Document:

Exhibit 10.23

 

August 4,
2004

 

UBS Real Estate
Securities Inc.

1285 Avenue of the
Americas

New York, New York  10019

Attention:  Robert Carpenter

 

MortgageIT Holdings, Inc.

33 Maiden Lane, 6th Floor

New York, New York  10038

Attention:            Michael A. Zigrossi and

John R. Cuti

 

MortgageIT SPV I

acting with respect to
the REIT Sub—Trust

c/o Wilmington Trust
Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware  19890

Attention:  Corporate Trust Administration

 

Re:                               Servicing
Agreement with respect to certain Mortgage Loans

 

Ladies and Gentlemen:

 

UBS Real Estate
Securities Inc. (“UBS”), acting either on its own behalf or as agent on
behalf of a syndicate of lenders, has arranged a financing and purchase
facility (the “Facility”) to MortgageIT SPV I, a Delaware statutory
trust (the “Trust”).  MortgageIT
Holdings, Inc. (the “REIT”) and its taxable REIT subsidiary, MortgageIT,
Inc. (the “TRS”) are depositors/sellers of certain mortgage loans (the “Mortgage
Loans”) to the Trust.

 

The Trust comprises two
series (as such term is used in Section 3806(b)(2) of the Delaware
Statutory Trust Act), the “REIT Sub-Trust”, which relates to those Mortgages
Loans acquired by the Trust from the REIT (such Mortgage Loans, the “REIT
Mortgage Loans”), and the “TRS Sub-Trust” which relates to those
Mortgage Loans acquired by the Trust from the TRS (such Mortgage Loans, the “TRS
Mortgage Loans”).

 

 

For at least for so long
as the REIT Mortgage Loans are in the Facility, the REIT Mortgage Loans will be
serviced by the REIT pursuant to the REIT Servicing Agreement, dated as of
August 4, 2004 (the “REIT Servicing Agreement”) by and among the
REIT, the Trust and UBS.  Similarly, for
at least so long as the TRS Mortgage Loans are in the Facility, the TRS
Mortgage Loans will be serviced by the TRS pursuant to the TRS Servicing
Agreement dated as of August 4, 2004 (the “TRS Servicing Agreement”)
by and among the TRS, the Trust and UBS.

 

As reflected in each of
the REIT Servicing Agreement and the TRS Servicing Agreement, the parties
thereto expect and intend that GMAC Mortgage Corporation (“GMAC”) act as
sub-servicer with respect to certain of the REIT Mortgage Loans (for so long as
the REIT Mortgage Loans are in the Facility) and certain of the TRS Mortgage
Loans (for so long as the TRS Mortgage Loans are in the Facility).  Such sub-serviced Mortgage Loans are herein
referred to as the “Sub-Serviced Mortgage Loans”.

 

In connection with the
foregoing, GMAC acknowledges and agrees that:

 

(i)                                     It
is acting and will continue to act, as the sub-servicer with respect to the
Sub-Serviced Mortgage Loans, pursuant to its customary servicing arrangements
and standards;

 

(ii)                                  It
will not resign as sub-servicer of the Sub-Serviced Mortgage Loans except upon
the giving of 60 days prior written notice to UBS, the Trust, the TRS and the
REIT;

 

(iii)                               Except
as provided in the next clause, the REIT and the TRS may direct GMAC to follow
their respective instructions regarding any collection or custodial accounts
established by GMAC with respect to the Sub-Serviced Mortgage Loans; UBS may,
at any time, notify GMAC to follow any instructions furnished by UBS regarding
any collection or custodial accounts established by GMAC with respect to the
Sub-Serviced Mortgage Loans and GMAC shall not thereafter follow any contrary
instructions as may be given by the REIT, by the TRS or their affiliates;

 

(iv)                              In
the event that UBS gives GMAC notice of the occurrence of an event of default
under the Facility, (x) GMAC shall thereafter follow such instructions regarding
the servicing of the Sub-Serviced Mortgage Loans as may be given by UBS (and
GMAC shall not follow any contrary instructions as may be given by the REIT, by
the TRS or their affiliates) and (y) if so directed by UBS, GMAC shall
co-operate in a transfer of servicing to such successor servicer as UBS shall
designate; and

 

(v)                                 all
fees and expenses of GMAC shall be for the account of the REIT, or the TRS, as
applicable, (including any fees, including termination fees, and expenses in
connection with any transfer of servicing) and no delay or failure by the REIT,
or the TRS, as

 

2

 

applicable, in paying any
such fees and expenses of GMAC shall serve to excuse GMAC from timely following
any direction given by UBS.

 

Notwithstanding anything
to the contrary, the REIT and the TRS agree to indemnify and hold GMAC harmless
for any and all claims asserted against it for any actions taken in good faith
by GMAC in connection with (iii) and/or (iv) above.

 

The terms of the letter
agreement may only be changed by a written amendment hereto executed by all
parties hereto.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  GMAC MORTGAGE
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ WESLEY B. HOWLAND

  	
   

  
	
   

  	
  Name:

  	
  Wesley B. Howland

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
  Acknowledged

  	
   

  
	
   

  	
   

  
	
  MORTGAGEIT HOLDINGS,
  INC.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ JOHN R. CUTI

  	
   

  	
   

  
	
  Name:

  	
  John R. Cuti

  	
   

  	
   

  
	
  Title:

  	
  Secretary

  	
   

  	
   

  
	
   

  	
   

  
	
  MORTGAGEIT, INC.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ JOHN R. CUTI

  	
   

  	
   

  
	
  Name:

  	
  John R. Cuti

  	
   

  	
   

  
	
  Title:

  	
  Secretary

  	
   

  	
   

  
	
   

  	
   

  
	
  MORTGAGEIT SPV I,

  	
   

  
	
  By:  Wilmington Trust Company, not in its

  	
   

  
	
  individual capacity but
  solely as Owner Trustee

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ JANEL R. HARVILLA

  	
   

  	
   

  
	
  Name:

  	
  JANEL R. HARVILLA

  	
   

  	
   

  
	
  Title:

  	
  Financial Services
  Officer

  	
   

  	
   

  
	
   

  	
   

  
	
  UBS REAL ESTATE
  SECURITIES INC.

  	
   

  
	
   

  
	
  By:

  	
  /s/ ROBERT CARPENTER

  	
   

  
	
  Name:

  	
  Robert Carpenter

  
	
  Title:

  	
  Director

  
								

 

3

 

	
  By:

  	
  /s/ GEORGE A.
  MANGIARACINA

  	
   

  
	
  Name:

  	
  George A. Mangiaracina

  
	
  Title:

  	
  Managing Director

  

 

4Exhibit 10.24

 

 

UBS Real Estate
Securities Inc.,

(UBS)

 

MortgageIT
Holdings, Inc.,

(Master Servicer)

 

and

 

MortgageIT SPV I,

(Trust)

 

 

REIT SERVICING
AGREEMENT

 

Dated as of
August 4, 2004

 

 

Conventional
Residential Mortgage Loans

 

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I DEFINITIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II AGREEMENT TO PURCHASE,
  CONVEYANCE, AND DELIVERY OF THE MORTGAGE LOANS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 2.01

  	
  Conveyance
  of Mortgage Loans; Possession of Submission Packages; Books & Records.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III REPRESENTATIONS AND
  WARRANTIES

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 3.01

  	
  Servicer
  Representations and Warranties.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV ADMINISTRATION AND SERVICING
  OF MORTGAGE LOANS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 4.01

  	
  REIT
  Servicer to Act as REIT Servicer.

  	
   

  
	
  Section 4.02

  	
  Liquidation
  of Mortgage Loans.

  	
   

  
	
  Section 4.03

  	
  Collection
  of Mortgage Loan Payments.

  	
   

  
	
  Section 4.04

  	
  Deposits to
  Blocked Account.

  	
   

  
	
  Section 4.05

  	
  Permitted
  Withdrawals from Blocked Account.

  	
   

  
	
  Section 4.06

  	
  Escrow Account.

  	
   

  
	
  Section 4.07

  	
  Payment of Taxes,
  Insurance and Other Charges.

  	
   

  
	
  Section 4.08

  	
  Protection of
  Accounts.

  	
   

  
	
  Section 4.09

  	
  Maintenance
  of Hazard Insurance.

  	
   

  
	
  Section 4.10

  	
  Maintenance
  of Mortgage Impairment Insurance.

  	
   

  
	
  Section 4.11

  	
  Maintenance
  of Fidelity Bond and Errors and Omissions Insurance.

  	
   

  
	
  Section 4.12

  	
  Delivery
  of Document in Possession of Custodian.

  	
   

  
	
  Section 4.13

  	
  Restoration
  of Mortgaged Property.

  	
   

  
	
  Section 4.14

  	
  Title, Management and Disposition of
  REO Property.

  	
   

  
	
  Section 4.15

  	
  Sub-Servicer.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE V
  NOTIFICATION; STATEMENTS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 5.01

  	
  Notifications.

  	
   

  
	
  Section 5.02

  	
  Monthly Reports.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI GENERAL SERVICING PROCEDURES

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 6.01

  	
  Transfers
  of Mortgaged Property.

  	
   

  
	
  Section 6.02

  	
  Satisfaction
  of Mortgages and Release of Submission Packages.

  	
   

  
	
  Section 6.03

  	
  Servicing
  Compensation.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII THE
  REIT SERVICER

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 7.01

  	
  Indemnification;
  Third Party Claims.

  	
   

  
				

 

i

 

	
  Section 7.02

  	
  Merger
  or Consolidation of the REIT Servicer.

  	
   

  
	
  Section 7.03

  	
  Limitation
  on Liability of Servicer and Others.

  	
   

  
	
  Section 7.04

  	
  Limitation
  on Resignation and Assignment by Servicer.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII DEFAULT

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 8.01

  	
  Events of Default.

  	
   

  
	
  Section 8.02

  	
  Waiver of Defaults.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX TERMINATION

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 9.01

  	
  Termination.

  	
   

  
	
  Section 9.02

  	
  Retention
  and Termination of REIT Servicer.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE X
  SUCCESSOR TO THE REIT SERVICER

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 10.01

  	
  Successor to
  Servicer.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI
  MISCELLANEOUS PROVISIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 11.01

  	
  Transfer of Servicing

  	
   

  
	
  Section 11.02

  	
  Amendment.

  	
   

  
	
  Section 11.03

  	
  Governing
  Law; Jurisdiction.

  	
   

  
	
  Section 11.04

  	
  Notices.

  	
   

  
	
  Section 11.05

  	
  Severability
  of Provisions.

  	
   

  
	
  Section 11.06

  	
  Relationship of
  Parties.

  	
   

  
	
  Section 11.07

  	
  Execution;
  Successors and Assigns.

  	
   

  
	
  Section 11.08

  	
  Recordation
  of Assignments of Mortgage.

  	
   

  
	
  Section 11.09

  	
  Merger and
  Integration.

  	
   

  
	
  Section 11.10

  	
  Headings.

  	
   

  
	
  Section 11.11

  	
  Schedules and
  Exhibits.

  	
   

  
	
  Section 11.12

  	
  No
  Bankruptcy Petition Against the REIT Sub-Trust.

  	
   

  
	
  Section 11.13

  	
  Right to Inspect.

  	
   

  
	
  Section 11.14

  	
  No Recourse.

  	
   

  

 

ii

 

This
is a REIT Servicing Agreement for conventional fixed-rate and adjustable-rate
residential first and second mortgage loans, dated as of August 4, 2004
and as may be amended and/or restated from time to time (this “Servicing
Agreement” or this “Agreement”), and is executed among UBS Real
Estate Securities Inc., as purchaser under the Loan Purchase Agreement (as
defined below) (in such capacity, “UBS”), MortgageIT SPV I (the “Trust”)
acting with respect to the REIT Sub-Trust and MortgageIT Holdings, Inc. (“MortgageIT
Holdings”), as servicer (in such capacity, the “REIT Servicer”).

