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, 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 Seller to service Purchased Mortgage Loans for the benefit of Buyer as aforesaid shall cease upon the securitization of Mortgage Loans into Agency Securities. (b) The Seller shall service and administer the Mortgage Loans in accordance with prudent mortgage loan servicing standards and procedures generally accepted in the mortgage banking industry and in accordance with the standards incorporated (with respect to the GNMA securitization program) the GNMA Guide or (with respect to the FNMA 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 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 Mortgage Loans. (c) 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. (d) 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 Seller, sell the Mortgage Loans on a servicing released basis without the payment of any termination fee to the Seller or terminate Seller as the servicer of the Purchased Mortgage Loans with or without cause.

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, 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 ’s assigns; provided, however, that the obligation of such Seller to service Purchased Mortgage Loans for the benefit of Buyer as aforesaid shall cease upon the securitization payment to Buyer of Mortgage Loans into Agency Securitiesthe Repurchase Price therefor. (b) 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 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 Seller with respect to such Purchased Mortgage Loans pursuant to the terms hereof. A 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 prudent accepted mortgage loan servicing standards practices of prudent lending institutions and procedures generally accepted in the mortgage banking industry and in accordance with the standards incorporated (with respect giving due consideration to the GNMA securitization program) the GNMA Guide or (with respect to the FNMA 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 respect of any Mortgage Loan is not voided or reducedBuyer’s reliance on such Seller. The Seller shall at all times maintain accurate and complete records of its servicing of the Mortgage Loans. (c) A 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. (dc) 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 the related Seller, (i) sell the Mortgage Loans on a servicing released basis without the payment of any termination fee to the Seller or (ii) terminate such Seller as the servicer of the Purchased Mortgage Loans with or without cause.

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, Seller 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 ’s assigns; provided, however, that the obligation of Seller Servicer to service Purchased Mortgage Loans for the benefit of Buyer as aforesaid shall cease upon the securitization payment to Buyer of Mortgage Loans into Agency Securitiesthe Repurchase Price therefor. (b) The Seller 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 prudent accepted mortgage loan servicing standards and procedures generally accepted in the practices of prudent mortgage banking industry and in accordance with the standards incorporated (with respect lending institutions servicing mortgage loans that are similar to the GNMA securitization program) the GNMA Guide or (with respect Purchased Mortgage Loans and giving due consideration to the FNMA 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 respect of any Mortgage Loan is not voided or reducedBuyer’s reliance on Servicer. The Seller shall at all times maintain accurate and complete records of its servicing of the Mortgage Loans. (c) Seller Servicer 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. (dc) 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 SellerSellers, (i) sell the Mortgage Loans on a servicing released basis without in accordance with the payment of any termination fee to the Seller terms hereof or (ii) terminate Seller Servicer as the servicer of the Purchased Mortgage Loans with or without causecause 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, 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 assigns; provided, however, that the obligation of Seller to service service, directly or indirectly, Purchased Mortgage Loans for the benefit of Buyer as aforesaid shall cease upon the securitization payment to Buyer of the Repurchase Price therefor. Seller shall remain responsible to Buyer for the servicing of the Purchased Mortgage Loans into Agency Securitieswithout diminution by reason of Seller's having engaged one or more Qualified Subservicers. (b) The 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 Seller may deem necessary or desirable and consistent with the terms of this Agreement, and shall retain all principal prepayments and Income received by Seller with respect to such Purchased Mortgage Loans pursuant to the terms hereof. 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 the same type of mortgage loans for its own account, in accordance with prudent accepted residential mortgage loan servicing standards practices of prudent lending institutions and procedures generally accepted in the mortgage banking industry and in accordance with the standards incorporated (with respect giving due consideration to the GNMA securitization program) the GNMA Guide or (with respect to the FNMA 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 respect of any Mortgage Loan is not voided or reducedBuyer's reliance on Seller. The Seller shall at all times maintain accurate and complete records of its servicing of the Mortgage Loans. (c) Seller will provide Buyer with monthly reports, in a form substantially identical in form similar to FNMA's standard form of remittance report and reasonably acceptable to Buyer, with respect to all Purchased Mortgage Loans then involved in any Transaction hereunder. (dc) 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 SellerSeller or any Qualified Subservicer, (i) sell the Mortgage Loans on a servicing released basis without the payment of any termination fee to the or (ii) terminate Seller or terminate Seller any Qualified Subservicer as the servicer of the Purchased Mortgage Loans with or without cause.

