<PAGE>

                                                                   EXHIBIT 10.1


                                                                      EXECUTION

================================================================================





                           AURORA LOAN SERVICES INC.,

                                   as Servicer



          LEHMAN CAPITAL, A DIVISION OF LEHMAN BROTHERS HOLDINGS INC.,

                                   as a Seller


                           LEHMAN BROTHERS BANK, FSB,


                                   as a Seller


                                       and


                           AURORA LOAN SERVICES INC.,

                               as Master Servicer


                          -----------------------------


                     Structured Asset Securities Corporation
               Mortgage Pass-Through Certificates, Series 2001-21A


                               SERVICING AGREEMENT

                          Dated as of December 1, 2001


                          -----------------------------



================================================================================
<PAGE>


                                TABLE OF CONTENTS

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                                              ARTICLE I. DEFINITIONS


                 ARTICLE II. SELLER'S ENGAGEMENT OF SERVICER TO PERFORM SERVICING RESPONSIBILITIES

Section 2.01          Contract for Servicing; Possession of Servicing Files......................................12
Section 2.02          Books and Records..........................................................................13

                                   ARTICLE III. SERVICING OF THE MORTGAGE LOANS

Section 3.01          Servicer to Service........................................................................14
Section 3.02          Collection of Mortgage Loan Payments.......................................................16
Section 3.03          Establishment of and Deposits to Custodial Account.........................................16
Section 3.04          Permitted Withdrawals From Custodial Account...............................................17
Section 3.05          Establishment of and Deposits to Escrow Account............................................18
Section 3.06          Permitted Withdrawals From Escrow Account..................................................19
Section 3.07          Maintenance of PMI Policy and/or LPMI Policy; Claims.......................................20
Section 3.08          Fidelity Bond and Errors and Omissions Insurance...........................................21
Section 3.09          Notification of Adjustments................................................................21
Section 3.10          Completion and Recordation of Assignments of Mortgage and FHA and VA Change
                      Notices....................................................................................21
Section 3.11          Protection of Accounts.....................................................................22
Section 3.12          Title, Management and Disposition of REO Property..........................................22
Section 3.13          Real Estate Owned Reports..................................................................24
Section 3.14          MERS.......................................................................................24

                                      ARTICLE IV. PAYMENTS TO MASTER SERVICER

Section 4.01          Remittances................................................................................25
Section 4.02          Statements to Master Servicer..............................................................25
Section 4.03          Monthly Advances by Servicer...............................................................26

                                      ARTICLE V. GENERAL SERVICING PROCEDURES

Section 5.01          Servicing Compensation.....................................................................27
Section 5.02          Annual Audit Report........................................................................27
Section 5.03          Annual Officer's Certificate...............................................................28
Section 5.04          Transfers of Mortgaged Property............................................................28

                              ARTICLE VI. REPRESENTATIONS, WARRANTIES AND AGREEMENTS

Section 6.01          Representations, Warranties and Agreements of the Servicer.................................29
Section 6.02          Remedies for Breach of Representations and Warranties of the Servicer......................30
Section 6.03          Additional Indemnification by the Servicer; Third Party Claims.............................31
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                                             ARTICLE VII. THE SERVICER

Section 7.01          Merger or Consolidation of the Servicer....................................................32
Section 7.02          Limitation on Liability of the Servicer and Others.........................................32
Section 7.03          Limitation on Resignation and Assignment by the Servicer...................................33

                                             ARTICLE VIII. TERMINATION

Section 8.01          Termination for Cause......................................................................34
Section 8.02          Termination Without Cause..................................................................35

                                       ARTICLE IX. MISCELLANEOUS PROVISIONS

Section 9.01          Successor to the Servicer..................................................................36
Section 9.02          Costs......................................................................................38
Section 9.03          Notices....................................................................................38
Section 9.04          Severability Clause........................................................................39
Section 9.05          No Personal Solicitation...................................................................40
Section 9.06          Counterparts...............................................................................40
Section 9.07          Place of Delivery and Governing Law........................................................40
Section 9.08          Further Agreements.........................................................................40
Section 9.09          Intention of the Parties...................................................................40
Section 9.10          Successors and Assigns; Assignment of Servicing Agreement..................................41
Section 9.11          Assignment by the Each Seller..............................................................41
Section 9.12          [Reserved].................................................................................41
Section 9.13          Waivers....................................................................................41
Section 9.14          Exhibits...................................................................................41
Section 9.15          General Interpretive Principles............................................................41
Section 9.16          Reproduction of Documents..................................................................42



                              EXHIBITS & SCHEDULES

EXHIBIT A             Mortgage Loan Schedule
EXHIBIT B             Custodial Account Letter Agreement
EXHIBIT C             Escrow Account Letter Agreement
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                                      iii
<PAGE>



                               SERVICING AGREEMENT


         THIS SERVICING AGREEMENT (this "Agreement"), entered into as of the 1st
day of December, 2001, by and between LEHMAN CAPITAL, A DIVISION OF LEHMAN
BROTHERS HOLDINGS INC., a Delaware corporation ("Lehman Capital"), LEHMAN
BROTHERS SAVINGS BANK, a federal savings bank (the "Bank") (Lehman Capital and
the Bank shall collectively be referred to herein as the "Seller"), AURORA LOAN
SERVICES INC., a Delaware corporation ("the Servicer"), and AURORA LOAN SERVICES
INC., as Master Servicer under the Trust Agreement (as defined herein) recites
and provides as follows:

                                    RECITALS

         WHEREAS, the Servicer and the Bank are parties to a Flow Servicing
Agreement, dated as of August 31, 1999 (the "Bank Flow Servicing Agreement"),
pursuant to which the Servicer services certain residential, adjustable rate
mortgage loans identified on Exhibit A hereto (the "Bank Mortgage Loans").

         WHEREAS, the Servicer and Lehman Capital are parties to a Flow
Servicing Agreement, dated as of February 15, 2000 (the "Lehman Capital Flow
Servicing Agreement," and together with the Bank Flow Servicing Agreement, the
"Flow Servicing Agreement"), pursuant to which the Servicer services certain
residential, fixed rate mortgage loans identified in Exhibit A hereto (the
"Lehman Capital Mortgage Loans," and together with the Bank Mortgage Loans, the
"Mortgage Loans").

         WHEREAS, each Seller (with respect to its related Mortgage Loans) has
conveyed such Mortgage Loans on a servicing-retained basis to Structured Asset
Securities Corporation (the "Depositor"), which in turn has conveyed the
Mortgage Loans to Wells Fargo Bank Minnesota, National Association, as trustee
(the "Trustee"), under a trust agreement dated as of December 1, 2001 (the
"Trust Agreement"), among the Trustee, Aurora Loan Services Inc., as master
servicer (together with any successor Master Servicer appointed pursuant to the
provisions of the Trust Agreement, the "Master Servicer"), and the Depositor.

         WHEREAS, from time to time certain other of the mortgage loans conveyed
by the Depositor to the Trustee under the Trust Agreement on the Closing Date
and serviced by other servicers will subsequent to the Closing Date be
transferred to the Servicer for servicing under this Agreement and Exhibit A
hereto will be amended to include such mortgage loans which will then be
"Mortgage Loans" under this Agreement.

         WHEREAS, each Seller (with respect to its related Mortgage Loans)
desires that the Servicer service the Mortgage Loans pursuant to this Agreement,
and the Servicer has agreed to do so, subject to the right of each Seller (with
respect to its related Mortgage Loans) and of the Master Servicer to terminate
the rights and obligations of the Servicer hereunder at any time and to the
other conditions set forth herein.

<PAGE>

         WHEREAS, each Seller (with respect to its related Flow Servicing
Agreement ) and the Servicer agree that the provisions of the related Flow
Servicing Agreement shall not apply to such related Mortgage Loans for so long
as such related Mortgage Loans remain subject to the provisions of the Trust
Agreement;

         WHEREAS, the Master Servicer shall be obligated under the Trust
Agreement, among other things, to supervise the servicing of the Mortgage Loans
on behalf of the Trustee, and shall have the right, under certain circumstances,
to terminate the rights and obligations of the Servicer under this Servicing
Agreement.

         WHEREAS, each Seller (with respect to its related Mortgage Loans) and
the Servicer acknowledge and agree that each Seller (with respect to its related
Mortgage Loans) will assign all of its rights and delegate all of its
obligations hereunder (excluding such Seller's rights and obligations as owner
of the servicing rights relating to its related Mortgage Loans) to the Trustee,
and that each reference herein to the Seller is intended, unless otherwise
specified, to mean each Seller (with respect to its related Mortgage Loans) or
the Trustee, as assignee, whichever is the owner of the Mortgage Loans from time
to time.

         NOW, THEREFORE, in consideration of the mutual agreements hereinafter
set forth and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, each Seller (with respect to its
related Mortgage Loans) and the Servicer hereby agree as follows:

                                   ARTICLE I.

                                   DEFINITIONS

         The following terms are defined as follows (except as otherwise agreed
in writing by the parties):

         Accepted Servicing Practices: With respect to any Mortgage Loan, those
mortgage servicing practices of prudent mortgage lending institutions that
service mortgage loans of the same type as such Mortgage Loans in the
jurisdiction where the related Mortgaged Property is located.

         Act: The National Housing Act, as amended from time to time.

         Adjustable Rate Mortgage Loan: A Mortgage Loan serviced pursuant to
this Agreement under which the Mortgage Interest Rate is adjusted from time to
time in accordance with the terms and provisions of the Mortgage Note.

         Aggregate Loan Balance: At any date of determination, the outstanding
principal balance of the Mortgage Loans serviced hereunder.

         Agreement: This Servicing Agreement and all amendments hereof and
supplements hereto.



                                       2
<PAGE>

         Ancillary Income: All income derived from the Mortgage Loans, other
than Servicing Fees, including but not limited to late charges, fees received
with respect to checks or bank drafts returned by the related bank for
non-sufficient funds, Prepayment Penalty Amounts, assumption fees, optional
insurance administrative fees and all other incidental fees and charges.

         Appraised Value: The value set forth in an appraisal made in connection
with the origination or the refinance of the related Mortgage Loan as the value
of the Mortgaged Property.

         Assignment of Mortgage: An assignment of the Mortgage, notice of
transfer or equivalent instrument in recordable form, sufficient under the laws
of the jurisdiction wherein the related Mortgaged Property is located to reflect
the transfer of the Mortgage to the party indicated therein, which assignment,
notice of transfer or equivalent instrument may be in the form of one or more
blanket assignments covering the Mortgage Loans secured by Mortgaged Properties
located in the same jurisdiction, if permitted by law.

         Best Efforts: Efforts determined to be reasonably diligent by each
Seller (with respect to its related Mortgage Loans) or the Servicer, as the case
may be, in its sole discretion. Such efforts do not require either Seller (with
respect to its related Mortgage Loans) or the Servicer, as the case may be, to
enter into any litigation, arbitration or other legal or quasi-legal proceeding,
nor do they require either Seller (with respect to its related Mortgage Loans)
or the Servicer, as the case may be, to advance or expend fees or sums of money
in addition to those specifically set forth in this Agreement.

         Business Day: Any day other than (i) a Saturday or Sunday, or (ii) a
day on which banking and savings and loan institutions in the States of New
York, Colorado and Maryland are authorized or obligated by law or executive
order to be closed.

         Certificates: Any or all of the Certificates issued pursuant to the
Trust Agreement.

         Closing Date: December 28, 2001.

         Code: The Internal Revenue Code of 1986, as it may be amended from time
to time or any successor statute thereto, and applicable U.S. Department of the
Treasury regulations issued pursuant thereto.

         Condemnation Proceeds: All awards of settlements in respect of a
Mortgaged Property, whether permanent or temporary, partial or entire, by
exercise of the power of eminent domain or condemnation, to the extent not
required to be released to a Mortgagor in accordance with the terms of the
related Mortgage Loan documents.

         Conventional Loan: A conventional residential first or second lien
fixed or adjustable rate Mortgage Loan that is neither FHA insured nor VA
guaranteed.

         Costs: For any Person, any claims, losses, damages, penalties, fines,
forfeitures, reasonable and necessary legal fees and related costs, judgments,
and other costs and expenses of such Person.


                                       3
<PAGE>

         Custodial Account: The separate account or accounts created and
maintained pursuant to Section 3.03.

         Custodial Agreement: The custodial agreements relating to custody of
certain of the Mortgage Loans, between (i) LaSalle Bank N.A., and the Trustee
and (ii) US Bank Trust National Association and the Trustee, each dated as of
December 1, 2001.

         Custodians: Both LaSalle Bank N.A. and US Bank Trust National
Association and their respective successors.

         Cut-off Date: December 1, 2001.

         Determination Date: With respect to each Remittance Date, the 15th day
of the month in which such Remittance Date occurs, or, if such 15th day is not a
Business Day, the next succeeding Business Day.

         Depositor: Structured Asset Securities Corporation, or any successor in
interest.

         Due Date: The day of the month on which the Monthly Payment is due on a
Mortgage Loan, exclusive of any days of grace. With respect to the Mortgage
Loans for which payment from the Mortgagor is due on a day other than the first
day of the month, such Mortgage Loans will be treated as if the Monthly Payment
is due on the first day of the immediately succeeding month.

         Due Period: With respect to each Remittance Date, the period commencing
on the second day of the month immediately preceding the month of the Remittance
Date and ending on the first day of the month of the Remittance Date.