 

W I T N E S S E T H

 

WHEREAS,
MortgageIT Holdings has agreed to sell and contribute to the REIT Sub-Trust and
the REIT Sub-Trust has agreed to purchase from time to time certain mortgage
loans pursuant to a Loan Sale Agreement, dated as of the date hereof, between
MortgageIT, Inc. (“MortgageIT”), MortgageIT Holdings and the Trust, acting with
respect to the REIT Sub-Trust (as amended, supplemented or otherwise modified
and in effect from time to time, the “Loan Sale Agreement”) on a
servicing-released basis, and on the basis that MortgageIT Holdings will act as
REIT Servicer in the case of mortgage loans sold and contributed by MortgageIT
Holdings to the REIT Sub-Trust pursuant to such agreement (the “Mortgage
Loans”);

 

WHEREAS,
GMAC Mortgage Corporation (“GMAC”) has agreed to act as the sub-servicer
with respect to some or all of the Mortgage Loans;

 

WHEREAS,
those Mortgage Loans shall be delivered as whole loans on various Purchase
Dates as provided herein as indicated on the Mortgage Loan Schedule, which is
to be annexed hereto on the related Purchase Date as part of Exhibit A;

 

WHEREAS,
UBS, the REIT Sub-Trust and the REIT Servicer wish to prescribe the manner of
management, servicing and control of the Mortgage Loans;

 

NOW,
THEREFORE, in consideration of the mutual agreements hereinafter set forth, and
for other good and valuable consideration, the receipt and adequacy of which is
hereby acknowledged, UBS, the REIT Sub-Trust and the REIT Servicer agree as
follows:

 

ARTICLE I

DEFINITIONS

 

For
all purposes of this Servicing Agreement, except as otherwise expressly
provided herein or unless the context otherwise requires, capitalized terms not
otherwise defined herein shall have the meanings assigned to such terms in the
Definitions List attached as Schedule 1 to the Loan Sale Agreement (the “Definitions
List”).

 

Administration
Agreement:  The
Administration Agreement dated as of August 4, 2004, between the Trust and
MortgageIT, as amended, supplemented or otherwise modified from time to time.

 

 

Affiliate:  With respect to any Person, any “affiliate”
of such Person, as such term is defined in the Bankruptcy Code, other than a
natural person.  It is specifically
agreed that the REIT Sub-Trust, MortgageIT and MortgageIT Holdings are
“Affiliates” of each other.

 

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

 

ALTA:  The American Land Title Association or any
successor thereto.

 

Ancillary
Income:  All fees and
amounts charged to the Mortgagor by the REIT Servicer for services necessary to
the servicing of the Mortgage Loans, including but not limited to late charges,
NSF Fees, administrative charges (e.g., copying charges for duplicate
documents, and charges for opening escrow accounts), assumption fees and
release and reconveyance fees.

 

Blocked
Account:  Both
collectively and individually, any “blocked” or “controlled” accounts
established by the REIT Servicer at the direction of, and for the benefit of
UBS, which is subject to a security interest in favor of UBS.  Any such Blocked Account shall be
established with respect to any Mortgage Loans which are being directly
serviced by the REIT, rather than serviced by GMAC as sub-servicer and shall be
documented pursuant to a blocked account agreement in form and substance
satisfactory to UBS.

 

Condemnation
Proceeds:  All awards
or 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 Documents.

 

Custodial
Agreement:  The Custodial
Agreement, dated as of August 4, 2004, among the Trust, the Custodian,
MortgageIT, MortgageIT Holdings and UBS, as the same shall be modified and
supplemented and in effect from time to time.

 

Custodian:  JPMorgan Chase Bank, as custodian under the
Custodial Agreement, and its successors and permitted assigns thereunder.

 

Due
Date:  The day of the
month on which the Monthly Payment is due on a Mortgage Loan, exclusive of any
days of grace. 

 

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

 

Electronic
Tracking Agreement: 
The Electronic Tracking Agreement, dated as of August 4, 2004,
among UBS, the Trust, MortgageIT, MortgageIT Holdings, MERSCORP, Inc. and
Mortgage Electronic Registration Systems, Inc., as the same shall be amended,
supplemented or otherwise modified from time to time; provided that if no
Mortgage Loans are or will be MERS Designated Mortgage Loans, all references
herein to the Electronic Tracking Agreement shall be disregarded.

 

2

 

Eligible
Account:  (i) An
account or accounts maintained with a depository institution the short-term
debt obligations of which are rated AA or better by Standard & Poors
Ratings Services, or (ii) an account or accounts the deposits in which are
fully insured by the FDIC, or (iii) a trust account or accounts maintained with
a federal or state chartered depository institution or trust company acting in
its fiduciary capacity, the debt obligations of which are rated A-1 or better
by Standard & Poors Ratings Services.

 

Errors
and Omissions Insurance Policy:  An errors and omissions insurance policy to be maintained by the
REIT Servicer pursuant to Section 4.11.

 

Escrow
Account:  The separate
account or accounts created and maintained pursuant to Section 4.06.

 

Escrow
Payments:  With
respect to any Mortgage Loan, the amounts constituting any of 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 Obligor with the
Mortgagee pursuant to the Mortgage or any other document.

 

Event
of Default:  Any one
of the conditions or circumstances enumerated in Section 8.01.

 

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

 

Fidelity
Bond:  A fidelity bond
to be maintained by the REIT Servicer pursuant to Section 4.11.

 

Insurance
Proceeds:  With
respect to each Mortgage Loan, proceeds of insurance policies insuring the
Mortgage Loan or the related Mortgaged Property.

 

Insured
Depository Institution: 
Insured Depository Institution shall have the meaning ascribed to such
term by Section 1813(c)(2) of Title 12 of the United States Code, as
amended from time to time.

 

Liquidation
Proceeds:  Cash
(exclusive of REO Disposition Proceeds) 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 Mortgaged Property if the Mortgaged
Property is acquired in satisfaction of the Mortgage Loan.

 

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

 

Mortgage
Impairment Insurance Policy: 
A mortgage impairment or blanket hazard insurance policy as described in
Section 4.10.

 

3

 

Mortgage
Interest Rate:  The
annual rate of interest borne on a Mortgage Loan and, with respect to
adjustable rate Mortgage Loans, as adjusted from time to time in accordance
with the provisions of the Mortgage Note.

 

Mortgage
Loan Maturity Date: 
The final maturity date as set forth on the Mortgage Note of a Mortgage
Loan.

 

Mortgage
Loan Remittance Rate: 
With respect to each Mortgage Loan, an annual rate of interest equal to
the Mortgage Interest Rate.

 

Person:
Any individual, corporation, company, voluntary association, partnership, joint
venture, limited liability company, trust, unincorporated association or
government (or any agency, instrumentality or political subdivision thereof).

 

Prepayment
Charge:  The fee, if
any is provided for in the related Mortgage Note, to be paid by the Mortgagor
for the privilege to prepay the principal obligation of the related Mortgage
Loan prior to the related Mortgage Loan Maturity Date; which when required by
the terms of the Mortgage Note shall be collected by the REIT Servicer upon the
Mortgagor’s full and voluntary Principal Prepayment except to the extent that:
(1) the enforceability thereof may be limited by bankruptcy, insolvency,
moratorium, receivership and other similar laws relating to debtors’ and
creditors’ rights generally; (2) the collectibility thereof may be limited due
to acceleration in connection with a foreclosure or other involuntary
prepayment; (3) subsequent changes in state or federal law (including
decisional authority) limit or prohibit enforceability of the applicable
charge; or (4) a servicer has, in response to a default as provided for in
Section 4.01 of this Agreement, waived, altered, limited or forgiven the
Prepayment Charge provided in the related Note.

 

Principal
Prepayment:  Any full
and voluntary principal payment made by the Mortgagor or other recovery of
principal on a Mortgage Loan which is received in advance of its scheduled Due
Date, including any Prepayment Charge or premium thereon, if applicable under
the terms of the Mortgage Documents, and which is not accompanied by an amount
of interest representing scheduled interest due on any date or dates in any
month or months subsequent to the month of prepayment.

 

Purchase
Date:  With respect to
a Mortgage Loan, the date on which UBS purchases such Mortgage Loan from the
REIT Sub-Trust.

 

REIT
Servicer:  MortgageIT
Holdings, Inc., or its successor in interest or assigns, or any successor to
the REIT Servicer under this Agreement appointed as herein provided.

 

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

 

REO
Disposition Proceeds: 
All amounts received with respect to an REO Disposition pursuant to
Section 4.14.

 

REO
Property:  A Mortgaged
Property acquired by the REIT Servicer actions with respect to the REIT
Sub-Trust and the Purchaser through foreclosure or by deed in lieu of
foreclosure, as described in Section 4.14.

 

4

 

Securities
Act of 1933 or the 1933 Act: 
The Securities Act of 1933, as amended.

 

Sellers:  MortgageIT and MortgageIT Holdings, in their
capacity as sellers under the Loan Sale Agreement.

 

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 REIT 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 judicial proceedings, including
foreclosures, (c) the management and liquidation of any REO Property and (d)
compliance with the obligations under Section 4.07.

 

Servicing
Fee: With respect to each Mortgage Loan, the amount of the
annual fee payable to the REIT Servicer from the Monthly Payment collected by
the REIT Servicer during the prior Due Period, which shall be, without pro
ration or portion thereof, equal to: one-twelfth of the product of (a) the
Servicing Fee Rate and (b) the outstanding principal balance of the related
Mortgage Loan as of the beginning of the month balance.  The REIT Servicer’s right of reimbursement
for the earned Servicing Fee by monthly withdrawal from the Blocked Account
pursuant to Section 4.05 shall relate to funds payable as collections
and/or recoveries on the related Mortgage Loan. 

 

Servicing
Fee Rate:  0.50% per
annum.

 

Servicing
File:  With respect to
each Mortgage Loan, the file retained by the REIT Servicer consisting of
originals or copies of all Mortgage Loan Documents from the Submission Package.

 

Servicing
Officer:  Any officer
of the REIT 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 REIT Servicer to the REIT Sub-Trust upon request, as
such list may from time to time be amended.

 

Servicing
Transfer Date:  The
effective date of a transfer of servicing from the REIT Servicer to a Successor
Servicer, as provided in Section 11.01 of this Agreement.

 

Stated
Termination Date: 
August 31, 2005, as such date may be extended as provided in
Section 9.01 hereof.

 

Submission
Package:  With respect
to each Mortgage Loan, a Dry Submission Package, a Cash Window Submission
Package, a Conduit Submission Package or a Conversion Submission Package, as
applicable, as such terms are defined in Schedule 1 to the Loan Sale
Agreement.

 

Subservicing
Account:  Any
collection, servicing, custodial or escrow account established by GMAC.

 

Transaction
Documents:  The Loan
Sale Agreement, the Loan Repurchase Agreement, the Loan Participation
Agreement, the Loan Purchase Agreement, the Custodial 

 

5

 

Agreement, the TRS
Servicing Agreement, this Agreement, the Blocked Account Agreement, the Trust
Agreement, the Electronic Tracking Agreement and the Administration Agreement.

 

Trust:  MortgageIT SPV I, a Delaware statutory
trust.

 

Trust
Agreement: The Trust Agreement dated as of August 4,
2004, by and among MortgageIT, MortgageIT Holdings, and Wilmington Trust
Company, as Owner Trustee, as amended, supplemented or otherwise modified from
time to time.

