitted by the terms of Section 6 hereof. At the time of such repurchase or substitution, the Custodian shall release documents in its possession relating to such Mortgage Loan to the Seller. The fact that the Depositor, the Indenture [Indenture] Trustee or a designee of either entity has conducted or has failed to conduct any partial or complete examination of the Mortgage Loan Documents prior to the Closing Date shall not affect the rights of the Depositor (or any assignee or successor thereof) to demand repurchase or other relief as provided herein.

Examination of Mortgage Loan Documents: Acceptance of Mortgage Loans. To the extent not previously delivered Prior to the Depositor or a designee of the DepositorClosing Date, the Seller shall, prior to the Closing Date shall either (i1) deliver to the Depositor or its designee in escrow, for examination, the Mortgage Loan Documents pertaining to each Mortgage Loan then being sold by it Loan, or (ii2) make such Mortgage Loan Documents available to the Depositor or its designee for examination at the Seller’s 's offices or at such other place as the Seller shall specify. Any such Mortgage Loan Documents so held by the Seller and so made available to the Depositor or its designee shall be held by the Seller and so made available solely as a matter of convenience to the Depositor or its designee and in lieu of delivering such Mortgage Loan Documents to the Depositor or its designee. The Depositor, the Custodian Issuer, the Custodian, the Indenture Trustee, or a designee of either any such entity may review the Mortgage Loan Documents to verify that all documents required to be included in each Mortgage File (as such term has been defined in the Transfer and Servicing Agreement) are so includedDocuments. Prior to the Closing Date, the Seller Custodian shall cause the Custodian to review the documents delivered pursuant to Section 3(c3(b) hereof to ascertain that, as to each Mortgage Loan listed on Schedule I, (iprovided in Section 6.15(a) all documents required to be delivered by the Seller pursuant to Section 3(c) have been received, (ii) such documents appear regular on their face and relate to such Mortgage Loan and (iii) the information on Schedule I accurately reflects the information set forth in the corresponding Mortgage File, to the extent required by Section 2.01 of the Transfer and Servicing AgreementIndenture. An additional review shall be conducted by the Custodian or its designee Custodian, on behalf of the Indenture Trustee prior to the first anniversary of the Closing Date to determine that all Mortgage Loan Documents required to be included as provided in Section 6.15(b) of the Mortgage File are included thereinIndenture. If at any time the Depositor Depositor, the Custodian or the Indenture Trustee, or the Custodian, Trustee discovers or receives notice that any Mortgage Loan Document is missing or defective in any material respect with respect to any Mortgage Loan, or that there exists any material discrepancy between the Mortgage Loan Documents and the Mortgage Loan Schedule, it shall promptly notify the Seller and the Note Insurer in writing thereof. Upon its receipt of notice of such incompleteness, defect or discrepancy, the Seller shall correct or cure any such omission or defect or, if such omission or defect materially impairs the value of the Mortgage Loancure, repurchase the defective Mortgage Loan or substitute for such defective the affected Mortgage Loan a Qualified Substitute Mortgage Loan to the extent provided in accordance with and if permitted by the terms of Section 6 7(b) hereof. At the time of any such repurchase or substitution, the Custodian shall release documents in its possession relating to such Mortgage Loan to the Seller. The fact that the Depositor, the Custodian, the Indenture Trustee or a designee of either entity has conducted or has failed to conduct any partial or complete examination of the Mortgage Loan Documents prior to the Closing Date shall not affect the rights of the Depositor Depositor, the Indenture Trustee (or any assignee or successor thereofof either of them) to demand repurchase or other relief as provided herein.