         Eligible Investments: Any one or more of the obligations and securities
listed below which investment provides for a date of maturity not later than the
Determination Date in each month:

                  (i) direct obligations of, and obligations fully guaranteed as
to timely payment of principal and interest by, the United States of America or
any agency or instrumentality of the United States of America the obligations of
which are backed by the full faith and credit of the United States of America
("Direct Obligations");

                  (ii) federal funds, or demand and time deposits in,
certificates of deposits of, or bankers' acceptances issued by, any depository
institution or trust company (including U.S. subsidiaries of foreign
depositories and the Trustee or any agent of the Trustee, acting in its
respective commercial capacity) incorporated or organized under the laws of the
United States of America or any state thereof and subject to supervision and
examination by federal or state banking authorities, so long as at the time of
investment or the contractual commitment providing for such investment the
commercial paper or other short-term debt obligations of such depository
institution or trust company (or, in the case of a depository institution or
trust company which is the principal subsidiary of a holding company, the
commercial paper or other short-term debt or deposit obligations of such holding
company or deposit institution, as the case may be) have been rated by each
Rating Agency in its highest short-term rating category or one of its two
highest long-term rating categories;



                                       4
<PAGE>

                  (iii) repurchase agreements collateralized by Direct
Obligations or securities guaranteed by GNMA, FNMA or FHLMC with any registered
broker/dealer subject to Securities Investors' Protection Corporation
jurisdiction or any commercial bank insured by the FDIC, if such broker/dealer
or bank has an uninsured, unsecured and unguaranteed obligation rated by each
Rating Agency in its highest short-term rating category;

                  (iv) securities bearing interest or sold at a discount issued
by any corporation incorporated under the laws of the United States of America
or any state thereof which have a credit rating from each Rating Agency, at the
time of investment or the contractual commitment providing for such investment,
at least equal to one of the two highest long-term credit rating categories of
each Rating Agency; provided, however, that securities issued by any particular
corporation will not be Eligible Investments to the extent that investment
therein will cause the then outstanding principal amount of securities issued by
such corporation and held as part of the Trust Fund to exceed 20% of the sum of
the Aggregate Loan Balance and the aggregate principal amount of all Eligible
Investments in the Certificate Account; provided, further, that such securities
will not be Eligible Investments if they are published as being under review
with negative implications from any Rating Agency;

                  (v) commercial paper (including both non-interest-bearing
discount obligations and interest-bearing obligations payable on demand or on a
specified date not more than 180 days after the date of issuance thereof) rated
by each Rating Agency in its highest short-term rating category;

                  (vi) a Qualified GIC;

                  (vii) certificates or receipts representing direct ownership
interests in future interest or principal payments on obligations of the United
States of America or its agencies or instrumentalities (which obligations are
backed by the full faith and credit of the United States of America) held by a
custodian in safekeeping on behalf of the holders of such receipts; and

                  (viii) any other demand, money market, common trust fund or
time deposit or obligation, or interest-bearing or other security or investment,
(A) rated in the highest rating category by each Rating Agency or (B) that would
not adversely affect the then current rating by any Rating Agency of any of the
Certificates. Such investments in this subsection (viii) may include money
market mutual funds or common trust funds, including any fund for which the
Trustee, the Master Servicer or an affiliate thereof serves as an investment
advisor, administrator, shareholder servicing agent, and/or custodian or
subcustodian, notwithstanding that (x) the Trustee, the Master Servicer or an
affiliate thereof charges and collects fees and expenses from such funds for
services rendered, (y) the Trustee, the Master Servicer or an affiliate thereof
charges and collects fees and expenses for services rendered pursuant to this
Agreement, and (z) services performed for such funds and pursuant to this
Agreement may converge at any time.

         provided, however, that no such instrument shall be an Eligible
Investment if such instrument evidences either (i) a right to receive only
interest payments with respect to the obligations underlying such instrument, or
(ii) both principal and interest payments derived from obligations underlying
such instrument and the principal and interest payments with respect to such
instrument provide a yield to maturity of greater than 120% of the yield to
maturity at par of such underlying obligations.


                                       5
<PAGE>

         Errors and Omissions Insurance: Errors and Omissions Insurance to be
maintained by the Servicer in accordance with the FNMA Guides.

         Escrow Account: The separate account or accounts created and maintained
pursuant to Section 3.05.

         Escrow Payments: With respect to any Mortgage Loan, the amounts
constituting ground rents, taxes, assessments, water rates, sewer rents,
municipal charges, mortgage insurance premiums, fire and hazard insurance
premiums, condominium charges, and any other payments required to be escrowed by
the Mortgagor with the mortgagee pursuant to the Mortgage or any other document.

         Event of Default: Any event set forth in Section 8.01.

         FDIC: The Federal Deposit Insurance Corporation, or any successor
thereto.

         FHA: The Federal Housing Administration, an agency within the United
States Department of Housing and Urban Development, or any successor thereto and
including the Federal Housing Commissioner and the Secretary of Housing and
Urban Development where appropriate under the FHA Regulations.

         FHA Approved Mortgagee: A corporation or institution approved as a
mortgagee by FHA under the Act and applicable HUD regulations, and eligible to
own and service mortgage loans such as the FHA Loans.

         FHA Insurance Contract: The contractual obligation of FHA respecting
the insurance of a Mortgage Loan.

         FHA Loan: A residential Mortgage Loan that, as of the Cut-off Date (or,
in the case of a Qualifying Substitute Mortgage Loan, as of the date of such
substitution), is the subject of an FHA Insurance Contract as evidenced by a
mortgage insurance contract.

         FHA Mortgage Insurance: Mortgage insurance authorized under the Act and
provided by the FHA.

         FHA Regulations: Regulations promulgated by HUD under the National
Housing Act, codified in 24 Code of Federal Regulations, and other HUD issuances
relating to FHA Loans, including the related handbooks, circulars, notices and
mortgagee letters.

         FHLMC: The Federal Home Loan Mortgage Corporation, or any successor
thereto.

         Fidelity Bond: A fidelity bond to be maintained by the Servicer in
accordance with the FNMA Guides.



                                       6
<PAGE>

         Fitch: Fitch, Inc., or any successor in interest.

         Fixed Rate Mortgage Loan: Any individual Mortgage Loan serviced
pursuant to this Agreement as to which the Mortgage Interest Rate set forth in
the Mortgage Note is fixed for the term of such Mortgage Loan.

         FNMA: The Federal National Mortgage Association, or any successor
thereto.

         FNMA Guides: The FNMA Selling Guide and the FNMA Servicing Guide and
all amendments or additions thereto.

         GNMA: The Government National Mortgage Association, or any successor
thereto.

         HUD: The Department of Housing and Urban Development, or any federal
agency or official thereof which may from time to time succeed to the functions
thereof with regard to FHA Mortgage Insurance. The term "HUD," for purposes of
this Agreement, is also deemed to include subdivisions thereof such as the FHA
and GNMA.

         Insurance Proceeds: With respect to each Mortgage Loan, proceeds of
insurance policies insuring the Mortgage Loan or the related Mortgaged Property
including FHA insurance proceeds, VA guaranty proceeds and proceeds of any PMI
Policy or LPMI Policy.

         Liquidation Proceeds: Cash received in connection with the liquidation
of a defaulted Mortgage Loan, whether through the sale or assignment of such
Mortgage Loan, trustee's sale, foreclosure sale or otherwise, or the sale of the
related REO Property, if the Mortgaged Property is acquired in satisfaction of
the Mortgage Loan.

         LPMI Fee: With respect to each LPMI Loan, the portion of the Mortgage
Interest Rate as set forth on the related Mortgage Loan Schedule (which shall be
payable solely from the interest portion of Monthly Payments, Insurance
Proceeds, Condemnation Proceeds or Liquidation Proceeds), which, during such
period prior to the required cancellation of the LPMI Policy, shall be used to
pay the premium due on the related LPMI Policy.

         LPMI Loan: A Mortgage Loan with an LPMI Policy, as set forth in the
Mortgage Loan Schedule or otherwise identified to the Servicer in writing.

         LPMI Policy: A policy of primary mortgage guaranty insurance issued by
a Qualified Insurer pursuant to which the related premium is to be paid by the
Servicer of the related Mortgage Loan from payments of interest made by the
Mortgagor in an amount as is set forth in the Mortgage Loan Schedule or
otherwise identified to the Servicer in writing.

         Master Servicer: Aurora Loan Services Inc., or any successor in
interest, or if any successor master servicer shall be appointed as provided in
the Trust Agreement, then such successor master servicer.

         MERS: Mortgage Electronic Registration Systems, Inc., a Delaware
corporation, or any successor in interest thereto.



                                       7
<PAGE>

         MERS Eligible Mortgage Loan: Any Mortgage Loan that has been designated
by the Servicer as recordable in the name of MERS.

         MERS Mortgage Loan: Any Mortgage Loan as to which the related Mortgage,
or an Assignment of Mortgage, has been or will be recorded in the name of MERS,
as agent for the holder from time to time of the Mortgage Note.

         Monthly Advance: With respect to each Remittance Date and each Mortgage
Loan, an amount equal to the Monthly Payment (with the interest portion of such
Monthly Payment adjusted to the Mortgage Loan Remittance Rate) that was due on
the Mortgage Loan on the Due Date in the related Due Period, and that (i) was
delinquent at the close of business on the related Determination Date and (ii)
was not the subject of a previous Monthly Advance, but only to the extent that
such amount is expected, in the reasonable judgment of the Servicer, to be
recoverable from collections or other recoveries in respect of such Mortgage
Loan. To the extent that the Servicer determines that any such amount is not
recoverable from collections or other recoveries in respect of such Mortgage
Loan, such determination shall be evidenced by a certificate of a Servicing
Officer delivered to the Master Servicer setting forth such determination and
the procedures and considerations of the Servicer forming the basis of such
determination, which shall include a copy of any broker's price opinion and any
other information or reports obtained by the Servicer which may support such
determinations.

         Monthly Payment: The scheduled monthly payment of principal and
interest on a Mortgage Loan.

         Moody's: Moody's Investors Service, Inc., or any successor in interest.

         Mortgage: The mortgage, deed of trust or other instrument securing a
Mortgage Note, which creates a first or second lien on an unsubordinated estate
in fee simple in real property securing the Mortgage Note.

         Mortgage Impairment Insurance Policy: A mortgage impairment or blanket
hazard insurance policy as described in the FNMA Guides.

         Mortgage Interest Rate: The annual rate of interest borne on a Mortgage
Note.

         Mortgage Loan: An individual Mortgage Loan that is the subject of this
Agreement, each Mortgage Loan subject to this Agreement being identified on the
Mortgage Loan Schedule, which Mortgage Loan includes without limitation the
Mortgage Loan documents, the Monthly Payments, Principal Prepayments,
Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition
Proceeds, and all other rights, benefits, proceeds and obligations arising from
or in connection with such Mortgage Loan.

         Mortgage Loan Remittance Rate: With respect to each Mortgage Loan, the
annual rate of interest remitted to the Master Servicer, which shall be equal to
the Mortgage Interest Rate minus the applicable Servicing Fee.

         Mortgage Loan Schedule: A schedule of the Mortgage Loans setting forth
information with respect to such Mortgage Loans (including any MERS
identification number (if available) with respect to each MERS Mortgage Loan or
MERS Eligible Mortgage Loan), attached hereto as Exhibit A, which may be amended
from time to time to include additional mortgage loans which are transferred to
the Servicer by a Prior Servicer in a Servicing Transfer.



                                       8
<PAGE>

         Mortgage Note: The note or other evidence of the indebtedness of a
Mortgagor secured by a Mortgage.

         Mortgaged Property: The real property securing repayment of the debt
evidenced by a Mortgage Note.

         Mortgagor: The obligor on a Mortgage Note.

         Net Sale Proceeds: The proceeds from the sale of REO Property, net of
all expenses incurred by the Servicer in connection with such sale, including,
without limitation, legal fees and expenses, referral fees, brokerage
commissions, conveyance taxes and any other related expense.

         Non-MERS Eligible Mortgage Loan: Any Mortgage Loan other than a MERS
Eligible Mortgage Loan.

         Non-MERS Mortgage Loan: Any Mortgage Loan other than a MERS Mortgage
Loan.

         Opinion of Counsel: A written opinion of counsel, who may be an
employee of the Servicer, reasonably acceptable to either Seller (with respect
to its related Mortgage Loans), but which must be independent outside counsel
with respect to any such opinion of counsel concerning (i) the non-recordation
of Mortgage Loans pursuant to Section 2.02 hereof and (ii) federal income tax
matters.

         Person: Any individual, corporation, partnership, limited liability
company, joint venture, association, joint-stock company, trust, unincorporated
organization, government or any agency or political subdivision thereof.

         PMI Policy: A policy of primary mortgage guaranty insurance issued by a
Qualified Insurer, as required by this Agreement with respect to certain
Mortgage Loans.

         Prepayment Interest Shortfall Amount: With respect to any Mortgage Loan
that was subject to a Principal Prepayment in full or in part during any Due
Period, which Principal Prepayment was applied to such Mortgage Loan prior to
such Mortgage Loan's Due Date in such Due Period, the amount of interest (net
the related Servicing Fee for Principal Prepayments in full only) that would
have accrued on the amount of such Principal Prepayment during the period
commencing on the date as of which such Principal Prepayment was applied to such
Mortgage Loan and ending on the day immediately preceding such Due Date,
inclusive.

         Prepayment Penalty Amount: With respect to any Remittance Date, all
premiums or charges paid by the obligors under the Mortgage Notes due to
Principal Prepayments collected by the Servicer during the immediately preceding
Prepayment Period.



                                       9
<PAGE>

         Prepayment Period: With respect to any Remittance Date and any full or
partial Principal Prepayment, the calendar month immediately preceding the month
of such Remittance Date.

         Prime Rate: The prime rate published from time to time, as published as
the average rate in The Wall Street Journal Northeast Edition.

         Principal Prepayment: Any Mortgagor payment of principal (other than a
Balloon Payment) or other recovery of principal on a Mortgage Loan that is
recognized as having been received or recovered in advance of its scheduled Due
Date and applied to reduce the principal balance of the Mortgage Loan in
accordance with the terms of the Mortgage Note.

         Prior Servicer: Any prior servicer (other than the Servicer) of any of
the Mortgage Loans.

         Qualified Depository: Any of (i) a depository the accounts of which are
insured by the FDIC and the debt obligations of which are rated AA (or its
equivalent) or better by each Rating Agency; (ii) the corporate trust department
of any bank the debt obligations of which are rated at least A-1 or its
equivalent by each Rating Agency; or (iii) Lehman Brothers Bank, F.S.B., a
federal savings bank.

         Qualified Insurer: A mortgage guaranty insurance company duly
authorized and licensed where required by law to transact mortgage guaranty
insurance business and approved as an insurer by FNMA, FHLMC and GNMA.

         Rating Agency: Each of Moody's and S&P.

         Relief Act Reduction: With respect to any Mortgage Loan as to which
there has been a reduction in the amount of the interest collectible thereon as
a result of the application of the Soldiers' and Sailors' Civil Relief Act of
1940, as amended, any amount by which interest collectible on such Mortgage Loan
for the Due Date in the related Due Period is less than the interest accrued
thereon for the applicable one-month period at the Mortgage Interest Rate
without giving effect to such reduction.

         REMIC: A "real estate mortgage investment conduit" within the meaning
of Section 860D of the Code.

         Remittance Date: The 18th day (or if such 18th day is not a Business
Day, the first Business Day immediately following) of any month.

         REO Disposition: The final sale by the Servicer of any REO Property.

         REO Disposition Proceeds: All amounts received with respect to an REO
Disposition pursuant to Section 3.12.

         REO Property: A Mortgaged Property acquired by the Servicer on behalf
of the Trustee through foreclosure or by deed in lieu of foreclosure, pursuant
to Section 3.12.

         Retained Interest: The meaning set forth in the Trust Agreement.



                                       10
<PAGE>

         Retained Interest Holder: The meaning set forth in the Trust Agreement.

         Retained Interest Rate: The meaning set forth in the Trust Agreement.

         Servicer: Aurora Loan Services Inc. or its successor in interest or
assigns or any successor to the Servicer under this Agreement as herein
provided.

