Common use of Possession of Mortgage Files; Maintenance of Servicing Files Clause in Contracts

Possession of Mortgage Files; Maintenance of Servicing Files. Pursuant to Section 2.03 below, the Servicer has delivered the Custodial Mortgage File to the Custodian. From and after each Servicing Date, the contents of each Retained Mortgage File shall be held in trust by the Servicer for the benefit of the Owner as the owner thereof. The Servicer shall maintain a Servicing File consisting of a copy of the contents of each of the Custodial Mortgage File and the Retained Mortgage File. The possession of each Servicing File and Retained Mortgage File held 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. The ownership of each Mortgage Note, the related Mortgage and the related Custodial Mortgage File, Retained Mortgage File and Servicing File are vested 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. The Servicer shall release its custody of the contents of any Servicing File and Retained Mortgage 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, in the case of the Servicing File, or is in connection with a repurchase of any Mortgage Loan. All such costs associated with the release, transfer and re-delivery of any Custodial Mortgage Files, Retained Mortgage Files and Servicing Files between the parties shall be the responsibility of the party in possession of such file or files. In addition, in connection with the assignment of any MERS Mortgage Loan, the Servicer agrees that it will cause the MERS System to indicate that such Mortgage Loan has been assigned by the Seller, with respect to an Owner Mortgage Loan, or assigned by the prior owner, with respect to any Purchased Mortgage Loan, the Owner in accordance with this Agreement by including (or deleting, in the case of a repurchased Mortgage Loan) in such computer files the information required by the MERS System to identify the Owner as the beneficial owner of such Mortgage Loan.

Possession of Mortgage Files; Maintenance of Servicing Files. Pursuant to Section 2.03 below, the Servicer has delivered the Custodial Mortgage File to the Custodian. From and after each Servicing Transfer Date or Sale Date, as applicable, the contents of each Retained Mortgage File not delivered to the Owner or held by the Custodian shall be held in trust by the Servicer for the benefit of the Owner as the owner thereof. The Servicer shall maintain a Servicing File consisting of a copy of the contents of each of the Custodial Mortgage File and the Retained originals of the documents in each Mortgage FileFile not delivered to the Owner or the Custodian, as applicable. The possession of each Servicing File and Retained Mortgage File held 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. The ownership of each Mortgage Note, the related Mortgage and the related Custodial Mortgage File, Retained Mortgage File and Servicing File are vested 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. The Servicer shall release its custody of the contents of any Servicing File and Retained Mortgage 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, in the case of the Servicing File, Loans or is in connection with a repurchase of any Mortgage Loan. All such costs associated with the release, transfer and re-delivery of any Custodial Mortgage Files, Retained Mortgage Files and Servicing Files between to the parties Servicer shall be the responsibility of the party in possession of such file or files, unless otherwise provided herein. In addition, in connection with the assignment of any MERS Mortgage Loan, the Servicer agrees that it will cause the MERS System to indicate that such Mortgage Loan has been assigned by the Seller, with respect Servicer to an Owner Mortgage Loan, or assigned by the prior owner, with respect to any Purchased Mortgage Loan, the Owner in accordance with this Agreement by including (or deleting, in the case of a Mortgage Loan repurchased Mortgage Loanin accordance with this Agreement) in such computer files the information required by the MERS System to identify the Owner as the beneficial owner of such Mortgage Loan.

Possession of Mortgage Files; Maintenance of Servicing Files. Pursuant to Section 2.03 below, the Servicer has delivered the Custodial Mortgage File to the Custodian. From and after each Servicing Sale Date, the contents of each Retained Mortgage File not delivered to the Custodian are and shall be held in trust by the Servicer for the benefit of the Owner as the owner thereof. The Servicer shall maintain a Servicing File consisting of a copy of the contents of each of the Custodial Mortgage File and the Retained originals of the documents in each Mortgage FileFile not delivered to the Custodian. The possession of each Servicing File and Retained Mortgage File held 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. The ownership of each Mortgage Note, the related Mortgage and the related Custodial Mortgage File, Retained Mortgage File and Servicing File are vested 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. The Servicer shall release its custody of the contents of any Servicing File and Retained Mortgage 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, in the case of the Servicing File, Loans or is in connection with a repurchase of any Mortgage Loan. All such costs associated with the release, transfer and re-delivery of any Custodial Mortgage Files, Retained Mortgage Files and Servicing Files between to the parties Servicer shall be the responsibility of the party in possession of such file or filesOwner. In addition, in connection with the assignment of any MERS Mortgage Loan, the Servicer agrees that it will cause the MERS System to indicate that such Mortgage Loan has been assigned by the Seller, with respect Servicer to an Owner Mortgage Loan, or assigned by the prior owner, with respect to any Purchased Mortgage Loan, the Owner in accordance with this Agreement by including (or deleting, in the case of a Mortgage Loan repurchased Mortgage Loanin accordance with this Agreement) in such computer files the information required by the MERS System to identify the Owner as the beneficial owner of such Mortgage Loan.

