Common use of Termination; Servicing Transfer Clause in Contracts

Termination; Servicing Transfer. With respect to a Mortgage Loan, the respective obligations and responsibilities of the Company, as interim servicer, shall terminate at the expiration of the related Interim Servicing Period unless earlier terminated in accordance with the terms of this Agreement or the related Term Sheet, without the payment of any termination fee. Upon request from the Purchaser in connection with any such termination, the Company shall prepare, execute and deliver, any and all documents and other instruments, place in the Purchaser's possession all Mortgage Files, and do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents, to prepare notices to the mortgagors and related insurance companies, or otherwise, at the Company's sole expense. The Company agrees to cooperate with the Purchaser and such successor in effecting the termination of the Company's responsibilities and rights hereunder as interim servicer, including, without limitation, the transfer to such successor for administration by it of all cash amounts which shall at the time be credited by the Company to the Custodial Account or Escrow Account or thereafter received with respect to the Mortgage Loans. The Company shall follow the servicing transfer instructions of the Purchaser contained herein and attached hereto as Exhibit 7 with respect to servicing transfer procedures. Company and Purchaser will each, at the request of the other, execute and deliver to each other all such documents that either may reasonably request in order to perfect the transfer, assignment and delivery to Purchaser of the Servicing Rights to be sold, transferred, assigned and delivered as of the consummation of this Agreement. The Company shall not be entitled to any transfer fee. Subsection 14.01. Obligations of the Company Prior to the Servicing Transfer Date. The Company shall take, or cause to be taken, the following actions with respect to the Mortgage Loans prior to the related Servicing Transfer Date (or within such time as may otherwise be specified below) in order to effect the transfer of the Servicing Rights to the Purchaser on the related Servicing Transfer Date:

Termination; Servicing Transfer. With respect to a Mortgage Loan, the The respective obligations and responsibilities of the CompanySeller, as interim servicer, shall terminate at the expiration of the related Interim Servicing Period unless earlier terminated in accordance with the terms of this Agreement or the related Term Sheet, without the payment of any termination feefee at the expiration of the Interim Servicing Period unless terminated on an earlier date at the option of the Purchaser or pursuant to Section 14. Upon request from the Purchaser in connection with any such termination, the Company Seller shall prepare, execute and deliver, deliver any and all documents and other instruments, place in the Purchaser's ’s possession all Mortgage Files, and do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents, to prepare notices to the mortgagors and related insurance companies, or otherwise, at the Company's Seller’s sole expense. The Company Seller agrees to cooperate with the Purchaser and such successor in effecting the termination of the Company's Seller’s responsibilities and rights hereunder as interim servicer, including, without limitation, the transfer to such successor for administration by it of all cash amounts which shall at the time be credited by the Company Seller to the Custodial Account, REO Account or Escrow Account or thereafter received with respect to the Mortgage Loans. The Company Seller shall follow the servicing transfer instructions of the Purchaser contained herein and Purchaser, which are attached hereto as Exhibit 7 14 with respect to servicing transfer procedures. Company and Purchaser will each, at the request of the other, execute and deliver to each other all such documents that either may reasonably request in order to perfect the transfer, assignment and delivery to Purchaser of the Servicing Rights to be sold, transferred, assigned and delivered as of the consummation of this Agreement. The Company Seller shall not be entitled to any transfer fee. Subsection 14.01. Obligations of the Company Prior to the Servicing Transfer Date. The Company Purchaser shall take, have the right to terminate the servicing with no fee as to any individual Mortgage Loan pursuant to and in accordance with this Subsection 14.01 in the event of such Mortgage Loan becomes 60 days delinquent or cause subject to be taken, the following actions with respect to the Mortgage Loans prior to the related Servicing Transfer Date (or within such time as may otherwise be specified below) in order to effect the transfer of the Servicing Rights to the Purchaser on the related Servicing Transfer Date:a foreclosure proceeding.