         Servicing Advances: All customary, reasonable and necessary "out of
pocket" costs and expenses (including reasonable attorneys' fees and
disbursements) incurred in the performance by the Servicer of its servicing
obligations, including, but not limited to, the cost of (a) the preservation,
restoration and protection of the Mortgaged Property, (b) any enforcement or
administrative or judicial proceedings, including foreclosures, (c) the
management and liquidation of the Mortgaged Property if the Mortgaged Property
is acquired in satisfaction of the Mortgage, (d) taxes, assessments, water
rates, sewer rents and other charges which are or may become a lien upon the
Mortgaged Property, and PMI Policy premiums and fire and hazard insurance
coverage, (e) any losses sustained by the Servicer with respect to the
liquidation of the Mortgaged Property and (f) compliance with the obligations
pursuant to the provisions of the FNMA Guides.

         Servicing Fee: An amount equal to the sum of one-twelfth the product of
(i) a rate per annum equal to 0.375% and (ii) the outstanding principal balance
of such Mortgage Loan. The obligation of the Trustee to pay the Servicing Fee is
limited to, and the Servicing Fee is payable solely from, the interest portion
(including recoveries with respect to interest from Liquidation Proceeds to the
extent permitted by Section 3.02 of this Agreement) of such Monthly Payment
collected by the Servicer, or as otherwise provided under this Agreement.

         Servicing File: The items pertaining to a particular Mortgage Loan
including, but not limited to, the computer files, data disks, books, records,
data tapes, notes, and all additional documents generated as a result of or
utilized in originating and/or servicing each Mortgage Loan, which are held in
trust for the Trustee by the Servicer.

         Servicing Officer: Any officer of the Servicer involved in or
responsible for, the administration and servicing of the Mortgage Loans whose
name appears on a list of servicing officers furnished by the Servicer to the
Master Servicer or either Seller (with respect to its related Mortgage Loans)
upon request, as such list may from time to time be amended.

         Servicing Transfer: Any transfer of the servicing by a Prior Servicer
of Mortgage Loans to the Servicer under this Agreement.

         Servicing Transfer Date: The date on which a Servicing Transfer occurs.

         S&P: Standard & Poor's Ratings Service, a division of The McGraw-Hill
Companies, Inc., or any successor in interest.

         Trust Agreement: The Trust Agreement dated as of December 1, 2001,
among the Trustee, the Master Servicer and the Depositor.



                                       11
<PAGE>

         Trust Fund: The trust fund established by the Trust Agreement, the
assets of which consist of the Mortgage Loans and any related assets.

         Trustee: Wells Fargo Bank Minnesota, National Association, or any
successor in interest, or if any successor trustee or co-trustee shall be
appointed as provided in the Trust Agreement, then such successor trustee or
such co-trustee, as the case may be.

         VA: The Veterans Administration, an agency of the United States of
America, or any successor thereto including the Administrator of Veterans
Affairs.

         VA Approved Lender: Those lenders which are approved by the VA to act
as a lender in connection with the origination of VA Loans.

         VA Loan: A Mortgage Loan that, as of the Cut-off Date (or, in the case
of a Qualifying Substitute Mortgage Loan, as of the date of such substitution),
is the subject of a VA Loan Guaranty Agreement as evidenced by a Loan Guaranty
Certificate, or a Mortgage Loan which is a vendee loan sold by the VA.

         VA Loan Guaranty Agreement: The obligation of the United States to pay
a specific percentage of a Mortgage Loan (subject to a maximum amount) upon
default of the Mortgagor pursuant to the Servicemen's Readjustment Act, as
amended.

         VA Loan Guaranty Certificate: The certificate evidencing a VA Loan
Guaranty Agreement.

         VA Regulations: Regulations promulgated by the Veteran's Administration
pursuant to the Servicemen's Readjustment Act, as amended, codified in 38 Code
of Federal Regulations, and other VA issuances relating to VA Loans, including
related Handbooks, Circulars and Notices.

         Any capitalized terms used and not defined in this Agreement shall have
the meanings ascribed to such terms in the Trust Agreement.

                                   ARTICLE II.

              SELLER'S ENGAGEMENT OF SERVICER TO PERFORM SERVICING
                                RESPONSIBILITIES

         Section 2.01 Contract for Servicing; Possession of Servicing Files.

         Each Seller (with respect to its related Mortgage Loans), by execution
and delivery of this Agreement, does hereby contract with the Servicer, subject
to the terms of this Agreement, for the servicing of the Mortgage Loans. On or
before the Closing Date or Servicing Transfer Date, as applicable, each Seller
(with respect to its related Mortgage Loans) shall cause to be delivered the
Servicing Files with respect to its related Mortgage Loans listed on the
Mortgage Loan Schedule to the Servicer. Each Servicing File delivered to a
Servicer shall be held in trust by such Servicer for the benefit of the Trustee;
provided, however, that the Servicer shall have no liability for any Servicing
Files (or portions thereof) not delivered by each Seller (with respect to its
related Mortgage Loans). The Servicer's possession of any portion of the
Mortgage Loan documents shall be at the will of the Trustee for the sole purpose
of facilitating servicing of the related Mortgage Loan pursuant to this
Agreement, and such retention and possession by the Servicer shall be in a
custodial capacity only. The ownership of each Mortgage Note, Mortgage, and the
contents of the Servicing File shall be vested in the Trustee 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 Servicer shall immediately vest in
the Trustee and shall be retained and maintained, in trust, by the Servicer at
the will of the Trustee in such custodial capacity only. The portion of each
Servicing File retained by the Servicer pursuant to this Agreement shall be
segregated from the other books and records of the Servicer and shall be
appropriately marked to clearly reflect the ownership of the related Mortgage
Loan by the Trustee. The Servicer shall release from its custody the contents of
any Servicing File retained by it only in accordance with this Agreement.


                                       12
<PAGE>


         Section 2.02 Books and Records.

         (a) Subject to Section 3.01(a) hereof, as soon as practicable after the
Closing Date, the Servicing Transfer Date or the date on which a Qualifying
Substitute Mortgage Loan is delivered pursuant to Section 2.05 of the Trust
Agreement, as applicable (but in no event more than 90 days thereafter except to
the extent delays are caused by the applicable recording office), the Servicer,
at the expense of the Depositor, shall cause the Mortgage or Assignment of
Mortgage, as applicable, with respect to each MERS Eligible Mortgage Loan, to be
properly recorded in the name of MERS in the public recording office in the
applicable jurisdiction, or shall ascertain that such have previously been so
recorded and, with the cooperation of the Trustee, shall take such actions as
are necessary to cause the Trustee to be clearly identified as the owner of each
MERS Mortgage Loan and each MERS Eligible Mortgage Loan on the records of MERS
for purposes of the system of recording transfers of beneficial ownership of
mortgages maintained by MERS.

         (b) Subject to Section 3.01(a) hereof, an Assignment of Mortgage in
favor of the Trustee shall be recorded as to each Non-MERS Mortgage Loan unless
instructions to the contrary are delivered to the Servicer, in writing, by the
Trustee. Subject to the preceding sentence, as soon as practicable after the
Closing Date or Servicing Transfer Date, as applicable (but in no event more
than 90 days thereafter except to the extent delays are caused by the applicable
recording office), the Servicer, at the expense of the Depositor, shall cause to
be properly recorded in each public recording office where such Non-MERS
Eligible Mortgage Loans are recorded each Assignment of Mortgage.

         (c) Additionally, the Servicer shall prepare and execute, at the
direction of the Trustee, any note endorsements relating to any of the Non-MERS
Mortgage Loans.

         (d) All rights arising out of the Mortgage Loans shall be vested in the
Trustee, subject to the Servicer's right to service and administer the Mortgage
Loans hereunder in accordance with the terms of this Agreement. All funds
received on or in connection with a Mortgage Loan, other than the Servicing Fee
and other compensation to which the Servicer is entitled as set forth herein,
including but not limited to in Section 5.01 below, shall be received and held
by the Servicer in trust for the benefit of the Trustee pursuant to the terms of
this Agreement.


                                       13
<PAGE>

                                  ARTICLE III.

                         SERVICING OF THE MORTGAGE LOANS

         Section 3.01 Servicer to Service.

         The Servicer, as an independent contractor, shall service and
administer the Mortgage Loans from and after the Closing Date or Servicing
Transfer Date, as applicable, and shall have full power and authority, acting
alone, to do any and all things in connection with such servicing and
administration which the Servicer may deem necessary or desirable, consistent
with the terms of this Agreement and with Accepted Servicing Practices,
including taking all actions that a mortgagee is permitted or required to take
by the FHA or VA, with respect to any FHA Loans or VA Loans, as the case may be.
Except as set forth in this Agreement, the Servicer shall service the Mortgage
Loans in strict compliance with the servicing provisions related to the FNMA MBS
Program (Special Servicing Option) of the FNMA Guides, which include, but are
not limited to, provisions regarding the liquidation of Mortgage Loans, the
collection of Mortgage Loan payments, the payment of taxes, insurance and other
charges, the maintenance of hazard insurance, the maintenance of Mortgage
Impairment Insurance Policies, the maintenance of Fidelity Bond and Errors and
Omissions Insurance, inspections, the restoration of Mortgaged Property, the
maintenance of PMI Policies, insurance claims, the title, management and
disposition of REO Property, permitted withdrawals with respect to REO Property,
REO reports, liquidation reports, and reports of foreclosures and abandonments
of Mortgaged Property, the transfer of Mortgaged Property, the release of
Mortgage Loan documents, annual statements, and examination of records and
facilities. In the event of any conflict, inconsistency or discrepancy between
any of the servicing provisions of this Agreement and any of the servicing
provisions of the FNMA Guides, the provisions of this Agreement shall control
and be binding upon the each Seller (with respect to its related Mortgage
Loans), the Master Servicer and the Servicer.

         Each Seller (with respect to its related Mortgage Loans) and the
Servicer additionally agree as follows:

         (a) The Servicer shall (A) record or cause to be recorded the Mortgage
or the Assignment of Mortgage, as applicable, with respect to all MERS Eligible
Mortgage Loans, in the name of MERS, or shall ascertain that such have
previously been so recorded; (B) prepare or cause to be prepared all Assignments
of Mortgage with respect to all Non-MERS Eligible Mortgage Loans; (C) record or
cause to be recorded, subject to Section 2.02(b) hereof, all Assignments of
Mortgage with respect to Non-MERS Mortgage Loans in the name of the Trustee; (D)
pay the recording costs pursuant to Section 2.02 hereof; and/or (E) track such
Mortgages and Assignments of Mortgage to ensure they have been recorded. The
Servicer shall be entitled to be paid by each Seller (with respect to its
related Mortgage Loans) the fees for the preparation and recordation of the
Mortgages and Assignments of Mortgage. After the expenses of such recording
costs pursuant to Section 2.02 hereof shall have been paid by the Servicer, the
Servicer shall submit to the Depositor a reasonably detailed invoice for
reimbursement of recording costs it incurred hereunder.

         (b) The Servicer shall, in accordance with the relevant provisions of
the Cranston-Gonzales National Affordable Housing Act of 1990, as the same may
be amended from time to time, and the regulations provided in accordance with
the Real Estate Settlement Procedures Act, provide notice to the Mortgagor of
each Mortgage of the transfer of the servicing thereto to the Servicer.


                                       14
<PAGE>

         (c) The Servicer shall be responsible for the preparation of and costs
associated with notifications to Mortgagors of the assumption of servicing by
the Servicer.

         Consistent with the terms of this Agreement, the Servicer may waive any
late payment charge, assumption fee or other fee that may be collected in the
ordinary course of servicing the Mortgage Loans. The Servicer shall not make any
future advances to any obligor under any Mortgage Loan, and (unless the
Mortgagor is in default with respect to the Mortgage Loan or such default is, in
the judgment of the Servicer, reasonably foreseeable) the Servicer shall not
permit any modification of any material term of any Mortgage Loan, including any
modification that would change the Mortgage Interest Rate, defer or forgive the
payment of principal or interest, reduce or increase the outstanding principal
balance (except for actual payments of principal) or change the final maturity
date on such Mortgage Loan. In the event of any such modification which permits
the deferral of interest or principal payments on any Mortgage Loan, the
Servicer shall, on the Business Day immediately preceding the Remittance Date in
any month in which any such principal or interest payment has been deferred,
make a Monthly Advance in accordance with Section 4.03, in an amount equal to
the difference between (a) such month's principal and one month's interest at
the Mortgage Loan Remittance Rate on the unpaid principal balance of such
Mortgage Loan and (b) the amount paid by the Mortgagor. The Servicer shall be
entitled to reimbursement for such advances to the same extent as for all other
advances made pursuant to Section 4.03. Without limiting the generality of the
foregoing, the Servicer shall continue, and is hereby authorized and empowered,
to execute and deliver on behalf of itself and the Trustee, all instruments of
satisfaction or cancellation, or of partial or full release, discharge and all
other comparable instruments, with respect to the Mortgage Loans and with
respect to the Mortgaged Properties. Upon the request of the Servicer, the
Trustee shall execute and deliver to the Servicer any powers of attorney and
other documents, furnished to it by the Servicer and reasonably satisfactory to
the Trustee, necessary or appropriate to enable the Servicer to carry out its
servicing and administrative duties under this Agreement. Promptly after the
execution of any assumption, modification, consolidation or extension of any
Mortgage Loan, the Servicer shall forward to the Master Servicer copies of any
documents evidencing such assumption, modification, consolidation or extension.
Notwithstanding anything to the contrary contained in this Servicing Agreement,
the Servicer shall not make or permit any modification, waiver or amendment of
any term of any Mortgage Loan that would cause any REMIC created under the Trust
Agreement to fail to qualify as a REMIC or result in the imposition of any tax
under Section 860F(a) or Section 860G(d) of the Code.

         Notwithstanding anything to the contrary in this Agreement, the
Servicer shall not (unless the Servicer determines, in its own discretion, that
there exists a situation of extreme hardship to the Mortgagor), waive any
premium or penalty in connection with a prepayment of principal of any Mortgage
Loan, and shall not consent to the modification of any Mortgage Note to the
extent that such modification relates to payment of a prepayment premium or
penalty.

         In servicing and administering any FHA Loans or VA Loans, the Servicer
shall comply strictly with the National Housing Act and the FHA Regulations, the
Servicemen's Readjustment Act, the VA Regulations and administrative guidelines
issued thereunder or pursuant thereto, and, to the extent permitted hereunder,
promptly discharge all of the obligations of the mortgagee thereunder and under
each Mortgage including the payment of any fees, premiums and charges and the
timely giving of notices.



                                       15
<PAGE>

         In servicing and administering the Mortgage Loans, the Servicer shall
employ procedures (including collection procedures) and exercise the same care
that it customarily employs and exercises in servicing and administering
mortgage loans for its own account, giving due consideration to Accepted
Servicing Practices where such practices do not conflict with the requirements
of this Agreement, the FNMA Guides, the FHA Regulations and the VA Regulations,
and the Master Servicer's and each Seller's reliance on the Servicer.

