Common use of Possession of Servicing Files Clause in Contracts

Possession of Servicing Files. The Seller, by execution and delivery of this Agreement, does hereby contract with the Servicer as an independent contractor, subject to the terms of this Agreement, for the servicing of the Mortgage Loans. On or before the Closing Date or Servicing Transfer Date, as applicable, the Seller shall cause to be delivered to the Servicer, the Servicing Files with respect to the Mortgage Loans listed on the Mortgage Loan Schedule. The Servicer shall maintain a Servicing File with respect to each Mortgage Loan in order to service such Mortgage Loans pursuant to this Agreement and each Servicing File delivered to the Servicer shall be held in trust by the Servicer for the benefit of the Trustee; provided, however, that the Servicer shall have no liability for any Servicing Files (or portions thereof) not delivered by the Seller. The Servicer’s possession of any portion of the Mortgage Loan documents shall be at the will of the Trustee for the sole purpose of facilitating servicing of the related Mortgage Loan pursuant to this Agreement, and such retention and possession by the Servicer shall be in a custodial capacity only. The ownership of each Mortgage Note, Mortgage, and the contents of the Servicing File shall be vested in the Trustee 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 immediately vest in the Trustee and shall be retained and maintained, in trust, by the Servicer at the will of the Trustee in such custodial capacity only. The portion of each Servicing File retained by the Servicer pursuant to this Agreement shall be appropriately marked to clearly reflect the ownership of the related Mortgage Loan by the Trustee. The Servicer shall release from its custody the contents of any Servicing File retained by it only in accordance with this Agreement.

Possession of Servicing Files. The Seller, by execution and delivery contents of this Agreement, does hereby contract with the Servicer as an independent contractor, subject to the terms of this Agreement, for the servicing of the Mortgage Loans. On or before the Closing Date or Servicing Transfer Date, as applicable, the Seller shall cause to be delivered to the Servicer, the Servicing Files with respect to the Mortgage Loans listed on the Mortgage Loan Schedule. The Servicer shall maintain a Servicing File with respect to each Mortgage Loan in order to service such Mortgage Loans pursuant to this Agreement and each Servicing File delivered to the Servicer are and shall be held in trust by the Servicer Seller for the benefit of the Trustee; provided, however, that Purchaser as the Servicer owner thereof. The Seller shall have no liability for any maintain in the Servicing Files (or portions thereof) File a copy of the contents of each Mortgage File and the originals of the documents in each Mortgage File not delivered to the Purchaser. The possession of the Servicing File by the Seller. The Servicer’s possession of any portion of the Mortgage Loan documents shall be Seller is at the will of the Trustee Purchaser for the sole purpose of facilitating servicing of the related Mortgage Loan Loan, pursuant to this Agreement, and such retention and possession by the Servicer shall be Seller is in a custodial its capacity onlyas Seller only and at the election of the Purchaser. The ownership Seller shall release its custody of each Mortgage Note, Mortgage, and the contents of the any Servicing File shall be vested only in accordance with written instructions from the Trustee and Purchaser or other termination of the ownership of all records and documents Seller with respect to the related Mortgage Loan prepared by or which come into Loans, unless such release is required as incidental to the possession Seller's servicing of the Servicer shall immediately vest in the Trustee and shall be retained and maintained, in trust, by the Servicer at the will of the Trustee in such custodial capacity only. The portion of each Servicing File retained by the Servicer Mortgage Loans pursuant to this Agreement, or is in connection with a repurchase of any Mortgage Loan pursuant to Section 8.03 of the Purchase Agreement or Section 4.02 of this Agreement. The Seller shall be appropriately responsible for maintaining, and shall maintain, a complete set of books and records for each Mortgage Loan which shall be marked clearly to clearly reflect the ownership of the related each Mortgage Loan by the TrusteePurchaser. The Servicer In particular, the Seller shall release from maintain in its custody possession, available for inspection by the contents Purchaser or its designee during normal business hours, and shall deliver to the Purchaser or its designee upon reasonable notice, evidence of any Servicing File retained compliance with all federal, state and local laws, rules and regulations, including but not limited to documentation as to the method used in determining the applicability of the provisions of the Flood Disaster Protection Act of 1973, as amended, to the Mortgaged Property, documentation evidencing insurance coverage and periodic inspection reports as required by it only Section 2.13. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds or Insurance Proceeds, documents maintained by the Seller may be in accordance with this Agreementthe form of microfilm or microfiche.

