Common use of Possession of Servicing Files Clause in Contracts

Possession of Servicing Files. The contents of each Servicing File related to a Non-Agency Mortgage Loan are and shall be held in trust by the Servicer for the benefit of the Owner as the owner thereof. The Servicer shall maintain in the Servicing File a hard or electronic copy, if available, of each Mortgage Loan Document received by the Owner or its designee and the originals or copies of documents not delivered to the Owner in the Servicer’s possession received during the term of this Agreement. The possession of the Servicing File by the Servicer is at the will of the Owner for the sole purpose of servicing the related Non-Agency Mortgage Loan, pursuant to this Agreement, and such retention and possession by the Servicer is in its capacity as Servicer only and at the election of the Owner. The Servicer shall release its custody of the contents of any Servicing File only in accordance with written instructions from the Owner, unless such release is required as incidental to the Servicer’s servicing of the Non-Agency Mortgage Loans pursuant to this Agreement. The Servicer shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Non-Agency Mortgage Loan which shall be marked clearly to reflect the ownership of each Non-Agency Mortgage Loan by the Owner. In particular, the Servicer shall maintain in its possession, available for inspection by the Owner, and shall deliver to the Owner if so directed by the Owner, upon written demand, evidence of compliance with all federal, state and local laws, rules and regulations, and requirements of ▇▇▇▇▇▇ ▇▇▇, including but not limited to documentation as to the method used in determining the applicability of the provisions of the National Flood Insurance Act of 1968 or Flood Disaster Prevention Act of 1973, as amended, to the related Mortgaged Property, documentation evidencing insurance coverage and eligibility of any condominium project for approval by ▇▇▇▇▇▇ Mae and periodic inspection reports as required by Section 4.13, as applicable. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans.

Possession of Servicing Files. The contents of each Servicing File related to a Non-Agency Mortgage Loan are and shall be held in trust by the Servicer for the benefit of the Owner Purchaser as the owner thereof. The Servicer shall maintain in the Servicing File a hard or electronic copy, if available, copy of the contents of each Mortgage Loan Document received by the Owner or its designee File and the originals or copies of the documents in each Mortgage File not delivered to the Owner in the Servicer’s possession received during the term of this AgreementPurchaser. The possession of the Servicing File by the Servicer is at the will of the Owner Purchaser for the sole purpose of servicing the related Non-Agency Mortgage Loan, pursuant to this Agreement, and such retention and possession by the Servicer is in its capacity as Servicer only and at the election of the OwnerPurchaser. The Servicer shall release its custody of the contents of any Servicing File only in accordance with written instructions from the OwnerPurchaser, unless such release is required as incidental to the Servicer’s 's servicing of the Non-Agency Mortgage Loans pursuant to this Agreement, or is in connection with a repurchase of any Mortgage Loan pursuant to Section 9 of the Purchase Agreement. The Servicer shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Non-Agency Mortgage Loan which shall be marked clearly to reflect the ownership of each Non-Agency Mortgage Loan by the OwnerPurchaser. In particular, the Servicer shall maintain in its possession, available for inspection by the OwnerPurchaser's designee, and shall deliver to the Owner if so directed by the Owner, Purchaser or its designee upon written demand, evidence of compliance with all federal, state and local laws, rules and regulations, and requirements of ▇▇▇▇▇▇ ▇▇▇, including but not limited to documentation as to the method used in determining the applicability of the provisions of the National Flood Insurance Act of 1968 or Flood Disaster Prevention Act of 19731968, as amended, to the related Mortgaged Property, documentation evidencing insurance coverage and eligibility of any condominium project for approval by ▇▇▇▇▇▇ Mae pursuant to Accepted Servicing Practices and periodic inspection reports as required by Section 4.13, as applicable2.13. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any person with respect to this Agreement or the Mortgage Loans unless the books and records show such person as the owner of the Mortgage Loan. The Purchaser may, subject to the terms of this Agreement, sell or transfer one or more of the Mortgage Loans, provided, however, that the transferee will not be deemed to be a Purchaser hereunder binding upon the Servicer unless such transferee shall agree in writing to be bound by the terms of this Agreement and of the assignment and assumption of this Agreement executed by the transferee shall have been delivered to the Servicer. The Purchaser also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall cause its books and records to reflect the ownership of the Mortgage Loans of such assignee, and shall release the previous Purchaser from its obligations hereunder with respect to the Mortgage Loans sold or transferred.

