The Mortgage Loans. Concurrently with the execution and delivery of this Agreement, the Seller hereby transfers to the Purchaser, without recourse, all of its right, title and interest existing now or in the future in,
(i) each Mortgage Loan, including its Asset Balance (including all Additional Balances), the related Mortgage File, all property that secures the Mortgage Loan, and all collections received on it after the Cut-off Date (excluding payments due by the Cut-off Date);
(ii) property that secured a Mortgage Loan that is acquired by foreclosure or deed in lieu of foreclosure;
(iii) the Seller's rights under the hazard insurance policies;
(iv) all rights under any guaranty executed in connection with a Mortgage Loan;
(v) all other assets included or to be included in the Trust for the benefit of the Noteholders and the Credit Enhancer; and
(vi) all proceeds of the foregoing.
The Mortgage Loans. (a) Each of the Mortgage Loans and REO Properties related to each Servicing Agreement has been serviced in accordance with Applicable Requirements in all material respects.
(b) Except as disclosed on the Mortgage Loan Schedule, in the related Database and in the related Loan File and consistent with the requirements of the related Servicing Agreement, Seller has not waived any default, breach, violation or event of acceleration under any Mortgage Loan, except to the extent that any such waiver is permitted under the related Servicing Agreement and reflected in the Mortgage Loan Schedule, the related Database and the related Loan File and the disclosure relating to such waiver is reflected consistently in all material respects among the related Mortgage Loan Schedule, the related Database and the related Loan File. The Mortgage related to each Mortgage Loan related to the Servicing Agreements has not been satisfied, cancelled or subordinated, in whole or in part, and except as permitted under the related Servicing Agreement, the related Mortgaged Property has not been released from the lien of the Mortgage, in whole or in part, nor has any instrument been executed that would effect any such release, cancellation, or subordination.
(c) There is in force with respect to each Mortgaged Property and REO Property related to a Servicing Agreement a hazard insurance policy (including any policy in effect under a forced place insurance policy) and, if applicable, a flood insurance policy that provides, at a minimum, for the coverage as required by the applicable Servicing Agreement. Seller and any prior servicer or subservicer under the Servicing Agreements has taken all necessary steps to maintain any hazard insurance policy, flood insurance policy, primary mortgage insurance policy, and title insurance policy as required under the Servicing Agreements.
(d) Seller is not aware of any repurchase requests or demands being made or threatened to be made with respect to any Mortgage Loans related to the Servicing Agreements in excess of $10 million with respect to any Servicing Agreement.
(e) Except as disclosed in the related Database, Seller has not received notice from any Mortgagor with respect to the Mortgage Loans related to the Servicing Agreements of a request for relief pursuant to or invoking any of the provisions of the Servicemembers Civil Relief Act or any similar law which would have the effect of suspending or reducing the Mortgagor’s payment obligations...
The Mortgage Loans. Section 4.01. Representations and Warranties Concerning the Mortgage Loans 16 Section 4.02. Purchase and Substitution 25 Section 5.01. The Servicer 27 Section 5.02. Collection of Certain Mortgage Loan Payments; Collection Account 30 Section 5.03. Permitted Withdrawals from the Collection Account 31 Section 5.04. Hazard Insurance Policies; Property Protection Expenses 32 Section 5.05. Assumption and Modification Agreements 33 Section 5.06. Realization Upon Defaulted Mortgage Loans 34 Section 5.07. Indenture Trustee to Cooperate 35 Section 5.08. Servicing Compensation; Payment of Certain Expenses by Servicer 36 Section 5.09. Assessments of Compliance and Attestation Reports 36 Section 5.10. Reports Filed with Securities and Exchange Commission 37 Section 5.11. Access to Certain Documentation 38 Section 5.12. Maintenance of Fidelity Bond 43 Section 5.13. Subservicing Agreements Between the Servicer and Subservicer and Subservicers 44 Section 5.14. Reports to the Indenture Trustee; Collection Account Statements 44 Section 5.15. Optional Purchase of Defaulted Mortgage Loans 45 Section 5.16. Reports to be Provided by the Servicer 45 Section 5.17. [Reserved] 46 Section 5.18. Delinquency Advances 48 Section 5.19. Indemnification; Third Party Claims 48 Section 5.20. Maintenance of Corporate Existence and Licenses; Merger or Consolidation of the Servicer 48 Section 5.21. Assignment of Agreement by Servicer; Servicer Not to Resign 49 Section 5.22. Periodic Filings with the Securities and Exchange Commission Additional Information 49 Section 5.23. Administrative Duties 49 Section 5.24. Advance Facility 50 Section 6.01. Deposits to the Payment Account 54 Section 6.02. Collection of Money 54 Section 6.03. Application of Principal and Interest 54 Section 6.04. [Reserved] 54 Section 6.05. Compensating Interest 54 Section 6.06. Effect of Payments by the Note Insurer; Subrogation 55
The Mortgage Loans. The mortgage loans in the Trust Fund are identified on the mortgage loan schedule. The mortgage loans in · pool I will consist primarily of 20- to 30-year fixed-rate conventional one- to four-family mortgage loans, and · pool II will consist primarily of 10- to 15-year fixed-rate conventional one- to four-family mortgage loans.
The Mortgage Loans. Representations and Warranties Concerning the Mortgage Loans ...................................................... 14 Section 4.02.
The Mortgage Loans. All of the Mortgage Loans included in the Trust Fund, in the manner specified in Section 2.01.
The Mortgage Loans. 26 Section 2.04.
The Mortgage Loans. Section 4.01. Representations and Warranties Concerning the Mortgage Loans....14 Section 4.02.
The Mortgage Loans. The Mortgage Loans have the approximate characteristics as set forth below on the closing date:
The Mortgage Loans. Concurrently with the execution and delivery of this Agreement, the Seller hereby transfers to the Purchaser, without recourse, all of its right, title and interest existing now or in the future in,
(i) each Mortgage Loan, including its Asset Balance (including all Additional Balances) and all collections received on it after the Cut-off Date (excluding payments due by the Cut-off Date);
(ii) property that secured a Mortgage Loan that is acquired by foreclosure or deed in lieu of foreclosure;
(iii) the Seller's rights under the hazard insurance policies;
(iv) all rights under any guaranty executed in connection with a Mortgage Loan;
(v) all other assets included or to be included in the Trust for the benefit of the Noteholders and the Credit Enhancer; and
(vi) all proceeds of the foregoing.