 

ARTICLE II

AGREEMENT TO PURCHASE, CONVEYANCE,

AND DELIVERY OF THE MORTGAGE LOANS

 

Section 2.01                                Conveyance
of Mortgage Loans; Possession of Submission Packages; Books & Records.

 

(a)                                  Conveyance
of Mortgage Loans; Delivery of Mortgage Loan Documents.  Pursuant to the Loan Sale Agreement, on each
Purchase Date, MortgageIT Holdings shall sell, transfer, assign, set over and
convey to the REIT Sub-Trust, without recourse, and on a servicing-released
basis, but subject to the terms of this Agreement, all its right, title and
interest in and to the Mortgage Loans. 
Pursuant to the Note Purchase Agreement, the REIT Sub-Trust shall pledge
to UBS all its right, title and interest in and to the Mortgage Loans.  From and after the sale of the Mortgage
Loans to the REIT Sub-Trust, all rights arising out of such Mortgage Loans,
including but not limited to all funds received on or in connection with such
Mortgage Loans, shall be received and held by the REIT Servicer in trust for
the benefit of UBS as owner of such Mortgage Loans, and should the REIT
Servicer retain record title to a related Mortgage, such title shall be held by
the REIT Servicer for the sole purpose of facilitating the servicing of the
related Mortgage Loan.

 

(b)                                 Possession
of Submission Packages.  As of the
related Purchase Date, MortgageIT Holdings will have delivered and released to
the related Custodian those Mortgage Documents as required by the Loan Sale
Agreement and the Custodial Agreement with respect to each Mortgage Loan.  The contents of each Submission Package not
delivered to the related Custodian are and shall be held in trust by the REIT
Servicer for the benefit of UBS as the owner. 
The REIT Servicer shall maintain a Servicing File consisting of a copy
of the contents of each Submission Package and the originals of the documents
in each Submission Package not delivered to the related Custodian.  The possession of each Servicing File by the
REIT Servicer is at the will of UBS for the sole purpose of servicing the
related Mortgage Loan, and such retention and possession by the REIT Servicer
is in a custodial capacity only.  On the
related Purchase Date the ownership of each related Mortgage Note, the related
Mortgage and the related Mortgage Documents and Servicing File shall vest
immediately in the REIT Sub-Trust, 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 REIT Servicer shall vest immediately in UBS and
shall be retained and maintained by the REIT Servicer, in trust, at the will of
UBS and only in such custodial capacity. 
Each Servicing File shall be segregated from the other books and records
of the REIT Servicer and shall be marked appropriately to reflect clearly the
sale of

 

6

 

the related Mortgage Loan
to UBS.  The REIT Servicer shall release
its custody of the contents of any Servicing File only in accordance with
written instructions from UBS, unless such release is required as incidental
to: (i) the REIT Servicer’s servicing of the Mortgage Loans; or (ii) a release
or reconveyance pursuant to Section 6.02. 

 

(c)                                  Books
& Records.  To the extent that
the original documents are not required for purposes of realization of
Liquidation Proceeds or Insurance Proceeds, documents maintained by the REIT
Servicer may be in the form of microfilm or microfiche or such other reliable
means of recreating original documents, including but not limited to, optical
imagery techniques.  Notwithstanding the
sale of the Mortgage Loans to the REIT Sub-Trust, the REIT Servicer may
maintain a complete copy of all Mortgage Loan Files at its own expense to
fulfill State and Federal record retention requirements applicable to sub prime
mortgage lenders and/or servicers.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

Section 3.01                                Servicer
Representations and Warranties.

 

The
REIT Servicer represents and warrants to the REIT Sub-Trust, UBS and the Owner
Trustee that as of the date hereof, and as of each Purchase Date:

 

(a)                                  Due
Organization and Authority.  The
REIT Servicer is a corporation duly organized, validly existing and in good
standing under the laws of the state of Maryland 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 REIT Servicer, and in any event the REIT
Servicer is in compliance with the laws of any such state to the extent
necessary to ensure the enforceability of the related Mortgage Loan in
accordance with the terms of this Agreement; the REIT Servicer has the full
corporate 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 REIT Servicer and the consummation of the transactions
contemplated hereby have been duly and validly authorized by all necessary
corporate action; this Agreement evidences the valid, binding and enforceable
obligation of the REIT Servicer; and all requisite corporate action has been
taken by the REIT Servicer to make this Agreement valid and binding upon the
REIT Servicer in accordance with its terms, except as such terms may be limited
by bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting the rights of creditors generally and by general principals of
equity;

 

(b)                                 Ordinary
Course of Business.  The
consummation of the transactions contemplated by this Agreement are in the ordinary
course of business of the REIT Servicer, and the transfer, assignment and
conveyance of the Mortgage Notes and the Mortgages by the REIT Servicer
pursuant to this Agreement are not subject to the bulk transfer or any similar
statutory provisions in effect in any applicable jurisdiction;

 

7

 

(c)                                  No
Conflicts.  Neither the execution
and delivery of this Agreement, 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 REIT Servicer’s charter or by-laws or any legal
restriction or any material agreement or instrument to which the REIT 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 REIT Servicer or its
property is subject;

 

(d)                                 Ability
to Perform.  The REIT 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 to the best of the REIT
Servicer’s knowledge threatened against the REIT Servicer which, either in any
one instance or in the aggregate, is reasonably likely to result in any
material adverse change in the business, operations, financial condition,
properties or assets of the REIT Servicer, or in any material impairment of the
right or ability of the REIT Servicer to carry on its business substantially as
now conducted, or in any material liability on the part of the REIT Servicer,
or which would draw into question the validity of this Agreement or the
Mortgage Loans or of any action taken or to be taken in connection with the
obligations of the REIT Servicer contemplated herein, or which would be likely
to impair materially the ability of the REIT 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 REIT Servicer of or
compliance by the REIT Servicer with this Agreement or the Mortgage Loans, or
the consummation of the transactions contemplated by this Agreement, or if
required, such approval has been obtained prior to the applicable Purchase
Date; and

 

(g)                                 No
Securities Registration.  Neither
the REIT Servicer nor anyone acting on its behalf has offered, transferred,
pledged, sold or otherwise disposed of any Mortgage Loans, any interest in any
Mortgage Loans or any other similar security to, or solicited any offer to buy
or accept a transfer, pledge or other disposition of any Mortgage Loans, any
interest in any Mortgage Loans or any other similar security from, or otherwise
approached or negotiated with respect to any Mortgage Loans, any interest in any
Mortgage Loans or any other similar security with, any Person in any manner, or
made any general solicitation by means of general advertising or in any other
manner, or taken any other action which would constitute a distribution of the
Mortgage Loans under the 1933 Act or which would render the disposition of any
Mortgage Loans a violation of Section 5 of the 1933 Act or require
registration pursuant thereto, nor will it act, nor has it authorized or will
it authorize any Person to act, in such manner with respect to the Mortgage
Loans. 

 

8

 

ARTICLE IV

ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

 

Section 4.01                                REIT
Servicer to Act as REIT Servicer.

 

The
REIT Servicer, as an independent contractor, shall service and administer the
Mortgage Loans and shall have full power and authority, acting alone, to do any
and all things in connection with such servicing and administration which the
REIT Servicer may deem necessary or desirable, consistent with the terms of
this Agreement and with Accepted Servicing Practices.

 

Consistent
with the terms of this Agreement, the REIT Servicer may waive any Ancillary
Income or other fee that may be collected in the ordinary course of servicing
the Mortgage Loans.  The REIT Servicer
shall not make any future advances to any Mortgagor under any Mortgage
Loan.  Unless the Mortgagor is in
default with respect to the Mortgage Loan or such default is, in the judgment
of the REIT Servicer, imminent, the REIT 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, change the Prepayment Charge, or change the Mortgage Loan Maturity
Date.  Without limiting the generality
of the foregoing, the REIT Servicer shall continue, and is hereby authorized
and empowered, to execute and deliver on behalf of itself, the REIT Sub-Trust and
UBS, all instruments of satisfaction with respect to the Mortgage Loans and
with respect to the Mortgaged Properties. 
Upon the request of the REIT Servicer, the REIT Sub-Trust and UBS (on
its own behalf) shall execute and deliver to the REIT Servicer any powers of
attorney or other document furnished to it by the REIT Servicer to carry out
its servicing and administrative duties under this Agreement.

 

In
servicing and administering the Mortgage Loans, the REIT Servicer shall employ
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.

 

Section 4.02                                Liquidation
of Mortgage Loans. 

 

In the
event that any payment due under any Mortgage Loan and not postponed pursuant
to Section 4.01 is not paid when the same becomes due and payable, or in
the event the Mortgagor fails to perform any other covenant or obligation under
the Mortgage Loan and such failure continues beyond any applicable grace
period, the REIT Servicer shall take such action as (1) the REIT Servicer would
take under similar circumstances with respect to a similar mortgage loan held
for its own account for investment, (2) shall be consistent with Accepted
Servicing Practices, and (3) the REIT Servicer shall reasonably and in good
faith determine to be in the best interest of UBS.  In the event that any payment due under any Mortgage Loan is not
postponed pursuant to Section 4.01 and remains delinquent for a period of
90 days or any other default continues for a period of 90 days beyond the
expiration of any grace or cure period, the REIT Servicer shall exercise
reasonable efforts to foreclose upon or otherwise comparably convert the
ownership of properties securing those Mortgage Loans which are in default and
as to which no satisfactory arrangements can be made for collection of
delinquent payments.  In

 

9

 

such connection, the REIT
Servicer shall from its own funds make all necessary, reasonable and proper
Servicing Advances, provided, however, that the REIT Servicer shall not be
required to expend its own funds in connection with any foreclosure or towards
the restoration or preservation of any Mortgaged Property, unless it shall
determine in its sole reasonable discretion (a) that such preservation,
restoration and/or foreclosure will increase the proceeds of liquidation of the
Mortgage Loan after reimbursement to itself for such expenses and (b) that such
expenses will be recoverable by it either through Liquidation Proceeds or
through Insurance Proceeds; provided that such expenses shall be reimbursed
only to the extent that the interest on the Loans and the Notes is paid in
full, but neither event described in (a) and (b) above shall be a condition
precedent for the reimbursement of the REIT Servicer.

 

Section 4.03                                Collection
of Mortgage Loan Payments.

 

Continuously
from the date hereof until the principal and interest on all Mortgage Loans are
paid in full, the REIT Servicer shall proceed to collect all payments due, in
accordance with the standard of care it would use with respect to similar
mortgage loans held for its own account and consistent with Accepted Servicing
Practices, under each of the Mortgage Loans when the same shall become due and
payable and shall ascertain and estimate Escrow Payments in accordance with the
standard of care it would use with respect to similar mortgage loans held for
its own account and consistent with Accepted Servicing Practices.

 

Section 4.04                                Deposits
to Blocked Account.

 

If a
Blocked Account is established as a result of the REIT directly servicing any
Mortgage Loans, the provisions of this Section 4.04, Section 4.05 and
Section 4.08 shall control.

 

(a)                                  The
REIT Servicer shall segregate and hold all funds collected and received
relating to the Mortgage Loans, once such funds have been received in the REIT
Servicer’s master lockbox clearing account and have been identified as relating
to the Mortgage Loans, separate and apart from any of its own funds and general
assets.  These funds shall be held in a
Blocked Account in the form of time deposit or demand accounts, titled
“MortgageIT Inc., as Servicer, in trust for UBS Real Estate Securities Inc. and
its assignees”, established and maintained pursuant to
the Blocked Account Agreement.  The
Blocked Account shall be established with HSBC Bank or any other entity
approved by UBS.  Any funds deposited in
the Blocked Account shall at all times be fully insured to the full extent
permitted under applicable law.  Funds
deposited in the Blocked Account may be withdrawn therefrom by the REIT
Servicer in accordance with Section 4.05. 