         Section 3.02 Collection of Mortgage Loan Payments.

         Continuously from the Closing Date or Servicing Transfer Date, as
applicable, until the date each Mortgage Loan ceases to be subject to this
Agreement, the Servicer shall proceed diligently to collect all payments due
under each of the Mortgage Loans when the same shall become due and payable and
shall take special care in ascertaining and estimating Escrow Payments and all
other charges that will become due and payable with respect to the Mortgage
Loans and each related Mortgaged Property, to the end that the installments
payable by the Mortgagors will be sufficient to pay such charges as and when
they become due and payable.

         Section 3.03 Establishment of and Deposits to Custodial Account.

         The Servicer shall segregate and hold all funds collected and received
pursuant to the Mortgage Loans separate and apart from any of its own funds and
general assets and shall establish and maintain one or more Custodial Accounts,
in the form of time deposit or demand accounts, titled as directed by the Master
Servicer. The Custodial Account shall be established with a Qualified
Depository. Any funds deposited in the Custodial Account may be invested in
Eligible Investments subject to the provisions of Section 3.11 hereof. Funds
deposited in the Custodial Account may be drawn on by the Servicer in accordance
with Section 3.04. The creation of any Custodial Account shall be evidenced by a
letter agreement in the form of Exhibit B. A copy of such certification or
letter agreement shall be furnished to the Master Servicer and, upon request, to
any subsequent owner of the Mortgage Loans.

         The Servicer shall deposit in the Custodial Account on a daily basis,
and retain therein, the following collections received by the Servicer and
payments made by the Servicer after the Closing Date or Servicing Transfer Date,
as applicable:

                  (i) all payments on account of principal on the Mortgage
Loans, including all Principal Prepayments;

                  (ii) all payments on account of interest on the Mortgage Loans
adjusted to the Mortgage Loan Remittance Rate;

                  (iii) all Liquidation Proceeds;

                  (iv) all Insurance Proceeds;



                                       16
<PAGE>

                  (v) all Condemnation Proceeds that are not applied to the
restoration or repair of the Mortgaged Property or released to the Mortgagor;

                  (vi) any Prepayment Interest Shortfall Amount;

                  (vii) all Advances made by the Servicer pursuant to Section
4.03;

                  (viii) any amounts required to be deposited by the Servicer in
connection with the deductible clause in any blanket hazard insurance policy;

                  (ix) any amounts received with respect to or related to any
REO Property or REO Disposition Proceeds; and

                  (x) any other amount required hereunder to be deposited by the
Servicer in the Custodial Account.

         Any interest paid on funds deposited in the Custodial Account by the
depository institution shall accrue to the benefit of the Servicer and the
Servicer shall be entitled to retain and withdraw such interest from the
Custodial Account pursuant to Section 3.04. Additionally, any other benefit
derived from the Custodial Account associated with the receipt, disbursement and
accumulation of principal, interest, taxes, hazard insurance, mortgage
insurance, etc. shall accrue to the Servicer.

         Section 3.04 Permitted Withdrawals From Custodial Account.

         The Servicer shall, from time to time, withdraw funds from the
Custodial Account for the following purposes:

                  (i) to make payments to the Master Servicer in the amounts and
in the manner provided for in Section 4.01;

                  (ii) with respect to each LPMI Loan, in the amount of the
related LPMI Fee, to make payments with respect to premiums for LPMI Policies;

                  (iii) in the event the Servicer has elected not to retain the
Servicing Fee out of any Mortgagor payments on account of interest or other
recovery of interest with respect to a particular Mortgage Loan (including late
collections of interest on such Mortgage Loan, or interest portions of Insurance
Proceeds or Liquidation Proceeds) prior to the deposit of such Mortgagor payment
or recovery in the Custodial Account, to pay to itself the related Servicing Fee
from all such Mortgagor payments on account of interest or other such recovery
for interest with respect to that Mortgage Loan;

                  (iv) to pay itself investment earnings on funds deposited in
the Custodial Account;

                  (v) to clear and terminate the Custodial Account upon the
termination of this Agreement;


                                       17
<PAGE>

                  (vi) to transfer funds to another Qualified Depository in
accordance with Section 3.11 hereof;

                  (vii) to invest funds in certain Eligible Investments in
accordance with Section 3.11 hereof;

                  (viii) to reimburse itself for Monthly Advances of the
Servicer's funds made pursuant to Section 4.03, the Servicer's right to
reimburse itself pursuant to this subclause (viii) with respect to any Mortgage
Loan being limited to amounts received on or in respect of the related Mortgage
Loan which represent late recoveries of payments of principal or interest with
respect to which a Monthly Advance was made, it being understood that, in the
case of any such reimbursement, the Servicer's right thereto shall be prior to
the rights of the Trust Fund, provided, however, that following the final
liquidation of a Serviced Mortgage Loan, the Servicer may reimburse itself for
previously unreimbursed Monthly Advances in excess of Liquidation Proceeds or
Insurance Proceeds with respect to such Serviced Mortgage Loan from any funds in
the Trust Custodial Account, it being understood, in the case of any such
reimbursement, that the Servicer's right thereto shall be prior to the rights of
the Trust Fund. The Servicer may recover at any time from amounts on deposit in
the Custodial Account the amount of any Monthly Advances that the Servicer deems
nonrecoverable or that remain unreimbursed to the Servicer from related
Liquidation Proceeds after the final liquidation of the Serviced Mortgage Loan.
In addition, the Servicer may, at any time, withdraw from the Trust Custodial
Account funds that were not included in the Total Available Amount (as defined
in the Trust Agreement) for the preceding Distribution Date to reimburse itself
for Monthly Advances previously made by the Servicer; and

                  (ix) to reimburse itself for unreimbursed Servicing Advances,
and for any unpaid Servicing Fees, the Servicer's right to reimburse itself
pursuant to this subclause (ix) with respect to any Mortgage Loan being limited
to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO
Disposition Proceeds and other amounts received in respect of the related REO
Property, and such other amounts as may be collected by the Servicer from the
Mortgagor or otherwise relating to the Mortgage Loan, it being understood that,
in the case of any such reimbursement, the Servicer's right thereto shall be
prior to the rights of the Trust Fund.

         Section 3.05 Establishment of and Deposits to Escrow Account.

         The Servicer shall segregate and hold all funds collected and received
pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from
any of its own funds and general assets and shall establish and maintain one or
more Escrow Accounts, in the form of time deposit or demand accounts, titled as
directed by the Master Servicer. The Escrow Accounts shall be established with a
Qualified Depository in a manner that shall provide maximum available insurance
thereunder. Funds deposited in the Escrow Account may be drawn on by the
Servicer in accordance with Section 3.06. The creation of any Escrow Account
shall be evidenced by a letter agreement in the form of Exhibit C. A copy of
such certification or letter agreement shall be furnished to the Master Servicer
and, upon request, to any subsequent owner of the Mortgage Loans.



                                       18
<PAGE>

         The Servicer shall deposit in the Escrow Account or Accounts on a daily
basis, and retain therein:

                  (i) all Escrow Payments collected on account of the Mortgage
Loans, for the purpose of effecting timely payment of any such items as required
under the terms of this Agreement; and

                  (ii) all amounts representing Insurance Proceeds or
Condemnation Proceeds that are to be applied to the restoration or repair of any
Mortgaged Property.

         The Servicer shall make withdrawals from the Escrow Account only to
effect such payments as are required under this Agreement, as set forth in
Section 3.06. The Servicer shall retain any interest paid on funds deposited in
the Escrow Account by the depository institution, other than interest on
escrowed funds required by law to be paid to the Mortgagor. Additionally, any
other benefit derived from the Escrow Account associated with the receipt,
disbursement and accumulation of principal, interest, taxes, hazard insurance,
mortgage insurance, etc. shall accrue to the Servicer. To the extent required by
law, the Servicer shall pay interest on escrowed funds to the Mortgagor
notwithstanding that the Escrow Account may be non-interest bearing or that
interest paid thereon is insufficient for such purposes.

         Section 3.06 Permitted Withdrawals From Escrow Account.

         Withdrawals from the Escrow Account or Accounts may be made by the
Servicer only:

                  (i) to effect timely payments of ground rents, taxes,
assessments, water rates, sewer rents, mortgage insurance premiums, condominium
charges, fire and hazard insurance premiums or other items constituting Escrow
Payments for the related Mortgage;

                  (ii) to refund to any Mortgagor any funds found to be in
excess of the amounts required under the terms of the related Mortgage Loan;

                  (iii) for transfer to the Custodial Account and application to
reduce the principal balance of the Mortgage Loan in accordance with the terms
of the related Mortgage and Mortgage Note;

                  (iv) for application to restoration or repair of the Mortgaged
Property in accordance with the FNMA Guides;

                  (v) for transfer to the Custodial Account of fire and hazard
insurance proceeds and Escrow Payments with respect to any FHA Loan or VA Loan,
where the FHA or the VA, respectively, has directed application of funds as a
credit against the proceeds of the FHA Insurance Contract or VA Loan Guaranty
Agreement;

                  (vi) to pay to the Servicer, or any Mortgagor to the extent
required by law, any interest paid on the funds deposited in the Escrow Account;
and

                  (vii) to clear and terminate the Escrow Account on the
termination of this Agreement.



                                       19
<PAGE>

         Section 3.07 Maintenance of PMI Policy and/or LPMI Policy; Claims.

         The Servicer shall comply with all provisions of applicable state and
federal law relating to the cancellation of, or collection of premiums with
respect to, PMI Policies, including, but not limited to, the provisions of the
Homeowners Protection Act of 1998, and all regulations promulgated thereunder,
as amended from time to time. The Servicer shall be obligated to make premium
payments with respect to (a) LPMI Policies, and (b) if the Mortgagor fails to
pay any PMI Policy premium, such PMI Policy.

         With respect to each Mortgage Loan (other than LPMI Loans) with a loan
to value ratio at origination in excess of 80%, the Servicer shall maintain or
cause the Mortgagor to maintain (to the extent that the Mortgage Loan requires
the Mortgagor to maintain such insurance) in full force and effect a PMI Policy,
and shall pay or shall cause the Mortgagor to pay the premium thereon on a
timely basis, until the LTV of such Mortgage Loan is reduced to 80%. In the
event that such PMI Policy shall be terminated, the Servicer shall obtain from
another Qualified Insurer a comparable replacement policy, with a total coverage
equal to the remaining coverage of such terminated PMI Policy, at substantially
the same fee level. The Servicer shall not take any action which would result in
noncoverage under any applicable PMI Policy of any loss which, but for the
actions of the Servicer would have been covered thereunder. In connection with
any assumption or substitution agreements entered into or to be entered into
with respect to a Mortgage Loan, the Servicer shall promptly notify the insurer
under the related PMI Policy, if any, of such assumption or substitution of
liability in accordance with the terms of such PMI Policy and shall take all
actions which may be required by such insurer as a condition to the continuation
of coverage under such PMI Policy. If such PMI Policy is terminated as a result
of such assumption or substitution of liability, the Servicer shall obtain a
replacement PMI Policy as provided above.

         With respect to LPMI Loans, the Servicer shall maintain in full force
and effect the related LPMI Policy, and from time to time, withdraw the LPMI Fee
with respect to such LPMI Loan from the Custodial Account in order to pay the
premium thereon on a timely basis, until the LTV of such Mortgage Loan is
reduced to 80%. In the event that the interest payments made with respect to any
LPMI Loan are less than the LPMI Fee, the Servicer shall advance from its own
funds the amount of any such shortfall in the LPMI Fee, in payment of the
premium on the related LPMI Policy. Any such advance shall be a Servicing
Advance subject to reimbursement pursuant to the provisions on Section 3.04. In
the event that such LPMI Policy shall be terminated, the Servicer shall obtain
from another Qualified Insurer a comparable replacement policy, with a total
coverage equal to the remaining coverage of such terminated LPMI Policy, at
substantially the same fee level. The Servicer shall not take any action which
would result in noncoverage under any applicable LPMI Policy of any loss which,
but for the actions of the Servicer would have been covered thereunder. In
connection with any assumption or substitution agreement entered into or to be
entered into with respect to a Mortgage Loan, the Servicer shall promptly notify
the insurer under the related LPMI Policy, if any, of such assumption or
substitution of liability in accordance with the terms of such LPMI Policy and
shall take all actions which may be required by such insurer as a condition to
the continuation of coverage under such PMI Policy. If such LPMI Policy is
terminated as a result of such assumption or substitution of liability, the
Servicer shall obtain a replacement LPMI Policy as provided above.



                                       20
<PAGE>

         In connection with its activities as servicer, the Servicer agrees to
prepare and present, on behalf of itself and the Owner, claims to the insurer
under any PMI Policy or LPMI Policy in a timely fashion in accordance with the
terms of such PMI Policy or LPMI Policy and, in this regard, to take such action
as shall be necessary to permit recovery under any PMI Policy or LPMI Policy
respecting a defaulted Mortgage Loan. Any amounts collected by the Servicer
under any PMI Policy or LPMI Policy shall be deposited in the Custodial Account,
subject to withdrawal pursuant to Section 3.04.

         Section 3.08 Fidelity Bond and Errors and Omissions Insurance.

         The Servicer shall keep in force during the term of this Agreement a
Fidelity Bond and Errors and Omissions Insurance. Such Fidelity Bond and Errors
and Omissions Insurance shall be maintained with recognized insurers and shall
be in such form and amount as would permit the Servicer to be qualified as a
FNMA or FHLMC seller-servicer. The Servicer shall be deemed to have complied
with this provision if an affiliate of the Servicer has such errors and
omissions and fidelity bond coverage and, by the terms of such insurance policy
or fidelity bond, the coverage afforded thereunder extends to the Servicer. The
Servicer shall furnish to the Master Servicer a copy of each such bond and
insurance policy if (i) the Master Servicer so requests and (ii) the Servicer is
not an affiliate of Lehman Brothers Inc. at the time of such request.

         Section 3.09 Notification of Adjustments.

         With respect to each Adjustable Rate Mortgage Loan, the Servicer shall
adjust the Mortgage Interest Rate on the related interest rate adjustment date
and shall adjust the Monthly Payment on the related mortgage payment adjustment
date, if applicable, in compliance with the requirements of applicable law and
the related Mortgage and Mortgage Note. The Servicer shall execute and deliver
any and all necessary notices required under applicable law and the terms of the
related Mortgage Note and Mortgage regarding the Mortgage Interest Rate and
Monthly Payment adjustments. The Servicer shall promptly, upon written request
therefor, deliver to the Master Servicer such notifications and any additional
applicable data regarding such adjustments and the methods used to calculate and
implement such adjustments. Upon the discovery by the Servicer or the receipt of
notice from the Master Servicer that the Servicer has failed to adjust a
Mortgage Interest Rate or Monthly Payment in accordance with the terms of the
related Mortgage Note, the Servicer shall immediately deposit in the Custodial
Account from its own funds the amount of any interest loss or deferral caused
thereby.

