ESCROWS HELD FOR THE RELATED
MORTGAGORS (WITHOUT REDUCTION FOR UNREIMBURSED ADVANCES OR "NEGATIVE ESCROWS").
(V)
BUYER SHALL HAVE THE RIGHT TO TERMINATE SELLER AS INTERIM SERVICER
OF ANY OF THE PURCHASED MORTGAGE LOANS, WHICH RIGHT SHALL BE EXERCISABLE AT ANY
TIME IN BUYER'S SOLE DISCRETION, UPON WRITTEN NOTICE.
(VI)
THE INTERIM SERVICING TERM WILL BE DEEMED RENEWED ON EACH
REMITTANCE DATE SUCCEEDING THE RELATED PURCHASE DATE UNLESS (I) SELLER HAS
PREVIOUSLY BEEN TERMINATED AS INTERIM SERVICER OF ALL OF THE PURCHASED MORTGAGED
LOANS OR (II) AN EVENT OF DEFAULT HAS OCCURRED ON OR BEFORE SUCH REMITTANCE
DATE, IN WHICH LATTER EVENT THE INTERIM SERVICING TERM WILL EXPIRE ON SUCH
REMITTANCE DATE UNLESS BUYER GIVES WRITTEN NOTICE TO SELLER THAT THE INTERIM
SERVICING TERM IS RENEWED AND SPECIFYING THE RENEWAL TERM.
(VII)
THE INTERIM SERVICING TERM WILL AUTOMATICALLY TERMINATE AND SELLER
SHALL HAVE NO FURTHER OBLIGATION TO INTERIM SERVICE SUCH PURCHASED MORTGAGE LOAN
AS AGENT FOR BUYER OR TO MAKE THE DELIVERY OF DOCUMENTS REQUIRED UNDER THIS
PARAGRAPH, UPON RECEIPT BY BUYER OF THE REPURCHASE PRICE THEREFOR.
(VIII)
BUYER HAS NO OBLIGATION TO PAY SELLER A FEE FOR THE INTERIM
SERVICING OBLIGATIONS SELLER AGREES TO ASSUME HEREUNDER, NO FEE OR OTHER
COMPENSATION WILL EVER ACCRUE OR BE OR BECOME OWING, DUE OR PAYABLE FOR OR ON
ACCOUNT OF SUCH INTERIM SERVICING, AND SUCH INTERIM SERVICING RIGHTS HAVE NO
MONETARY VALUE.
(B)
DURING THE PERIOD SELLER IS INTERIM SERVICING
THE PURCHASED MORTGAGE LOANS AS AGENT FOR BUYER, SELLER AGREES THAT BUYER IS THE
OWNER OF THE RELATED SERVICING RIGHTS, CREDIT FILES AND SERVICING RECORDS AND
SELLER SHALL AT ALL TIMES MAINTAIN AND SAFEGUARD, AND CAUSE ANY SUBSERVICER TO
MAINTAIN AND SAFEGUARD, THE CREDIT FILE FOR THE PURCHASED MORTGAGE LOAN
(INCLUDING PHOTOCOPIES OR IMAGES OF THE DOCUMENTS DELIVERED TO BUYER), AND
ACCURATE AND COMPLETE RECORDS OF ITS INTERIM SERVICING OF THE PURCHASED MORTGAGE
LOAN; SELLER'S POSSESSION OF THE CREDIT FILES AND SERVICING RECORDS BEING FOR
THE SOLE PURPOSE OF INTERIM SERVICING SUCH PURCHASED MORTGAGE LOANS AND SUCH
RETENTION AND POSSESSION BY SELLER BEING IN A TEMPORARY CUSTODIAL CAPACITY ONLY.
(C)
SELLER FURTHER COVENANTS AS FOLLOWS:
53
(I)
BUYER MAY, AT ANY TIME DURING SELLER'S BUSINESS HOURS ON
REASONABLE NOTICE (PROVIDED THAT UPON OR DURING THE OCCURRENCE OF A DEFAULT OR
EVENT OF DEFAULT, NO SUCH NOTICE SHALL BE REQUIRED), EXAMINE AND MAKE COPIES OF
ALL SUCH DOCUMENTS AND RECORDS RELATING TO INTERIM SERVICING AND ADMINISTRATION
OF THE PURCHASED MORTGAGE LOANS;
(II)
AT BUYER'S REQUEST, SELLER SHALL PROMPTLY DELIVER TO BUYER
REPORTS REGARDING THE STATUS OF ANY PURCHASED MORTGAGE LOAN BEING INTERIM
SERVICED BY SELLER, WHICH REPORTS SHALL INCLUDE, BUT SHALL NOT BE LIMITED TO, A
DESCRIPTION OF ANY EVENT THAT WOULD CAUSE THE PURCHASED MORTGAGE LOAN TO BECOME
A DEFAULTED LOAN OR A DEFECTIVE MORTGAGE LOAN OR ANY OTHER CIRCUMSTANCES THAT
COULD CAUSE A MATERIAL ADVERSE EFFECT ON SUCH PURCHASED MORTGAGE LOAN, BUYER'S
TITLE TO SUCH PURCHASED MORTGAGE LOAN OR THE COLLATERAL SECURING SUCH PURCHASED
MORTGAGE LOAN; SELLER MAY BE REQUIRED TO