 

The REIT Servicer
hereby assigns, pledges and grants a security interest in all of its right,
title and interest in, to and under the Blocked Account and all amounts
credited thereto at any time to UBS.

 

(b)                                 Deposits
to Blocked Account.  The REIT
Servicer shall deposit in the Blocked Account within three (3) Business Days
after receipt of funds, and retain therein, the following collections received
by the REIT Servicer and remitted to UBS:

 

10

 

(i)                                     all
payments on account of principal on the Mortgage Loans including Principal
Prepayments and all amounts on account of the repurchase price of Mortgage
Loans received from MortgageIT, as seller pursuant to the Loan Sale Agreement;

 

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

 

(iii)                               all Insurance Proceeds
including amounts required to be deposited pursuant to Section 4.10 (other
than proceeds to be held in the Escrow Account and applied to the restoration
or repair of the Mortgaged Property or released to the Mortgagor in accordance
with Section 4.13), and Section 4.11; 

 

(iv)                              any
amounts required to be deposited by the REIT Servicer pursuant to
Section 4.11 in connection with the deductible clause in any blanket
hazard insurance policy;

 

(v)                                 all
Liquidation Proceeds;

 

(vi)                              all
Condemnation Proceeds which are not applied to the restoration or repair of the
Mortgaged Property or released to the Mortgagor in accordance with
Section 4.14;

 

(vii)                           any amounts received with
respect to or related to any REO Property and all REO Disposition Proceeds
pursuant to Section 4.14; and

 

(viii)                        any amounts required to be
deposited by the REIT Servicer pursuant to Section 4.08 in connection with
the investment in Eligible Accounts. 

 

(c)                                  The
foregoing requirements for deposit into the Blocked Account shall be exclusive,
it being understood and agreed that, without limiting the generality of the
foregoing, amounts representing the Servicing Fee collected from the interest
portion of the Monthly Payment on the related Mortgage Loan and Ancillary
Income need not be deposited by the REIT Servicer into the Blocked Account,
subject to the following: if the REIT Servicer receives notice from UBS that a
Facility Default has occurred and is continuing, until it receives further
notice from UBS that there is no longer any continuing Facility Default, the
preceding exception shall not apply and Ancillary Income shall be deposited by
the REIT Servicer into the Blocked Account. 

 

(d)                                 Notwithstanding
anything to the contrary in this Agreement, the REIT Servicer shall not be
obligated to advance from its own funds (i) any due or delinquent, but
uncollected, principal and interest related to a Mortgage Loan or (ii)
compensating interest (prepayment interest shortfalls) for any Mortgage Loan.

 

Section 4.05                                Permitted
Withdrawals from Blocked Account.

 

(a)                                  The
REIT Servicer shall be permitted to request UBS to make the following
withdrawals from the Blocked Account, it being understood that only UBS shall,
by written instruction, be permitted to direct the bank holding the Blocked
Account to remit funds therefrom:

 

11

 

(i)                                     to
reimburse itself for any Servicing Advances, but only from amounts received on
account of the corresponding Mortgage Loan;

 

(ii)                                  to
pay to itself for any income or gain realized from the investment of funds in
the Blocked Account in Eligible Accounts pursuant to Section 4.08;

 

(iii)                               to reimburse itself for
expenses incurred and reimbursable to it pursuant to Section 7.01; 

 

(iv)                              to
pay any amount required to be paid pursuant to Section 4.14 related to any
REO Property, it being understood that in the case of any such expenditure or
withdrawal related to a particular REO Property, the amount of such expenditure
or withdrawal from the Blocked Account shall be limited to amounts on deposit
in the Blocked Account with respect to the related REO Property;

 

(v)                                 on
each Payment Date, to pay to UBS, to the extent of available funds on deposit
in the Blocked Account, an amount equal to all interest due to UBS, together
with all principal collections and other recoveries of principal received by
the REIT Servicer (including any Repurchase Prices not recovered directly by
UBS) during the preceding month on the Mortgage Loans, in each case to the
extent not previously remitted to UBS by the REIT Servicer or the REIT
Sub-Trust (it being acknowledged by the parties that amounts representing the
Principal Prepayments are expected to be remitted to UBS immediately upon
receipt and in no event later than the Business Day following the date on which
such Principal Prepayments were received by the REIT Servicer);

 

(vi)                              to
withdraw funds deposited in error; 

 

(vii)                           on each Payment Date, to pay
to itself the Servicing Fee from any amounts remaining after the payment to UBS
referenced in clause (v) above, subject to Section 6.03 hereof;

 

(viii)                        on each Payment Date, from
amounts remaining, to make payments in accordance with the Trust Agreement; and

 

(ix)                                to
clear and terminate the Blocked Account upon the termination of this Agreement
and the Trust Agreement.

 

(b)                                 Following
the REIT Servicer’s receipt of a written notice from UBS notifying the REIT
Servicer of the occurrence of a Facility Default, an acceleration of the REIT
Sub-Trust’s obligations under the Loan Repurchase Agreement, the Loan Participation
Agreement, the Loan Purchase Agreement, or an Event of Default hereunder, all
amounts deposited in the Blocked Account shall be paid to UBS. 

 

Section 4.06                                Escrow
Account.

 

If the
REIT directly services any of the Mortgage Loans, the REIT Servicer shall
establish an Escrow Account and the provisions of this Section 4.06 and of
Section 4.08 shall control.

 

12

 

(a)                                  Establishment.  The REIT 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, established in the name of “MortgageIT
Holdings, Inc., as Servicer, in trust for UBS Real Estate Securities Inc. and
its assignees and various Mortgagors”. 
The Escrow Account shall be established with HSBC Bank, in a manner that
shall provide maximum available insurance thereunder.  Funds deposited in the Escrow Account may be drawn on by the REIT
Servicer in accordance with Section 4.06(c).  

 

(b)                                 Deposits
to Escrow Account.  The REIT
Servicer shall deposit in the Escrow Account within three (3) Business Days
after receipt of funds, and retain therein:

 

(i)                                     all
Escrow Payments collected on account of the Mortgage Loans, for the purpose of
effecting payment of any item required under the terms of the related Escrow
agreement with the Mortgagor; and

 

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

 

(iii)                               any amounts required to
be deposited by the REIT Servicer pursuant to Section 4.08 in connection
with the investment in Eligible Accounts.

 

(c)                                  Withdrawals
from Escrow Account.  Withdrawals
from the Escrow Account may be made by the REIT Servicer only:

 

(i)                                     to
effect payments of items constituting Escrow Payments for the related Mortgage
pursuant to the terms of the Mortgage or any other related document;

 

(ii)                                  to
reimburse the REIT Servicer for any Servicing Advances made by the REIT
Servicer pursuant to Section 4.07 with respect to a related Mortgage Loan,
but only from amounts received on the related Mortgage Loan which represent
late collections of Escrow Payments thereunder;

 

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

 

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

 

(v)                                 for
application to restoration or repair of the Mortgaged Property in accordance
with the procedures outlined in Section 4.13;

 

(vi)                              to
pay to the REIT Servicer pursuant to Section 4.08, or any Mortgagor to the
extent required by law, any interest earned on the funds deposited in the
Escrow Account;

 

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

 

13

 

(viii)                        to withdraw funds deposited in
error.

 

Section 4.07                                Payment
of Taxes,
Insurance and Other Charges.

 

With
respect to each Mortgage Loan, the REIT Servicer shall maintain accurate and customary
servicing records reflecting the status of taxes, assessments, fire and hazard
insurance premiums and other charges which are or may become a lien upon the
Mortgaged Property.  As to those
Mortgage Loans which are the subject of an “impound account” for the payment of
taxes and/or insurance, the REIT Servicer shall obtain, from time to time, all
bills for the payment of such charges (including renewal premiums) subject to
the Escrow Account and shall effect payment thereof prior to the applicable penalty
or termination date, employing for such purpose deposits of the Mortgagor in
the Escrow Account.  To the extent that
a Mortgage does not provide for Escrow Payments, the REIT Servicer shall use
its best efforts to determine that any such payments coming due and delinquent
prior to the related Purchase Date are made by the Mortgagor.  The REIT Servicer assumes full
responsibility for the payment of all such bills and shall effect payment of
all such bills in a manner and at a time that assures that the lien priority of
the Mortgage is not jeopardized and, in addition, with respect to the payment
of taxes, in a manner and at a time that avoids the loss of the Mortgaged
Property due to a tax sale or the foreclosure of a tax lien, irrespective of
each Mortgagor’s faithful performance in the payment of same or the making of
the Escrow Payments, and, if necessary, the REIT Servicer shall make Servicing
Advances from its own funds to effect such payments (subject to the REIT
Servicer’s right of reimbursement from the Escrow Account pursuant to
Section 4.06(c)(ii) or the Blocked Account pursuant to
Section 4.05(a)(i)).

 

Section 4.08                                Protection
of Accounts.

 

Amounts
on deposit in the Blocked Account and the Escrow Account may at the option of
the REIT Servicer be invested in Eligible Accounts.  Any such Eligible Account shall permit withdrawals therefrom no
later than the day before the next Payment Date.  Any such Eligible Account relating to the Blocked Account shall
be established in the name of “MortgageIT, Inc., as Servicer, in trust for UBS
Real Estate Securities Inc. and its assignees”; any such Eligible Account
relating to the Escrow Account shall be established in the name of the REIT
Servicer or for the benefit of UBS.  All
income on or gain realized from any such Eligible Account shall be for the
benefit of the REIT Servicer and may be withdrawn at any time by the REIT
Servicer, subject to Section 4.05(b) and Section 4.06(c).  The REIT Servicer shall be responsible for
any losses incurred in respect of any Eligible Account and any taxes imposed on
the REIT Sub-Trust on account of any Eligible Account and shall deposit in the
Blocked Account or the Escrow Account, as applicable, out of its own funds
amounts equal to all such losses and taxes immediately as such losses are
realized or assessed.

 

Section 4.09                                Maintenance
of Hazard Insurance.

 

The
REIT Servicer shall cause to be maintained for each Mortgage Loan, hazard
insurance such that all improvements upon the Mortgaged Property are insured by
a generally acceptable, licensed and qualified insurer against loss by fire and
hazards of extended coverage, in an amount which is at least equal to the
lesser of (i) the replacement value of the

 

14

 

improvements securing
such Mortgage Loan or (ii) the outstanding principal balance of the Mortgage
Loan.

 

If
upon origination of the Mortgage Loan, the related Mortgaged Property was
located in an area identified in the Federal Register by the Flood Emergency
Management Agency as having special flood hazards (and such flood insurance has
been made available) a flood insurance policy meeting the requirements of the
current guidelines of the Federal Insurance Administration is in effect with a
generally acceptable, qualified insurance carrier in an amount representing
coverage equal to the lesser of (i) the replacement value of the improvements,
(ii) the maximum amount of insurance which is available under the Flood
Disaster Protection Act of 1973, as amended or (iii) the outstanding principal
balance of the Mortgage Loan securing such Mortgaged Property.  If at any time during the term of the
Mortgage Loan, the REIT Servicer determines in accordance with applicable law
that a Mortgaged Property is located in a special flood hazard area and is not
covered by flood insurance or is covered in an amount less than the amount
required by (and available under) the Flood Disaster Protection Act of 1973, as
amended, the REIT Servicer shall notify the related Mortgagor that the Mortgagor
must obtain such flood insurance coverage, and if said Mortgagor fails to
obtain the required flood insurance coverage within sixty (60) days after such
notification, the REIT Servicer shall immediately force place the required
flood insurance on the Mortgagor’s behalf (except as may be prohibited or
limited by applicable law).

