Common use of Servicing of the Purchased Mortgage Loans Clause in Contracts

Servicing of the Purchased Mortgage Loans. (a) The parties hereto agree and acknowledge that, notwithstanding the purchase and sale of the Purchased Mortgage Loans contemplated hereby, Sellers shall service the Purchased Mortgage Loans for the benefit of Buyer and, if Buyer shall exercise its rights to sell the Purchased Mortgage Loans pursuant to this Agreement prior to the related Repurchase Date, Buyer’s assigns; provided, however, that the obligation of Servicer to service Purchased Mortgage Loans for the benefit of Buyer as aforesaid shall cease upon the payment to Buyer of the Repurchase Price therefor. (b) Servicer shall service and administer the Purchased Mortgage Loans and shall have full power and authority, acting alone, to do any and all things in connection with such servicing which Servicer may deem necessary or desirable and consistent with the terms of this Agreement, and shall retain all principal prepayments and Income received by Servicer with respect to such Purchased Mortgage Loans pursuant to the terms hereof. Servicer, in administering and servicing the Purchased Mortgage Loans, shall employ procedures (including collection procedures) and exercise the same care it customarily employs and exercises in servicing and administering mortgage loans for its own account, in accordance with accepted mortgage loan servicing practices of prudent mortgage lending institutions servicing mortgage loans that are similar to the Purchased Mortgage Loans and giving due consideration to Buyer’s reliance on Servicer. Servicer will provide Buyer with monthly reports, substantially identical in form to FNMA’s standard form of remittance report with respect to all Purchased Mortgage Loans then involved in any Transaction hereunder. (c) Buyer may, in its sole discretion if an Event of Default shall have occurred and be continuing, without payment of any termination fee or any other amount to Sellers, (i) sell the Mortgage Loans in accordance with the terms hereof or (ii) terminate Servicer as the servicer of the Purchased Mortgage Loans with or without cause without the imposition of a termination fee.

Servicing of the Purchased Mortgage Loans. (a) The parties hereto agree and acknowledge that, notwithstanding the purchase and sale of the Purchased Mortgage Loans contemplated hereby, Sellers Seller shall service the Purchased Mortgage Loans for the benefit of Buyer and, if Buyer shall exercise its rights to sell the Purchased Mortgage Loans pursuant to this Agreement prior to the related Repurchase Date, Buyer’s 's assigns; provided, however, that the obligation of Servicer Seller to service Purchased Mortgage Loans for the benefit of Buyer as aforesaid shall cease upon the payment to Buyer securitization of the Repurchase Price thereforMortgage Loans into Agency Securities. (b) Servicer The Seller shall service and administer the Purchased Mortgage Loans in accordance with prudent mortgage loan servicing standards and shall have full power procedures generally accepted in the mortgage banking industry and authority, acting alone, to do any and all things in connection with such servicing which Servicer may deem necessary or desirable and consistent accordance with the terms of this Agreement, and shall retain all principal prepayments and Income received by Servicer standards incorporated (with respect to such Purchased Mortgage Loans pursuant the GNMA securitization program) the GNMA Guide or (with respect to the terms hereof. ServicerFNMA securitization program) the FNMA Guide or (with respect to the FHLMC securitization program) the FHLMC Guide; provided, however, that the Seller shall at all times comply with applicable law and FHA regulations and VA regulations so that the FHA insurance, VA guarantee or any other applicable insurance or guarantee, if any, in administering respect of any Mortgage Loan is not voided or reduced. The Seller shall at all times maintain accurate and complete records of its servicing of the Purchased Mortgage Loans, shall employ procedures . (including collection proceduresc) and exercise the same care it customarily employs and exercises in servicing and administering mortgage loans for its own account, in accordance with accepted mortgage loan servicing practices of prudent mortgage lending institutions servicing mortgage loans that are similar to the Purchased Mortgage Loans and giving due consideration to Buyer’s reliance on Servicer. Servicer Seller will provide Buyer with monthly reports, substantially identical in form to FNMA’s 's standard form of remittance report with respect to all Purchased Mortgage Loans then involved in any Transaction hereunder. (cd) Buyer may, in its sole discretion if an Event of Default shall have occurred and be continuing, without payment of any termination fee or any other amount to SellersSeller, (i) sell the Mortgage Loans in accordance with on a servicing released basis without the terms hereof payment of any termination fee to the Seller or (ii) terminate Servicer Seller as the servicer of the Purchased Mortgage Loans with or without cause without the imposition of a termination feecause.