         Section 3.10 Completion and Recordation of Assignments of Mortgage and
FHA and VA Change Notices.

         As soon as practicable after the Closing Date, the Servicing Transfer
Date or the date on which a Qualifying Substitute Mortgage Loan is delivered
pursuant to Section 2.05 of the Trust Agreement, as applicable (but in no event
more than 90 days thereafter except to the extent delays are caused by the
applicable government agency), the Servicer shall cause the endorsements on the
Mortgage Note (if applicable), the Assignments of Mortgage (subject to Section
3.01(a)), the assignment of security agreement and the HUD form 92080 Mortgage
Record Change with respect to all FHA Loans to be completed in the name of the
Trustee (or MERS, as applicable), and shall give notice to the VA of a transfer
of insurance credits, if applicable, with respect to VA Loans on the form
prescribed by the VA.



                                       21
<PAGE>

         Section 3.11 Protection of Accounts.

         The Servicer may transfer the Custodial Account or the Escrow Account
to a different Qualified Depository from time to time. Such transfer shall be
made only upon obtaining the consent of the Master Servicer, which consent shall
not be withheld unreasonably.

         The Servicer shall bear any expenses, losses or damages sustained by
the Master Servicer or the Trustee if the Custodial Account and/or the Escrow
Account are not demand deposit accounts.

         Amounts on deposit in the Custodial Account and the Escrow Account may
at the option of the Servicer be invested in Eligible Investments; provided that
in the event that amounts on deposit in the Custodial Account or the Escrow
Account exceed the amount fully insured by the FDIC (the "Insured Amount") the
Servicer shall be obligated to invest the excess amount over the Insured Amount
in Eligible Investments on the same Business Day as such excess amount becomes
present in the Custodial Account or the Escrow Account. Any such Eligible
Investment shall mature no later than the Business Day immediately preceding the
related Remittance Date, provided, however, that if such Eligible Investment is
an obligation of a Qualified Depository (other than the Servicer) that maintains
the Custodial Account or the Escrow Account, then such Eligible Investment may
mature on the related Remittance Date. Any such Eligible Investment shall be
made in the name of the Servicer in trust for the benefit of the Trustee. All
income on or gain realized from any such Eligible Investment shall be for the
benefit of the Servicer and may be withdrawn at any time by the Servicer. Any
losses incurred in respect of any such investment shall be deposited in the
Custodial Account or the Escrow Account, by the Servicer out of its own funds
immediately as realized.

         Section 3.12 Title, Management and Disposition of REO Property.

         In the event that title to any Mortgaged Property is acquired in
foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale
shall be taken in the name of the Trustee (or MERS, as applicable), or in the
event the Trustee is not authorized or permitted to hold title to real property
in the state where the REO Property is located, or would be adversely affected
under the "doing business" or tax laws of such state by so holding title, the
deed or certificate of sale shall be taken in the name of such Person or Persons
as shall be consistent with an Opinion of Counsel obtained by the Servicer from
any attorney duly licensed to practice law in the state where the REO Property
is located. The Person or Persons holding such title other than the Trustee
shall acknowledge in writing that such title is being held as nominee for the
Trustee.

         The Servicer shall manage, conserve, protect and operate each REO
Property for the Trustee solely for the purpose of its prompt disposition and
sale. The Servicer, either itself or through an agent selected by the Servicer,
shall manage, conserve, protect and operate the REO Property in the same manner
that it manages, conserves, protects and operates other foreclosed property for
its own account, and in the same manner that similar property in the same
locality as the REO Property is managed. The Servicer shall attempt to sell the
same (and may temporarily rent the same for a period not greater than one year,
except as otherwise provided below) on such terms and conditions as the Servicer
deems to be in the best interest of the Trustee.



                                       22
<PAGE>

         Notwithstanding anything to the contrary contained in this Section
3.12, in connection with a foreclosure or acceptance of a deed in lieu of
foreclosure, in the event the Servicer has reasonable cause to believe that a
Mortgaged Property is contaminated by hazardous or toxic substances or wastes,
or if the Trustee or the Master Servicer otherwise requests, an environmental
inspection or review of such Mortgaged Property to be conducted by a qualified
inspector shall be arranged by the Servicer. Upon completion of the inspection,
the Servicer shall provide the Trustee and the Master Servicer with a written
report of such environmental inspection. In the event that the environmental
inspection report indicates that the Mortgaged Property is contaminated by
hazardous or toxic substances or wastes, the Servicer shall not proceed with
foreclosure or acceptance of a deed in lieu of foreclosure. In the event that
the environmental inspection report is inconclusive as to the whether or not the
Mortgaged Property is contaminated by hazardous or toxic substances or wastes,
the Servicer shall not, without the prior approval of the Trustee, proceed with
foreclosure or acceptance of a deed in lieu of foreclosure. In such instance,
the Trustee shall be deemed to have approved such foreclosure or acceptance of a
deed in lieu of foreclosure unless the Trustee notifies the Servicer in writing,
within two (2) Business Days after its receipt of written notice of the proposed
foreclosure or deed in lieu of foreclosure from the Servicer, that it
disapproves of the related foreclosure or acceptance of a deed in lieu of
foreclosure. The Servicer shall be reimbursed for all Servicing Advances made
pursuant to this paragraph with respect to the related Mortgaged Property from
the Custodial Account.

         The Servicer shall use its Best Efforts to dispose of the REO Property
as soon as possible and shall sell such REO Property in any event within three
years after title has been taken to such REO Property, unless (a) a REMIC
election has not been made with respect to the arrangement under which the
Mortgage Loans and the REO Property are held, and (b) the Servicer determines,
and gives an appropriate notice to the Master Servicer to such effect, that a
longer period is necessary for the orderly liquidation of such REO Property. If
a period longer than three years is permitted under the foregoing sentence and
is necessary to sell any REO Property, (i) the Servicer shall report monthly to
the Master Servicer as to the progress being made in selling such REO Property
and (ii) if, with the written consent of the Trustee, a purchase money mortgage
is taken in connection with such sale, such purchase money mortgage shall name
the Servicer as mortgagee, and such purchase money mortgage shall not be held
pursuant to this Agreement, but instead a separate participation agreement among
the Servicer and Trustee shall be entered into with respect to such purchase
money mortgage. Notwithstanding anything herein to the contrary, the Servicer
shall not be required to provide financing for the sale of any REO Property.

         The Servicer shall also maintain on each REO Property fire and hazard
insurance with extended coverage in amount which is at least equal to the
maximum insurable value of the improvements which are a part of such property,
liability insurance and, to the extent required and available under the Flood
Disaster Protection Act of 1973, as amended, flood insurance in the amount
required above.



                                       23
<PAGE>

         Subject to the approval of the Master Servicer as described in this
paragraph, the disposition of REO Property shall be carried out by the Servicer
at such price, and upon such terms and conditions, as the Servicer deems to be
in the best interests of the Trust Fund. Prior to acceptance by the Servicer of
an offer to sell any REO Property, the Servicer shall notify the Master Servicer
and the Trustee of such offer in writing which notification shall set forth all
material terms of said offer (each a "Notice of Sale"). The Master Servicer
shall be deemed to have approved the sale of any REO Property unless the Master
Servicer notifies the Servicer in writing, within 2 Business Days after its
receipt of the related Notice of Sale, that it disapproves of the related sale.
With respect to any REO Property, upon a REO Disposition, the Servicer shall be
entitled to retain from REO Disposition Proceeds a disposition fee equal to
$1,250.

         The Servicer shall withdraw from the Custodial Account funds necessary
for the proper operation, management and maintenance of the REO Property,
including the cost of maintaining any hazard insurance pursuant to the FNMA
Guides. The Servicer shall make monthly distributions on each Remittance Date to
the Master Servicer of the net cash flow from the REO Property (which shall
equal the revenues from such REO Property net of the expenses described in this
Section 3.12 and of any reserves reasonably required from time to time to be
maintained to satisfy anticipated liabilities for such expenses).

         Section 3.13 Real Estate Owned Reports.

         Together with the statement furnished pursuant to Section 4.02, the
Servicer shall furnish to the Master Servicer on or before the Remittance Date
each month a statement with respect to any REO Property covering the operation
of such REO Property for the previous month and the Servicer's efforts in
connection with the sale of such REO Property and any rental of such REO
Property incidental to the sale thereof for the previous month. That statement
shall be accompanied by such other information as the Master Servicer shall
reasonably request.

         Section 3.14 MERS.

         (a) The Servicer shall take such actions as are necessary to cause the
Trustee to be clearly identified as the owner of each MERS Mortgage Loan on the
records of MERS for purposes of the system of recording transfers of beneficial
ownership of mortgages maintained by MERS.

         (b) The Servicer shall maintain in good standing its membership in
MERS. In addition, the Servicer shall comply with all rules, policies and
procedures of MERS, including the Rules of Membership, as amended, and the MERS
Procedures Manual, as amended.

         (c) With respect to all MERS Mortgage Loans serviced hereunder, the
Servicer shall promptly notify MERS as to any transfer of beneficial ownership
or release of any security interest in such Mortgage Loans.

         (d) With respect to all MERS Mortgage Loans serviced hereunder, the
Servicer shall notify MERS as to any transfer of servicing pursuant to Section
3.15 or Section 9.01 within 10 Business Days of such transfer of servicing. The
Servicer shall cooperate with the Trustee, the Master Servicer and any successor
Servicer to the extent necessary to ensure that such transfer of servicing is
appropriately reflected on the MERS system.



                                       24
<PAGE>

                                   ARTICLE IV.

                           PAYMENTS TO MASTER SERVICER

         Section 4.01 Remittances.

         On each Remittance Date the Servicer shall remit by wire transfer of
immediately available funds to the Master Servicer (a) all amounts deposited in
the Custodial Account as of the close of business on the last day of the related
Due Period (net of charges against or withdrawals from the Custodial Account
pursuant to Section 3.04), plus (b) all Monthly Advances, if any, which the
Servicer is obligated to make pursuant to Section 4.03, minus (c) any amounts
attributable to Principal Prepayments, Liquidation Proceeds, Insurance Proceeds,
Condemnation Proceeds or REO Disposition Proceeds received after the applicable
Prepayment Period, which amounts shall be remitted on the following Remittance
Date, together with any additional interest required to be deposited in the
Custodial Account in connection with such Principal Prepayment in accordance
with Section 3.03(vi), and minus (d) any amounts attributable to Monthly
Payments collected but due on a Due Date or Due Dates subsequent to the first
day of the month in which such Remittance Date occurs, which amounts shall be
remitted on the Remittance Date next succeeding the Due Date related to such
Monthly Payment.

         With respect to any remittance received by the Master Servicer after
the Business Day on which such payment was due, the Servicer shall pay to the
Master Servicer interest on any such late payment at an annual rate equal to the
Prime Rate, adjusted as of the date of each change, plus two (2) percentage
points, but in no event greater than the maximum amount permitted by applicable
law. Such interest shall be deposited in the Custodial Account by the Servicer
on the date such late payment is made and shall cover the period commencing with
the day following such Business Day and ending with the Business Day on which
such payment is made, both inclusive. Such interest shall be remitted along with
the distribution payable on the next succeeding Remittance Date. The payment by
the Servicer of any such interest shall not be deemed an extension of time for
payment or a waiver of any Event of Default by the Servicer.

         All remittances required to be made to the Master Servicer shall be
made to the following wire account or to such other account as may be specified
by the Master Servicer from time to time:

                  JPMorgan Chase Bank
                  New York, New York
                  ABA#: 021-000-021
                  Account Name:   Aurora Loan Services Inc.
                                  Master Servicing Payment Clearing Account
                  Account Number: 666-611059
                  Beneficiary:  Aurora Loan Services Inc.
                  For further credit to:  SASCO 2001-21A



                                       25
<PAGE>

         Section 4.02 Statements to Master Servicer.

         Not later than the tenth calendar day of each month, the Servicer shall
furnish to the Master Servicer (a) a monthly remittance advice containing such
information in the form of FNMA Form 2010 or such other form as shall be
required by the FNMA Guides or by the Master Servicer as to the accompanying
remittance and the period ending on the last day of the preceding month and (b)
all such information required pursuant to clause (a) above on a magnetic tape or
other similar media reasonably acceptable to the Master Servicer. In addition,
such monthly remittance advice shall also report with respect to those Mortgage
Loans covered by a PMI Policy or an LPMI Policy (a) the amount of claims filed
with respect to the covered Mortgage Loans in the preceding Due Period
(identified by the certificate number assigned under the policy), (b) the amount
of claims paid under the policy for the preceding Due Period and (c) the amount
of claims denied (or cancelled) under the policy for the preceding Due Period.

         The Servicer shall include in the monthly remittance advice information
regarding each Employee Mortgage Loan including, without limitation, the related
Retained Interest Rate and the amount of any related Retained Interest included
in the amounts remitted to the Master Servicer pursuant to Section 4.01.

         In addition, not more than 60 days after the end of each calendar year,
commencing December 31, 2001, the Servicer shall furnish to each Person who was
an owner of the Mortgage Loans at any time during such calendar year as required
by applicable law or if not required by applicable law, at the request of such
owner as to the aggregate of remittances for the applicable portion of such
year.

         Such obligation of the Servicer shall be deemed to have been satisfied
to the extent that substantially comparable information shall be provided by the
Servicer pursuant to any requirements of the Internal Revenue Code as from time
to time are in force.

         Beginning with calendar year 2001, the Servicer shall prepare and file
any and all tax returns, information statements or other filings for the portion
of the tax year 2001 and the portion of subsequent tax years for which the
Servicer has serviced some or all of the Mortgage Loans hereunder as such
returns, information statements or other filings are required to be delivered to
any governmental taxing authority or to the Master Servicer pursuant to any
applicable law with respect to the Mortgage Loans and the transactions
contemplated hereby. In addition, the Servicer shall provide the Master Servicer
with such information concerning the Mortgage Loans as is necessary for the
Master Servicer to prepare the Trust Fund's federal income tax return as the
Master Servicer may reasonably request from time to time.

         Section 4.03 Monthly Advances by Servicer.

         The Servicer shall make Monthly Advances through the Remittance Date
immediately preceding the distribution of all Liquidation Proceeds and other
payments or recoveries (including Insurance Proceeds and Condemnation Proceeds)
with respect to the related Mortgage Loans.



                                       26
<PAGE>

                                   ARTICLE V.

                          GENERAL SERVICING PROCEDURES

         Section 5.01 Servicing Compensation.