 

Pursuant
to Section 4.04, any amounts collected by the REIT Servicer under any such
policies or with respect to property acquired in liquidation of the Mortgage
Loan (other than amounts to be deposited in the Escrow Account and applied to
the restoration or repair of the related Mortgaged Property or to be released
to the Mortgagor, in accordance with the REIT Servicer’s normal servicing
procedures as specified in Section 4.14) shall be deposited in the Blocked
Account subject to withdrawal pursuant to Section 4.05.

 

Section 4.10                                Maintenance
of Mortgage Impairment Insurance.

 

In the
event that the REIT Servicer shall obtain and maintain a blanket policy
insuring against losses arising from fire and hazards covered under extended
coverage on all of the Mortgage Loans, then, to the extent such policy provides
coverage in an amount equal to the amount required pursuant to
Section 4.10 and otherwise complies with all other requirements of
Section 4.10, it shall conclusively be deemed to have satisfied its
obligations as set forth in Section 4.10. 
Any amounts collected by the REIT Servicer under any such policy
relating to a Mortgage Loan shall be deposited in the Blocked Account subject to
withdrawal pursuant to Section 4.05. 
Such policy may contain a deductible clause, in which case, in the event
that there shall not have been maintained on the related Mortgaged Property a
policy complying with Section 4.10, and there shall have been a loss which
would have been covered by such policy, the REIT Servicer shall deposit in the
Blocked Account at the time of such loss the amount not otherwise payable under
the blanket policy because of such deductible clause, such amount to deposited
from the REIT Servicer’s funds, without reimbursement therefor.

 

15

 

Section 4.11                                Maintenance
of Fidelity Bond and Errors and Omissions Insurance.

 

The
REIT Servicer shall maintain, at its own expense, a blanket Fidelity Bond and
an Errors and Omissions Insurance Policy, with broad coverage on all officers,
employees or other persons acting in any capacity requiring such persons to
handle funds, money, documents or papers relating to the Mortgage Loans (“Servicer
Employees”).  Any such Fidelity Bond
and Errors and Omissions Insurance Policy shall be in the form of the Mortgage
Banker’s Blanket Bond and shall protect and insure the REIT Servicer against
losses, including forgery, theft, embezzlement, fraud, errors and omissions and
negligent acts of such Servicer Employees. 
Such Fidelity Bond and Errors and Omissions Insurance Policy also shall
protect and insure the REIT Servicer against losses in connection with the
release or satisfaction of a Mortgage Loan without having obtained payment in
full of the indebtedness secured thereby. 
No provision of this Section 4.11 requiring such Fidelity Bond and
Errors and Omissions Insurance Policy shall diminish or relieve the REIT
Servicer from its duties and obligations as set forth in this Agreement.  The REIT Servicer shall deliver a copy of
such fidelity bond and insurance policy to the REIT Sub-Trust and UBS upon
request.

 

Section 4.12                                Delivery
of Document in Possession of Custodian.

 

The
REIT Sub-Trust shall cause either Custodian to deliver to the REIT Servicer, on
a timely basis, those mortgage loan documents that the REIT Servicer may
request from such Custodian from time to time. 
Should such Custodian fail to deliver the requested mortgage loan
documents on a timely basis, the REIT Servicer shall not be liable for any
related loss or expense arising therefrom. 
Any Event of Default which is attributable to the failure of such
Custodian to deliver or such Custodian’s untimely delivery of reasonably
requested mortgage loan documents shall not be chargeable to the REIT Servicer
and shall be deemed to not have occurred. 

 

Section 4.13                                Restoration
of Mortgaged Property.

 

In the
event that any Mortgaged Property is damaged as a result of an insured act
under one of the insurance policies discussed in this Agreement or subject to a
governmental taking, the REIT Servicer shall apply any Insurance Proceeds or
Condemnation Proceeds (collectively “Proceeds”) actually received by it,
in accordance with Accepted Servicing Practices, applicable law, and the terms
of the related Mortgage or Deed of Trust. 
Consistent therewith the REIT Servicer shall apply such Proceeds to
reduce the principal balance of the Mortgage Loan unless;

 

1.                                       Applicable
law requires otherwise; or

 

2.                                       The
REIT Servicer has determined that restoration and/or repair of the Mortgaged
Property is in the best interest of all parties.

 

In the
determination of whether to allow restoration and/or repair, the REIT Servicer
will consider the following:

 

1.                                       Whether
the Mortgagor is otherwise in default under the terms of the Mortgage or deed
of trust;

 

16

 

2.                                       Whether
restoration and/or repair is economically feasible; and

 

3.                                       Whether
such restoration and/or repair will have a material impact on the Mortgage
Property’s value.

 

The
REIT Servicer need not obtain the approval of UBS prior to releasing any
Insurance Proceeds or Condemnation Proceeds to be applied to the restoration or
repair of the Mortgaged Property if such release is in accordance herewith and
with Accepted Servicing Practices.  If
UBS is named as an additional loss payee, the REIT Servicer is hereby empowered
to endorse any loss draft issued in respect of such a claim in the name of UBS.

 

Section 4.14                                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 UBS or its designee of record on the date of acquisition of title,
for UBS.  UBS or its designee shall
provide the REIT Servicer with one or more powers of attorney, if reasonably
requested, to enable the REIT Servicer to fulfill its duties under this Agreement.

 

The
REIT Servicer shall manage, conserve, protect and operate each REO Property for
the REIT Sub-Trust and UBS, solely for the purpose of its prompt disposition
and sale.  The REIT Servicer, either
itself or through an agent selected by the REIT 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
REIT Servicer shall attempt to sell the REO Property (and may temporarily rent
the same) on such terms and conditions as the REIT Servicer determines in its
good faith judgment to be in the best interest of the REIT Sub-Trust and UBS.  The proceeds of sale of the REO Property
shall be deposited in the Blocked Account within three (3) Business Days after
receipt of funds.  As soon as practical
thereafter, the expenses of such sale shall be paid and the REIT Servicer shall
reimburse itself from the Blocked Account for any related unreimbursed
Servicing Advances, unpaid Servicing Fees and unreimbursed expenses and
advances made pursuant to this Agreement. 

 

With
respect to each REO Property, the REIT Servicer shall deposit all funds
collected and received in connection with the operation of the REO Property in
the Blocked Account within three (3) Business Days after receipt of such funds
and shall also deposit in the Blocked Account all revenues received with
respect to the conservation and disposition of the related REO Property.

 

The
REIT Servicer shall withdraw from the Blocked Account funds necessary for the
proper operation, management and maintenance of the REO Property, including the
cost of maintaining any hazard insurance pursuant to Section 4.10 and the
fees of any managing agent of the REIT Servicer, a sub servicer, or the REIT
Servicer itself.  The REO management fee
shall be an amount that is reasonable and customary in the area where the
Mortgaged Property is located.

 

17

 

Section 4.15                                Sub-Servicer.

 

The
REIT Servicer may, with the prior consent of UBS, appoint a sub-servicer to
perform any or all of its duties under this Agreement with respect to any
Mortgage Loan.  UBS hereby consents to
the appointment of GMAC as a sub servicer under this Agreement.  GMAC and any other sub-servicer shall
service and administer the Mortgage Loans in accordance with the terms of this
Agreement, the Accepted Servicing Practices. 
The REIT Servicer shall remain liable for any and all of its duties
under this Agreement delegated to GMAC or any other sub-servicer.  Upon appointment of any sub-servicer, or
with respect to GMAC, as of the Closing Date, all of the REIT Servicer’s rights
and remedies (but none of its obligations) under any sub-servicing agreement
with respect to each Mortgage Loan shall be automatically assigned to UBS
hereunder, including, without limitation, the ability to terminate such
sub-servicer.  The REIT Servicer hereby
represents, warrants and covenants that any sub-servicing agreement currently
in existence with any such sub-servicer or hereafter entered into with any
sub-servicer does not, and will not, contain any termination fee to be paid to
any such Servicer upon termination of such entity as sub-servicer of the
Mortgage Loans.

 

ARTICLE V

NOTIFICATION;
STATEMENTS

 

Section 5.01                                Notifications.  

 

The
REIT Servicer will notify the REIT Sub-Trust and UBS in writing of any of the
following promptly upon learning of the occurrence thereof, describing the same
and, if applicable, any remedial steps being taken with respect thereto:

 

(i)                                               receipt
of notice or knowledge that the Mortgaged Property relating to a Mortgage Loan
has been damaged by waste, fire, earthquake or earth movement, windstorm,
flood, tornado or other casualty or otherwise damaged so as to affect adversely
its Market Value; and

 

(ii)                                            promptly
upon receipt of notice or knowledge of (A) any material default related to any
Mortgage Loan, (B) any lien or security interest (other than security interests
created hereby) on, or claim asserted against, any of the Mortgage Loans which,
individually or together with such liens, security interests or claims, is
reasonably likely to have a Material Adverse Effect or (C) any event or
change in circumstances which could reasonably be expected to have a Material
Adverse Effect.

 

Section 5.02                                Monthly
Reports.

 

Not
later than 5:00 p.m. New York City time on each Payment Date, the REIT Servicer
will provide to the REIT Sub-Trust and UBS, by electronic or other format
acceptable to UBS, the following information in respect of the preceding month:

 

(i)                                               Summary
of delinquency and loss experience;

 

(ii)                                            With
respect to any MERS Designated Mortgage Loan, MERS Reports;

 

18

 

(iii)                                         A remittance report, in hard copy and electronic
format acceptable to UBS, containing the following information regarding funds
collected during the prior calendar month:

 

(1)                                       Mortgage
Loan number;

 

(2)                                       Note
Rate;

 

(3)                                       Remittances
allocable to principal and interest, escrow and taxes;

 

(4)                                       Paid
through date;

 

(5)                                       Mortgage
Loan balance;

 

(6)                                       Delinquency
status;

 

(7)                                       Whether
the Mortgaged Property is in foreclosure or has become an real estate owned
property;

 

(8)                                       Whether
any Mortgagor is the subject of any bankruptcy action; and

 

(9)                                       Any
other information that UBS may reasonably request;

 

(iv)                                        Any additional reports with respect to the REIT
Servicer’s servicing portfolio as UBS 
may reasonably request;

 

(v)                                           Any other reports as deemed necessary at securitization
and reasonably prepared by the REIT Servicer.

 

In
addition, the REIT Servicer shall provide UBS with such information concerning
the Mortgage Loans as is necessary for UBS to prepare its federal income tax
returns as UBS may reasonably request from time to time.

 

ARTICLE VI

GENERAL SERVICING PROCEDURES

 

Section 6.01                                Transfers
of Mortgaged Property.

 

Except
as limited by applicable law, the REIT Servicer shall use commercially
reasonable 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. 
When the Mortgaged Property has been conveyed by the Mortgagor, the REIT
Servicer shall, to the extent it has knowledge of such conveyance, exercise its
rights to accelerate the maturity of such Mortgage 

 

19

 

Loan under the
“due-on-sale” clause applicable thereto, provided, however, that the REIT
Servicer shall not exercise such rights if prohibited by law from doing
so.  