Possession of Servicing Files. The contents of each Servicing File related to a Non-Agency Mortgage Loan are and shall be held in trust by the Servicer for the benefit of the Owner Purchaser as the owner thereof. The Servicer shall maintain in the Servicing File a hard or electronic copy, if available, copy of the contents of each Mortgage Loan Document received by the Owner or its designee File and the originals or copies of the documents in each Mortgage File not delivered to the Owner in the Servicer’s possession received during the term of this AgreementPurchaser. The possession of the Servicing File by the Servicer is at the will of the Owner Purchaser for the sole purpose of servicing the related Non-Agency Mortgage Loan, pursuant to this Agreement, and such retention and possession by the Servicer is in its capacity as Servicer only and at the election of the OwnerPurchaser. The Servicer shall release its custody of the contents of any Servicing File only in accordance with written instructions from the OwnerPurchaser, unless such release is required as incidental to the Servicer’s servicing of the Non-Agency Mortgage Loans pursuant to this Agreement, or is in connection with a repurchase of any Mortgage Loan pursuant to Section 9 of the Purchase Agreement. The Servicer shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Non-Agency Mortgage Loan which shall be marked clearly to reflect the ownership of each Non-Agency Mortgage Loan by the OwnerPurchaser. In particular, the Servicer shall maintain in its possession, available for inspection by the OwnerPurchaser’s designee, and shall deliver to the Owner if so directed by the Owner, Purchaser or its designee upon written demand, evidence of compliance with all federal, state and local laws, rules and regulations, and requirements of ▇▇▇▇▇▇ ▇▇▇, including but not limited to documentation as to the method used in determining the applicability of the provisions of the National Flood Insurance Act of 1968 or Flood Disaster Prevention Act of 19731968, as amended, to the related Mortgaged Property, documentation evidencing insurance coverage and eligibility of any condominium project for approval by ▇▇▇▇▇▇ Mae pursuant to Accepted Servicing Practices and periodic inspection reports as required by Section 4.13, as applicable2.13. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any person with respect to this Agreement or the Mortgage Loans unless the books and records show such person as the owner of the Mortgage Loan. The Purchaser may, subject to the terms of this Agreement, sell or transfer one or more of the Mortgage Loans, provided, however, that the transferee will not be deemed to be a Purchaser hereunder binding upon the Servicer unless such transferee shall agree in writing to be bound by the terms of this Agreement and of the assignment and assumption of this Agreement executed by the transferee shall have been delivered to the Servicer. The Purchaser also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall cause its books and records to reflect the ownership of the Mortgage Loans of such assignee, and shall release the previous Purchaser from its obligations hereunder with respect to the Mortgage Loans sold or transferred.

Possession of Servicing Files. The contents of each Servicing File related to a Non-Agency Mortgage Loan are and shall be held in trust by the Servicer for the benefit of the Owner as the owner thereof. The Servicer shall maintain in the Servicing File a hard or electronic copy, if available, of each Mortgage Loan Document received by the Owner or its designee and the originals or copies of documents not delivered to the Owner in the Servicer’s possession received during the term of this Agreement. The possession of the Servicing File by the Servicer is at the will of the Owner for the sole purpose of servicing the related Non-Agency Mortgage Loan, pursuant to this Agreement, and such retention and possession by the Servicer is in its capacity as Servicer only and at the election of the Owner. The Servicer shall release its custody of the contents of any Servicing File only in accordance with written instructions from the Owner, unless such release is required as incidental to the Servicer’s servicing of the Non-Agency Mortgage Loans pursuant to this Agreement. The Servicer shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Non-Agency Mortgage Loan which shall be marked clearly to reflect the ownership of each Non-Agency Mortgage Loan by the Owner. In particular, the Servicer shall maintain in its possession, available for inspection by the Owner, and shall deliver to the Owner if so directed by the Owner, upon written demand, evidence of compliance with all federal, state and local laws, rules and regulations, and requirements of ▇F▇▇▇▇▇ ▇M▇▇, including but not limited to documentation as to the method used in determining the applicability of the provisions of the National Flood Insurance Act of 1968 or Flood Disaster Prevention Act of 1973, as amended, to the related Mortgaged Property, documentation evidencing insurance coverage and eligibility of any condominium project for approval by ▇F▇▇▇▇▇ Mae and periodic inspection reports as required by Section 4.13, as applicable. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans.

