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Document Preview Transfer and Servicing Agreement |
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Title: |
Transfer and Servicing Agreement |
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Entities: |
Cede & Co.; Freddie Mac; Lares Asset Securitization, Inc.; McGraw-Hill Companies Inc.; Wells Fargo Bank, NA; Federal National Mortgage Association; International Swaps & Derivatives Association, Inc. |
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Date: |
2006 |
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Size: |
Preview shows 6KB of 421KB total |
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Price: |
$66 |
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ID: |
#2496322 |
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LUMINENT MORTGAGE TRUST 200_-_,
as Issuing Entity
LARES ASSET SECURITIZATION, INC.,
as Depositor
MERCURY MORTGAGE FINANCE STATUTORY TRUST,
as Seller
________________________________________,
as Servicer
________________________________________,
as Securities Administrator and Master Servicer
and
________________________________________,
as Indenture Trustee
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TRANSFER AND SERVICING AGREEMENT
Dated as of __________________, 200_
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Luminent Mortgage Trust 200_-_
Mortgage-Backed Notes, Series 200_-_
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{PAGE}
TABLE OF CONTENTS
Page
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ARTICLE I DEFINITIONS AND INTERPRETATION................................. 2
SECTION 1.1 Definitions........................................... 2
SECTION 1.2 Calculations With Respect to the Mortgage Loans....... 28
SECTION 1.3 Calculations With Respect to Accrued Interest......... 28
SECTION 1.4 Rules of Construction................................. 28
ARTICLE II CONVEYANCE OF MORTGAGE LOANS.................................. 29
SECTION 2.1 Conveyance of Mortgage Loans to the Depositor......... 29
SECTION 2.2 Conveyance of Mortgage Loans to the Issuing Entity.... 30
SECTION 2.3 Assignment of Mortgage Loans.......................... 30
SECTION 2.4 Books and Records..................................... 31
SECTION 2.5 Review of Documentation............................... 31
SECTION 2.6 Representations and Warranties with Respect to the
Mortgage Loans........................................ 32
SECTION 2.7 Optional Repurchase................................... 33
SECTION 2.8 Repurchase of Mortgage Loans.......................... 33
SECTION 2.9 Substitution of Mortgage Loans........................ 34
SECTION 2.10 Granting Clause....................................... 35
SECTION 2.11 Assignment of OTC Hedge Agreements.................... 37
ARTICLE III REPRESENTATIONS AND WARRANTIES............................... 38
SECTION 3.1 Representations and Warranties of the Seller.......... 38
SECTION 3.2 Representations and Warranties of the Depositor....... 40
SECTION 3.3 Representations and Warranties of the Servicer........ 41
SECTION 3.4 Representations and Warranties of the Master
Servicer and Securities Administrator................. 43
ARTICLE IV SERVICING OF THE MORTGAGE LOANS............................... 45
SECTION 4.1 General............................................... 45
SECTION 4.2 Use of Subservicers and Subcontractors................ 47
SECTION 4.3 Collection of Mortgage Loan Payments.................. 47
SECTION 4.4 Realization Upon Defaulted Mortgage Loans............. 48
SECTION 4.5 Establishment of and Deposits to Custodial Account.... 48
SECTION 4.6 Permitted Withdrawals From Custodial Account.......... 50
SECTION 4.7 Establishment of and Deposits to Escrow Account....... 52
SECTION 4.8 Permitted Withdrawals From Escrow Account............. 52
SECTION 4.9 Payment of Taxes, Insurance and Other Charges......... 53
SECTION 4.10 Transfer of Custodial Account or Escrow Account....... 53
SECTION 4.11 Mortgaged Property Insurance.......................... 54
SECTION 4.12 Blanket Mortgage Hazard Insurance..................... 55
SECTION 4.13 Fidelity Bond and Errors and Omissions Insurance...... 56
SECTION 4.14 Restoration of Mortgaged Property..................... 56
SECTION 4.15 Title, Management and Disposition of REO Property..... 57
i
{PAGE}
TABLE OF CONTENTS
Page
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SECTION 4.16 Mortgage Loan Reports; Real Estate Owned Reports...... 58
SECTION 4.17 Adjustable Rate Mortgage Loans........................ 59
SECTION 4.18 Prepayment Premiums................................... 59
SECTION 4.19 Credit Reporting; Gramm Leach Bliley Act.............. 59
SECTION 4.20 Transfers of Mortgaged Property....................... 60
SECTION 4.21 Satisfaction and Release of Mortgage Files............ 61
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