 

If the
REIT Servicer reasonably believes it is unable under applicable law to enforce
such “due-on-sale” clause, the REIT Servicer shall endeavor to enter into (i)
an assumption and modification agreement with the Person to whom such property
has been conveyed (subject to said Person meeting the REIT Servicer’s underwriting
guidelines then in existence) pursuant to which such Person becomes liable
under the Mortgage Note and the original Mortgagor remains liable thereon or
(ii) in the event the REIT Servicer is unable under applicable law to require
that the original Mortgagor remain liable under the Mortgage Note, a
substitution of liability agreement with the purchaser of the Mortgaged
Property pursuant to which the original Mortgagor is released from liability
and UBS of the Mortgaged Property is substituted as Mortgagor and becomes
liable under the Mortgage Note.  If an
assumption fee is collected by the REIT Servicer for entering into an
assumption agreement such fee will be retained by the REIT Servicer as
Ancillary Income, subject to Section 4.04(c).  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,
without UBS’s written consent.

 

Section 6.02                                Satisfaction
of Mortgages and Release of Submission Packages.

 

Upon
the payment in full of any Mortgage Loan, the REIT Servicer shall notify UBS in
the weekly Principal Prepayment Remittance and shall be authorized to request
the immediate release of any Mortgage Documents for such Mortgage Loan.  The costs associated with the release or
reconveyance shall be borne by the REIT Sub-Trust, to the extent such amounts
are not recovered from the Mortgagor.

 

Except
as provided for in Section 4.01 of this Agreement, if the REIT Servicer
satisfies or releases a Mortgage without first having obtained payment in full
of the indebtedness secured by the Mortgage without the prior written consent
of UBS, upon written demand of UBS and the Majority Investors the REIT Servicer
shall repurchase the related Mortgage Loan at the Repurchase Amount.  The REIT Servicer shall maintain the
Fidelity Bond and Errors and Omissions Insurance Policy as provided for in
Section 4.11 insuring the REIT Servicer against any loss it may sustain
with respect to any Mortgage Loan not satisfied in accordance with the
procedures set forth herein.

 

Section 6.03                                Servicing
Compensation.

 

As
compensation for its services hereunder, the REIT Servicer shall be entitled on
the terms set forth herein to request withdrawals from the Blocked Account or
the Subservicing Account the amount of its Servicing Fee with respect to such
Mortgage Loan; however such withdrawal or retention shall only be permitted to
be made from the related Monthly Payment with respect to such Mortgage
Loan.  The Servicing Fee shall be
payable monthly without pro ration and shall be computed on the basis of the
unpaid principal balance for such Mortgage Loan as of the first day of the
related Due Period.  For so long as no
Facility Default has occurred and is continuing, as servicing compensation, the
REIT Servicer shall be entitled to receive the Servicing Fee, as provided in
Section 4.05(a)(vii) and to retain as income all

 

20

 

Ancillary Income and
other like charges or fees, subject to Section 4.04(c); provided that
following the occurrence and during the continuance of a Facility Default, the
right of the REIT Servicer to receive any such servicing compensation shall be
suspended and such amounts shall be paid to UBS.

 

ARTICLE VII

THE
REIT SERVICER

 

Section 7.01                                Indemnification;
Third Party Claims.

 

The
REIT Servicer shall indemnify the REIT Sub-Trust, UBS and the Owner Trustee and
their respective Affiliates and officers, directors, employees, agents and
advisors (each an “Indemnified Party”) harmless from and against any and
all liabilities, claims, losses, damages, penalties, fines, forfeitures,
reasonable legal fees and related costs of counsel, judgments, and any other
costs, fees and expenses (collectively, the “Costs”) that may be imposed
on, incurred by or assessed against such Indemnified Party relating to or
arising out of a third party claim related to the failure of the REIT Servicer,
GMAC Mortgage Corporation as sub servicer or any other sub servicer to perform
its duties and service the Mortgage Loans in strict compliance with the terms
of this Agreement.  If an Indemnified
Party shall so request, the REIT Servicer shall assume the defense of any such
claim.  The REIT Servicer shall pay all
expenses in connection with any such claim, including counsel fees, and
promptly pay, discharge and satisfy any judgment or decree which may be entered
against it or UBS in respect of such claim. 
UBS promptly shall reimburse the REIT Servicer for all amounts advanced
by it pursuant to the preceding sentence except when the claim is in any way
related to the failure of the REIT Servicer to service and administer the
Mortgage Loans or otherwise to perform its obligations in strict compliance
with the terms of this Agreement.

 

The
REIT Servicer shall also reimburse an Indemnified Party as and when billed by
such Indemnified Party for all such Indemnified Party’s costs and expenses
incurred in connection with the enforcement or the preservation of such Indemnified
Party’s rights against the REIT Servicer under this Agreement, including
without limitation the reasonable fees and expenses of its counsel.

 

Section 7.02                                Merger
or Consolidation of the REIT Servicer.

 

The
REIT 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 corporation 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
REIT Servicer may be merged or consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the REIT Servicer shall be a
party, or any Person succeeding to the business of the REIT Servicer, shall be
the successor of the REIT 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.

 

21

 

Section 7.03                                Limitation
on Liability of Servicer and Others.

 

Neither
the REIT Servicer nor any of the directors, officers, employees or agents of
the REIT Servicer shall be under any liability to the REIT Sub-Trust or UBS 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 REIT Servicer 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 REIT Servicer and any director, officer, employee or agent of
the REIT 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 REIT 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 REIT Servicer may, with the
consent of UBS, undertake any such action which it may deem necessary or
desirable in respect to this Agreement and the rights and duties of the parties
hereto.  In such event, the REIT
Servicer shall be entitled to reimbursement from the REIT Sub-Trust of the
reasonable legal expenses and costs of such action.

 

Section 7.04                                Limitation
on Resignation and Assignment by Servicer.

 

The
Trust actions with respect to the REIT Sub-Trust and UBS have entered into this
Agreement with the REIT Servicer and the REIT Sub-Trust and UBS will purchase
the Mortgage Loans in reliance upon the independent status of the REIT
Servicer, and the representations as to the adequacy of its servicing
facilities, personnel, records and procedures, its integrity, reputation and
financial standing, and the continuance thereof.  Therefore, the REIT Servicer shall neither assign this Agreement
or the servicing hereunder or delegate its rights or duties hereunder or any
portion hereof (to other than a sub servicer) or sell or otherwise dispose of
all or substantially all of its property or assets without the prior written
consent of UBS, which consent shall not be unreasonably withheld.  The REIT Servicer shall not resign from the
obligations and duties hereby imposed on it except by mutual consent of the
REIT Servicer, the REIT Sub-Trust and UBS or upon the determination that its
duties hereunder are no longer permissible under applicable law and such
incapacity cannot be cured by the REIT Servicer.  No such resignation shall become effective until a successor
shall have assumed the REIT Servicer’s responsibilities and obligations
hereunder in the manner provided in Section 10.01.

 

ARTICLE VIII

DEFAULT

 

Section 8.01                                Events
of Default.

 

Each
of the following shall constitute an Event of Default on the part of the REIT
Servicer:

 

22

 

(i)                                               any
failure by the REIT Servicer to remit, or to deposit into the Blocked Account,
any payment required to be made under the terms of this Agreement which
continues unremedied (a) for a period of one Business Day, in the case of any
such deposit of amounts referred to in Section 7(h) of the Loan Sale
Agreement, or (b) in any other case, for a period of three Business Days after
the date upon which written notice of such failure, requiring the same to be
remedied, shall have been given to the REIT Servicer by UBS (which UBS may in
its discretion give); or

 

(ii)                                            failure
by the REIT Servicer to observe or perform in any material respect any other of
the covenants or agreements on the part of the REIT Servicer set forth in this
Agreement or in the Custodial Agreement which continues unremedied for a period
of 30 days after the date on which written notice of such failure, requiring
the same to be remedied, shall have been given to the REIT Servicer by UBS or
by the related Custodian (and UBS may or, as the case may be, shall give such
notice as contemplated in clause (i) above); or

 

(iii)                                         failure
by the REIT Servicer to maintain its license to do business in any jurisdiction
where the Mortgage Property is located except where the failure to be so
qualified would not have a material adverse effect on (a) the validity or
enforceability of this Agreement or any of the Mortgage Loans or (b) the
ability of the REIT Servicer to perform its duties under this Agreement;

 

(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 REIT Servicer and such decree
or order shall have remained in force undischarged or unstayed for a period of
60 days; or

 

(v)                                           the
REIT 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 REIT Servicer or of or
relating to all or substantially all of its property; or

 

(vi)                                        for
so long as MortgageIT Holdings is the REIT Servicer, the occurrence and
continuance of a Facility Default or any of the following circumstances or
events (“Servicing Termination Events”):

 

(1)                                       any
failure by the REIT Servicer to remit to UBS (or other registered holder of a
Participation Certificate) when due any payment required to be made under this
Agreement or such Participation Certificate;

 

(2)                                       failure
by the REIT Servicer duly to observe or perform in any material respect any of
its other covenants or agreements set forth in this Agreement or in any of the
other Transaction Documents to which it is a party which continues unremedied
for a period of one (1) business day (or such longer period provided in the
relevant notice to the REIT Servicer) after the date on

 

23

 

which written notice of such failure, requiring the
same to be remedied, shall have been given to the REIT Servicer by UBS; or

 

(1)                                       any
representation, warranty or certification made or deemed made herein or in any
of the other Transaction Documents by the REIT Servicer or any certificate
furnished to UBS pursuant to the provisions thereof, shall prove to have been
false or misleading in any material respect as of the time made or furnished;
or

 

(2)                                       an
Act of Insolvency with respect to the REIT Servicer or any of its Affiliates;
or

 

(3)                                       the
REIT Servicer ceases to meet the qualifications for maintaining all Agency
Approvals (as defined in the Loan Participation Agreement); or

 

(4)                                       the
REIT Servicer attempts to assign its right to servicing compensation hereunder
or attempts without the consent of UBS to sell or otherwise dispose of all or
substantially all of its property or assets or to assign its servicing
responsibilities this Agreement or to delegate its duties thereunder or any
portion thereof (to other than a sub servicer); or

 

(5)                                       the
REIT Servicer or any of its Affiliates fails to operate or conduct its business
operations or any material portion thereof in the ordinary course, or the REIT
Servicer experiences any other material adverse change in its business
operations or financial condition, which, in UBS’s sole discretion, constitutes
a material impairment of the REIT Servicer’s ability to perform its obligations
under this Agreement or any other related document; or

 

(6)                                       the
REIT Servicer’s membership in MERS is terminated for any reason; or

 

(7)                                       the
REIT Servicer shall default under, or fail to perform as requested under, or
shall otherwise materially breach the terms of any material instrument,
agreement or contract; or

 

(8)                                       the
failure of a Security (as defined in the Loan Participation Agreement) to be
issued for any reason whatsoever on or before the date on which such Security
must be issued and delivered to UBS);

 

(vii)                                     the
REIT 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.

 

In
each and every such case, so long as an Event of Default shall not have been
remedied or if UBS’s obligations to repurchase all Mortgage Loans have been
accelerated pursuant to Section 7 of the Loan Sale Agreement (regardless
of whether the related Event of

 

24

 

Default has later been
remedied), in addition to whatsoever rights UBS may have at law or equity to
damages, including injunctive relief and specific performance, UBS, by notice
in writing to the REIT Servicer (which UBS may in its discretion give and shall
give if requested to do so by the Majority Investors), may terminate all the
rights and obligations of the REIT Servicer under this Agreement and in and to
the Mortgage Loans and the proceeds thereof (a) immediately, in the case of any
Event of Default referred to in the Loan Sale Agreement or (b) upon payment of
all monies otherwise owed hereunder to the REIT Servicer (e.g. Servicing
Advances) in any other case; provided that, if a termination occurs
immediately, pursuant to clause (a) of this sentence, the REIT Servicer’s right
to receive all monies otherwise owed hereunder to it in respect of prior
periods and, as provided in Section 10.01, all claims of any other Person
against the REIT Servicer, in respect of prior periods shall survive the
termination, subject to the following sentence.  Following the occurrence and during the continuance of a Facility
Default, the right of the REIT Servicer to receive any monies hereunder shall
be suspended and such amounts shall be paid to UBS.  In all cases, the REIT Servicer’s right to receive any such
monies shall be reduced by all amounts, if any, which at the time are payable
by the REIT Servicer hereunder into the Deposit Account, the Escrow Account or
to the REIT Sub-Trust or otherwise. 

