Common use of Maintenance of Mortgage Files Clause in Contracts

Maintenance of Mortgage Files. The Servicer shall, at its own expense, maintain the Mortgage File, including copies of the documents which the Custodian shall retain with respect to such Mortgage Loan as provided in Section 4.09 hereof. During the term that the Mortgage Loan is outstanding, the Servicer shall retain, with respect to such Mortgage Loan, the following documents: (1) Affidavit of Purchaser; (2) Seller’s Affidavit and Certification; (3) Standard Hazard Insurance Policy and, if applicable, Flood Insurance Policy; and (4) evidence of FHA or VA or USDA Rural Development or PMI Insurer approval, as applicable. In addition, each Mortgage File and the Affidavit of Purchaser and Seller’s Affidavit and Certification (Forms MRB 05 and MRB 06) shall be maintained by the Servicer for a period agreed to by the Authority in writing. The Mortgage Files shall be kept at the Servicer’s regular place of business or at its principal place of business (or at such other place as agreed to in writing by the Authority) and shall be available for inspection upon receipt of reasonable notice in writing during the Servicer’s regular business hours by the Trustee, the Authority and their respective employees and agents. The Mortgage Lender shall maintain all mortgage loan application materials, documents and memoranda for three (3) years after closing of the Mortgage Loan.

Maintenance of Mortgage Files. The Servicer shall, at its own expense, maintain the Mortgage File, including copies of the documents which the Custodian shall retain with respect to such Mortgage Loan as provided in Section 4.09 hereof. During the term that the Mortgage Loan is outstanding, the Servicer shall retain, with respect to such Mortgage Loan, the following documents: (1) Affidavit of Purchaser; (2) Seller’s Affidavit and Certification; (3) Standard Hazard Insurance Policy and, if applicable, Flood Insurance Policy; and (4) evidence of FHA or VA or USDA Rural Development or PMI Insurer approval, as applicable. In addition, each Mortgage File and the Affidavit of Purchaser and SellerXxxxxx’s Affidavit and Certification (Forms MRB 05 and MRB 06) shall be maintained by the Servicer for a period agreed to by the Authority in writing. The Mortgage Files shall be kept at the Servicer’s regular place of business or at its principal place of business (or at such other place as agreed to in writing by the Authority) and shall be available for inspection upon receipt of reasonable notice in writing during the Servicer’s regular business hours by the Trustee, the Authority and their respective employees and agents. The Mortgage Lender shall maintain all mortgage loan application materials, documents and memoranda for three (3) years after closing of the Mortgage Loan.