         As consideration for servicing the Mortgage Loans subject to this
Agreement, the Servicer shall retain (a) the relevant Servicing Fee for each
Mortgage Loan remaining subject to this Agreement during any month and (b)
Ancillary Income. In addition, if at any time the Servicer is the Retained
Interest Holder with respect to any Mortgage Loans, then the Servicer, as the
Retained Interest Holder, shall retain an amount equal to the Retained Interest
relating to such Mortgage Loans; provided, that (i) the Trustee shall have no
obligation to make payment of the Retained Interest to the Servicer and (ii) the
Servicer's right to retain the Retained Interest is limited to (and the Retained
Interest may only be retained from) the interest portion (including recoveries
with respect to interest from Liquidation Proceeds to the extent permitted by
Section 3.02 of this Agreement) of the Monthly Payments collected by the
Servicer with respect to those Mortgage Loans for which payment is in fact made
of the entire amount of the Monthly Payment. The Servicing Fee shall be payable
monthly. The Servicing Fees shall be payable only at the time of and with
respect to those Mortgage Loans for which payment is in fact made of the entire
amount of the Monthly Payment or as otherwise provided in Section 3.04. The
obligation of the Trustee to pay the Servicing Fees is limited as provided in
Section 3.04. The aggregate of the Servicing Fees payable to the Servicer for
any month with respect to the Mortgage Loans shall be reduced by any Prepayment
Interest Shortfall Amount with respect to such month.

         The Servicer shall be required to pay all expenses incurred by it in
connection with its servicing activities hereunder and shall not be entitled to
reimbursement thereof except as specifically provided for herein.

         Section 5.02 Annual Audit Report.

         On or before April 30 of each year, beginning with April 30, 2002,
Servicer shall, at its own expense, cause a firm of independent public
accountants (who may also render other services to Servicer), which is a member
of the American Institute of Certified Public Accountants, to furnish to each
Seller (with respect to its related Mortgage Loans) and Master Servicer (i)
year-end audited (if available) financial statements of the Servicer and (ii) a
statement to the effect that such firm has examined certain documents and
records for the preceding fiscal year (or during the period from the date of
commencement of such servicer's duties hereunder until the end of such preceding
fiscal year in the case of the first such certificate) and that, on the basis of
such examination conducted substantially in compliance with the Uniform Single
Attestation Program for Mortgage Bankers, such firm is of the opinion that
Servicer's overall servicing operations have been conducted in compliance with
the Uniform Single Attestation Program for Mortgage Bankers except for such
exceptions that, in the opinion of such firm, the Uniform Single Attestation
Program for Mortgage Bankers requires it to report, in which case such
exceptions shall be set forth in such statement.



                                       27
<PAGE>

         Section 5.03 Annual Officer's Certificate.

         On or before April 30 of each year, beginning with April 30, 2002, the
Servicer, at its own expense, will deliver to each Seller (with respect to its
related Mortgage Loans) and Master Servicer a Servicing Officer's certificate
stating, as to each signer thereof, that (i) a review of the activities of the
Servicer during such preceding fiscal year and of performance under this
Agreement has been made under such officers' supervision, and (ii) to the best
of such officers' knowledge, based on such review, the Servicer has fulfilled
all its obligations under this Agreement for such year, or, if there has been a
default in the fulfillment of all such obligations, specifying each such default
known to such officers and the nature and status thereof including the steps
being taken by the Servicer to remedy such default.

         Section 5.04 Transfers of Mortgaged Property.

         The Servicer shall use its best efforts to enforce any "due-on-sale"
provision contained in any Mortgage or Mortgage Note and to deny assumption by
the person to whom the Mortgaged Property has been or is about to be sold
whether by absolute conveyance or by contract of sale, and whether or not the
Mortgagor remains liable on the Mortgage and the Mortgage Note; provided that,
if in the Servicer's prudent business judgment, it determines that an assumption
of the Mortgage Loan is in the best interests of the Trust Fund, it shall
deliver notice of such determination to the Master Servicer and may permit such
assumption if approved by the Master Servicer. When the Mortgaged Property has
been conveyed by the Mortgagor, the Servicer shall, to the extent it has
knowledge of such conveyance, so long as the Master Servicer has not consented
to an assumption in accordance with the preceding sentence, exercise its rights
to accelerate the maturity of such Mortgage Loan under the "due-on-sale" clause
applicable thereto, provided, however, that the Servicer shall not be required
to take such action if the Servicer, in its prudent business judgment, believes
it is not in the best interests of the Trust Fund and shall not exercise such
rights if prohibited by law from doing so or if the exercise of such rights
would impair or threaten to impair any recovery under the related PMI Policy or
LPMI Policy, if any.

         If the Servicer reasonably believes it is unable under applicable law
to enforce such "due-on-sale" clause or if the Master Servicer approves such
assumption pursuant to the preceding paragraph, the Servicer shall enter into
(i) an assumption and modification agreement with the person to whom such
property has been conveyed, pursuant to which such person becomes liable under
the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in
the event the Servicer is unable under applicable law to require that the
original Mortgagor remain liable under the Mortgage Note and the Servicer has
the prior consent of the primary mortgage guaranty insurer, a substitution of
liability agreement with the owner of the Mortgaged Property pursuant to which
the original Mortgagor is released from liability and the owner of the Mortgaged
Property is substituted as Mortgagor and becomes liable under the Mortgage Note;
provided that no such substitutions should be permitted unless such person
satisfies the underwriting criteria of the Servicer and has a credit risk rating
at least equal to that of the original Mortgagor. The Mortgage Loan, as assumed,
shall conform in all respects to the requirements, representations and
warranties of this Agreement. The Servicer shall notify the Master Servicer that
any such assumption or substitution agreement has been contemplated by
forwarding to the Master Servicer a copy of such assumption or substitution
agreement (indicating the Mortgage File to which it relates). The Servicer shall
forward an original copy of such agreement to the Custodian to be held by the
Custodian with the other documents related to such Mortgage Loan. The Servicer
shall be responsible for recording any such assumption or substitution
agreements. In connection with any such assumption or substitution agreement,
the Monthly Payment on the related Mortgage Loan shall not be changed but shall
remain as in effect immediately prior to the assumption or substitution, the
Mortgage Interest Rate, the stated maturity or the outstanding principal amount
of such Mortgage Loan shall not be changed nor shall any required monthly
payments of principal or interest be deferred or forgiven. Any assumption fee
collected by the Servicer for entering into an assumption agreement shall be
retained by the Servicer as additional servicing compensation. In connection
with any such assumption, neither the Mortgage Interest Rate borne by the
related Mortgage Note, the term of the Mortgage Loan nor the outstanding
principal amount of the Mortgage Loan shall be changed.



                                       28
<PAGE>

                                   ARTICLE VI.

                           REPRESENTATIONS, WARRANTIES
                                 AND AGREEMENTS

         Section 6.01 Representations, Warranties and Agreements of the
Servicer.

         The Servicer, as a condition to the consummation of the transactions
contemplated hereby, hereby makes the following representations and warranties
to each Seller (with respect to its related Mortgage Loans) as of the Closing
Date:

         (a) Due Organization and Authority. The Servicer is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware and has all licenses necessary to carry on its business as now being
conducted and is licensed, qualified and in good standing in each state where a
Mortgaged Property is located if the laws of such state require licensing or
qualification in order to conduct business of the type conducted by the
Servicer, and in any event the Servicer is in compliance with the laws of any
such state to the extent necessary to ensure the enforceability of the terms of
this Agreement; the Servicer has the full power and authority to execute and
deliver this Agreement and to perform in accordance herewith; the execution,
delivery and performance of this Agreement (including all instruments of
transfer to be delivered pursuant to this Agreement) by the Servicer and the
consummation of the transactions contemplated hereby have been duly and validly
authorized; this Agreement evidences the valid, binding and enforceable
obligation of the Servicer and all requisite action has been taken by the
Servicer to make this Agreement valid and binding upon the Servicer in
accordance with its terms;

         (b) Ordinary Course of Business. The consummation of the transactions
contemplated by this Agreement are in the ordinary course of business of the
Servicer;

         (c) No Conflicts. Neither the execution and delivery of this Agreement,
the acquisition of the servicing responsibilities by the Servicer or the
transactions contemplated hereby, nor the fulfillment of or compliance with the
terms and conditions of this Agreement, will conflict with or result in a breach
of any of the terms, conditions or provisions of the Servicer's organizational
documents or any legal restriction or any agreement or instrument to which the
Servicer is now a party or by which it is bound, or constitute a default or
result in an acceleration under any of the foregoing, or result in the violation
of any law, rule, regulation, order, judgment or decree to which the Servicer or
its property is subject, or impair the ability of the Servicer to service the
Mortgage Loans, or impair the value of the Mortgage Loans;



                                       29
<PAGE>

         (d) Ability to Perform. The Servicer does not believe, nor does it have
any reason or cause to believe, that it cannot perform each and every covenant
contained in this Agreement;

         (e) No Litigation Pending. There is no action, suit, proceeding or
investigation pending or threatened against the Servicer which, either in any
one instance or in the aggregate, may result in any material adverse change in
the business, operations, financial condition, properties or assets of the
Servicer, or in any material impairment of the right or ability of the Servicer
to carry on its business substantially as now conducted, or in any material
liability on the part of the Servicer, or which would draw into question the
validity of this Agreement or of any action taken or to be taken in connection
with the obligations of the Servicer contemplated herein, or which would be
likely to impair materially the ability of the Servicer to perform under the
terms of this Agreement;

         (f) No Consent Required. No consent, approval, authorization or order
of any court or governmental agency or body is required for the execution,
delivery and performance by the Servicer of or compliance by the Servicer with
this Agreement;

         (g) Ability to Service. The Servicer is an FHA Approved Mortgagee, a VA
Approved Lender and an approved seller/servicer of conventional residential
mortgage loans for FNMA, FHLMC or GNMA, with the facilities, procedures, and
experienced personnel necessary for the sound servicing of mortgage loans of the
same type as the Mortgage Loans. The Servicer is in good standing to service
mortgage loans for the FHA and the VA and either FNMA, FHLMC or GNMA. The
Servicer is a member in good standing of the MERS system;

         (h) No Untrue Information. Neither this Agreement nor any statement,
report or other document furnished or to be furnished pursuant to this Agreement
or in connection with the transactions contemplated hereby contains any untrue
statement of fact or omits to state a fact necessary to make the statements
contained therein not misleading; and

         (i) No Commissions to Third Parties. The Servicer has not dealt with
any broker or agent or anyone else who might be entitled to a fee or commission
in connection with this transaction other than each Seller.

         Section 6.02 Remedies for Breach of Representations and Warranties of
the Servicer.

         It is understood and agreed that the representations and warranties set
forth in Section 6.01 shall survive the engagement of the Servicer to perform
the servicing responsibilities as of the Closing Date or Servicing Transfer
Date, as applicable, hereunder and the delivery of the Servicing Files to the
Servicer and shall inure to the benefit of the each Seller (with respect to its
related Mortgage Loans) and the Trustee. Upon discovery by either the Servicer,
the Master Servicer or either Seller (with respect to its related Mortgage
Loans) of a breach of any of the foregoing representations and warranties which
materially and adversely affects the ability of the Servicer to perform its
duties and obligations under this Agreement or otherwise materially and
adversely affects the value of the Mortgage Loans, the Mortgaged Property or the
priority of the security interest on such Mortgaged Property or the interest of
either Seller (with respect to its related Mortgage Loans) or the Trustee, the
party discovering such breach shall give prompt written notice to the other.



                                       30
<PAGE>

         Within 60 days of the earlier of either discovery by or notice to the
Servicer of any breach of a representation or warranty set forth in Section 6.01
which materially and adversely affects the ability of the Servicer to perform
its duties and obligations under this Agreement or otherwise materially and
adversely affects the value of the Mortgage Loans, the Mortgaged Property or the
priority of the security interest on such Mortgaged Property, the Servicer shall
use its Best Efforts promptly to cure such breach in all material respects and,
if such breach cannot be cured, the Servicer shall, at the Trustee's or the
Master Servicer's option, assign the Servicer's rights and obligations under
this Agreement (or respecting the affected Mortgage Loans) to a successor
Servicer. Such assignment shall be made in accordance with Sections 9.01 and
9.02.

         In addition, the Servicer shall indemnify each Seller (with respect to
its related Mortgage Loans) and the Master Servicer and hold each of them
harmless against any Costs resulting from any claim, demand, defense or
assertion based on or grounded upon, or resulting from, a breach of the Servicer
representations and warranties contained in this Agreement. It is understood and
agreed that the remedies set forth in this Section 6.02 constitute the sole
remedies of the Master Servicer and the Trustee respecting a breach of the
foregoing representations and warranties.

         Any cause of action against the Servicer relating to or arising out of
the breach of any representations and warranties made in Section 6.01 shall
accrue upon (i) discovery of such breach by the Servicer or notice thereof by
either Seller (with respect to its related Mortgage Loans) or by the Master
Servicer to the Servicer, (ii) failure by the Servicer to cure such breach
within the applicable cure period, and (iii) demand upon the Servicer by either
Seller (with respect to its related Mortgage Loans) or by the Master Servicer
for compliance with this Agreement.

         Section 6.03 Additional Indemnification by the Servicer; Third Party
Claims.

         The Servicer shall indemnify each Seller (with respect to its related
Mortgage Loans), the Master Servicer and the Trust Fund and hold them harmless
against any and all Costs that the indemnified party may sustain in any way
related to (i) the failure of the Servicer to perform its duties and service the
Mortgage Loans in material compliance with the terms of this Agreement or (ii)
the failure of the Servicer to cause any event to occur which requires its "Best
Efforts" under this Agreement. The Servicer shall immediately notify each Seller
(with respect to its related Mortgage Loans), the Master Servicer, the Trustee,
or any other relevant party if a claim is made by a third party with respect to
this Agreement or the Mortgage Loans, assume (with the prior written consent of
the indemnified party) the defense of any such claim and pay all expenses in
connection therewith, including counsel fees, promptly pay, discharge and
satisfy any judgment or decree which may be entered against it or any
indemnified party in respect of such claim and follow any written instructions
received from such indemnified party in connection with such claim. Each
indemnified party, as applicable, promptly shall reimburse the Servicer for all
amounts advanced by it pursuant to the preceding sentence except when the claim
is in any way related to the Servicer's indemnification pursuant to Section
6.02, or the failure of the Servicer to service and administer the Mortgage
Loans in material compliance with the terms of this Agreement. In the event a
dispute arises between an indemnified party and the Servicer with respect to any
of the rights and obligations of the parties pursuant to this Agreement, and
such dispute is adjudicated in a court of law, by an arbitration panel or any
other judicial process, then the losing party shall indemnify and reimburse the
winning party for all attorney's fees and other costs and expenses related to
the adjudication of said dispute.



                                       31
<PAGE>

                                  ARTICLE VII.

                                  THE SERVICER

         Section 7.01 Merger or Consolidation of the Servicer.

         The Servicer shall keep in full effect its existence, rights and
franchises as a corporation, and shall obtain and preserve its qualification to
do business as a foreign entity in each jurisdiction in which such qualification
is or shall be necessary to protect the validity and enforceability of this
Agreement or any of the Mortgage Loans and to perform its duties under this
Agreement.

