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Document Preview Servicing Agreement |
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Title: |
Servicing Agreement |
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Entities: |
Freddie Mac; HomeGold Financial, Inc.; Federal National Mortgage Association; Provident Bank |
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Date: |
2001 |
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Size: |
Preview shows 5KB of 48KB total |
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Price: |
$38 |
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ID: |
#141688 |
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SERVICING AGREEMENT
This Servicing Agreement (the "Agreement") is made as of the 25th day of
October, 2000, by and between the Provident Bank, a banking corporation
organized and existing under the laws of the State of Ohio, whose address is One
East Fourth Street, Cincinnati, Ohio 45202 (the "Servicer"), and HomeGold
Financial, Inc.,a corporation whose address is 3901 Pelham Road Greenville, SC
29615 (the"Holder").
WITNESSETH
WHEREAS, Servicer and Holder have entered into an Amended And Restated
Warehouse Loan And Security Agreement dated (the "Warehouse Agreement"), whereby
Servicer funds loans originated by Holder and secured by mortgages, deeds of
trust, trust deeds, security deeds, deeds to secure debt and like security
instruments on existing single family (I-4 units) residential properties; and
WHEREAS, Holder desires to engage Servicer as an independent contractor
to perform for a temporary period such servicing functions as are further
described herein, and Servicer desires to accept such engagement pursuant to the
terms and conditions hereinafler set forth.
NOW, THEREFORE, in consideration of the promises, terms, conditions and
agreements set forth herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:
DEFINITIONS
The following terms shall have the following meanings:
Agreement: This Servicing Agreement.
Condemnation Proceeds: All awards of settlement in respect to a Mortgaged
Property by exercise of the power of eminent domain or condemnation.
Credit Files: All records and documents related to a Mortgage Loan,
including, without limitation, promissory notes, mortgages, deeds of trust or
other documents evidencing a security interest, assignments, underwriting
documents, disclosures required by applicable laws, title insurance commitments
and policies and any other documentation reasonably required by Servicer to set
up and service the accounts.
Deposit Account: The account or accounts maintained pursuant to
Section 7.
10
{PAGE}
Escrow Account: The separate account or accounts maintained pursuant to
Section 9.
Escrow Payments: With respect to any Mortgage Loan, the amounts
constituting ground rents, mortgage insurance premiums, hazard insurance
premiums, taxes, assessments, condominium fees, and any other payments required
to be escrowed by the Mortgagor with the Mortgagee pursuant to the Mortgage or
other loan documents.
FHA: The Federal Housing Administration, an agency within the United
States Department of Housing and Urban Development, or any successor thereto.
FHLMC: The Federal Home Loan Mortgage Corporation, or any successor
thereto.
FNMA: The Federal National Mortgage Association or any successor thereto.
Holder: HomeGold Financial, Inc.or its successors and assigns.
HUD: The Department of Housing and Urban Development.
Investor: The purchaser of any Mortgage Loan from HomeGold, "holder"
Insurance Proceeds: With respect to each Mortgage Loan, proceeds of
insurance policies insuring the Mortgage Loan or the related mortgaged property
including FHA insurance proceeds and/or VA guaranty proceeds.
Liquidation Proceeds: Cash received in connection with the liquidation of
a defaulted Mortgage Loan, whether through the sale or assignment of such
Mortgage Loan, trustee's sale, foreclosure sale or otherwise.
Monthly Payment: The scheduled monthly payment of principal and interest
on a Mortgage Loan.
Mortgage: The mortgage, deed of trust or other instrument securing a
Mortgage Note, which creates a lien in fee simple in real property securing the
Mortgage Note.
Mortgage Interest Rate: The annual rate of interest borne on a Mortgage
Loan.
Mortgage Loan: An individual Mortgage Loan which is subject to this
Agreement and which includes, without limitation, the Mortgage Note, Mortgage,
the Credit File and all rights, benefits, proceeds and obligations arising from
or in connection with such Mortgage Loan.
Mortgage Note: The note or other evidence of the indebtedness of a
Mortgagor secured by a Mortgage.
Mortgage Property: The real property securing repayment of any Mortgage
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