Possession of Servicing Files. The contents of each Servicing File related to a Non-Agency Mortgage Loan are and shall be held in trust by the Servicer Seller for the benefit of the Owner Purchaser as the owner thereof. The Servicer Seller shall maintain in the Servicing File a hard or electronic copy, if available, copy of the contents of each Mortgage Loan Document received by the Owner or its designee File and the originals or copies of the documents in each Mortgage File not delivered to the Owner in the Servicer’s possession received during the term of this AgreementPurchaser. The possession of the Servicing File by the Servicer Seller is at the will of the Owner Purchaser for the sole purpose of servicing the related Non-Agency Mortgage Loan, pursuant to this Agreement, and such retention and possession by the Servicer Seller is in its capacity as Servicer only and at the election of the OwnerPurchaser. The Servicer Seller shall release its custody of the contents of any Servicing File only in accordance with written instructions from the OwnerPurchaser, unless such release is required as incidental to the Servicer’s Seller's servicing of the Non-Agency Mortgage Loans pursuant to this Agreement, or is in connection with a repurchase of any Mortgage Loan pursuant to Section 9 of the Purchase Agreement. The Servicer Seller shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Non-Agency Mortgage Loan which shall be marked clearly to reflect the ownership of each Non-Agency Mortgage Loan by the OwnerPurchaser. In particular, the Servicer Seller shall maintain in its possession, available for inspection by the OwnerPurchaser or its designee, and shall deliver to the Owner if so directed by the Owner, Purchaser or its designee upon written demand, evidence of compliance with all federal, state and local laws, rules and regulations, and requirements of ▇▇▇▇▇▇ ▇▇▇Fannie Mae or Freddie Mac, including but not limited to documentation as to the method used a▇ ▇▇ ▇h▇ ▇etho▇ ▇▇▇▇ in determining the applicability of the provisions of the National Flood Insurance Act of 1968 or Flood Disaster Prevention Act of 19731968, as amended, to the related Mortgaged Property, documentation evidencing insurance coverage and eligibility of any condominium project for approval by ▇▇▇▇▇▇ Fannie Mae and periodic inspection reports as required by Section 4.13, as applicable. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans2.13.

Possession of Servicing Files. The contents of each Servicing File related to a Non-Agency Mortgage Loan are and shall be held in trust by the Servicer for the benefit of the Owner as the owner thereof. The Servicer shall maintain in the Servicing File a hard or electronic copy, if available, of each Mortgage Loan Document received by the Owner or its designee and the originals or copies of documents not delivered to the Owner in the Servicer’s possession received during the term of this Agreement. The possession of the Servicing File by the Servicer is at the will of the Owner for the sole purpose of servicing the related Non-Agency Mortgage Loan, pursuant to this Agreement, and such retention and possession by the Servicer is in its capacity as Servicer only and at the election of the Owner. The Servicer shall release its custody of the contents of any Servicing File only in accordance with written instructions from the Owner, unless such release is required as incidental to the Servicer’s servicing of the Non-Agency Mortgage Loans pursuant to this Agreement. The Servicer shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Non-Agency Mortgage Loan which shall be marked clearly to reflect the ownership of each Non-Agency Mortgage Loan by the Owner. In particular, the Servicer shall maintain in its possession, available for inspection by the Owner, and shall deliver to the Owner if so directed by the Owner, upon written demand, evidence of compliance with all federal, state and local laws, rules and regulations, and requirements of ▇▇▇▇▇▇ ▇▇▇, including but not limited to documentation as to the method used in determining the applicability of the provisions of the National Flood Insurance Act of 1968 or Flood Disaster Prevention Act of 1973, as amended, to the related Mortgaged Property, documentation evidencing insurance coverage and eligibility of any condominium project for approval by ▇▇▇▇▇▇ Mae ▇▇▇ and periodic inspection reports as required by Section 4.13, as applicable. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans.