Termination; Servicing Transfer. With respect to a Mortgage Loan, the respective obligations and responsibilities of the Company, as interim servicer, shall terminate at the expiration of the related Interim Servicing Period unless earlier terminated in accordance with the terms of this Agreement or the related Term Sheet, without the payment of any termination fee. Upon request from the Purchaser in connection with any such termination, the Company shall prepare, execute and deliver, any and all documents and other instruments, place in the Purchaser's possession all Mortgage Files, and do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents, to prepare notices to the mortgagors and related insurance companies, or otherwise, at the Company's sole expense. The Company agrees to cooperate with the Purchaser and such successor in effecting the termination of the Company's responsibilities and rights hereunder as interim servicer, including, without limitation, the transfer to such successor for administration by it of all cash amounts which shall at the time be credited by the Company to the Custodial Account or Escrow Account or thereafter received with respect to the Mortgage Loans. The Company shall follow the servicing transfer instructions of the Purchaser contained herein and attached hereto as Exhibit 7 with respect to servicing transfer procedures. Company and Purchaser will each, at the request of the other, execute and deliver to each other all such documents that either may reasonably request in order to perfect the transfer, assignment and delivery to Purchaser of the Servicing Rights to be sold, transferred, assigned and delivered as of the consummation of this Agreement. The Company shall not be entitled to any transfer fee. Subsection 14.01. Obligations of the Company Prior to the Servicing Transfer Date. The Company shall take, or cause to be taken, the following actions with respect to the Mortgage Loans prior to the related Servicing Transfer Date (or within such time as may otherwise be specified below) in order to effect the transfer of the Servicing Rights to the Purchaser on the related Servicing Transfer Date:

Termination; Servicing Transfer. With respect to a Mortgage Loan, the respective obligations and responsibilities of the Company, as interim servicer, shall terminate at the expiration of the related Interim Servicing Period unless earlier terminated in accordance with the terms of this Agreement or the related Term Sheet, without the payment of any termination fee. Upon request from the Purchaser in connection with any such termination, the Company shall prepare, execute and deliver, any and all documents and other instruments, place in the Purchaser's possession all Mortgage Files, and do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents, to prepare notices to the mortgagors and related insurance companies, or otherwise, at the Company's sole expense. The Company agrees to cooperate with the Purchaser and such successor in effecting the termination of the Company's responsibilities and rights hereunder as interim servicer, including, without limitation, the transfer to such successor for administration by it of all cash amounts which shall at the time be credited by the Company to the Custodial Account or Escrow Account or thereafter received with respect to the Mortgage Loans. The Company shall follow the servicing transfer instructions of the Purchaser contained herein and attached hereto as Exhibit 7 with respect to servicing transfer procedures. Company and Purchaser will each, at the request of the other, execute and deliver to each other all such documents that either may reasonably request in order to perfect the transfer, assignment and delivery to Purchaser of the Servicing Rights to be sold, transferred, assigned and delivered as of the consummation of this Agreement. The Company shall not be entitled to any transfer fee. Subsection 14.01. (a) Obligations of the Company Prior to the Servicing Transfer Date. The Company shall take, or cause to be taken, the following actions with respect to the Mortgage Loans prior to the related Servicing Transfer Date (or within such time as may otherwise be specified below) in order to effect the transfer of the Servicing Rights to the Purchaser on the related Servicing Transfer Date:

Termination; Servicing Transfer. With respect to a Mortgage Loan, the respective obligations and responsibilities of the CompanyServicer, as interim servicer, shall terminate at the expiration of the related Interim Servicing Period unless earlier terminated in accordance with the terms of this Agreement or the related Term Sheet, without the payment of any termination fee. Upon request from the Purchaser in connection with any such termination, the Company Servicer shall prepare, execute and deliver, any and all documents and other instruments, place in the Purchaser's possession all Mortgage Files, and do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents, to prepare notices to the mortgagors and related insurance companies, or otherwise, at the CompanyServicer's sole expense. The Company Servicer agrees to cooperate with the Purchaser and such successor in effecting the termination of the CompanyServicer's responsibilities and rights hereunder as interim servicer, including, without limitation, the transfer to such successor for administration by it of all cash amounts which shall at the time be credited by the Company Servicer to the Custodial Account or Escrow Account or thereafter received with respect to the Mortgage Loans. The Company Servicer shall follow the servicing transfer instructions of the Purchaser contained herein and attached hereto as Exhibit 7 with respect to servicing transfer proceduresprocedures or as otherwise agreed upon in a reasonably acceptable manner by the Servicer and Purchaser. Company Servicer and Purchaser will each, at the request of the other, execute and deliver to each other all such documents that either may reasonably request in order to perfect the transfer, assignment and delivery to Purchaser of the Servicing Rights to be sold, transferred, assigned and delivered as of the consummation of this Agreement. The Company Servicer shall not be entitled to any transfer fee. Subsection 14.01. Obligations of the Company Prior to the Servicing Transfer Date. The Company fee but shall take, or cause to be taken, the following actions with respect to the Mortgage Loans prior to reimbursed on the related Servicing Transfer Date (or within such time as may otherwise be specified below) in order to effect the transfer of the Servicing Rights to by the Purchaser on the related or its successor servicer for any outstanding and unreimbursed Servicing Transfer Date:Advances.

Termination; Servicing Transfer. With respect to a Mortgage Loan, the respective obligations and responsibilities of the Company, as interim servicer, shall terminate at the expiration of the related Interim Servicing Period unless earlier terminated in accordance In connection with the terms of this Agreement or the related Term Sheet, without the payment of any termination fee. Upon pursuant to Section 13 or Servicing Rights purchase pursuant to the next paragraph, upon request from the Purchaser in connection with any such termination, the Company Master Servicer shall prepare, execute and deliver, any and all documents and other instruments, place in the Purchaser's possession all Mortgage Files, and do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents, to prepare notices to the mortgagors and related insurance companies, or otherwise, at the CompanySeller's sole expense. The Company Master Servicer agrees to cooperate with the Purchaser and such successor in effecting the termination of the CompanyMaster Servicer's responsibilities and rights hereunder as interim servicer, including, without limitation, the transfer to such successor for administration by it of all cash amounts which shall at the time be credited by the Company Master Servicer to the Custodial Account or Escrow Account or thereafter received with respect to the Mortgage Loans. The Company Master Servicer shall follow the servicing transfer instructions of the Purchaser contained herein and attached hereto as Exhibit EXHIBIT 7 with respect to servicing transfer procedures. Company The Master Servicer and Purchaser will each, at the request of the other, execute and deliver to each other all such documents that either may reasonably request in order to perfect transfer servicing to the transfer, assignment and delivery to Purchaser of the Servicing Rights to be sold, transferred, assigned and delivered as of the consummation of this AgreementPurchaser. The Company Master Servicer shall not be entitled to any transfer fee. . At any time prior to August 31, 2003, and upon 30 days' notice to the Master Servicer, the Purchaser may purchase the Servicing Rights. The purchase price of such servicing rights will equal the Servicing Rights Purchase Price. Furthermore, Purchaser shall have the right to purchase on a separate basis the Servicing Rights or the prepayment penalties in accordance with the pricing parameters set forth in the Term Sheet and in this Agreement. The terms governing the procedures to be followed in the event of a transfer of servicing shall be as set forth in the Mortgage Loan Purchase and Interim Servicing Agreement dated as of December 1, 2000 between EMC Mortgage Corporation and the Seller. Subsection 14.01. Obligations of the Company Prior to the Servicing Transfer Date. The Company shall take, or cause to be taken, the following actions with respect to the Mortgage Loans prior to the related Servicing Transfer Date (or within such time as may otherwise be specified below) in order to effect the transfer of the Servicing Rights to the Purchaser on the related Servicing Transfer Date:RESERVED.