 

Upon
receipt by the REIT Servicer of such written notice, all authority and power of
the REIT Servicer under this Agreement, whether with respect to the Mortgage
Loans or otherwise, shall pass to and be vested in the successor appointed
pursuant to Section 10.01.  Upon
written request from UBS (which it may or, as appropriate, shall give as
provided above for such notice), the REIT Servicer shall prepare, execute and
deliver to the successor entity designated by UBS any and all documents and
other instruments, place in such successor’s possession all Submission
Packages, 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 to such successor for administration by it of all
cash amounts which shall at the time be credited by the REIT Servicer to the
Blocked Account or Escrow Account or thereafter received with respect to the
Mortgage Loans.

 

Section 8.02                                Waiver
of Defaults.

 

UBS
may waive any default by the REIT 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. 

 

No
failure to exercise and no delay in exercising, on the part of the REIT
Sub-Trust or UBS, any right, remedy, power or privilege hereunder, shall
operate as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power or privilege hereunder preclude any other or further
exercise hereof or the exercise of any other right, remedy, power or
privilege.  The rights, remedies, powers
and privileges herein provided are cumulative and not exhaustive of any rights,
remedies, powers and privilege provided by law.

 

25

 

ARTICLE IX

TERMINATION

 

Section 9.01                                Termination.

 

This
Agreement shall terminate upon the earliest to occur of (i) the Stated
Termination Date; (ii) the later of the final payment or other liquidation
of the last Mortgage Loan or the disposition of any REO Property with respect
to the last Mortgage Loan and the remittance of all funds due hereunder; (iii)
the termination of the REIT Servicer by UBS for cause pursuant to
Section 8.01 or, upon one day’s notice from UBS, without cause; or (iv)
mutual consent of the REIT Servicer, the REIT Sub-Trust and UBS in writing.

 

Not
more than 90 days nor fewer than 60 days prior to the then Stated Termination
Date, the REIT Servicer may send to UBS a written request, requesting that UBS
extend the then Stated Termination Date to a date not more than one year from
the then Stated Termination Date.  UBS
shall respond, in writing, to any such request within 15 Business Days of UBS’s
receipt thereof; provided, that if UBS does not so respond, then the request to
extend shall be deemed denied.

 

Section 9.02                                Retention
and Termination of REIT Servicer.

 

The
REIT Servicer hereby covenants and agrees to act as REIT Servicer for an
initial term beginning on the date of this Agreement and ending on the same day
of the month two (2) months thereafter, which term shall be extendable by UBS
for successive terms thereafter of thirty days each (or, as specified in a
writing delivered by UBS to the REIT Servicer, such other term-to-term basis),
until the termination of this Agreement. 
The REIT Servicer hereby agrees that, upon its receipt of any such
notice (including each notice pursuant to standing instructions, which shall be
deemed delivered at thirty day intervals for so long as such instructions are
in effect) (a “Servicer Extension Notice”), the REIT Servicer shall
become bound, for the duration of the term covered by such Servicer Extension
Notice, to continue as the REIT Servicer subject to and in accordance with the
other provisions of this Agreement.  The
REIT Servicer agrees that if as of the tenth day prior to the last day of any
term it shall not have received a Servicer Extension Notice from UBS, the REIT
Servicer will, within five days thereafter, give written notice of such
nonreceipt to UBS.

 

ARTICLE X

SUCCESSOR
TO THE REIT SERVICER

 

Section 10.01                          Successor
to Servicer.

 

The
appointment hereunder of MortgageIT Holdings as the REIT Servicer hereunder
shall initially be for a term beginning on the date of this Agreement and
ending on the same day of the month two (2) months thereafter, which term shall
be extendable by UBS for successive terms thereafter of thirty days each (or,
as specified in a writing delivered by UBS to the REIT Servicer, such other
term-to-term basis), until the termination of this Agreement.  The term of appointment of any Person as a
successor Servicer hereunder shall begin on the date the

 

26

 

appointment is effective
and shall end on the last day of the last term or, if earlier, on the Stated
Termination Date, as then in effect.

 

Prior
to termination of the REIT Servicer’s responsibilities and duties under this
Agreement pursuant to Sections 7.04, 8.01, or 9.01 or the end of the last term
of the REIT Servicer hereunder, UBS shall, (i) succeed to and assume all of the
REIT Servicer’s responsibilities, rights, duties and obligations under this
Agreement, or (ii) appoint a successor which shall succeed to all rights and
assume all of the responsibilities, duties and liabilities of the REIT Servicer
under this Agreement prior to the termination of Servicer’s responsibilities,
duties and liabilities under this Agreement. 
In the event that the REIT Servicer’s duties, responsibilities and
liabilities under this Agreement should be terminated pursuant to the
aforementioned sections, the REIT 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
which it is obligated to exercise under this Agreement.

 

Any
successor appointed as provided herein shall execute, acknowledge and deliver
to the REIT Servicer and UBS an instrument accepting such appointment, wherein,
if the successor and the predecessor Servicers are different Persons, the
successor shall agree to indemnify the predecessor Servicer for any liability
arising out of the successor’s subsequent acts and omissions related to its duties
as the successor servicer, whereupon such successor shall become fully vested
with all the rights, powers, duties, responsibilities, obligations and
liabilities of the REIT Servicer, with like effect as if originally named as a
party to this Agreement.  Likewise, if
the REIT Servicer and the successor are different Persons, the REIT Servicer
shall agree to indemnify the successor Servicer for any liability arising out
of the REIT Servicer’s acts and omissions relating to its acts as REIT Servicer
prior to the effective date of the servicing transfer.  Any termination or resignation of the REIT
Servicer or termination of this Agreement pursuant to Section 7.04, 8.01,
or 9.01 or arising out of the lapse of a Servicer’s term of appointment
hereunder shall not affect any claims that UBS may have against the REIT
Servicer arising out of the REIT Servicer’s actions or failure to act prior to
any such termination or resignation.

 

The
REIT Servicer shall deliver promptly to the successor servicer (if it is a different
person) all Submission Packages and related documents and statements held by it
hereunder.  In all cases, at the end of
any term of its appointment hereunder, the REIT Servicer shall account for all
funds and shall execute and deliver such instruments and do such other things
as UBS may reasonably request, at the REIT Servicer’s sole expense, to vest in
any successor all such rights, powers, duties, responsibilities, obligations
and liabilities of the REIT Servicer.

 

The
REIT Servicer shall be liable for any and all fees and expenses required to
terminate the Servicing Agreement and/or to effectuate the transfer of the REIT
Servicer’s responsibilities, duties and liabilities to the successor Servicer.

 

27

 

ARTICLE XI

MISCELLANEOUS
PROVISIONS

 

Section 11.01                          Transfer of Servicing.  In the event the REIT Servicer is terminated
pursuant to this Agreement or its term as such hereunder lapses without its
being appointed for another, consecutive, term, the following shall be
performed:

 

(a)                                  With
respect to each Mortgage Loan, on the related Servicing Transfer Date, UBS, or
its appointed successor servicer (collectively referred to as “Successor
Servicer”), shall assume all servicing responsibilities related to, and the
REIT Servicer shall cease all servicing responsibilities related to, the
Mortgage Loans.  On or prior to the
related Servicing Transfer Date the REIT Servicer shall take such steps as may
be necessary or appropriate to effectuate and evidence the transfer of the
servicing of the Mortgage Loans to the Successor Servicer, including but not
limited to the following:

 

(i)                                               Notice
to Mortgagors.  The REIT Servicer
shall mail to the Mortgagor of each Mortgage a letter advising the Mortgagor of
the transfer of the servicing of the related Mortgage Loan to the Successor
Servicer; in accordance with the Cranston-Gonzales National Affordable Housing
Act of 1990; provided, however, the content and format of the
letter shall have the prior approval of the Successor Servicer.  The REIT Servicer shall provide the
Successor Servicer with copies of all such notices no later than the related
Servicing Transfer Date.

 

(ii)                                            Notice
to Taxing Authorities and Insurance Companies.  The REIT Servicer shall transmit to the applicable insurance
companies (including primary mortgage insurance policy insurers, if applicable)
and/or agents, notification of the transfer of the servicing to the Successor
Servicer, and instructions to deliver all notices and insurance statements, as
the case may be, to the Successor Servicer from and after the related Servicing
Transfer Date.  The REIT Servicer shall
provide the Successor Servicer with copies of all such notices no later than
the related Servicing Transfer Date.

 

(iii)                                         Delivery
of Servicing Records.  The REIT
Servicer shall forward to the Successor Servicer, all servicing records in the
REIT Servicer’s possession relating to each Mortgage Loan.

 

(iv)                                        Escrow
Payments.  On the Servicing Transfer
Date, the REIT Servicer shall provide the Successor Servicer, with immediately
available funds by wire transfer in the amount of the Escrow Account
balance.  The REIT Servicer shall
provide the Successor Servicer with an accounting statement sufficient to enable
the Successor Servicer to reconcile the amount of such payment with the
accounts of the Mortgage Loans.

 

(v)                                           Payoffs
and Assumptions.  The REIT Servicer
shall provide to the Successor Servicer, copies of all assumption statements
generated by the REIT Servicer on the Mortgage Loans from the related Cut-off
Date to the related Servicing Transfer Date.

 

(vi)                                        Mortgage
Payments Received Prior to Related Servicing Transfer Date.  Prior to the related Servicing Transfer Date
all payments theretofore received by the REIT

 

28

 

Servicer on each Mortgage
Loan shall be properly applied by the REIT Servicer to the account of the
particular Mortgagor.

 

(vii)                                     Mortgage
Payments Received After Related Servicing Transfer Date.  The amount of any Monthly Payments received
by the REIT Servicer after the related Servicing Transfer Date as well as any
such payments theretofore received but not credited as of such date shall be
forwarded within five Business Days of receipt to the Successor Servicer.  The REIT Servicer shall notify the Successor
Servicer of the particulars of the payment, which notification requirement
shall be satisfied if the REIT Servicer forwards with its payment sufficient
information to permit appropriate processing of the payment by the Successor
Servicer.  In addition, the REIT
Servicer shall endorse to the Successor Servicer the Monthly Payments received
by the REIT Servicer after the Servicing Transfer Date.

 

(viii)                                  Misapplied
Payments.  Misapplied payments shall
be processed as follows:

 

(1)                        All
parties shall cooperate in correcting misapplication errors;

 

(2)                        The party
receiving notice of a misapplied payment occurring prior to the related
Servicing Transfer Date and discovered after the related Servicing Transfer
Date shall immediately notify the other parties;

 

(3)                        If a
proven misapplied payment which occurred prior to the related Servicing
Transfer Date cannot be identified and said misapplied payment has resulted in
a shortage in the Blocked Account or Escrow Account, the REIT Servicer shall be
liable for the amount of such shortage. 
The REIT Servicer shall reimburse the Successor Servicer for the amount
of such shortage within thirty (30) days after receipt of written demand
therefor from the Successor Servicer;

 

(ix)                                          Reconciliation.  The REIT Servicer shall, on or before the
related Servicing Transfer Date, reconcile principal balances and make any
monetary adjustments necessary to complete the reconciliation.  Any such monetary adjustments will be
transferred between the REIT Servicer and the Successor Servicer as
appropriate.