Examination of Mortgage Loan Documents: Acceptance of Mortgage Loans. To the extent not previously delivered Prior to the Depositor or a designee of the DepositorClosing Date, the Seller shall, prior to the Closing Date shall either (i) deliver to the Depositor Company or its designee in escrow, for examination, the Mortgage Loan Documents pertaining to each Mortgage Loan then being sold by it Loan, or (ii) make such Mortgage Loan Documents available to the Depositor Company or its designee for examination at the Seller’s 's offices or at such other place as the Seller shall specify. Any such Mortgage Loan Documents so held by the Seller and so made available to the Depositor or its designee shall be held by the Seller and so made available solely as a matter of convenience to the Depositor or its designee and in lieu of delivering such Mortgage Loan Documents to the Depositor or its designee. The DepositorCompany, the Custodian Custodian, the Trustee, or a designee of either any such entity may review the Mortgage Loan Documents to verify that all documents required to be included in each Mortgage File (as such term has been defined in the Transfer and Servicing Agreement) are so includedDocuments. Prior to the Closing Date, the Seller Trustee (or the Custodian, as its designee) shall cause the Custodian to review the documents delivered pursuant to Section 3(c3(b) hereof to ascertain that, as to each Mortgage Loan listed on Schedule Iin the Mortgage Loan Schedule, (i) all documents required to be delivered by the Seller pursuant to such Section 3(c3(b) have been received, (ii) such documents appear regular on their face and relate to such Mortgage Loan Loan, and (iii) the information on as to the Mortgage Loan set forth in the Mortgage Loan Schedule I accurately reflects the information set forth in the corresponding Trustee Mortgage Loan File, to the extent required by Section 2.01 of the Transfer and Servicing Agreement. An additional review shall be conducted by the Custodian Trustee (or the Custodian, as its designee designee) prior to the first anniversary of the Closing Date to determine that all Mortgage Loan Documents required to be included in the Trustee Mortgage Loan File are included therein. If at any time the Depositor Company, the Custodian or the Indenture Trustee, or the Custodian, Trustee discovers or receives notice that any Mortgage Loan Document is missing or defective in any material respect with respect to any Mortgage Loan, or that there exists any material discrepancy between the Mortgage Loan Documents and the Mortgage Loan Schedule, it shall promptly notify the Seller shall correct in writing thereof. Upon its receipt of notice of such incompleteness, defect or cure discrepancy, the Seller must cure, repurchase or substitute for the affected Mortgage Loan to the extent provided in Section 7(b) hereof. Notwithstanding any such omission or defect orof the foregoing, if such omission or defect materially impairs the value only problem discovered in respect of a Mortgage Loan is an overstatement in the Mortgage Loan Schedule of the Cut-off Date Principal Balance of the Mortgage Loan, repurchase the defective Mortgage Loan or substitute for Seller may cure such defective Mortgage Loan a Qualified Substitute Mortgage Loan discrepancy by depositing cash into the Certificate Account in accordance with and if permitted by the terms amount of Section 6 hereofsuch overstatement prior to the first Distribution Date. At the time of any such repurchase or substitution, the Custodian shall release documents in its possession relating to such Mortgage Loan to the Seller. The fact that the DepositorCompany, the Indenture Trustee or a designee of either entity has conducted or has failed to conduct any partial or complete examination of the Mortgage Loan Documents prior to the Closing Date shall not affect the rights of the Depositor Company (or any assignee or successor thereof) to demand repurchase or other relief as provided herein.