Possession of Servicing Files. The Seller, by execution and delivery contents of this Agreement, does hereby contract with the Servicer as an independent contractor, subject to the terms of this Agreement, for the servicing of the Mortgage Loans. On or before the Closing Date or Servicing Transfer Date, as applicable, the Seller shall cause to be delivered to the Servicer, the Servicing Files with respect to the Mortgage Loans listed on the Mortgage Loan Schedule. The Servicer shall maintain a Servicing File with respect to each Mortgage Loan in order to service such Mortgage Loans pursuant to this Agreement and each Servicing File delivered to the Servicer are and shall be held in trust by the Servicer Seller for the benefit of the Trustee; provided, however, that Purchaser as the Servicer owner thereof. The Seller shall have no liability for any maintain in the Servicing Files (or portions thereof) File a copy of the contents of each Mortgage File and the originals of the documents in each Mortgage File not delivered to the Purchaser. The possession of the Servicing File by the Seller. The Servicer’s possession of any portion of the Mortgage Loan documents shall be Seller is at the will of the Trustee Purchaser for the sole purpose of facilitating servicing of the related Mortgage Loan Loan, pursuant to this Agreement, and such retention and possession by the Seller is in its capacity as Servicer shall be in a custodial capacity onlyonly and at the election of the Purchaser. The ownership of each Mortgage Note, Mortgage, and the contents of the Servicing File shall be vested in the Trustee 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 immediately vest in the Trustee and shall be retained and maintained, in trust, by the Servicer at the will of the Trustee in such custodial capacity only. The portion of each Servicing File retained by the Servicer pursuant to this Agreement shall be appropriately marked to clearly reflect the ownership of the related Mortgage Loan by the Trustee. The Servicer Seller shall release from its custody of the contents of any Servicing File retained by it only in accordance with written instructions from the Purchaser, unless such release is required as incidental to the Seller's servicing of the Mortgage Loans pursuant to this Agreement, or is in connection with a repurchase of any Mortgage Loan pursuant to Section 9 of the Purchase Agreement. The Seller 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. In particular, the Seller shall maintain in its possession, available for inspection by the Purchaser or its designee, and shall deliver to the Purchaser or its designee upon demand, evidence of compliance with all federal, state and local laws, rules and regulations, and requirements of Fannie Mae or Freddie Mac, including but not limited to documentation as xx xxe xxthod xxxx xn determining the applicability of the provisions of the National Flood Insurance Act of 1968, as amended, to the Mortgaged Property, documentation evidencing insurance coverage and eligibility of any condominium project for approval by Fannie Mae and periodic inspection reports as required by Section 2.13.

Possession of Servicing Files. The Seller, by execution and delivery contents of this Agreement, does hereby contract with the Servicer as an independent contractor, subject to the terms of this Agreement, for the servicing of the Mortgage Loans. On or before the Closing Date or Servicing Transfer Date, as applicable, the Seller shall cause to be delivered to the Servicer, the Servicing Files with respect to the Mortgage Loans listed on the Mortgage Loan Schedule. The Servicer shall maintain a Servicing File with respect to each Mortgage Loan in order to service such Mortgage Loans pursuant to this Agreement and each Servicing File delivered to the Servicer are and shall be held in trust by the Servicer for the benefit of the Trustee; provided, however, that Purchaser as the owner thereof. The Servicer shall maintain in the Servicing File a copy of the contents of each Mortgage File and the originals of the documents in each Mortgage File not delivered to the Purchaser. The possession of the Servicing File by the Servicer shall have no liability for any Servicing Files (or portions thereof) not delivered by the Seller. The Servicer’s possession of any portion of the Mortgage Loan documents shall be is at the will of the Trustee Purchaser for the sole purpose of facilitating servicing of the related Mortgage Loan Loan, pursuant to this Agreement, and such retention and possession by the Servicer shall be is in a custodial its capacity onlyas Servicer only and at the election of the Purchaser. The ownership Servicer shall release its custody of each Mortgage Note, Mortgage, and the contents of the any Servicing File shall be vested only in accordance with written instructions from the Trustee and Purchaser or other termination of the ownership of all records and documents Servicer with respect to the related Mortgage Loans, unless such release is required as incidental to the Servicer's servicing of the Mortgage Loans pursuant to this Agreement, or is in connection with a repurchase of any Mortgage Loan prepared pursuant to Section 8.03 of the Purchase Agreement or Section 4.02 of this Agreement. The Servicer 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 or which come into the possession of Purchaser. In particular, the Servicer shall immediately vest maintain in its possession, available for inspection by the Trustee Purchaser or its designee during normal business hours, and shall be retained deliver to the Purchaser or its designee upon reasonable notice, evidence of compliance with all federal, state and maintainedlocal laws, rules and regulations, and requirements of FNMA or FHLMC, including but not limited to documentation as to the method used in trustdetermining the applicability of the provisions of the Flood Disaster Protection Act of 1973, as amended, to the Mortgaged Property, documentation evidencing insurance coverage and eligibility of any condominium project for approval by FNMA and periodic inspection reports as required by Section 2.13 and the FNMA Guides. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds or Insurance Proceeds, documents maintained by the Servicer at may be in the will form of microfilm or microfiche so long as the Servicer complies with the requirements of the Trustee in such custodial capacity onlyFNMA Guides. The portion of each Servicing File retained by Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer pursuant shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any person with respect to this Agreement or the Mortgage Loans unless the books and records show such person as the owner of the Mortgage Loan. The Purchaser may, subject to the terms of this Agreement, sell or transfer one or more of the Mortgage Loans. The Purchaser also shall be appropriately marked advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall xxxx its books and records to clearly reflect the ownership of the related Mortgage Loan by the Trustee. The Servicer Loans of such assignee, and shall release the Purchaser from its custody obligations hereunder with respect to the contents of any Servicing File retained by it only in accordance with this AgreementMortgage Loans sold or transferred.

Possession of Servicing Files. The Seller, by execution and delivery of this Agreement, does hereby contract with the Servicer as an independent contractor, subject to the terms of this Agreement, for the servicing of the Mortgage Loans. On or before the Closing Date or Servicing Transfer Date, as applicable, the Seller shall cause to be delivered to the Servicer, the Servicing Files with respect to the Mortgage Loans listed on the Mortgage Loan Schedule. The Servicer shall maintain a Servicing File with respect to each Mortgage Loan in order to service such Mortgage Loans Loan pursuant to this Agreement and each such Servicing File delivered to the Servicer is and shall be held in trust by the Servicer for the benefit of the Trustee; provided, however, that Owner as the owner thereof. The possession of each Servicing File by the Servicer shall have no liability for any Servicing Files (or portions thereof) not delivered by the Seller. The Servicer’s possession of any portion of the Mortgage Loan documents shall be is at the will of the Trustee Owner for the sole purpose of facilitating servicing of the related Mortgage Loan pursuant to this AgreementLoan, and such retention and possession by the Servicer shall be is in a custodial capacity only. The ownership of each Mortgage Note, Mortgage, and the contents of the Servicing File shall be vested in the Trustee 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 immediately vest in the Trustee Owner and shall be retained and maintained, in trust, by the Servicer at the will of the Trustee Owner in such custodial capacity only. The portion of each Servicing File retained by the Servicer pursuant to this Agreement shall be appropriately marked identified in accordance with the Servicer's file tracking system to clearly reflect the ownership of the related Mortgage Loan by the TrusteeOwner. The Servicer shall release from its custody the contents of any Servicing File retained by it only in accordance with this Agreement. At least 15 days prior than the related Transfer Date, the Servicer shall provide the Prior Servicer with transfer procedures outlining the delivery requirements for the Servicing Files. The Owner shall use its efforts to facilitate that (i) the Prior Servicer delivers the contents of the Servicing Files to the Servicer for receipt at least five (5) Business Days prior to the related Transfer Date; (ii) the delivery of each Servicing File is accompanied by an electronic transmittal to include, at a minimum, the Prior Servicer's loan number, the Mortgagor's last name, the original loan amount and the box number for each Servicing File; (iii) each box of Servicing Files contains a hard copy of the electronic transmittal for the Servicing Files contained in such box; and (iv) the Servicing Files are in a consistent stacking order, secured and clearly labeled with the Mortgagor's name and the Prior Servicer's loan number.