 

(x)                                             IRS
Forms.  The REIT Servicer shall
prepare and file all IRS forms 1098, 1099 and other applicable forms and
reports which are required to be filed with respect to the period prior to the
related Servicing Transfer Date in relation to the servicing and ownership of
the Mortgage Loans.  The REIT Servicer
shall provide copies of such forms to UBS upon request and shall reimburse UBS
for any costs or penalties incurred by UBS due to the REIT Servicer’s failure
to comply with this paragraph.  The REIT
Servicer shall not be responsible for the preparation or filing of any such
reports with respect to any period commencing on or after the related Servicing
Transfer Date.

 

(xi)                                          MERS Designated Mortgage Loans.  With respect
to any MERS Designated Mortgage Loans, the Master Servicer or Servicer will
modify the “Servicer” and all other relevant fields in the MERS® System to
reflect the transfer of Servicing to the Successor Servicer, where applicable.

 

29

 

(b)                                 Within
two (2) Business Days after the REIT Servicer delivers to the REIT Sub-Trust an
invoice stating the amounts thereof, the REIT Sub-Trust shall, or shall cause
the Successor Servicer to, reimburse the REIT Servicer for all Servicing
Advances not previously reimbursed and pay to the REIT Servicer any Servicing
Fees that were not previously retained by or paid to the REIT Servicer.  The REIT Servicer shall provide UBS with a copy
of any such notice that it delivers to the REIT Sub-Trust at the time it give
such notice.  The REIT Servicer shall be
obligated to deliver the Servicing Files to UBS or Successor Servicer whether
or not all such Servicing Advances shall have been reimbursed and all such
Servicing Fees shall have been paid, upon the termination of the appointment of
the REIT Servicer in connection with an Event of Default pursuant to
Section 8.01.  Any invoice
delivered as provided above may be supplemented by another invoice specifying
any further amounts of unreimbursed Servicing Advances and unpaid Servicing
Fees, which shall be paid in the same manner. 
In addition, if and to the extent that from and after the Servicing
Transfer Date (or such earlier date through which Servicing Advances shall have
been, for convenience, calculated and reimbursed) the REIT Servicer should
receive and pay bills for services properly rendered with respect to the
Mortgage Loans and REO Property prior to the Servicing Transfer Date, then
Servicer shall be entitled to reimbursement for such additional payments.  Within five (5) Business Days after Servicer
makes a written request to the REIT Sub-Trust for such reimbursement, supported
by a copy of the pertinent bill for services and including an indication of the
Mortgage Loan to which the bill relates, the REIT Sub-Trust shall, or shall
cause the Successor Servicer to, reimburse the REIT Servicer for such payment.

 

Section 11.02                          Amendment.

 

This
Agreement may be amended from time to time by the REIT Servicer, the REIT
Sub-Trust and UBS by written agreement signed by the REIT Servicer and UBS.

 

Section 11.03                          Governing
Law; Jurisdiction.

 

This
Agreement shall be governed by, and construed in accordance with, the laws of
the State of New York without giving effect to the conflict of law principles
thereof, and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with such laws.  With respect to all legal proceedings arising out of or relating
to this Agreement or the transactions contemplated hereby, and any action or
proceeding for recognition and enforcement of any judgment in respect thereof,
each of the REIT Servicer, the REIT Sub-Trust and UBS irrevocably submits to
the non-exclusive jurisdiction of the courts of the State of New York and the
United States District Court located in the Borough of Manhattan, City of New
York, and each such party irrevocably waives any objection which it may have at
any time to the laying of venue of any suit, action or proceeding arising out
of or relating hereto brought in any such court, irrevocably waives any claim
that any such suit, action or proceeding brought in any such court has been
brought in any inconvenient forum and further irrevocably waives the right to
object, with respect to such claim, suit, action or proceeding brought in any
such court, that such court does not have jurisdiction over such party,
provided that service of process is made by any lawful means.  Without limiting the foregoing, each such party
irrevocably agrees that service of process in any such action or proceeding may
be effected by mailing a copy thereof to it by registered or certified mail (or
any substantially similar form of mail), postage prepaid, to its address set
forth in or pursuant to this Agreement for notices.

 

30

 

Section 11.04                          Notices.

 

All
demands, notices and communications under or in connection with this Agreement
shall be in writing and shall be deemed to have been duly given, made and
received  (i) when delivered
against receipt of registered or certified mail or upon actual receipt of
registered or certified mail, postage prepaid, return receipt requested;
(ii) when delivered by courier with appropriate evidence of receipt; or
(iii) upon transmission via facsimile with appropriate evidence of
receipt, addressed as follows:

 

(i)                                               if
to the REIT Servicer:

 

MortgageIT Holdings, Inc.

33 Maiden Lane, 6th Floor

New York, NY  10038

Attention:  Michael A. Zigrossi and John
R. Cuti

Fax:  (212) 651-4674

 

or such other address
as may hereafter be furnished to UBS and the REIT Sub-Trust in writing by the
REIT Servicer;

 

(ii)                                            if
to the REIT Sub-Trust:

 

MortgageIT SPV I, acting
with respect to the REIT Sub-Trust

 

c/o 

 

MortgageIT Holdings,
Inc., as Administrator for

MortgageIT SPV I, acting with respect to the REIT Sub-Trust

33 Maiden Lane, 6th Floor

New York, NY  10038

Attention:  Michael A. Zigrossi and John
R. Cuti

Fax:  (212) 651-4674

 

with a copy to:

 

Wilmington Trust Company

Rodney Square North

1100 N. Market Street

Wilmington, DE   19890

Attention:  Corporate Trust
Administration

 

or such other
address as may hereafter be furnished to UBS and the REIT Servicer in writing
by the REIT Sub-Trust;

 

(iii)                                         if
to UBS:

 

UBS Real Estate
Securities Inc.

1285 Avenue of the Americas

31

 

New York, New York 10019

Attention:  Robert Carpenter

George A. Mangiaracina

 

Fax:  (212) 713-9607

 

or such other
address as may hereafter be furnished to the REIT Servicer and the REIT
Sub-Trust in writing by UBS; and

 

Section 11.05                          Severability
of Provisions.

 

If any
one or more of the covenants, agreements, provisions or terms of this Agreement
shall be held invalid for any reason whatsoever, then such covenants,
agreements, provisions or terms shall be deemed severable from the remaining
covenants, agreements, provisions or terms of this Agreement and shall in no
way affect the validity or enforceability of the other provisions of this
Agreement.

 

Section 11.06                          Relationship
of Parties.

 

Nothing
herein contained shall be deemed or construed to create a partnership or joint
venture between the parties hereto and the services of the REIT Servicer shall
be rendered as an independent contractor and not as agent for the REIT
Sub-Trust and UBS.

 

Section 11.07                          Execution;
Successors and Assigns.

 

This
Agreement may be executed in one or more counterparts and by the different
parties hereto on separate counterparts, each of which, when so executed, shall
be deemed to be an original; such counterparts, together, shall constitute one
and the same agreement.  This Agreement
shall inure to the benefit of and be binding upon the REIT Servicer, the REIT
Sub-Trust and UBS and their respective successors and assigns.  

 

Section 11.08                          Recordation
of Assignments of Mortgage.

 

To the
extent permitted by applicable law, each of the Assignments of Mortgage is
subject to recordation in all appropriate public offices for real property
records in all the counties or other comparable jurisdictions in which any or
all of the Mortgaged Properties are situated, and in any other appropriate
public recording office or elsewhere, such recordation is to be effected at the
REIT Sub-Trust’s expense in the event recordation is either necessary under
applicable law or requested by UBS.

 

Section 11.09                          Merger
and Integration.

 

Except
as specifically stated otherwise herein, this Agreement sets forth the entire
understanding of the parties relating to the subject matter hereof, and all
prior understandings, written or oral, relating thereto are superseded by this
Agreement.  This Agreement may not be
modified, amended, waived or supplemented except as provided herein.

 

32

 

Section 11.10                          Headings.

 

The
headings herein are for purposes of reference only and shall not otherwise
affect the meaning or interpretation of any provision hereof.

 

Section 11.11                          Schedules and
Exhibits.

 

The
schedules and exhibits attached hereto and referred to herein shall constitute
a part of this Agreement and are incorporated into this Agreement for all
purposes.

 

Section 11.12                          No
Bankruptcy Petition Against the REIT Sub-Trust.

 

The
REIT Servicer agrees that, prior to the date that is one year and one day after
the payment in full of the Notes, it will not institute against the REIT
Sub-Trust, or join any other Person in instituting against UBS, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or other
proceedings under the laws of the United States or any state of the United
States.  This Section 11.12 shall
survive the termination of this Agreement.

 

Section 11.13                          Right
to Inspect.  

 

The
REIT Servicer agrees that UBS shall have the right to inspect its servicing
facilities for the purpose of satisfying UBS that the REIT Servicer has the ability
to service the Mortgage Loans as provided under this Agreement.

 

Section 11.14                          No
Recourse.

 

It is
expressly understood and agreed by the parties hereto that (a) this Agreement
is executed and delivered by Wilmington Trust Company, not individually or
personally but solely as trustee of the REIT Sub-Trust, in the exercise of the
powers and authority conferred and vested in it, (b) each of the
representations, undertakings and agreements herein made on the part of the
REIT Sub-Trust is made and intended not as personal representations,
undertakings and agreements by Wilmington Trust Company but is made and
intended for the purpose of binding only the REIT Sub-Trust, (c) nothing herein
contained shall be construed as creating any liability on Wilmington Trust
Company, individually or personally, to perform any covenant either expressed
or implied contained herein, all such liability, if any, being expressly waived
by the parties hereto and by an Person claiming by, through or under the
parties hereto and (d) under no circumstances shall Wilmington Trust Company be
personally liable for the payment of any indebtedness or expenses of the REIT
Sub-Trust or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the REIT Sub-Trust
under this Agreement or any other related documents.

 

33

 

IN
WITNESS WHEREOF, the REIT Servicer, the REIT Sub-Trust and UBS have caused
their names to be signed hereto by their respective officers thereunto duly
authorized as of the day and year first above written.

 

	
   

  	
  MORTGAGEIT SPV
  I,

  
	
   

  	
  acting with
  respect to the REIT Sub-Trust

  
	
   

  	
   

  
	
   

  	
  By:

  	
  WILMINGTON TRUST
  COMPANY,

  
	
   

  	
   

  	
  not in its
  individual capacity, but solely

  
	
   

  	
   

  	
  as Owner Trustee
  under the Trust Agreement

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Janel R.
  Havrilla

  	
   

  
	
   

  	
  Name:

  	
  Janel R.
  Havrilla

  	
   

  
	
   

  	
  Title:

  	
  Financial
  Services Officer

  	
   

  
	
   

  	
   

  
	
   

  	
  MORTGAGEIT
  HOLDINGS, INC.,

  
	
   

  	
  as REIT Servicer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JOHN R. CUTI

  	
   

  
	
   

  	
  Name:

  	
  John R. Cuti

  	
   

  
	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  
	
   

  	
  UBS REAL ESTATE
  SECURITIES INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT
  CARPENTER

  	
   

  
	
   

  	
  Name:

  	
  Robert Carpenter

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ GEORGE A.
  MANGIARACINA

  	
   

  
	
   

  	
  Name:

  	
  George A.
  Mangiaracina

  
	
   

  	
   Title: 

  	
  Managing
  Director

  
									

 

34

 

EXHIBIT A

MORTGAGE LOAN SCHEDULE

 

On file with UBS
Real Estate Securities Inc.

 

A-1

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