         Any Person into which the Servicer may be merged or consolidated, or
any corporation resulting from any merger, conversion or consolidation to which
the Servicer shall be a party, or any Person succeeding to the business of the
Servicer, shall be the successor of the Servicer hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding, provided,
however, that the successor or surviving Person shall be an institution (i)
having a net worth of not less than $25,000,000, and (ii) which is a FNMA-,
FHLMC-, and GNMA-approved servicer in good standing and an FHA approved
Mortgagee and a VA Approved Lender.

         Section 7.02 Limitation on Liability of the Servicer and Others.

         Neither the Servicer nor any of the directors, officers, employees or
agents of the Servicer shall be under any liability to either Seller (with
respect to its related Mortgage Loans), the Master Servicer or the Trustee for
any action taken or for refraining from the taking of any action in good faith
pursuant to this Agreement, or for errors in judgment; provided, however, that
this provision shall not protect the Servicer or any such person against any
breach of warranties or representations made herein, or failure to perform its
obligations in strict compliance with any standard of care set forth in this
Agreement, or any liability which would otherwise be imposed by reason of any
breach of the terms and conditions of this Agreement. The Servicer and any
director, officer, employee or agent of the Servicer may rely in good faith on
any document of any kind prima facie properly executed and submitted by any
Person respecting any matters arising hereunder. The Servicer shall not be under
any obligation to appear in, prosecute or defend any legal action which is not
incidental to its duties to service the Mortgage Loans in accordance with this
Agreement and which in its opinion may involve it in any expense or liability,
provided, however, that the Servicer may, with the consent of the Master
Servicer, undertake any such action which it may deem necessary or desirable in
respect of this Agreement and the rights and duties of the parties hereto. In
such event, the Servicer shall be entitled to reimbursement from the Trust Fund
for the reasonable legal expenses and costs of such action.



                                       32
<PAGE>

         Section 7.03 Limitation on Resignation and Assignment by the Servicer.

         Each Seller has entered into this Agreement with the Servicer in
reliance upon the independent status of the Servicer, and the representations as
to the adequacy of its servicing facilities, plant, personnel, records and
procedures, its integrity, reputation and financial standing, and the
continuance thereof. Therefore, the Servicer shall neither assign its rights
under this Agreement or the servicing hereunder nor delegate its duties
hereunder or any portion thereof, or sell or otherwise dispose of all or
substantially all of its property or assets without, in each case, the prior
written consent of the each Seller with respect to its related Mortgage Loans
and the Master Servicer, which consent, in the case of an assignment of rights
or delegation of duties, shall be granted or withheld in the discretion of each
Seller with respect to its related Mortgage Loans and the Master Servicer, and
which consent, in the case of a sale or disposition of all or substantially all
of the property or assets of the Servicer, shall not be unreasonably withheld;
provided, that in each case, there must be delivered to the Master Servicer and
the Trustee a letter from each Rating Agency to the effect that such transfer of
servicing or sale or disposition of assets will not result in a qualification,
withdrawal or downgrade of the then-current rating of any of the Certificates.
Notwithstanding the foregoing, the Servicer, without the consent of either
Seller, the Master Servicer or the Trustee, may retain third party contractors
to perform certain servicing and loan administration functions, including
without limitation, hazard insurance administration, tax payment and
administration, flood certification and administration, collection services and
similar functions; provided, that the retention of such contractors by Servicer
shall not limit the obligation of the Servicer to service the Mortgage Loans
pursuant to the terms and conditions of this Agreement.

         The Servicer shall not resign from the obligations and duties hereby
imposed on it except by mutual consent of the Servicer and the Master Servicer
or upon the determination that its duties hereunder are no longer permissible
under applicable law and such incapacity cannot be cured by the Servicer. Any
such determination permitting the resignation of the Servicer shall be evidenced
by an Opinion of Counsel to such effect delivered to the Master Servicer and the
Trustee which Opinion of Counsel shall be in form and substance acceptable to
the Master Servicer and the Trustee. No such resignation shall become effective
until a successor shall have assumed the Servicer's responsibilities and
obligations hereunder in the manner provided in Section 9.01.

         Without in any way limiting the generality of this Section 7.03, in the
event that the Servicer either shall assign this Agreement or the servicing
responsibilities hereunder or delegate its duties hereunder or any portion
thereof or sell or otherwise dispose of all or substantially all of its property
or assets, without the prior written consent of each Seller (with respect to its
related Mortgage Loans) and the Master Servicer, then either Seller (with
respect to its related Mortgage Loans) or the Master Servicer shall have the
right to terminate this Agreement upon notice given as set forth in Section
8.01, without any payment of any penalty or damages and without any liability
whatsoever to the Servicer or any third party.


                                       33
<PAGE>

                                  ARTICLE VIII.

                                   TERMINATION

         Section 8.01 Termination for Cause.

         This Agreement shall be terminable at the option of Lehman Capital,
with respect to the Lehman Capital Mortgage Loans, the Bank, with respect to the
Bank Mortgage Loans, or the Master Servicer if any of the following events of
default exist on the part of the Servicer:

                  (i) any failure by the Servicer to remit to the Master
Servicer any payment required to be made under the terms of this Agreement which
continues unremedied for a period of two Business Days after the date upon which
written notice of such failure, requiring the same to be remedied, shall have
been given to the Servicer by the Master Servicer; or

                  (ii) failure by the Servicer duly to observe or perform in any
material respect any other of the covenants or agreements on the part of the
Servicer set forth in this Agreement which continues unremedied for a period of
30 days; or

                  (iii) failure by the Servicer to maintain its license to do
business or service residential mortgage loans in any jurisdiction, if required
by such jurisdiction, where the Mortgaged Properties are located; or

                  (iv) a decree or order of a court or agency or supervisory
authority having jurisdiction for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, including bankruptcy,
marshaling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the
Servicer and such decree or order shall have remained in force undischarged or
unstayed for a period of 60 days; or

                  (v) the Servicer shall consent to the appointment of a
conservator or receiver or liquidator in any insolvency, readjustment of debt,
marshaling of assets and liabilities or similar proceedings of or relating to
the Servicer or of or relating to all or substantially all of its property; or

                  (vi) the Servicer shall admit in writing its inability to pay
its debts generally as they become due, file a petition to take advantage of any
applicable insolvency, bankruptcy or reorganization statute, make an assignment
for the benefit of its creditors, voluntarily suspend payment of its obligations
or cease its normal business operations for three Business Days; or

                  (vii) the Servicer ceases to meet the qualifications of a
FNMA, FHLMC or GNMA lender/servicer or ceases to be an FHA Approved Mortgagee or
ceases to be a VA Approved Lender; or

                  (viii) the Servicer attempts to assign the servicing of the
Mortgage Loans or its right to servicing compensation hereunder or the Servicer
attempts to sell or otherwise dispose of all or substantially all of its
property or assets or to assign this Agreement or the servicing responsibilities
hereunder or to delegate its duties hereunder or any portion thereof, in each
case without complying fully with the provisions of Section 7.03.



                                       34
<PAGE>


         In each and every such case, so long as an event of default shall not
have been remedied, in addition to whatever rights each Seller (with respect to
its related Mortgage Loans) or the Master Servicer may have at law or equity to
damages, including injunctive relief and specific performance, either Seller
(with respect to its related Mortgage Loans) or the Master Servicer, by notice
in writing to the Servicer, may terminate all the rights and obligations of the
Servicer under this Agreement and in and to the servicing contract established
hereby and the proceeds thereof.

         Upon receipt by the Servicer of such written notice, all authority and
power of the Servicer under this Agreement, whether with respect to the Mortgage
Loans or otherwise, shall pass to and be vested in a successor Servicer
appointed by each Seller (with respect to its related Mortgage Loans) and the
Master Servicer. Upon written request from either Seller (with respect to its
related Mortgage Loans), the Servicer shall prepare, execute and deliver to the
successor entity designated by each Seller (with respect to its related Mortgage
Loans) any and all documents and other instruments, place in such successor's
possession all Servicing Files, and do or cause to be done all other acts or
things necessary or appropriate to effect the purposes of such notice of
termination, including but not limited to the transfer and endorsement or
assignment of the Mortgage Loans and related documents, at the Servicer's sole
expense. The Servicer shall cooperate with each Seller (with respect to its
related Mortgage Loans) and the Master Servicer and such successor in effecting
the termination of the Servicer's responsibilities and rights hereunder,
including without limitation, the transfer to such successor for administration
by it of all cash amounts which shall at the time be credited by the Servicer to
the Custodial Account or Escrow Account or thereafter received with respect to
the Mortgage Loans.

         By a written notice, each Seller (with respect to its related Mortgage
Loans) and the Master Servicer may waive any default by the Servicer in the
performance of its obligations hereunder and its consequences. Upon any waiver
of a past default, such default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been remedied for every purpose of
this Agreement. No such waiver shall extend to any subsequent or other default
or impair any right consequent thereon except to the extent expressly so waived.

         Section 8.02 Termination Without Cause.

         This Agreement shall terminate upon: (i) the later of (a) the
distribution of the final payment or liquidation proceeds on the last Mortgage
Loan to the Master Servicer (or advances by the Servicer for the same), and (b)
the disposition of all REO Property acquired upon foreclosure of the last
Mortgage Loan and the remittance of all funds due hereunder, (ii) mutual consent
of the Servicer, each Seller (with respect to its related Mortgage Loans) and
the Master Servicer in writing or (iii) at the sole discretion of each Seller
(with respect to its related Mortgage Loans) (acting in its capacity as owner of
the servicing rights relating to the Mortgage Loans). Any such termination
pursuant to clause (iii) above shall be with 30 days' prior notice, in writing
and delivered to the Trustee, the Master Servicer and the Servicer by registered
mail to the addresses set forth in Section 9.03 of this Agreement (in the case
of the Servicer) or in the Trust Agreement (in the case of the Trustee or the
Master Servicer). The Servicer shall comply with the termination procedures set
forth in Sections 7.03, 8.01 and 9.01 hereof. The Master Servicer or the Trustee
shall have no right to terminate the Servicer pursuant to this Section 8.02. In
connection with a termination by either Seller (with respect to its related
Mortgage Loans) pursuant to clause (iii) of this Section 8.02, the Servicer will
be reimbursed from the Trust Fund, to the extent provided in the Trust
Agreement, for all unreimbursed out-of-pocket Servicing Advances, Monthly
Advances and Servicing Fees at the time of such transfer of servicing.



                                       35
<PAGE>

                                   ARTICLE IX.

                            MISCELLANEOUS PROVISIONS

         Section 9.01 Successor to the Servicer.

         Simultaneously with the termination of the Servicer's responsibilities
and duties under this Agreement (a) pursuant to Sections 6.02, 7.03, 8.01 or
8.02(ii), the Master Servicer shall (i) succeed to and assume all of the
Servicer's responsibilities, rights, duties and obligations under this
Agreement, or (ii) appoint a successor having the characteristics set forth in
clauses (i) and (ii) of Section 7.01 and which shall succeed to all rights and
assume all of the responsibilities, duties and liabilities of the Servicer under
this Agreement simultaneously with the termination of the Servicer's
responsibilities, duties and liabilities under this Agreement; or (b) pursuant
to a termination under Section 8.02(iii), each Seller (with respect to its
related Mortgage Loans) shall appoint a successor having the characteristics set
forth in clauses (i) and (ii) of Section 7.01 and which shall succeed to all
rights and assume all of the responsibilities, duties and liabilities of the
Servicer under this Agreement simultaneously with the termination of the
Servicer's responsibilities, duties and liabilities under this Agreement. Any
successor to the Servicer shall be subject to the approval of the Master
Servicer and, to the extent required by the Trust Agreement, the Trustee, shall
be a member in good standing of the MERS system (if any of the Mortgage Loans
are MERS Eligible Mortgage Loans, unless such Mortgage Loans are withdrawn from
MERS and Assignments of Mortgage are recorded in favor of the Trustee at the
expense of the successor Servicer) and shall be an FHA Approved Mortgagee and a
VA Approved Lender. Any approval of a successor servicer by the Master Servicer
and, to the extent required by the Trust Agreement, the Trustee, shall, if the
successor servicer is not at that time a servicer of other Mortgage Loans for
the Trust Fund, be conditioned upon the receipt by the Master Servicer and the
Trustee of a letter from each Rating Agency to the effect that such transfer of
servicing will not result in a qualification, withdrawal or downgrade of the
then-current rating of any of the Certificates. In addition, with respect to any
FHA Loans serviced hereunder, the Servicer shall provide notice of such change
in servicers to HUD on HUD form 92080 or such other form as prescribed by HUD,
within 10 days after such transfer of servicing. In connection with such
appointment and assumption, the Master Servicer or either Seller (with respect
to its related Mortgage Loans), as applicable, may make such arrangements for
the compensation of such successor out of payments on Mortgage Loans as it and
such successor shall agree, provided, however, that no such compensation shall
be in excess of that permitted the Servicer under this Agreement. In the event
that the Servicer's duties, responsibilities and liabilities under this
Agreement should be terminated pursuant to the aforementioned sections, the
Servicer shall discharge such duties and responsibilities during the period from
the date it acquires knowledge of such termination until the effective date
thereof with the same degree of diligence and prudence which it is obligated to
exercise under this Agreement, and shall take no action whatsoever that might
impair or prejudice the rights or financial condition of its successor. The
resignation or removal of the Servicer pursuant to the aforementioned sections
shall not become effective until a successor shall be appointed pursuant to this
Section 9.01 and shall in no event relieve the Servicer of the representations
and warranties made pursuant to Sections 6.01 and the remedies available to the
Master Servicer and each Seller (with respect to its related Mortgage Loans)
under Section 6.02 and 6.03, it being understood and agreed that the provisions
of such Sections 6.01, 6.02 and 6.03 shall be applicable to the Servicer
notwithstanding any such resignation or termination of the Servicer, or the
termination of this Agreement.



                                       36
<PAGE>

         Within a reasonable period of time, but in no event longer than 30 days
of the appointment of a successor entity, the Servicer shall prepare, execute
and deliver to the successor entity any and all documents and other instruments,
place in such successor's possession all Servicing Files, and do or cause to be
done all other acts or things necessary or appropriate to effect the purposes of
such notice of termination, including but not limited to the transfer and
endorsement of the Mortgage Notes and related documents, and the preparation and
recordation of Assignments of Mortgage. The Servicer shall cooperate with the
Trustee, the Master Servicer or either Seller (with respect to its related
Mortgage Loans), as applicable, and such successor in effecting the termination
of the Servicer's responsibilities and rights hereunder and the transfer of
servicing responsibilities to the successor Servicer, including without
limitation, the transfer to such successor for administration by it of all cash
amounts which shall at the time be credited by the Servicer to the Custodial
Account or Escrow Account or thereafter received with respect to the Mortgage
Loans.

