SERVICING ADDENDUM TO THE MASTER REPURCHASE
AGREEMENT DATED FEBRUARY 28, 2000
Seller, or its, agents shall service and administer the Mortgage Loans for
the benefit of Buyer and, if Buyer shall exercise its rights to pledge or
hypothecate the Mortgage Loan prior to the related Repurchase Date, Buyer's
assigns; Seller shal1 have full power and authority; acting alone, to do
any and all things in connection with such servicing which Seller or its
agents may deem necessary and consistent with the Transactions and
agreements contemplated by the Master Repurchase Agreement except that
Seller may not modify or amend the terms of the Mortgage Loans in any
material respect. However, the obligations of Seller to service the
Mortgage Loans on behalf of Buyer shall cease upon the payment by Seller to
Buyer of the Repurchase Price therefor. Seller and its agents, in
administering and servicing the Mortgage Loans, shall employ procedures
(including collection procedures) and exercise the same care customarily
employed and exercised by Seller or its agents in servicing and
administering mortgage loans for Seller's own account, in accordance with
accepted mortgage servicing practices of prudent lending institutions with
respect to mortgage loans similar to the Mortgage Loans and giving due
consideration to Buyer's reliance on Seller and its agents. Seller shall be
responsible for the actions of its agents relating to its servicing of the
Mortgage Loans as though Seller itself were servicing the Mortgage Loans.
Seller shall collect all Income on behalf of Buyer, and unless otherwise
directed by Buyer, Seller shall retain such Income, in trust, for the
benefit of the Buyer; provided, however, that upon the request of Buyer,
Seller shall remit to Buyer such Mortgage Loan Income; provided further
that, unless otherwise directed by Buyer, Seller may release such Mortgage
Loan Income from all restrictions hereunder to the extent to any Margin
Excess on the business day after notice of such Margin Excess has been
delivered to the Buyer. Buyer shall reduce the Purchase price of any
Transaction for any Income and any Mortgage Loan Income from the Mortgage
Loans actually received by Buyer pursuant to this Paragraph. Upon the
occurrence and continuance of an Event of Default, Buyer may, in its sole
discretion, (i) sell its right to the Purchased Mortgage Loans on a
servicing released basis or (ii) terminate the Seller as servicer of the
Purchased Mortgage Loans with or without cause, in each case without
payment of any termination fee and such termination shall be effective
immediately. Seller further agrees to indemnify and hold Buyer harmless
from any claims, losses, liabilities, costs (including attorneys fees) that
arise to Seller's servicing of the Mortgage Loans.
Impac Warehouse Lending Group, Inc. PMCC Financial Corporation and
PMCC Mortgage Corporation
By:/s/ Xxxxx X. Xxxxxxx By: /s/ Xxxxx X. Xxxxxxx
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Name: XXXXX X. XXXXXXX Name: XXXXX X. XXXXXXX
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Title: VICE PRESIDENT Title: CEO
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