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Document Preview Sale and Servicing Agreement |
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Title: |
Sale and Servicing Agreement |
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Entities: |
Freddie Mac; McGraw-Hill Companies Inc.; Peoples Choice Home Loan Securities Corp; Wells Fargo Bank, NA; Federal National Mortgage Association |
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Date: |
2006 |
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Size: |
Preview shows 37KB of 212KB total |
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Price: |
$72 |
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ID: |
#2397017 |
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Start of Preview |
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PEOPLES CHOICE HOME LOAN SECURITIES CORP.,
as Depositor,
PEOPLES FINANCIAL REALTY MORTGAGE SECURITIES TRUST, SERIES [ ],
as Issuer,
[ ],
as Indenture Trustee,
[WELLS FARGO BANK, NATIONAL ASSOCIATION],
as Master Servicer and Securities Administrator,
[ ],
as Servicer,
PEOPLES CHOICE HOME LOAN, INC.,
as Subservicer,
and
PEOPLES CHOICE FUNDING, INC.,
as Seller and Company
SALE AND SERVICING AGREEMENT
Dated as of [ ]
Peoples Choice Home Loan Securities Corp.
Peoples Financial Realty Mortgage Securities Trust, Series [ ],
Mortgage-Backed Notes, Series [ ]
TABLE OF CONTENTS
| Page | ||||
| ARTICLE I | ||||
| DEFINITIONS | ||||
|
Section 1.01. |
Definitions |
2 | ||
|
Section 1.02. |
Other Definitional Provisions |
2 | ||
| ARTICLE II | ||||
| CONVEYANCE OF MORTGAGE LOANS | ||||
|
Section 2.01. |
Conveyance of Mortgage Loans to Issuer |
3 | ||
|
Section 2.02. |
Acceptance of Mortgage Loans by the Issuer |
6 | ||
|
Section 2.03. |
Assignment of Interest in the Mortgage Loan Purchase Agreement |
8 | ||
|
Section 2.04. |
Substitution of Mortgage Loans |
9 | ||
|
Section 2.05. |
Representations and Warranties Concerning the Depositor |
10 | ||
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Section 2.06. |
Representations and Warranties Regarding the Master Servicer |
11 | ||
|
Section 2.07. |
Assignment of Agreement |
12 | ||
| ARTICLE III | ||||
| ADMINISTRATION AND SERVICING OF MORTGAGE LOANS | ||||
|
Section 3.01. |
Master Servicer |
12 | ||
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Section 3.02. |
Master Servicer Oversight of Specified Subservicer Actions |
13 | ||
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Section 3.03. |
Monitoring of Servicer |
14 | ||
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Section 3.04. |
Fidelity Bond |
16 | ||
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Section 3.05. |
Power to Act; Procedures |
16 | ||
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Section 3.06. |
Due-on-Sale Clauses; Assumption Agreements |
16 | ||
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Section 3.07. |
Release of Mortgage Files |
16 | ||
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Section 3.08. |
Documents, Records and Funds in Possession of Master Servicer To Be Held for Issuer and Indenture Trustee |
18 | ||
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Section 3.09. |
Standard Hazard Insurance and Flood Insurance Policies. |
18 | ||
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Section 3.10. |
Presentment of Claims and Collection of Proceeds |
19 | ||
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Section 3.11. |
Maintenance of the Primary Mortgage Insurance Policies |
19 | ||
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Section 3.12. |
Indenture Trustee to Retain Possession of Certain Insurance Policies and Documents |
20 | ||
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Section 3.13. |
Realization Upon Defaulted Mortgage Loans |
20 | ||
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Section 3.14. |
Compensation for the Master Servicer |
20 | ||
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Section 3.15. |
REO Property |
20 | ||
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Section 3.16. |
Prepayment Charges |
21 | ||
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Section 3.17. |
Assumption of Role of Servicer by Subservicer |
21 | ||
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Section 3.18. |
UCC |
22 | ||
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Section 3.19. |
Optional Purchase of Mortgage Loans |
22 | ||
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Section 3.20. |
Monthly Advances |
23 | ||
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Section 3.21. |
Compensating Interest Payments |
23 | ||
TABLE OF CONTENTS
(continued)
| Page | ||||
| ARTICLE IV | ||||
| ACCOUNTS | ||||
|
Section 4.01. |
Custodial Accounts |
23 | ||
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Section 4.02. |
[Reserved] |
24 | ||
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Section 4.03. |
Collection Account |
24 | ||
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Section 4.04. |
Payment Account |
24 | ||
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Section 4.05. |
Permitted Withdrawals and Transfers from the Payment Account |
26 | ||
| ARTICLE V | ||||
| THE MASTER SERVICER | ||||
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Section 5.01. |
Liabilities of the Master Servicer |
28 | ||
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Section 5.02. |
Merger or Consolidation of the Master Servicer |
28 | ||
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Section 5.03. |
Indemnification of the Indenture Trustee, Owner Trustee, the Master Servicer and the Securities Administrator |
29 | ||
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Section 5.04. |
Limitations on Liability of the Master Servicer and Others |
29 | ||
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Section 5.05. |
Master Servicer Not to Resign |
30 | ||
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Section 5.06. |
Successor Master Servicer |
31 | ||
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Section 5.07. |
Sale and Assignment of Master Servicing |
31 | ||
| ARTICLE VI | ||||
| DEFAULT | ||||
|
Section 6.01. |
Master Servicer Events of Default |
31 | ||
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Section 6.02. |
Indenture Trustee to Act; Appointment of Successor |
33 | ||
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Section 6.03. |
Notification to Noteholders |
34 | ||
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Section 6.04. |
Waiver of Defaults |
34 | ||
| ARTICLE VII | ||||
| EXCHANGE ACT REPORTING | ||||
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Section 7.01. |
Reporting on Form 10-D |
35 | ||
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Section 7.02. |
Reporting on Form 10-K |
36 | ||
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Section 7.03. |
Reporting on Form 8-K |
37 | ||
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Section 7.04. |
De-Listing; Amendments and Late Filing |
39 | ||
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Section 7.05. |
Annual Statement of Compliance |
39 | ||
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Section 7.06. |
Annual Assessment of Compliance |
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End of Preview |
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