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Title: |
Servicing Agreement |
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Entities: |
Freddie Mac; McGraw-Hill Companies Inc.; Oak Street Financial Services Inc; Federal National Mortgage Association |
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Date: |
2004 |
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Size: |
Preview shows 12KB of 265KB total |
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Price: |
$56 |
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ID: |
#1455138 |
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Start of Preview |
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SERVICING AGREEMENT
among
OAK STREET MORTGAGE, LLC
Owner
and
GMAC MORTGAGE CORPORATION
Servicer
Dated as of July 13, 2004
FIXED AND ADJUSTABLE RATE, RESIDENTIAL SUB-PRIME FIRST AND SECOND
MORTGAGE LOANS
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C> <C>
ARTICLE I
DEFINITIONS
Section 1.01 Definitions............................................................. 1
ARTICLE II
SERVICING
Section 2.01 Servicer to Act as Servicer............................................. 11
Section 2.02 Liquidation of Mortgage Loans........................................... 12
Section 2.03 Collection of Mortgage Loan Payments.................................... 14
Section 2.04 Establishment of and Deposits to Custodial Account...................... 14
Section 2.05 Permitted Withdrawals From Custodial Account............................ 15
Section 2.06 Establishment of and Deposits to Escrow Account......................... 16
Section 2.07 Permitted Withdrawals From Escrow Account............................... 17
Section 2.08 Payment of Taxes, Insurance and Other Charges........................... 17
Section 2.09 Protection of Accounts.................................................. 18
Section 2.10 Maintenance of Hazard Insurance......................................... 19
Section 2.11 Maintenance of Blanket Hazard Insurance Coverage........................ 20
Section 2.12 Maintenance of Fidelity Bond and Errors and Omissions Insurance......... 20
Section 2.13 Inspections............................................................. 21
Section 2.14 Restoration of Mortgaged Property....................................... 21
Section 2.15 Title, Management and Disposition of REO Property....................... 22
Section 2.16 Permitted Withdrawals with Respect to REO Property...................... 23
Section 2.17 Real Estate Owned Reports............................................... 23
Section 2.18 Liquidation Reports..................................................... 23
Section 2.19 Reports of Foreclosures and Abandonments of Mortgaged Property.......... 23
Section 2.20 Notification of Adjustments............................................. 23
ARTICLE III
PAYMENTS TO OWNER
Section 3.01 Remittances............................................................. 24
Section 3.02 Statements to Owner..................................................... 24
Section 3.03 Advances by Servicer.................................................... 25
Section 3.04 [Reserved].............................................................. 25
Section 3.05 [Reserved].............................................................. 25
</TABLE>
-ii-
<PAGE>
<TABLE>
<S> <C> <C>
ARTICLE IV
GENERAL SERVICING PROCEDURES
Section 4.01 Transfers of Mortgaged Property......................................... 25
Section 4.02 Satisfaction of Mortgages and Release of Mortgage Files................. 26
Section 4.03 Servicing Compensation.................................................. 26
Section 4.04 Annual Statement as to Compliance....................................... 27
Section 4.05 Annual Independent Public Accountants' Servicing Report................. 27
Section 4.06 Right to Examine Servicer Records....................................... 27
Section 4.07 Compliance with Gramm-Leach-Bliley Act of 1999.......................... 27
ARTICLE V
SERVICER TO COOPERATE
Section 5.01 Provision of Information................................................ 28
Section 5.02 Financial Statements; Servicing Facilities.............................. 28
ARTICLE VI
TERMINATION
Section 6.01 Termination............................................................. 29
Section 6.02 Transfer Procedures..................................................... 30
ARTICLE VII
BOOKS AND RECORDS
Section 7.01 Possession of Servicing Files Prior to the related Transfer Date........ 31
ARTICLE VIII
INDEMNIFICATION AND ASSIGNMENT
Section 8.01 Indemnification......................................................... 32
Section 8.02 Limitation on Liability of Servicer and Others.......................... 34
Section 8.03 Limitation on Assignment and Resignation by Servicer.................... 34
Section 8.04 Operation of Indemnities................................................ 35
Section 8.05 Assignment by Owner..................................................... 35
Section 8.06 Merger or Consolidation of the Servicer................................. 36
</TABLE>
-iii-
<PAGE>
<TABLE>
<S> <C> <C>
ARTICLE IX
REPRESENTATIONS, WARRANTIES AND COVENANTS OF OWNER
Section 9.01 Organization and Good Standing; Licensing............................... 36
Section 9.02 Authorization; Binding Obligations...................................... 36
Section 9.03 No Consent Required..................................................... 36
Section 9.04 No Violations........................................................... 36
Section 9.05 Litigation.............................................................. 37
Section 9.06 Ownership............................................................... 37
Section 9.07 Service Contracts....................................................... 37
Section 9.08 Accuracy................................................................ 37
ARTICLE X
REPRESENTATIONS AND WARRANTIES OF SERVICER
Section 10.01 Due Organization and Authority.......................................... 37
Section 10.02 Ordinary Course of Business............................................. 38
Section 10.03 No Violation............................................................ 38
Section 10.04 Ability to Service...................................................... 38
Section 10.05 Ability to Perform...................................................... 38
Section 10.06 Litigation.............................................................. 38
Section 10.07 No Consent Required..................................................... 39
Section 10.08 Servicing Practices..................................................... 39
Section 10.09 Good Standing........................................................... 39
Section 10.10 Statements.............................................................. 39
Section 10.11 Fraud or Misrepresentation.............................................. 39
Section 10.12 Notifications........................................................... 39
ARTICLE XI
DEFAULT
Section 11.01 Events of Default....................................................... 40
Section 11.02 Waiver of Defaults...................................................... 41
ARTICLE XII
CLOSING
Section 12.01 Closing Documents....................................................... 41
</TABLE>
-iv-
<PAGE>
<TABLE>
<S> <C> <C>
ARTICLE XIII
MISCELLANEOUS PROVISIONS
Section 13.01 Notices................................................................. 42
Section 13.02 Waivers................................................................. 43
Section 13.03 Entire Agreement; Amendment............................................. 43
Section 13.04 Execution; Binding Effect............................................... 43
Section 13.05 Headings................................................................ 44
Section 13.06 Applicable Law.......................................................... 44
Section 13.07 Relationship of Parties................................................. 44
Section 13.08 Severability of Provisions.............................................. 44
Section 13.09 Recordation of Assignments of Mortgage.................................. 44
Section 13.10 Exhibits................................................................ 44
Section 13.11 Counterparts............................................................ 45
Section 13.12 No Solicitation......................................................... 45
Section 13.13 Cooperation of Servicer with a Reconstitution........................... 45
Section 13.14 Waiver of Trial by Jury................................................. 47
Section 13.15 Force Majeure........................................................... 47
Section 13.16 LIMITATION OF DAMAGES................................................... 478
</TABLE>
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<PAGE>
EXHIBITS
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