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, 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 Seller Servicer to service Purchased Mortgage Loans for the benefit of Buyer as aforesaid shall cease upon the securitization payment to Buyer of Mortgage Loans into Agency Securitiesthe Repurchase Price therefor. (b) The Seller 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 prudent accepted mortgage loan servicing standards and procedures generally accepted in the practices of prudent mortgage banking industry and in accordance with the standards incorporated (with respect lending institutions servicing mortgage loans that are similar to the GNMA securitization program) the GNMA Guide or (with respect Purchased Mortgage Loans and giving due consideration to the FNMA 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 respect of any Mortgage Loan is not voided or reducedBuyer’s reliance on Servicer. The Seller shall at all times maintain accurate and complete records of its servicing of the Mortgage Loans. (c) Seller Servicer 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. (dc) 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 Seller, (i) sell the Mortgage Loans on a servicing released basis without in accordance with the payment of any termination fee to the Seller terms hereof or (ii) terminate Seller Servicer as the servicer of the Purchased Mortgage Loans with or without causecause 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, Seller 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 each Seller to service cause the servicing of any Purchased Mortgage Loans for the benefit of Buyer as aforesaid shall cease upon the securitization payment to Buyer of Mortgage Loans into Agency Securitiesthe Repurchase Price therefor. (b) The Seller 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 Sellers may deem necessary or desirable and consistent with the terms of this Agreement and Paragraph 13 of the Letter Agreement, and may, subject to the other terms hereof, retain all principal prepayments and other Collections received by Sellers with respect to such Purchased Mortgage Loans pursuant to the terms hereof. Sellers, in performing the aforementioned 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 prudent mortgage loan servicing standards and procedures generally accepted in the mortgage banking industry and in accordance with the standards incorporated (with respect to the GNMA securitization program) the GNMA Guide or (with respect to the FNMA 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 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 Mortgage LoansAccepted Servicing Practices. (c) 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. (d) Buyer may, in its sole discretion if an Event of Default shall have occurred and be continuing, without payment (i) direct the 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 cost and expense of any termination fee or any other amount to Seller, sell the Mortgage Loans on a servicing released basis without the payment of any termination fee to the Seller or terminate Seller as the servicer of the Purchased Mortgage Loans with or without causeSellers.

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, 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 Seller Servicer to service Purchased Mortgage Loans for the benefit of Buyer as aforesaid shall cease upon the securitization payment to Buyer of Mortgage Loans into Agency Securitiesthe Repurchase Price therefor. (b) The Seller 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 prudent accepted mortgage loan servicing standards practices of prudent mortgage lending institutions and procedures generally accepted in the mortgage banking industry and in accordance with the standards incorporated (with respect giving due consideration to the GNMA securitization program) the GNMA Guide or (with respect to the FNMA 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 respect of any Mortgage Loan is not voided or reducedBuyer’s reliance on Servicer. The Seller shall at all times maintain accurate and complete records of its servicing of the Mortgage Loans. (c) Seller Servicer 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. (dc) 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 Seller, (i) sell the Mortgage Loans on a servicing released basis without the payment of any termination fee to the Seller or (ii) terminate Seller Servicer as the servicer of the Purchased Mortgage Loans with or without causecause 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, 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 ’s assigns; provided, however, that the obligation of Seller to service or cause to be serviced Purchased Mortgage Loans for the benefit of Buyer as aforesaid shall cease upon the securitization payment to Buyer of Mortgage Loans into Agency Securitiesthe Repurchase Price therefor. (b) The 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 Seller may deem necessary or desirable and consistent with the terms of this Agreement, and shall retain all principal prepayments and Income received by Seller with respect to such Purchased Mortgage Loans pursuant to the terms hereof. 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 prudent accepted mortgage loan servicing standards practices of prudent lending institutions and procedures generally accepted in the mortgage banking industry and in accordance with the standards incorporated (with respect giving due consideration to the GNMA securitization program) the GNMA Guide or (with respect to the FNMA 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 respect of any Mortgage Loan is not voided or reducedBuyer’s reliance on Seller. The Seller shall at all times maintain accurate and complete records of its servicing of the Mortgage Loans. (c) 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. 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. (dc) 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 Seller, (i) sell the Mortgage Loans on a servicing released basis without the payment of any termination fee to the Seller or (ii) terminate Seller as the servicer of the Purchased Mortgage Loans with or without cause.

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, 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 ’s assigns; provided, however, that the obligation of Seller to service or cause to be serviced Purchased Mortgage Loans for the benefit of Buyer as aforesaid shall cease upon the securitization payment to Buyer of Mortgage Loans into Agency Securitiesthe Repurchase Price therefor. (b) The 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 Seller may deem necessary or desirable and consistent with the terms of this Agreement, and shall retain all principal prepayments and Income received by Seller with respect to such Purchased Mortgage Loans pursuant to the terms hereof. 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 prudent accepted mortgage loan servicing standards practices of prudent lending institutions and procedures generally accepted in the mortgage banking industry and in accordance with the standards incorporated (with respect giving due consideration to the GNMA securitization program) the GNMA Guide or (with respect to the FNMA 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 respect of any Mortgage Loan is not voided or reducedBuyer’s reliance on Seller. The Seller shall at all times maintain accurate and complete records of its servicing of the Mortgage Loans. (c) 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. (d) 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 Seller, sell the Mortgage Loans on a servicing released basis without the payment of any termination fee to the Seller or terminate Seller as the servicer of service the Purchased Mortgage Loans with or without cause.so long as such entity is reasonably acceptable to