Servicing of the Purchased Mortgage Loans. (a) The parties hereto agree and acknowledge that, notwithstanding the purchase and sale of the Purchased Mortgage Loans contemplated hereby, Sellers the related Seller shall service the Purchased Mortgage Loans for the benefit of Buyer and, if Buyer shall exercise its rights to sell the Purchased Mortgage Loans pursuant to this Agreement prior to the related Repurchase Date, Buyer’s assigns; provided, however, that the obligation of Servicer such Seller to service Purchased Mortgage Loans for the benefit of Buyer as aforesaid shall cease upon the payment to Buyer of the Repurchase Price therefor. (b) Servicer The related Seller shall service and administer the Purchased Mortgage Loans and shall have full power and authority, acting alone, to do any and all things in connection with such servicing which Servicer such Seller may deem necessary or desirable and consistent with the terms of this Agreement, and shall retain all principal prepayments and Income received by Servicer Seller with respect to such Purchased Mortgage Loans pursuant to the terms hereof. ServicerA Seller, in administering and servicing the Purchased Mortgage Loans, shall employ procedures (including collection procedures) and exercise the same care it customarily employs and exercises in servicing and administering mortgage loans for its own account, in accordance with accepted mortgage loan servicing practices of prudent mortgage lending institutions servicing mortgage loans that are similar to the Purchased Mortgage Loans and giving due consideration to Buyer’s reliance on Servicersuch Seller. Servicer A Seller will provide Buyer with monthly reports, substantially identical in form to FNMA’s standard form of remittance report with respect to all Purchased Mortgage Loans then involved in any Transaction hereunder. (c) Buyer may, in its sole discretion if an Event of Default shall have occurred and be continuing, without payment of any termination fee or any other amount to Sellersthe related Seller, (i) sell the Mortgage Loans in accordance with the terms hereof on a servicing released basis or (ii) terminate Servicer such Seller as the servicer of the Purchased Mortgage Loans with or without cause without the imposition of a termination feecause.

Servicing of the Purchased Mortgage Loans. (a) The parties hereto agree and acknowledge that, notwithstanding the purchase and sale of the Purchased Mortgage Loans contemplated hereby, Sellers Seller shall service the Purchased Mortgage Loans for the benefit of Buyer and, if Buyer shall exercise its rights to sell the Purchased Mortgage Loans pursuant to this Agreement prior to the related Repurchase Date, Buyer’s assigns; provided, however, that the obligation of Servicer to service Purchased Mortgage Loans for the benefit of Buyer as aforesaid shall cease upon the payment to Buyer of the Repurchase Price therefor. (b) Servicer shall service and administer the Purchased Mortgage Loans and shall have full power and authority, acting alone, to do any and all things in connection with such servicing which Servicer may deem necessary or desirable and consistent with the terms of this Agreement, and shall retain all principal prepayments and Income received by Servicer with respect to such Purchased Mortgage Loans pursuant to the terms hereof. Servicer, in administering and servicing the Purchased Mortgage Loans, shall employ procedures (including collection procedures) and exercise the same care it customarily employs and exercises in servicing and administering mortgage loans for its own account, in accordance with accepted mortgage loan servicing practices of prudent mortgage lending institutions servicing mortgage loans that are similar to the Purchased Mortgage Loans and giving due consideration to Buyer’s reliance on Servicer. Servicer will provide Buyer with monthly reports, substantially identical in form to FNMA’s standard form of remittance report with respect to all Purchased Mortgage Loans then involved in any Transaction hereunder. (c) Buyer may, in its sole discretion if an Event of Default shall have occurred and be continuing, without payment of any termination fee or any other amount to SellersSeller, (i) sell the Mortgage Loans in accordance with the terms hereof on a servicing released basis or (ii) terminate Servicer as the servicer of the Purchased Mortgage Loans with or without cause without the imposition of a termination fee.

Servicing of the Purchased Mortgage Loans. (a) The parties hereto agree and acknowledge that, notwithstanding the purchase and sale of the Purchased Mortgage Loans contemplated hereby, Sellers Seller shall service or cause to be serviced the Purchased Mortgage Loans for the benefit of Buyer and, if Buyer shall exercise its rights to sell the Purchased Mortgage Loans pursuant to this Agreement prior to the related Repurchase Date, Buyer’s assigns; provided, however, that the obligation of Servicer Seller to service or cause to be serviced Purchased Mortgage Loans for the benefit of Buyer as aforesaid shall cease upon the payment to Buyer of the Repurchase Price therefor. (b) Servicer Seller shall service (or cause to be serviced) and administer the Purchased Mortgage Loans and shall have full power and authority, acting alone, to do any and all things in connection with such servicing which Servicer Seller may deem necessary or desirable and consistent with the terms of this Agreement, and shall retain all principal prepayments and Income received by Servicer Seller with respect to such Purchased Mortgage Loans pursuant to the terms hereof. ServicerSeller, in administering and servicing the Purchased Mortgage Loans, shall employ procedures (including collection procedures) and exercise the same care it customarily employs and exercises in servicing and administering mortgage loans for its own account, in accordance with accepted mortgage loan servicing practices of prudent mortgage lending institutions servicing mortgage loans that are similar to the Purchased Mortgage Loans and giving due consideration to Buyer’s reliance on ServicerSeller. Servicer Seller will provide Buyer with monthly reports, substantially identical in form to FNMA’s standard form of remittance report with respect to all Purchased Mortgage Loans then involved in any Transaction hereunder. Seller may contract with another entity to service the Purchased Mortgage Loans so long as such entity is reasonably acceptable to Buyer. If Seller causes another entity to service the Purchased Mortgage Loans as aforesaid, Seller shall nonetheless remain liable to Buyer for such servicing as though the Purchased Mortgage Loans were serviced by Seller directly. (c) Buyer may, in its sole discretion if an Event of Default shall have occurred and be continuing, without payment of any termination fee or any other amount to SellersSeller, (i) sell the Mortgage Loans in accordance with the terms hereof on a servicing released basis or (ii) terminate Servicer Seller as the servicer of the Purchased Mortgage Loans with or without cause without the imposition of a termination feecause.