Examination of Mortgage Loan Documents: Acceptance of Mortgage Loans. To the extent not previously delivered Prior to the Depositor or a designee of the DepositorClosing Date, the Seller shall, prior to the Closing Date shall either (i1) deliver to the Depositor FAIC II or its designee in escrow, for examination, the Mortgage Loan Documents pertaining to each Mortgage Loan then being sold by it Loan, or (ii2) make such Mortgage Loan Documents available to the Depositor FAIC II or its designee for examination at the Seller’s 's offices or at such other place as the Seller shall specify. Any such Mortgage Loan Documents so held by the Seller and so made available to the Depositor or its designee shall be held by the Seller and so made available solely as a matter of convenience to the Depositor or its designee and in lieu of delivering such Mortgage Loan Documents to the Depositor or its designee. The DepositorFAIC II, the Custodian Issuer, the Indenture Trustee, or a designee of either any such entity may review the Mortgage Loan Documents to verify that all documents required to be included in each Mortgage File (as such term has been defined in the Transfer and Servicing Agreement) are so includedDocuments. Prior to the Closing Date, the Seller Indenture Trustee shall cause the Custodian to review the documents delivered pursuant to Section 3(c3(b) hereof to ascertain that, as to each Mortgage Loan listed on Schedule I, (iprovided in Section 6.15(a) all documents required to be delivered by the Seller pursuant to Section 3(c) have been received, (ii) such documents appear regular on their face and relate to such Mortgage Loan and (iii) the information on Schedule I accurately reflects the information set forth in the corresponding Mortgage File, to the extent required by Section 2.01 of the Transfer and Servicing AgreementIndenture. An additional review shall be conducted by the Custodian or its designee Trustee prior to the first anniversary of the Closing Date to determine that all Mortgage Loan Documents required to be included as provided in Section 6.15(b) of the Mortgage File are included thereinIndenture. If at any time the Depositor FAIC II or the Indenture Trustee, or the Custodian, Trustee discovers or receives notice that any Mortgage Loan Document is missing or defective in any material respect with respect to any Mortgage Loan, or that there exists any material discrepancy between the Mortgage Loan Documents and the Mortgage Loan Schedule, it shall promptly notify the Seller in writing thereof. Upon its receipt of notice of such incompleteness, defect or discrepancy, the Seller shall correct or cure any such omission or defect or, if such omission or defect materially impairs the value of the Mortgage Loancure, repurchase the defective Mortgage Loan or substitute for such defective the affected Mortgage Loan a Qualified Substitute Mortgage Loan to the extent provided in accordance with and if permitted by the terms of Section 6 7(b) hereof. At the time of any such repurchase or substitution, the Custodian Indenture Trustee shall release documents in its possession relating to such Mortgage Loan to the Seller. The fact that the DepositorFAIC II, the Indenture Trustee or a designee of either entity has conducted or has failed to conduct any partial or complete examination of the Mortgage Loan Documents prior to the Closing Date shall not affect the rights of FAIC II, the Depositor Indenture Trustee (or any assignee or successor thereofof either of them) to demand repurchase or other relief as provided herein.

Examination of Mortgage Loan Documents: Acceptance of Mortgage Loans. To the extent not previously delivered to the Depositor or a designee of the Depositor, the Seller shall, prior to the Closing Date [or the applicable Transfer Date], either (i) deliver to the Depositor or its designee in escrow, for examination, the Mortgage Loan Documents pertaining to each Mortgage Loan then being sold by it or (ii) make such Mortgage Loan Documents available to the Depositor or its designee for examination at the Seller’s offices or at such other place as the Seller shall specify. Any such Mortgage Loan Documents so held by the Seller and so made available to the Depositor or its designee shall be held by the Seller and so made available solely as a matter of convenience to the Depositor or its designee and in lieu of delivering such Mortgage Loan Documents to the Depositor or its designee. The Depositor, the Custodian or a designee of either entity may review the Mortgage Loan Documents to verify that all documents required to be included in each Mortgage File (as such term has been defined in the Transfer and Servicing Agreement) are so included. Prior to the Closing Date [or the applicable Transfer Date], the Seller shall cause the Custodian to review the documents delivered pursuant to Section 3(c) hereof to ascertain that, as to each Mortgage Loan listed on Schedule I, (i) all documents required to be delivered by the Seller pursuant to Section 3(c) have been received, (ii) such documents appear regular on their face and relate to such Mortgage Loan and (iii) the information on Schedule I accurately reflects the information set forth in the corresponding Mortgage File, to the extent required by Section 2.01 2.1 of the Transfer and Servicing Agreement. An additional review shall be conducted by the Custodian or its designee prior to the first anniversary of the Closing Date to determine that all Mortgage Loan Documents required to be included in the Mortgage File are included therein. If at any time the Depositor or the Indenture Trustee, or the Custodian, Custodian discovers or receives notice that any Mortgage Loan Document is missing or defective in any material respect with respect to any Mortgage Loan, the Seller shall correct or cure any such omission or defect or, if such omission or defect materially impairs the value of the Mortgage Loan, repurchase the defective Mortgage Loan or substitute for such defective Mortgage Loan a Qualified Substitute Mortgage Loan in accordance with and if permitted by the terms of Section 6 hereof. At the time of such repurchase or substitution, the Custodian shall release documents in its possession relating to such Mortgage Loan to the Seller. The fact that the Depositor, the Indenture Trustee or a designee of either entity has conducted or has failed to conduct any partial or complete examination of the Mortgage Loan Documents prior to the Closing Date [or the applicable Transfer Date] shall not affect the rights of the Depositor (or any assignee or successor thereof) to demand repurchase or other relief as provided herein.