Possession of Mortgage Files; Maintenance of Servicing Files. Pursuant to Section 2.03 below, As of the Servicer has delivered the Custodial Mortgage File to the Custodian. From and after each Servicing Closing Date, the contents Seller will have sold, transferred, assigned, set over and conveyed to the Purchaser, without recourse, and the Seller hereby acknowledges that the Purchaser will have, all the right, title and interest of each Retained the Seller in and to the Mortgage File Loans. In accordance with Section 2.06, the Seller shall deliver the Mortgage Files for the related Mortgage Loans to the Purchaser or its designee. On the Closing Date the related Mortgage Loans shall be held in trust by the Servicer property of the Purchaser, but the Servicing Files for the benefit related Mortgage Loans may be retained by Seller or its delegate until the Transfer Date for the sole purpose of servicing the Owner as Mortgage Loans on an interim basis until the owner thereof. The Servicer shall maintain a Servicing File consisting of a copy of the contents of each of the Custodial Mortgage File and the Retained Mortgage FileTransfer Date. The possession of each Servicing File and Retained Mortgage File held by the Servicer Seller or its delegate is at the will of the Owner for the sole purpose of Seller's interim servicing of the related Mortgage Loan, and such retention and possession by the Servicer Seller or its delegate is in a custodial capacity only. The From the Closing Date, the ownership of each related Mortgage Loan including the Mortgage Note, the related Mortgage and Mortgage, the contents of the related Custodial Mortgage File, Retained Mortgage File Servicing Rights and Servicing File are all rights, benefits, proceeds and obligations arising therefrom or in connection therewith, will be vested in the OwnerPurchaser. All rights arising out of the Mortgage Loans including, but not limited to, all funds received on or in connection with the Mortgage Loans and the ownership of all records and or documents with respect to the related Mortgage Loan Loans prepared by or which come into the possession of the Servicer Seller shall vest immediately be received and held by the Seller in trust for the benefit of the Purchaser as the owner of the Mortgage Loans. Any portion of the Mortgage Files or Servicing Files retained by the Seller during the Interim Servicing Period shall be appropriately identified in the Owner and shall be retained and maintained Seller's computer system to clearly reflect the ownership of the Mortgage Loans by the Servicer, in trust, at the will of the Owner and only in such custodial capacityPurchaser. The Servicer Seller shall release its custody of the contents of any the Servicing File and Retained Mortgage File Files only in accordance with written instructions from of the OwnerPurchaser, unless except that such written instructions shall not be required when such release is required as incidental to the ServicerSeller's servicing of the Mortgage Loans, in Loans pursuant to the case of the Interim Servicing File, Agreement or is in connection with a repurchase of any Mortgage LoanLoan or Loans with respect thereto pursuant to this Agreement. All such costs associated with the release, transfer and re-delivery of any Custodial Mortgage Files, Retained Mortgage Files and Servicing Files between for the parties Mortgage Loans shall be delivered to the responsibility of Purchaser or its designee on or before the party Transfer Date or as otherwise agreed by Purchaser and Seller in possession of such file or files. In addition, in connection with the assignment of any MERS Mortgage Loan, the Servicer agrees that it will cause the MERS System to indicate that such Mortgage Loan has been assigned by the Seller, with respect to an Owner Mortgage Loan, or assigned by the prior owner, with respect to any Purchased Mortgage Loan, the Owner in accordance with this Agreement by including (or deleting, in the case of a repurchased Mortgage Loan) in such computer files the information required by the MERS System to identify the Owner as the beneficial owner of such Mortgage Loanwriting.

Possession of Mortgage Files; Maintenance of Servicing Files. Pursuant to Section 2.03 below, the Servicer has delivered the Custodial Mortgage File to the Custodian. From and after each Servicing Transfer Date, the contents of each Retained Mortgage File not delivered to the Owner or held by the Custodian shall be held in trust by the Servicer for the benefit of the Owner as the owner thereof. The Servicer shall maintain a Servicing File consisting of a copy of the contents of each of the Custodial Mortgage File and the Retained originals of the documents in each Mortgage FileFile not delivered to the Owner or the Custodian, as applicable. The possession of each Servicing File and Retained Mortgage File held 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. The ownership of each Mortgage Note, the related Mortgage and the related Custodial Mortgage File, Retained Mortgage File and Servicing File are vested 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. The Servicer shall release its custody of the contents of any Servicing File and Retained Mortgage 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, in the case of the Servicing File, Loans or is in connection with a repurchase of any Mortgage Loan. All such costs associated with the release, transfer and re-delivery of any Custodial Mortgage Files, Retained Mortgage Files and Servicing Files between to the parties Servicer shall be the responsibility of the party in possession of such file or filesOwner. In addition, in connection with the assignment of any MERS Mortgage Loan, the Servicer agrees that it will cause the MERS System to indicate that such Mortgage Loan has been assigned by the Seller, with respect Servicer to an Owner Mortgage Loan, or assigned by the prior owner, with respect to any Purchased Mortgage Loan, the Owner in accordance with this Agreement by including (or deleting, in the case of a Mortgage Loan repurchased Mortgage Loanin accordance with this Agreement) in such computer files the information required by the MERS System to identify the Owner as the beneficial owner of such Mortgage Loan.