Conveyance From Seller to Purchaser. Subsection 6.01
Conveyance From Seller to Purchaser. Subsection 6.01 Conveyance of Mortgage Loans; Possession of Servicing Files........................................
Conveyance From Seller to Purchaser. SUBSECTION 6.01.
Conveyance From Seller to Purchaser. (a) Conveyance of Mortgage Loans; Possession of Mortgage Files. On each Closing Date, the Seller, simultaneously with the execution and delivery of the related Closing Documents and receipt of the Purchase Price, does hereby sell, transfer, assign, set over and convey to the Purchaser, without recourse, but subject to the terms of this Agreement, all rights, title and interest of the Seller in and to the Mortgage Loans in the related Mortgage Loan Package, together with the Servicing Rights with respect to such Mortgage Loans and Mortgage Files and all rights and obligations arising under the documents contained therein for each Mortgage Loan in the related Mortgage Loan Package. Pursuant to Section 2(c) hereof, the Seller has delivered the Mortgage File for each Mortgage Loan in the related Mortgage Loan Package to the Purchaser. The contents of each Servicing File required to be retained by the Seller to service the Mortgage Loans pursuant to the Flow Interim Servicing Agreement and thus not delivered to the Purchaser are and shall be held in trust by the Seller for the benefit of Purchaser as the owner thereof. The Seller's possession of any portion of the Servicing File is at the will of the Purchaser for the sole purpose of facilitating servicing of the related Mortgage Loan pursuant to the Flow Interim Servicing Agreement, and such retention and possession by the Seller shall be in a custodial capacity only. The ownership of each Mortgage Note, Mortgage, and the contents of the Mortgage File and Servicing File is vested in the Purchaser and the ownership of all records and documents with respect to the related Mortgage Loan prepared by or which come into the possession of the Seller shall immediately vest in the Purchaser and shall be retained and maintained, in trust, by the Seller at the will of the Purchaser in such custodial capacity only. The Servicing File retained by the Seller pursuant to the Flow Interim Servicing Agreement shall be segregated from the other books and records of the Seller and shall be appropriately marked to clearly reflect the sale of the related Mortgage Loan to the Purchaser. The Seller shall release from its custody the contents of any Servicing File retained by it only in accordance with the Flow Interim Servicing Agreement, except when such release is required in connection with a repurchase of any such Mortgage Loan pursuant to Section 8.
Conveyance From Seller to Purchaser. ASSUMPTION OF SERVICING BY PURCHASER
Conveyance From Seller to Purchaser. SUBSECTION 6.01 CONVEYANCE OF MORTGAGE LOANS; POSSESSION OF SERVICING FILES........................................
Conveyance From Seller to Purchaser