Examination of Mortgage Loan Documents: Acceptance of Mortgage Loans. To the extent not previously delivered to the Depositor or a designee of the Depositor, the Seller shall, prior Prior to the Closing Date the Seller shall either (i) deliver to the Depositor OMI or its designee in escrow, for examination, the Mortgage Loan Documents pertaining to each Mortgage Loan then being sold by it Loan, or (ii) make such Mortgage Loan Documents available to the Depositor OMI or its designee for examination at the Seller’s 's offices or at such other place as the Seller shall specify. Any such Mortgage Loan Documents so held by the Seller and so made available to the Depositor or its designee shall be held by the Seller and so made available solely as a matter of convenience to the Depositor or its designee and in lieu of delivering such Mortgage Loan Documents to the Depositor or its designee. The DepositorOMI, the Custodian Trustee, or a designee of either any such entity may review the Mortgage Loan Documents to verify that all documents required to be included in each Mortgage File (as such term has been defined in the Transfer and Servicing Agreement) are so includedDocuments. Prior to the Closing Date, Date the Seller Trustee shall cause the Custodian to review the documents delivered pursuant to Section 3(c3(b) hereof to ascertain that, as to each Mortgage Loan listed on Schedule Iin the Mortgage Loan Schedule, (i) all documents required to be delivered by the Seller pursuant to such Section 3(c3(b) have been received, (ii) such documents appear regular on their face and relate to such Mortgage Loan Loan, and (iii) the information on as to the Mortgage Loan set forth in the Mortgage Loan Schedule I accurately reflects the information set forth in the corresponding Trustee Mortgage Loan File, to the extent required by Section 2.01 of the Transfer and Servicing Agreement. An additional review shall be conducted by the Custodian or its designee Trustee prior to the first anniversary of the Closing Date to determine that all Mortgage Loan Documents required to be included in the Trustee Mortgage Loan File are included therein. If at any time the Depositor OMI or the Indenture Trustee, or the Custodian, Trustee discovers or receives notice that any Mortgage Loan Document is missing or defective in any material respect with respect to any Mortgage Loan, or that there exists any material discrepancy between the Mortgage Loan Documents and the Mortgage Loan Schedule, it shall promptly notify the Seller shall correct in writing thereof. Upon its receipt of notice of such incompleteness, defect or cure discrepancy, the Seller must cure, repurchase or substitute for the affected Mortgage Loan to the extent provided in Section 7(b) hereof. Notwithstanding any such omission or defect orof the foregoing, if such omission or defect materially impairs the value only problem discovered in respect of a Mortgage Loan is an overstatement in the Mortgage Loan Schedule of the Cut-off Date Principal Balance of the Mortgage Loan, repurchase the defective Mortgage Loan or substitute for Seller may cure such defective Mortgage Loan a Qualified Substitute Mortgage Loan discrepancy by depositing cash into the Certificate Account in accordance with and if permitted by the terms amount of Section 6 hereofsuch overstatement prior to the first Distribution Date. At the time of any such repurchase or substitution, the Custodian Trustee shall release documents in its possession relating to such Mortgage Loan to the Seller. The fact that the DepositorOMI, the Indenture Trustee or a designee of either entity has conducted or has failed to conduct any partial or complete examination of the Mortgage Loan Documents prior to the Closing Date shall not affect the rights of the Depositor OMI (or any assignee or successor thereof) to demand repurchase or other relief as provided herein.

Examination of Mortgage Loan Documents: Acceptance of Mortgage Loans. To the extent not previously delivered to the Depositor or a designee of the Depositor, the Seller shall, prior to the Closing Date Date, either (i) deliver to the Depositor or its designee in escrow, for examination, the Mortgage Loan Documents pertaining to each Mortgage Loan then being sold by it or (ii) make such Mortgage Loan Documents available to the Depositor or its designee for examination at the Seller’s offices or at such other place as the Seller shall specify. Any such Mortgage Loan Documents so held by the Seller and so made available to the Depositor or its designee shall be held by the Seller and so made available solely as a matter of convenience to the Depositor or its designee and in lieu of delivering such Mortgage Loan Documents to the Depositor or its designee. The Depositor, the Custodian or a designee of either entity may review 201499 HomeBanc 2006-2 Mortgage Loan Purchase Agreement the Mortgage Loan Documents to verify that all documents required to be included in each Mortgage File (as such term has been defined in the Transfer and Servicing Agreement) are so included. Prior to the Closing Date, the Seller shall cause the Custodian to review the documents delivered pursuant to Section 3(c) hereof to ascertain that, as to each Mortgage Loan listed on Schedule I, (i) all documents required to be delivered by the Seller pursuant to Section 3(c) have been received, (ii) such documents appear regular on their face and relate to such Mortgage Loan and (iii) the information on Schedule I accurately reflects the information set forth in the corresponding Mortgage File, to the extent required by Section 2.01 of the Transfer and Servicing Agreement. An additional review shall be conducted by the Custodian or its designee prior to the first anniversary of the Closing Date to determine that all Mortgage Loan Documents required to be included in the Mortgage File are included therein. If at any time the Depositor or the Indenture Trustee, or the Custodian, discovers or receives notice that any Mortgage Loan Document is missing or defective in any material respect with respect to any Mortgage Loan, the Seller shall correct or cure any such omission or defect or, if such omission or defect materially impairs the value of the Mortgage Loan, repurchase the defective Mortgage Loan or substitute for such defective Mortgage Loan a Qualified Substitute Mortgage Loan in accordance with and if permitted by the terms of Section 6 hereof. At the time of such repurchase or substitution, the Custodian shall release documents in its possession relating to such Mortgage Loan to the Seller. The fact that the Depositor, the Indenture Trustee or a designee of either entity has conducted or has failed to conduct any partial or complete examination of the Mortgage Loan Documents prior to the Closing Date shall not affect the rights of the Depositor (or any assignee or successor thereof) to demand repurchase or other relief as provided herein.