Servicing of the Purchased Mortgage Loans. (a) The parties hereto agree and acknowledge that, notwithstanding the purchase and sale of the Purchased Mortgage Loans contemplated hereby, Sellers Seller shall service or cause to be serviced the Purchased Mortgage Loans for the benefit of Buyer and, if Buyer shall exercise its rights to sell the Purchased Mortgage Loans pursuant to this Agreement prior to the related Repurchase Date, Buyer’s assigns; provided, however, that the obligation of Servicer Seller to service or cause to be serviced Purchased Mortgage Loans for the benefit of Buyer as aforesaid shall cease upon the payment to Buyer of the Repurchase Price therefor. (b) Servicer Seller shall service (or cause to be serviced) and administer the Purchased Mortgage Loans and shall have full power and authority, acting alone, to do any and all things in connection with such servicing which Servicer Seller may deem necessary or desirable and consistent with the terms of this Agreement, and shall retain all principal prepayments and Income received by Servicer Seller with respect to such Purchased Mortgage Loans pursuant to the terms hereof. ServicerSeller, in administering and servicing the Purchased Mortgage Loans, shall employ procedures (including collection procedures) and exercise the same care it customarily employs and exercises in servicing and administering mortgage loans for its own account, in accordance with accepted mortgage loan servicing practices of prudent mortgage lending institutions servicing mortgage loans that are similar to the Purchased Mortgage Loans and giving due consideration to Buyer’s reliance on ServicerSeller. Servicer Seller will provide Buyer with monthly reports, substantially identical in form to FNMA’s standard form of remittance report with respect to all Purchased Mortgage Loans then involved in any Transaction hereunder. (c) Buyer may, in its sole discretion if an Event of Default shall have occurred and be continuing, without payment of any termination fee or any other amount . Seller may contract with another entity to Sellers, (i) sell the Mortgage Loans in accordance with the terms hereof or (ii) terminate Servicer as the servicer of service the Purchased Mortgage Loans with or without cause without the imposition of a termination fee.so long as such entity is reasonably acceptable to

Servicing of the Purchased Mortgage Loans. (a) The parties hereto agree and acknowledge that, notwithstanding the purchase and sale of the Purchased Mortgage Loans contemplated hereby, Sellers shall service cause the Purchased Mortgage Loans to be serviced by the Servicer in accordance with Accepted Servicing Practices for the benefit of Buyer and, if Buyer shall exercise each Seller and its rights to sell the Purchased Mortgage Loans pursuant to this Agreement prior to the related Repurchase Date, Buyer’s assigns; provided, however, that the obligation of Servicer each Seller to service cause the servicing of any Purchased Mortgage Loans for the benefit of Buyer as aforesaid shall cease upon the payment to Buyer of the Repurchase Price therefor. (b) Servicer Sellers shall service and administer cause the Purchased Mortgage Loans to be serviced and administered and shall have full power and authority, acting alone, to cause the Servicer to do any and all things in connection with such servicing which Servicer Sellers may deem necessary or desirable and consistent with the terms of this Agreement and Paragraph 13 of the Letter Agreement, and shall may, subject to the other terms hereof, retain all principal prepayments and Income other Collections received by Servicer Sellers with respect to such Purchased Mortgage Loans pursuant to the terms hereof. ServicerSellers, in administering and servicing performing the Purchased Mortgage Loansaforementioned duties, shall employ procedures (including collection procedures) and shall cause the Servicer to exercise the same care it customarily employs and exercises in servicing and administering construction mortgage loans for its own account, in accordance with accepted mortgage loan servicing practices of prudent mortgage lending institutions servicing mortgage loans that are similar to the Purchased Mortgage Loans and giving due consideration to Buyer’s reliance on Servicer. Servicer will provide Buyer with monthly reports, substantially identical in form to FNMA’s standard form of remittance report with respect to all Purchased Mortgage Loans then involved in any Transaction hereunderAccepted Servicing Practices. (c) Buyer may, in its sole discretion if an Event of Default shall have occurred and be continuing, without payment of any termination fee or any other amount to Sellers, (i) sell direct the Mortgage Loans in accordance with the terms hereof Custodian to deliver all Loan Documents to Buyer or Buyer’s designee and (ii) terminate the Servicer as servicer with respect to any Purchased Assets, in each case at the servicer cost and expense of the Purchased Mortgage Loans with or without cause without the imposition of a termination feeSellers.