Possession of Servicing Files. The contents of each Servicing File related to a Non-Agency Mortgage Loan are and shall be held in trust by the Servicer for the benefit of the Owner Company as the owner thereof. The Servicer shall maintain in the Servicing File a hard or electronic copy, if available, copy (which may be in microfiche form) of the contents of each Mortgage Loan Document received by the Owner or its designee File and the originals or copies of the required documents in each Mortgage Loan File not delivered to the Owner in the Servicer’s possession received during the term of this AgreementCompany. The possession of the Servicing File by the Servicer is at the will of the Owner Company for the sole purpose of servicing the related Non-Agency Mortgage Loan, pursuant to this Agreement, and such retention and possession by the Servicer is in its capacity as Servicer only and at the election of the OwnerCompany. The Servicer shall release its custody of the contents of any Servicing File only in accordance with written instructions from the OwnerCompany or other termination of the Servicer with respect to the related Mortgage Loans, unless such release is required as incidental to the Servicer’s 's servicing of the Non-Agency Mortgage Loans pursuant to this Agreement. The Servicer shall be responsible for maintaining, and shall maintain, a complete set of books and records (including electronic records) for each Non-Agency Mortgage Loan which shall be marked clearly to reflect the ownership of each Non-Agency Mortgage Loan by the OwnerCompany. In particular, the Servicer shall maintain in its possession, available for inspection by the OwnerCompany during normal business hours, and shall deliver to the Owner if so directed by the Owner, Company upon written demandreasonable notice, evidence of compliance with all federal, state provincial and local laws, rules and regulations, and requirements of ▇▇▇▇▇▇ ▇▇▇, including but not limited to documentation as to the method used in determining the applicability of the provisions of the National Flood Insurance Act of 1968 or Flood Disaster Prevention Act of 1973, as amended, to the related Mortgaged PropertyCMHC, documentation evidencing insurance coverage and eligibility of any condominium project for approval by ▇▇▇▇▇▇ Mae CMHC and periodic inspection reports as required by Section 4.132.12 and Accepted Servicing Practices. To the extent that original documents are not required for purposes of realisation of Liquidation Proceeds or Insurance Proceeds, documents maintained by the Servicer may be in the form of microfilm or microfiche so long as applicablethe Servicer complies with the requirements of Accepted Servicing Practices. The Servicer shall keep at its servicing office books and records (including electronic records) in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any person with respect to this Agreement or the Mortgage Loans unless the books and records show such person as the owner of the Mortgage Loan. The Company may, subject to the terms of this Agreement, sell or transfer one or more of the Mortgaged Loan. The Company also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall record the ownership of the Mortgage Loans of such assignee in its books and records, and shall release the Company from its obligations hereunder with respect to the Mortgage Loans sold or transferred.

Possession of Servicing Files. The contents of each Servicing File related to a Non-Agency Mortgage Loan are and shall be held in trust by the Servicer for the benefit of the Owner as the owner thereof. The Servicer shall maintain in the Servicing File a hard or electronic copy, if available, of each Mortgage Loan Document received by the Owner or its designee and the originals or copies of documents not delivered to the Owner in the Servicer’s possession received during the term of this Agreement. The possession of the Servicing File by the Servicer is at the will of the Owner for the sole purpose of servicing the related Non-Agency Mortgage Loan, pursuant to this Agreement, and such retention and possession by the Servicer is in its capacity as Servicer only and at the election of the Owner. The Servicer shall release its custody of the contents of any Servicing File only in accordance with written instructions from the Owner, unless such release is required as incidental to the Servicer’s servicing of the Non-Agency Mortgage Loans pursuant to this Agreement. The Servicer shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Non-Agency Mortgage Loan which shall be marked clearly to reflect the ownership of each Non-Agency Mortgage Loan by the Owner. In particular, the Servicer shall maintain in its possession, available for inspection by the Owner, and shall deliver to the Owner if so directed by the Owner, upon written demand, evidence of compliance with all federal, state and local laws, rules and regulations, and requirements of ▇F▇▇▇▇▇ ▇M▇▇, including but not limited to documentation as to the method used in determining the applicability of the provisions of the National Flood Insurance Act of 1968 or Flood Disaster Prevention Act of 1973, as amended, to the related Mortgaged Property, documentation evidencing insurance coverage and eligibility of any condominium project for approval by ▇F▇▇▇▇▇ Mae M▇▇ and periodic inspection reports as required by Section 4.13, as applicable. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans.