Examination of Mortgage Loan Documents: Acceptance of Mortgage Loans. To the extent not previously delivered Prior to the Depositor or a designee of the DepositorSubsequent Closing Date, the Seller shall, prior to the Closing Date SMF shall either (i) deliver to the Depositor SAXON or its designee in escrow, for examination, the Mortgage Loan Documents pertaining to each Subsequent Mortgage Loan then being sold by it or (ii) make such Mortgage Loan Documents available to the Depositor SAXON or its designee for examination at the SellerSMF’s offices or at such other place as the Seller SMF shall specify. Any such Mortgage Loan Documents so held by the Seller and so made available to the Depositor or its designee shall be held by the Seller and so made available solely as a matter of convenience to the Depositor or its designee and in lieu of delivering such Mortgage Loan Documents to the Depositor or its designee. The DepositorSAXON, the Custodian Custodian, or a designee of either entity may review the Mortgage Loan Documents to verify that all documents required to be included in each Mortgage File (as such term has been defined in the Transfer Pooling and Servicing Agreement) are so included. Prior to the Subsequent Closing Date, the Seller Custodian shall cause the Custodian to review the documents delivered pursuant to Section 3(c) hereof to ascertain that, as to each Subsequent Mortgage Loan listed on Schedule I, (i) all documents required to be delivered by the Seller SMF pursuant to Section 3(c) have been received, (ii) such documents appear regular on their face and relate to such Subsequent Mortgage Loan and (iii) the information on Schedule I accurately reflects the information set forth in the corresponding Mortgage File, to the extent required by Section 2.01 2.1 of the Transfer Pooling and Servicing Agreement. An additional review shall be conducted by the Custodian or its designee prior to the first anniversary of the Subsequent Closing Date to determine that all Mortgage Loan Documents required to be included in the Mortgage File are included therein. If at any time the Depositor SAXON or the Indenture Trustee, Trustee (or the its Custodian, ) discovers or receives notice that any Mortgage Loan Document is missing or defective in any material respect with respect to any Subsequent Mortgage Loan, the Seller SMF shall correct or cure any such omission or defect or, if such omission or defect materially impairs the value of the Subsequent Mortgage Loan, the Diligence Agent shall repurchase the defective Subsequent Mortgage Loan or substitute for such defective Subsequent Mortgage Loan a Qualified Substitute Mortgage Loan in accordance with and if permitted by the terms of Section 6 8 hereof. At the time of such repurchase or substitution, the Custodian shall release documents in its possession relating to such Subsequent Mortgage Loan to the SellerDiligence Agent. The fact that the DepositorSAXON, the Indenture Trustee or a designee of either entity has conducted or has failed to conduct any partial or complete examination of the Mortgage Loan Documents prior to the Subsequent Closing Date shall not affect the rights of the Depositor SAXON (or any assignee or successor thereof) to demand repurchase or other relief as provided herein.

Examination of Mortgage Loan Documents: Acceptance of Mortgage Loans. To the extent not previously delivered Prior to the Depositor or a designee of the DepositorClosing Date, the Seller shall, prior to the Closing Date shall either (i1) deliver to the Depositor FAIC II or its designee in escrow, for examination, the Mortgage Loan Documents pertaining to each Mortgage Loan then being sold by it Loan, or (ii2) make such Mortgage Loan Documents available to the Depositor FAIC II or its designee for examination at the Seller’s 's offices or at such other place as the Seller shall specify. Any such Mortgage Loan Documents so held by the Seller and so made available to the Depositor or its designee shall be held by the Seller and so made available solely as a matter of convenience to the Depositor or its designee and in lieu of delivering such Mortgage Loan Documents to the Depositor or its designee. The DepositorFAIC II, the Custodian Issuer, the Indenture Trustee, or a designee of either any such entity may review the Mortgage Loan Documents to verify that all documents required to be included in each Mortgage File (as such term has been defined in the Transfer and Servicing Agreement) are so includedDocuments. Prior to the Closing Date, the Seller Indenture Trustee shall cause the Custodian to review the documents delivered pursuant to Section 3(c3(b) hereof to ascertain that, as to each Mortgage Loan listed on Schedule I, (iprovided in Section 6.15(a) all documents required to be delivered by the Seller pursuant to Section 3(c) have been received, (ii) such documents appear regular on their face and relate to such Mortgage Loan and (iii) the information on Schedule I accurately reflects the information set forth in the corresponding Mortgage File, to the extent required by Section 2.01 of the Transfer and Servicing AgreementIndenture. An additional review shall be conducted by the Custodian or its designee Indenture Trustee prior to the first anniversary of the Closing Date to determine that all Mortgage Loan Documents required to be included as provided in Section 6.15(b) of the Mortgage File are included thereinIndenture. If at any time the Depositor FAIC II or the Indenture Trustee, or the Custodian, Trustee discovers or receives notice that any Mortgage Loan Document is missing or defective in any material respect with respect to any Mortgage Loan, or that there exists any material discrepancy between the Mortgage Loan Documents and the Mortgage Loan Schedule, it shall promptly notify the Seller in writing thereof. Upon its receipt of notice of such incompleteness, defect or discrepancy, the Seller shall correct or cure any such omission or defect or, if such omission or defect materially impairs the value of the Mortgage Loancure, repurchase the defective Mortgage Loan or substitute for such defective the affected Mortgage Loan a Qualified Substitute Mortgage Loan to the extent provided in accordance with and if permitted by the terms of Section 6 7(b) hereof. At the time of any such repurchase or substitution, the Custodian Indenture Trustee shall release documents in its possession relating to such Mortgage Loan to the Seller. The fact that the DepositorFAIC II, the Indenture Trustee or a designee of either entity has conducted or has failed to conduct any partial or complete examination of the Mortgage Loan Documents prior to the Closing Date shall not affect the rights of FAIC II, the Depositor Indenture Trustee (or any assignee or successor thereofof either of them) to demand repurchase or other relief as provided herein.

Examination of Mortgage Loan Documents: Acceptance of Mortgage Loans. To the extent not previously delivered to the Depositor or a designee of the Depositor, the Seller shall, prior to the Closing Date either (i) deliver to the Depositor or its designee in escrow, for examination, the Mortgage Loan Documents pertaining to each Mortgage Loan then being sold by it or (ii) make such Mortgage Loan Documents available to the Depositor or its designee for examination at the Seller’s offices or at such other place as the Seller shall specify. Any such Mortgage Loan Documents so held by the Seller and so made available to the Depositor or its designee shall be held by the Seller and so made available solely as a matter of convenience to the Depositor or its designee and in lieu of delivering such Mortgage Loan Documents to the Depositor or its designee. The Depositor, the Custodian or a designee of either entity may review the Mortgage Loan Documents to verify that all documents required to be included in each Mortgage File (as such term has been defined in the Transfer and Servicing Agreement) are so included. Mortgage Loan Purchase Agreement Prior to the Closing Date, the Seller shall cause the Custodian to review the documents delivered pursuant to Section 3(c) hereof to ascertain that, as to each Mortgage Loan listed on Schedule I, (i) all documents required to be delivered by the Seller pursuant to Section 3(c) have been received, (ii) such documents appear regular on their face and relate to such Mortgage Loan and (iii) the information on Schedule I accurately reflects the information set forth in the corresponding Mortgage File, to the extent required by Section 2.01 of the Transfer and Servicing Agreement. An additional review shall be conducted by the Custodian or its designee prior to the first anniversary of the Closing Date to determine that all Mortgage Loan Documents required to be included in the Mortgage File are included therein. If at any time the Depositor or the Indenture Trustee, or the Custodian, discovers or receives notice that any Mortgage Loan Document is missing or defective in any material respect with respect to any Mortgage Loan, the Seller shall correct or cure any such omission or defect or, if such omission or defect materially impairs the value of the Mortgage Loan, repurchase the defective Mortgage Loan or substitute for such defective Mortgage Loan a Qualified Substitute Mortgage Loan in accordance with and if permitted by the terms of Section 6 hereof. At the time of such repurchase or substitution, the Custodian shall release documents in its possession relating to such Mortgage Loan to the Seller. The fact that the Depositor, the Indenture Trustee or a designee of either entity has conducted or has failed to conduct any partial or complete examination of the Mortgage Loan Documents prior to the Closing Date shall not affect the rights of the Depositor (or any assignee or successor thereof) to demand repurchase or other relief as provided herein.