         Any successor appointed as provided herein shall execute, acknowledge
and deliver to the Trustee, the Servicer, the Master Servicer and each Seller
(with respect to its related Mortgage Loans) an instrument (i) accepting such
appointment, wherein the successor shall make the representations and warranties
set forth in Section 6.01 (including a representation that the successor
Servicer is a member of MERS, unless none of the Mortgage Loans are MERS
Mortgage Loans or MERS Eligible Mortgage Loans or any such Mortgage Loans have
been withdrawn from MERS and Assignments of Mortgage are recorded in favor of
the Trustee) and (ii) an assumption of the due and punctual performance and
observance of each covenant and condition to be performed and observed by the
Servicer under this Agreement, whereupon such successor shall become fully
vested with all the rights, powers, duties, responsibilities, obligations and
liabilities of the Servicer, with like effect as if originally named as a party
to this Agreement. Any termination or resignation of the Servicer or termination
of this Agreement pursuant to Sections 6.02, 7.03, 8.01 or 8.02 shall not affect
any claims that the Master Servicer or the Trustee may have against the Servicer
arising out of the Servicer's actions or failure to act prior to any such
termination or resignation. In addition, in the event any successor Servicer is
appointed pursuant to Section 8.02(iii) of this Agreement, such successor
Servicer must satisfy the conditions relating to the transfer of servicing set
forth in the Trust Agreement.

         The Servicer shall deliver promptly to the successor Servicer the funds
in the Custodial Account and Escrow Account and all Mortgage Loan documents and
related documents and statements held by it hereunder and the Servicer shall
account for all funds and shall execute and deliver such instruments and do such
other things as may reasonably be required to more fully and definitively vest
in the successor all such rights, powers, duties, responsibilities, obligations
and liabilities of the Servicer.



                                       37
<PAGE>

         Upon a successor's acceptance of appointment as such, the Servicer
shall notify the Trustee, each Seller (with respect to its related Mortgage
Loans) and Master Servicer of such appointment in accordance with the procedures
set forth in Section 9.03.

         Section 9.02 Costs.

         Each Seller (with respect to its related Mortgage Loans) shall pay any
legal fees and expenses of its attorneys. Costs and expenses incurred in
connection with the transfer of the servicing responsibilities, including fees
for delivering Servicing Files, shall be paid by each Seller (with respect to
its related Mortgage Loans). Subject to Sections 2.02 and 3.01(a), the Depositor
shall pay the costs associated with the preparation, delivery and recording of
Assignments of Mortgages.

         Section 9.03 Notices.

         All demands, notices and communications hereunder shall be in writing
and shall be deemed to have been duly given if sent by facsimile or mailed by
overnight courier, addressed as follows (or such other address as may hereafter
be furnished to the other party by like notice):

                  (i) if to each Seller:

                  Lehman Capital, A Division of
                  Lehman Brothers Holdings Inc.
                  101 Hudson Street
                  Jersey City, New Jersey 07302
                  Attention: Manager, Contract Finance
                  Telephone No.: (201) 524-2000
                  Facsimile: (201) 524-5153

                  Lehman Brothers Bank, FSB
                  399 Park Avenue, 11th Floor
                  New York, New York  10022
                  Attention: Contract Finance - Leslee Gelber
                  Telephone: (212) 884-6292
                  Telecopier: (212) 884-6450

                  (ii) if to the Servicer:

                  Aurora Loan Services Inc.
                  2530 South Parker Road
                  Suite 601
                  Aurora, Colorado  80014
                  Attention: Rick Skogg
                  Telephone No.: (303) 632-3000
                  Telecopier No.: (303) 632-3001



                                       38
<PAGE>

                  with a copy to:

                  Aurora Loan Services Inc.
                  601 Fifth Avenue
                  P.O. Box 1706
                  Scottsbluff, Nebraska  69361
                  Attention: Manager, Loan Administration
                  Telephone No.: (308) 635-3500
                  Telecopier No.: (308) 632-4287

                  (iii) if to the Master Servicer:

                  Aurora Loan Services Inc.
                  2530 South Parker Road
                  Suite 601
                  Aurora, Colorado 80014
                  Attention: E. Todd Whittemore
                  Telephone: (303) 632-3422
                  Telecopier: (303) 632-3123

                  (iv) if to the Trustee

                  Wells Fargo Bank Minnesota, National Association
                  11000 Broken Land Parkway
                  Columbia, Maryland  21044
                  Attention: Corporate Trust (SASC0 2001-21A)

         Any such demand, notice or communication hereunder shall be deemed to
have been received on the date delivered to or received at the premises of the
addressee.

         Section 9.04 Severability Clause.

         Any part, provision, representation or warranty of this Agreement which
is prohibited or which is held to be void or unenforceable shall be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof. Any part, provision, representation or warranty of
this Agreement which is prohibited or unenforceable or is held to be void or
unenforceable in any jurisdiction shall be ineffective, as to such jurisdiction,
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction as to any Mortgage Loan shall not invalidate or render
unenforceable such provision in any other jurisdiction. To the extent permitted
by applicable law, the parties hereto waive any provision of law which prohibits
or renders void or unenforceable any provision hereof. If the invalidity of any
part, provision, representation or warranty of this Agreement shall deprive any
party of the economic benefit intended to be conferred by this Agreement, the
parties shall negotiate, in good-faith, to develop a structure the economic
effect of which is as close as possible to the economic effect of this Agreement
without regard to such invalidity.



                                       39
<PAGE>

         Section 9.05 No Personal Solicitation.

         From and after the Closing Date, the Servicer hereby agrees that it
will not take any action or permit or cause any action to be taken by any of its
agents or affiliates, or by any independent contractors on the Servicer's
behalf, to personally, by telephone or mail, solicit the borrower or obligor
under any Mortgage Loan (on a targeted basis) for any purposes of prepayment,
refinancing or modification of the related Mortgage Loan, provided, however,
that this limitation shall not prohibit Servicer from soliciting such Mortgagor
for purposes of prepayment, refinance or modification of any loan owned or
serviced by Servicer other than a Mortgage Loan. It is understood and agreed
that, among other marketing activities, promotions undertaken by Servicer which
are directed of the general public at large or which are directed generally to a
segment of the then existing customers of Servicer or any of its direct or
indirect subsidiaries (including, without limitation, the mailing of promotional
materials to Servicer's deposit customers by inserting such materials into
customer account statements, mass mailings based on commercially acquired
mailing lists and newspaper, radio and television advertisements) shall not
constitute solicitation under this section. In the event the Servicer does
refinance any Mortgage Loan as a result of a violation of the requirements set
forth in this Section 9.05, Servicer hereby agrees to pay to the Trust Fund an
amount equal to the difference, if any, between the amount that the Trust Fund
would have received if it had sold the Mortgage Loan to a third party, and the
proceeds received by the Trust Fund as a result of such refinancing.

         Section 9.06 Counterparts.

         This Agreement may be executed simultaneously in any number of
counterparts. Each counterpart shall be deemed to be an original, and all such
counterparts shall constitute one and the same instrument.

         Section 9.07 Place of Delivery and Governing Law.

         This Agreement shall be deemed in effect when a fully executed
counterpart thereof is received by each Seller (with respect to its related
Mortgage Loans) in the State of New York and shall be deemed to have been made
in the State of New York. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, NOTWITHSTANDING NEW YORK OR OTHER CHOICE OF LAW
RULES TO THE CONTRARY.

         Section 9.08 Further Agreements.

         Each Seller (with respect to its related Mortgage Loans) and the
Servicer agree to execute and deliver to the other such reasonable and
appropriate additional documents, instruments or agreements as may be necessary
or appropriate to effectuate the purposes of this Agreement.

         Section 9.09 Intention of the Parties.

         It is the intention of the parties that each Seller (with respect to
its related Mortgage Loans) is conveying, and the Servicer is receiving only a
contract for servicing the Mortgage Loans. Accordingly, the parties hereby
acknowledge that the Trust Fund remains the sole and absolute owner of the
Mortgage Loans and all rights (other than the servicing rights) related thereto.



                                       40
<PAGE>

         Section 9.10 Successors and Assigns; Assignment of Servicing Agreement.

         This Agreement shall bind and inure to the benefit of and be
enforceable by the Servicer, each Seller (with respect to its related Mortgage
Loans), the Trustee and the Master Servicer and their respective successors and
assigns. This Agreement shall not be assigned, pledged or hypothecated by the
Servicer to a third party except in accordance with Section 7.03.

         Section 9.11 Assignment by the Each Seller.

         Each Seller (with respect to its related Mortgage Loans) shall have the
right, upon notice to but without the consent of the Servicer, to assign, in
whole or in part, its interest under this Agreement to the Depositor, which in
turn shall assign such rights to the Trustee, and the Trustee then shall succeed
to all rights of each Seller (with respect to its related Mortgage Loans) under
this Agreement. All references to each Seller (with respect to its related
Mortgage Loans) in this Agreement shall be deemed to include its assignee or
designee and any subsequent assignee or designee, specifically including the
Trustee, except with respect to each Seller's (with respect to its related
Mortgage Loans) retained servicing rights pursuant to Section 8.02(iii).

         Section 9.12 [Reserved].



         Section 9.13 Waivers.

         No term or provision of this Agreement may be waived or modified unless
such waiver or modification is in writing and signed by the party against whom
such waiver or modification is sought to be enforced.

         Section 9.14 Exhibits.

         The exhibits to this Agreement are hereby incorporated and made a part
hereof and are an integral part of this Agreement.

         Section 9.15 General Interpretive Principles.

         For purposes of this Agreement, except as otherwise expressly provided
or unless the context otherwise requires:

         (a) the terms defined in this Agreement have the meanings assigned to
them in this Agreement and include the plural as well as the singular, and the
use of any gender herein shall be deemed to include the other gender;

         (b) accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with generally accepted accounting principles;



                                       41
<PAGE>

         (c) references herein to "Articles", "Sections", "Subsections",
"Paragraphs", and other subdivisions without reference to a document are to
designated Articles, Sections, Subsections, Paragraphs and other subdivisions of
this Agreement;

         (d) a reference to a Subsection without further reference to a Section
is a reference to such Subsection as contained in the same Section in which the
reference appears, and this rule shall also apply to Paragraphs and other
subdivisions;

         (e) the words "herein", "hereof", "hereunder" and other words of
similar import refer to this Agreement as a whole and not to any particular
provision; and

         (f) the term "include" or "including" shall mean by reason of
enumeration.

         Section 9.16 Reproduction of Documents.

         This Agreement and all documents relating thereto, including, without
limitation, (a) consents, waivers and modifications which may hereafter be
executed, (b) documents received by any party at the closing, and (c) financial
statements, certificates and other information previously or hereafter
furnished, may be reproduced by any photographic, photostatic, microfilm,
micro-card, miniature photographic or other similar process. The parties agree
that any such reproduction shall be admissible in evidence as the original
itself in any judicial or administrative proceeding, whether or not the original
is in existence and whether or not such reproduction was made by a party in the
regular course of business, and that any enlargement, facsimile or further
reproduction of such reproduction shall likewise be admissible in evidence.




                                       42
<PAGE>

         IN WITNESS WHEREOF, the Servicer, each Seller and the Master Servicer
have caused their names to be signed hereto by their respective officers
thereunto duly authorized as of the date first above written.


                                          LEHMAN CAPITAL, A DIVISION OF
                                               LEHMAN BROTHERS HOLDINGS INC.,
                                                 as Seller


                                          By: /s/ Stanley  Labanowski
                                             -----------------------------------
                                             Name:  Stanley  Labanowski
                                             Title: Authorized Signatory



                                          LEHMAN BROTHERS BANK, FSB,
                                               as Seller



                                          By: /s/ Gary Taylor
                                             -----------------------------------
                                             Name:  Gary Taylor
                                             Title: Vice President



                                          AURORA LOAN SERVICES INC.,
                                               as Servicer



                                          By: /s/ Rick W. Skogg
                                             -----------------------------------
                                             Name:  Rick W. Skogg
                                             Title: President



                                          AURORA LOAN SERVICES INC.,
                                               as Master Servicer



                                          By: /s/ E. Todd Whittemore
                                             -----------------------------------
                                             Name:  E. Todd Whittemore
                                             Title: Executive Vice President




                                       43
<PAGE>


Acknowledged By:

WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee


By: /s/ Peter J. Masterman
   --------------------------
   Name: Peter J. Masterman
   Title: Vice President




<PAGE>


                                    EXHIBIT A

                             MORTGAGE LOAN SCHEDULE

BANK MORTGAGE LOANS



       [To be Retained at the Washington, D.C. Office of McKee Nelson LLP]







LEHMAN CAPITAL MORTGAGE LOANS



       [To be Retained at the Washington, D.C. Office of McKee Nelson LLP]




                                        1
<PAGE>


                                    EXHIBIT B

                       CUSTODIAL ACCOUNT LETTER AGREEMENT


                                                                _______ __, 20__

To:
      ---------------------

---------------------------

---------------------------
(the "Depository")


         As Servicer under the Servicing Agreement, dated as of December 1, 2001
(the "Agreement"), we hereby authorize and request you to establish an account,
as a Custodial Account pursuant to Section 3.03 of the Agreement, to be
designated as "Aurora Loan Services Inc., in trust for the Master Servicer for
Structured Asset Securities Corporation 2001-21A." All deposits in the account
shall be subject to withdrawal therefrom by order signed by the Servicer. This
letter is submitted to you in duplicate. Please execute and return one original
to us.



                                            AURORA LOAN SERVICES INC.



                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:


         The undersigned, as Depository, hereby certifies that the above
described account has been established under Account Number __________, at the
office of the Depository indicated above, and agrees to honor withdrawals on
such account as provided above.


                                            ------------------------------------
                                            Depository



                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:
                                            Date:


                                       1
<PAGE>


                                    EXHIBIT C

                         ESCROW ACCOUNT LETTER AGREEMENT


                                                                _______ __, 20__

To:
      ---------------------

---------------------------

---------------------------
(the "Depository")


         As Servicer under the Servicing Agreement, dated as of December 1, 2001
(the "Agreement"), we hereby authorize and request you to establish an account,
as an Escrow Account pursuant to Section 3.05 of the Agreement, to be designated
as "Aurora Loan Services Inc., in trust for the Master Servicer for Structured
Asset Securities Corporation 2001-21A." All deposits in the account shall be
subject to withdrawal therefrom by order signed by the Servicer. This letter is
submitted to you in duplicate. Please execute and return one original to us.



                                            AURORA LOAN SERVICES INC.



                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:


         The undersigned, as Depository, hereby certifies that the above
described account has been established under Account Number __________, at the
office of the Depository indicated above, and agrees to honor withdrawals on
such account as provided above.


                                            ------------------------------------
                                            Depository



                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:
                                            Date:



                                        1