Servicing of the Purchased Mortgage Loans. (a) The parties hereto agree and acknowledge that, notwithstanding the purchase and sale of the Purchased Mortgage Loans contemplated hereby, Sellers Seller shall service the Purchased Mortgage Loans for the benefit of Buyer and, if Buyer shall exercise its rights to sell the Purchased Mortgage Loans pursuant to this Agreement prior to the related Repurchase Date, Buyer’s assigns; provided, however, that the obligation of Servicer to service Purchased Mortgage Loans for the benefit of Buyer as aforesaid shall cease upon the payment to Buyer of the Repurchase Price therefor. (b) Servicer shall service and administer the Purchased Mortgage Loans and shall have full power and authority, acting alone, to do any and all things in connection with such servicing which Servicer may deem necessary or desirable and consistent with the terms of this Agreement, and shall retain all principal prepayments and Income received by Servicer with respect to such Purchased Mortgage Loans pursuant to the terms hereof. Servicer, in administering and servicing the Purchased Mortgage Loans, shall employ procedures (including collection procedures) and exercise the same care it customarily employs and exercises in servicing and administering mortgage loans for its own account, in accordance with accepted mortgage loan servicing practices of prudent mortgage lending institutions servicing mortgage loans that are similar to the Purchased Mortgage Loans and giving due consideration to Buyer’s reliance on Servicer. Servicer will provide Buyer with monthly reports, substantially identical in form to FNMA’s standard form of remittance report with respect to all Purchased Mortgage Loans then involved in any Transaction hereunder. (c) Buyer may, in its sole discretion if an Event of Default shall have occurred and be continuing, without payment of any termination fee or any other amount to SellersSeller, (i) sell the Mortgage Loans in accordance with the terms hereof or (ii) terminate Servicer as the servicer of the Purchased Mortgage Loans with or without cause without the imposition of a termination fee.

Servicing of the Purchased Mortgage Loans. (a) The parties hereto agree and acknowledge that, notwithstanding the purchase and sale of the Purchased Mortgage Loans contemplated hereby, Sellers Seller shall service service, or cause a Qualified Subservicer to service, the Purchased Mortgage Loans for the benefit of Buyer and, if Buyer shall exercise its rights to sell the Purchased Mortgage Loans pursuant to this Agreement prior to the related Repurchase Date, Buyer’s 's assigns; provided, however, that the obligation of Servicer Seller to service service, directly or indirectly, Purchased Mortgage Loans for the benefit of Buyer as aforesaid shall cease upon the payment to Buyer of the Repurchase Price therefor. Seller shall remain responsible to Buyer for the servicing of the Purchased Mortgage Loans without diminution by reason of Seller's having engaged one or more Qualified Subservicers. (b) Servicer Seller shall service and administer the Purchased Mortgage Loans and shall have full power and authority, acting alone, to do any and all things in connection with such servicing which Servicer Seller may deem necessary or desirable and consistent with the terms of this Agreement, and shall retain all principal prepayments and Income received by Servicer Seller with respect to such Purchased Mortgage Loans pursuant to the terms hereof. ServicerSeller, in administering and servicing the Purchased Mortgage Loans, shall employ procedures (including collection procedures) and exercise the same care it customarily employs and exercises in servicing and administering the same type of mortgage loans for its own account, in accordance with accepted residential mortgage loan servicing practices of prudent mortgage lending institutions servicing mortgage loans that are similar to the Purchased Mortgage Loans and giving due consideration to Buyer’s 's reliance on ServicerSeller. Servicer Seller will provide Buyer with monthly reports, in a form substantially identical in form similar to FNMA’s 's standard form of remittance report and reasonably acceptable to Buyer, with respect to all Purchased Mortgage Loans then involved in any Transaction hereunder. (c) Buyer may, in its sole discretion if an Event of Default shall have occurred and be continuing, without payment of any termination fee or any other amount to SellersSeller or any Qualified Subservicer, (i) sell the Mortgage Loans in accordance with the terms hereof on a servicing released basis or (ii) terminate Servicer Seller or any Qualified Subservicer as the servicer of the Purchased Mortgage Loans with or without cause without the imposition of a termination feecause.