Possession of Servicing Files. The contents of each Servicing File related to a Non-Agency Mortgage Loan are and shall be held in trust by the Servicer Seller for the benefit of the Owner Purchaser as the owner thereof. The Servicer Seller shall maintain in the Servicing File a hard or electronic copy, if available, copy of the contents of each Mortgage Loan Document received by the Owner or its designee File and the originals or copies of the documents in each Mortgage File not delivered to the Owner in the Servicer’s possession received during the term of this AgreementPurchaser. The possession of the Servicing File by the Servicer Seller is at the will of the Owner Purchaser for the sole purpose of servicing the related Non-Agency Mortgage Loan, pursuant to this Agreement, and such retention and possession by the Servicer Seller is in its capacity as Servicer Seller only and at the election of the OwnerPurchaser. The Servicer Seller shall release its custody of the contents of any Servicing File only in accordance with written instructions from the OwnerPurchaser or other termination of the Seller with respect to the related Mortgage Loans, unless such release is required as incidental to the Servicer’s Seller's servicing of the Non-Agency Mortgage Loans pursuant to this Agreement, or is in connection with a repurchase of any Mortgage Loan pursuant to Section 8.03 of the Purchase Agreement or Section 4.02 of this Agreement. The Servicer Seller shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Non-Agency Mortgage Loan which shall be marked clearly to reflect the ownership of each Non-Agency Mortgage Loan by the OwnerPurchaser. In particular, the Servicer Seller shall maintain in its possession, available for inspection by the OwnerPurchaser or its designee during normal business hours, and shall deliver to the Owner if so directed by the Owner, Purchaser or its designee upon written demandreasonable notice, evidence of compliance with all federal, state and local laws, rules and regulations, and requirements of ▇▇▇▇▇▇ ▇▇▇, including but not limited to documentation as to the method used in determining the applicability of the provisions of the National Flood Insurance Act of 1968 or Flood Disaster Prevention Protection Act of 1973, as amended, to the related Mortgaged Property, documentation evidencing insurance coverage and eligibility of any condominium project for approval by ▇▇▇▇▇▇ Mae and periodic inspection reports as required by Section 4.132.13. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds or Insurance Proceeds, as applicable. The Servicer shall keep at its servicing office books and records documents maintained by the Seller may be in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers form of Mortgage Loansmicrofilm or microfiche.

Possession of Servicing Files. The contents of each Servicing File related to a Non-Agency Mortgage Loan are and shall be held in trust by the Servicer for the benefit of the Owner Company as the owner assignee thereof. The Servicer shall maintain in the Servicing File a hard or electronic copy, if available, copy (which may be in microfiche form) of the contents of each Mortgage Loan Document received by File. Servicer shall request the Owner or its designee original (and duplicate originals, if any) of any Mortgage Loan only for the originals or copies purpose of documents not delivered initiating any claim for reimbursement with respect to the Owner Mortgage Loan or in connection with the Servicer’s payment in full or liquidation of the Mortgage Loan and shall promptly return such originals to the possession received during of the term Custodian or otherwise properly dispose of this Agreementsuch originals, but in no case shall Servicer maintain possession of such originals for any period exceeding twenty-one days. The possession of the Servicing File by the Servicer is at the will of the Owner Company for the sole purpose of servicing the related Non-Agency Mortgage Loan, pursuant to this Agreement, and such retention and possession by the Servicer is in its capacity as Servicer only and at the election of the OwnerCompany. The Servicer shall release its custody of the contents of any Servicing File only in accordance with written instructions from the OwnerCompany or other termination of the Servicer with respect to the related Mortgage Loans, unless such release is required as incidental to the Servicer’s 's servicing of the Non-Agency Mortgage Loans pursuant to this Agreement. The Servicer shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Non-Agency Mortgage Loan which shall be marked clearly to reflect the ownership assignment of each Non-Agency Mortgage Loan by to the OwnerCompany. In particular, the Servicer shall maintain in its possession, available for inspection by the OwnerCompany during normal business hours, and shall deliver to the Owner if so directed by the Owner, Company upon written demandreasonable notice, evidence of compliance with all federal, state and local laws, rules rules, and regulations, and requirements of ▇▇▇▇▇▇ ▇▇▇, including but not limited to documentation as to the method used in determining the applicability of the provisions of the National Flood Insurance Act of 1968 or Flood Disaster Prevention Act of 1973, as amended, to the related Mortgaged Property▇ and FHLMC guidelines and procedures, documentation evidencing insurance coverage and eligibility of any condominium project for approval by ▇▇▇▇▇▇ Mae ▇▇▇ and FHLMC and periodic inspection reports as required by Section 4.132.13 and Accepted Servicing Practices. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds or Insurance Proceeds, documents maintained by the Servicer may be in the form of microfilm or microfiche so long as applicablethe Servicer complies with the requirements of Accepted Servicing Practices. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any person with respect to this Agreement or the Mortgage Loans unless the books and records show such person as the owner of the Mortgage Loan. The Company may, subject to the terms of this Agreement, sell or transfer one or more of the Mortgaged Loan. The Company also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall mark its books and records to reflect the ownership of the Mortgage Loans of such assignee, and shall release the Company from its obligations hereunder with respect to the Mortgage Loans sold or transferred.