Removal of Mortgage Loans from Inclusion Under this Agreement Upon a Whole Loan Transfer. The Owner and the Servicer agree that with respect to some or all of the Mortgage Loans, the Owner, at its sole option, may effect Whole Loan Transfers retaining the Servicer as the Servicer thereof or subservicer if a master Servicer is employed, or as applicable the “Servicer”. At the election of the Owner, from and after the Reconstitution Date, the Mortgage Loans transferred shall remain covered by this Agreement, insofar as the Servicer shall continue to service such Mortgage Loans on behalf of the Owner in accordance with the terms and provisions of this Agreement or shall be subject to a pooling and servicing agreement or a subservicing agreement containing customary secondary market servicing provisions with respect to mortgage loans that are subject to a rated mortgage loan securitization, including without limitation, the provisions specified in paragraph (e) below. In the event that the Owner elects not to retain the Servicer as Servicer subsequent to a Whole Loan Transfer or in the event that the Owner effects a pass-through transfer with respect to the Mortgage Loans, the Owner may terminate the Servicer as Servicer without regard to the 30-day notice requirement; provided, however, that the Servicer shall be given adequate notice to meet the requirements of applicable federal, state and local laws and regulations concerning transfers. The Servicer shall cooperate with the Owner in connection with each Whole Loan Transfer in accordance with this Section 10.02. In connection therewith the Servicer shall:
Appears in 8 contracts
Samples: Master Interim Servicing Agreement (HarborView 2007-3), Master Interim Servicing Agreement (HarborView 2007-4), Master Interim Servicing Agreement (HarborView 2007-6)
