Amendment No. 1 to the Servicing Agreement
Amendment
No. 1 to the Servicing Agreement
This
is
Amendment No. 1 dated October 1, 2001 to that certain Servicing Agreement (the
“Agreement”) dated
as
of May 1, 2001 between
EMC MORTGAGE CORPORATION, as Owner
and
GMAC MORTGAGE CORPORATION, as Servicer.
W
I T N E
S S E T H :
WHEREAS,
the Owner is the owner of the Mortgage Loans and the Servicer is the servicer
of
the Mortgage Loans; and
WHEREAS,
the Owner and the Servicer wish to amend the Agreement;
NOW,
THEREFORE, in consideration of the mutual agreements hereinafter set forth,
and
for other good and valuable consideration, the receipt and adequacy of which
is
hereby acknowledged, the Purchaser and the Seller agree that the following
amendment shall be made to the Agreement:
(a)
The
following shall replace (i)(a), (b) and (c) in the first paragraph of Section
5.01:
“(i)
all
amounts credited to the Custodial Account as of the close of business on the
related preceding Determination Date, except Principal Prepayments received
on
or after the first day of the month in which the Remittance Date occurs shall
be
remitted to the Owner on the next following Remittance Date,”
(b)
Capitalized terms used herein and not defined shall have the meanings set forth
in the Agreement.
(c)
THIS
AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL
LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS
OF LAWS. THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL
BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.
(d)
Except as such amendments are made herein, the Agreement shall remain in full
force and effect.
[SIGNATURES
COMMENCE ON THE FOLLOWING PAGE]
IN
WITNESS WHEREOF, the Owner and the Servicer have caused their names to be signed
hereto by their respective officers thereunto duly authorized as of the day
and
year first above written.
EMC
MORTGAGE CORPORATION
Owner
By:________________________
Name:
Title:
GMAC
MORTGAGE CORPORATION
Servicer
By:
_______________________
Name:
Title:
