Servicing of the Mortgage Loans. The Mortgage Loans have been sold by the Seller to the Purchaser on a servicing released basis. Subject to, and upon the terms and conditions of this Agreement and the Interim Servicing Agreement (with respect to each Mortgage Loan, for an interim period, as specified therein), the Seller hereby sells, transfers, assigns, conveys and delivers to the Purchaser the Servicing Rights. The Purchaser shall retain the Interim Servicer as contract servicer of the Mortgage Loans for an interim period pursuant to and in accordance with the terms and conditions contained in the Interim Servicing Agreement (with respect to each Mortgage Loan, for an interim period, as specified therein). The Seller shall cause the Interim Servicer to execute the Interim Servicing Agreement on the initial Closing Date. Pursuant to the Interim Servicing Agreement (with respect to each Mortgage Loan, for an interim period, as specified therein), the Interim Servicer shall begin servicing the Mortgage Loans on behalf of the Purchaser and shall be entitled to a Servicing Fee with respect to such Mortgage Loans until the applicable Transfer Date. The Interim Servicer shall conduct such servicing in accordance with the Interim Servicing Agreement. The Interim Servicer may enter into subservicing agreements with subservicers for the servicing and administration of the Mortgage Loans and for the performance of any and all other activities of the Interim Servicer as provided in the Interim Servicing Agreement. The Purchaser hereby acknowledges that the Seller shall assign its obligation to service the Mortgage Loans for the benefit of the Purchaser to its interim subservicer, which, on the date of this Agreement, is either Option One Mortgage Corporation or Litton Loan Servicing, LP.
Servicing of the Mortgage Loans. The Mortgage Loans have been sold by the Seller to the Purchaser on a servicing released basis. Subject to, and upon the terms and conditions of this Agreement and the Servicing Agreement (with respect to each Mortgage Loan, for an interim period, as specified therein), the Seller hereby sells, transfers, assigns, conveys and delivers to the Purchaser the Servicing Rights. The Purchaser shall retain the Originator as independent contract servicer of the Mortgage Loans pursuant to and in accordance with the terms and conditions contained in the Servicing Agreement. Pursuant to the Servicing Agreement, the Originator shall begin servicing the Mortgage Loans on behalf of the Purchaser and shall be entitled to the Servicing Fee and any Ancillary Income with respect to such Mortgage Loans from the related Closing Date until the termination of the Servicing Agreement with respect to any of the Mortgage Loans as set forth in the Servicing Agreement. The Seller shall cause the Originator to service the Mortgage Loans in accordance with the terms of the Servicing Agreement.
Servicing of the Mortgage Loans. The Mortgage Loans have been sold by the Seller to the Purchaser on a servicing released basis. Subject to and upon the terms and conditions of this Agreement and the Interim Servicing Agreement (with respect to each Mortgage Loan, for an interim period, as specified therein), the Seller hereby sells, transfers, assigns, conveys and delivers to the Purchaser the Servicing Rights. The Purchaser shall retain the Interim Servicer as contract servicer of the Mortgage Loans for an interim period pursuant to and in accordance with the terms and conditions contained in the Interim Servicing Agreement (with respect to each Mortgage Loan, for an interim period, as specified therein). The Seller shall cause the Interim Servicer to execute the Interim Servicing Agreement on the initial Closing Date. The Seller shall cause the Interim Servicer to transfer the servicing of the Mortgage Loans on each Transfer Date in accordance with the terms of the Interim Servicing Agreement.
Servicing of the Mortgage Loans. Section 3.01. Servicer to Service. 16 Section 3.02. Collection of Mortgage Loan Payments. Section 3.03. Establishment of and Deposits to Custodial Account. Section 3.04. Permitted Withdrawals From Custodial Account. Section 3.05. Establishment of and Deposits to Escrow Account. Section 3.06. Permitted Withdrawals From Escrow Account. Section 3.07. Restoration of Mortgaged Property. Section 3.08. Fidelity Bond and Errors and Omissions Insurance. 23 Section 3.09. Notification of Adjustments. 24 Section 3.10. Payment of Taxes, Insurance and Other Charges. 24 Section 3.11. Protection of Accounts. 25 Section 3.12. Title, Management and Disposition of REO Property. Section 3.13. Real Estate Owned Reports. 27 Section 3.14. [Reserved]. Section 3.15. Waiver of Prepayment Charges. 28 Section 3.16. Servicing and Administration of PMI Policies. 28 Section 3.17. Maintenance of Hazard Insurance. 29 Section 3.18. Realization Upon Defaulted Mortgage Loans.
Servicing of the Mortgage Loans. Section 3.01 Servicer to Service. Section 3.02 Collection of Mortgage Loan Payments.
Servicing of the Mortgage Loans. Section 3.01 Servicer to Service. Section 3.02 Collection of Mortgage Loan Payments. Section 3.03 Establishment of and Deposits to Custodial Account. Section 3.04 Permitted Withdrawals From Custodial Account. Section 3.05 Establishment of and Deposits to Escrow Account. Section 3.06 Permitted Withdrawals From Escrow Account.
Servicing of the Mortgage Loans. Section 3.01. Servicer to Service. Section 3.02. Collection and Liquidation of Mortgage Loans.
Servicing of the Mortgage Loans. The Servicing Agreement shall govern all Mortgage Loan transfers and the Servicer shall service the Transferred Mortgage Loans pursuant to the terms and conditions of the Servicing Agreement.
Servicing of the Mortgage Loans. Section 3.01 Servicer to Service.
Servicing of the Mortgage Loans. Except as provided in Subparagraph 10(a), the release and waiver in Paragraph 9 includes: (i) all claims based in whole or in part on any actions, inactions, or practices of the Master Servicer prior to the Approval Date as to the servicing of the Mortgage Loans held by the Covered Trusts; and (ii) as to all actions, inactions, or practices by the Master Servicer after the Approval Date, only (A) actions, inactions, and practices that relate to the aspects of servicing addressed in whole or in part by the provisions of Paragraph 5 (material compliance with which shall satisfy the Master Servicer’s obligation to service the Mortgage Loans prudently in accordance with all relevant sections of the Governing Agreements) and (B) actions, inactions, or practices that relate to the aspects of servicing not addressed by the provisions of Paragraph 5 that are consistent with (or improvements over) the Master Servicer’s course of conduct prior to the Signing Date. It is further understood and agreed that Investors may pursue such remedies as are available under Section 10.08 (“Limitation on Rights of Certificateholders”) of the Governing Agreements with respect to an Event of Default as to any servicing claims not released by this Settlement.
