CONVEYANCE OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES Sample Clauses

CONVEYANCE OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES. BOOKS AND RECORDS; DELIVERY OF DOCUMENTS Section 2.01 Conveyance of Mortgage Loans; Possession of Mortgage Files; Maintenance of Servicing Files. The Company, on the related Closing Date, does hereby sell, transfer, assign, set over and convey to the Purchaser, without recourse, but subject to the terms of this Agreement, on a servicing retained basis, all the right, title and interest of the Company in and to the Mortgage Loans in the related Mortgage Loan Package, 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 2.03, the Company shall deliver the Mortgage Loan Documents for each Mortgage Loan to the Custodian prior to the related Closing Date. The contents of each Mortgage File not delivered to the Custodian are and shall be held in trust by the Company for the benefit of the Purchaser as the owner thereof. The Company shall maintain a Servicing File consisting of a copy of the contents of each Mortgage File and the originals of the documents in each Mortgage File not delivered to the Custodian. The possession of each Servicing File by the Company is at the will of the Purchaser for the sole purpose of servicing the related Mortgage Loan, and such retention and possession by the Company is in a custodial capacity only. Upon the sale of the Mortgage Loans the ownership of each Mortgage Note, the related Mortgage and the related Mortgage File and Servicing File shall vest immediately 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 Company shall vest immediately in the Purchaser and shall be retained and maintained by the Company, in trust, at the will of the Purchaser and only in such custodial capacity. Each Servicing File shall be segregated from the other books and records of the Company and shall be marked appropriately to reflect clearly the sale of the related Mortgage Loan to the Purchaser. The Company shall release its custody of the contents of any Servicing File only in accordance with written instructions from the Purchaser, unless such release is required as incidental to the Company's servicing of the Mortgage Loans or is in connection with a repurchase of any Mortgage Loan pursuant to Section 3.03, 3.06, or 6.02.
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CONVEYANCE OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES. BOOKS AND RECORDS; CUSTODIAL AGREEMENT; DELIVERY OF DOCUMENTS
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CONVEYANCE OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES. BOOKS AND RECORDS; DELIVERY OF DOCUMENTS Section 2.01 Conveyance of Mortgage Loans; Possession of Mortgage Files; Maintenance of Servicing Files....................................................................................
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CONVEYANCE OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES. BOOKS AND RECORDS; DELIVERY OF DOCUMENTS
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CONVEYANCE OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES. BOOKS AND RECORDS; CUSTODIAL AGREEMENT; DELIVERY OF DOCUMENTS Section 2.01 Conveyance of Mortgage Loans; Possession of Mortgage Files; Maintenance of Servicing Files. The Company, simultaneously with the execution and delivery of this Agreement, does hereby and thereby sell, transfer, assign, set over and convey to the Purchaser, without recourse, but subject to the terms of this Agreement, all the right, title and interest of the Company in and to the Mortgage Loans. Pursuant to Section 2.03, the Company has delivered the Mortgage Loan Documents to the Custodian.
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CONVEYANCE OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES. On the Closing Date, the Unaffiliated Seller shall sell, transfer, assign, set over and convey to the Depositor, without recourse but subject to the terms of this Agreement, all right, title and interest in and to the applicable Mortgage Loans, the insurance policies relating to each such Mortgage Loan and all right, title and interest in and to the proceeds of such insurance policies from and after the Closing Date until such time as such Mortgage Loan is repurchased hereunder, if ever. Upon payment of the purchase price for such Mortgage Loans as provided in Section 2.02 of this Agreement, the Unaffiliated Seller shall have hereby, and shall be deemed to have, sold, transferred, assigned, set over and conveyed such Mortgage Loans, the insurance policies relating to each such Mortgage Loan and all right, title and interest in and to the proceeds of such insurance policies from and after the Closing Date until such time as such Mortgage Loan is repurchased hereunder, if ever, to the Depositor. The Unaffiliated Seller's accounting and other records shall accurately reflect the sale of each Mortgage Loan to the Depositor. Upon the sale of such Mortgage Loans, the ownership of each related Mortgage Note, each related Mortgage and the contents of the related Mortgage File shall immediately vest in the Depositor and the ownership of all related records and documents with respect to each Mortgage Loan prepared by or which come into the possession of the Unaffiliated Seller shall immediately vest in the Depositor. The contents of any Mortgage File in the possession of the Unaffiliated Seller at any time after such sale, and any payments of principal received on the Mortgage Loans after the Cut-Off Date or interest accruing on the Mortgage Loans after the Due Date preceding the Cut-Off Date and received by the Unaffiliated Seller, shall be held in trust by the Unaffiliated Seller for the benefit of the Depositor as the owner thereof, and shall be promptly delivered by the Unaffiliated Seller to or upon the order of the Depositor. Pursuant to the Pooling and Servicing Agreement, the Depositor shall, on the Closing Date, assign all of its right, title and interest in and to the Mortgage Loans to the Trustee for the benefit of the Certificateholders and the Certificate Insurer.
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CONVEYANCE OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES. BOOKS AND RECORDS; CUSTODIAL AGREEMENT; DELIVERY OF DOCUMENTS 9 ARTICLE III 12 REPRESENTATIONS AND WARRANTIES REMEDIES AND BREACH 12 ARTICLE IV 29 ADMINISTRATION AND SERVICING OF MORTGAGE LOANS 29 ARTICLE V 43 PAYMENTS TO PURCHASER 43 ARTICLE VI 44 GENERAL SERVICING PROCEDURES 44 ARTICLE VII 47 COMPANY TO COOPERATE 47 ARTICLE VIII 48 THE COMPANY 48 ARTICLE IX 50 REMOVAL OF MORTGAGE LOANS FROM AGREEMENT 50 ARTICLE X 51 DEFAULT 51 ARTICLE XI 53 TERMINATION 53 MISCELLANEOUS PROVISIONS 55 EXHIBITS Exhibit A Mortgage Loan Schedule Exhibit A-1 Electronic Data Fields Exhibit B Contents of Each Mortgage Loan File Exhibit C Custodial Agreement Exhibit D Mortgage Loan Schedule of Balloon Loans Exhibit E Custodial Account Certifications Exhibit F Escrow Account Certifications Exhibit G Form of Assignment and Assumption Agreement Exhibit H Underwriting Guidelines Exhibit I Form of Loss Mitigation Advisory Agreement This is a Seller's Warranties and Servicing Agreement for adjustable rate and fixed rate residential first mortgage loans, dated and effective as of February 1, 2002, and is executed between Xxxxxx Brothers Bank, FSB, as purchaser (the "Purchaser"), and Xxxxx Fargo Home Mortgage, Inc., as seller and servicer (the "Company").
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CONVEYANCE OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES. BOOKS AND RECORDS; DELIVERY OF DOCUMENTS Section 2.01 Conveyance of Mortgage Loans; Possession of Mortgage Files; Maintenance of Servicing Files. On each Closing Date, the Company, simultaneously with the payment of the Purchase Price shall execute and deliver to the Purchaser an Assignment and Conveyance with respect to the related Mortgage Loan Package in the form attached hereto as Exhibit L. Pursuant to Section 2.04, on or prior to the related Closing Date the Company shall have delivered the Mortgage Loan Documents for each Mortgage Loan in the Mortgage Loan Package to the Custodian. The contents of each Mortgage File not delivered to the Custodian are and shall be held in trust by the Company for the benefit of the Purchaser as the owner thereof. The Company shall maintain a Servicing File for each Mortgage Loan. The possession of each Servicing File by
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