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Suntrust Mortgage Securitization, LLC

 

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Title:

Suntrust Mortgage Securitization, LLC

Entities:

Suntrust Mortgage Securitization, LLC

Date:

2007

Size:

Preview shows 141KB of 567KB total

Price:

$99

ID:

#3270539

 

 

► Services ► Servicing ► Pooling & Servicing Agreements

 

 

Start of Preview

 








SUNTRUST MORTGAGE SECURITIZATION, LLC,

as Depositor,

SUNTRUST MORTGAGE, INC.,

as Sponsor, Originator and Servicer,

[                                               ],

as Master Servicer and Trust Administrator,

[                                                ],
as Trustee
 
and
 
SUNTRUST BANK,
 
as Custodian
 
__________________________________________
 
 
POOLING AND SERVICING AGREEMENT
 
 
Dated as of [                       ] 1, 200[ ]
 
___________________________________________
 
SUNTRUST [                             ] TRUST, SERIES 200[ ]-[ ]
MORTGAGE-BACKED PASS-THROUGH CERTIFICATES,
SERIES 200[ ]-[ ]
 

 

 


 



TABLE OF CONTENTS

ARTICLE I DEFINITIONS
5
     
Section 1.01.
Definitions.
5
     
ARTICLE II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONSAND
  
WARRANTIES
49
     
Section 2.01.
Mortgage Loans.
49
Section 2.02.
Acceptance by the Trustee of the Mortgage Loans.
53
Section 2.03.
Representations, Warranties and Covenants of the Originator and the Servicer.
54
Section 2.04.
Delivery of Opinion of Counsel in Connection with Substitution; Non-Qualified Mortgages.
57
Section 2.05.
Execution and Delivery of Certificates.
58
Section 2.06.
Representations and Warranties of the Depositor.
58
Section 2.07.
Representations, Warranties and Covenants of the Servicer, the Originator and the Master Servicer.
60
Section 2.08.
Representations and Warranties of the Custodian.
64
Section 2.09.
Purpose of Trust.
66
Section 2.10.
Subsequent Transfers.
67
 
ARTICLE III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
 
 
69
Section 3.01.
Servicer to Service Mortgage Loans.
69
Section 3.02.
Subservicing Agreements between the Servicer and Subservicers.
71
Section 3.03.
Successor Subservicers.
72
Section 3.04.
Liability of the Servicer.
73
Section 3.05.
No Contractual Relationship between Subservicers and the Trustee, Master Servicer, Trust Administrator or Certificateholder.
73
Section 3.06.
Assumption or Termination of Subservicing Agreements by Master Servicer, Trustee or Trust Administrator.
73
Section 3.07.
Collection of Certain Mortgage Loan Payments.
74
Section 3.08.
Subservicing Accounts.
75
Section 3.09.
Collection of Taxes, Assessments and Similar Items; Escrow Accounts.
75
Section 3.10.
Collection Account.
76
Section 3.11.
Withdrawals from the Collection Account and the Certificate Account.
77
Section 3.12.
Investment of Funds in the Collection Account, the Pre-Funding Account and the Certificate Account.
79
Section 3.13.
Maintenance of Hazard Insurance, Errors and Omissions and Fidelity Coverage.
80
Section 3.14.
Enforcement of Due-on-Sale Clauses; Assumption Agreements.
82
Section 3.15.
Realization upon Defaulted Mortgage Loans.
83
Section 3.16.
Release of Mortgage Files.
85

i


Section 3.17.
Title, Conservation and Disposition of REO Property.
86
Section 3.18.
Notification of Adjustments.
88
Section 3.19.
Access to Certain Documentation and Information Regarding the Mortgage Loans.
88
Section 3.20.
Documents, Records and Funds in Possession of the Servicer to Be Held for the Trustee.
88
Section 3.21.
Servicing Compensation.
89
Section 3.22.
Annual Statement as to Compliance.
89
Section 3.23.
Report on Assessment of Compliance and Attestation.
90
Section 3.24.
Master Servicer to Act as Servicer.
92
Section 3.25.
Compensating Interest.
92
Section 3.26.
Credit Reporting; Gramm-Leach-Bliley Act.
92
Section 3.27.
Certificate Account.
93
Section 3.28.
Pre-Funding Account.
93
Section 3.29.
[Reserved.]
94
Section 3.30.
REMIC-Related Covenants.
94
Section 3A.01
Master Servicer.
94
Section 3A.02
REMIC-Related Covenants.
95
Section 3A.03
Monitoring of Servicer.
95
Section 3A.04
Fidelity Bond.
96
Section 3A.05
Power to Act; Procedures.
96
Section 3A.06
Due-on-Sale Clauses; Assumption Agreements.
97
Section 3A.07
Documents, Records and Funds in Possession of Master Servicer To Be Held for Trustee.
97
Section 3A.08
[RESERVED].
98
Section 3A.09
Compensation for the Master Servicer.
98
Section 3A.10
[RESERVED].
98
Section 3A.11
[RESERVED].
98
Section 3A.12
Obligation of the Master Servicer in Respect of Prepayment Interest Shortfalls.
98
     
ARTICLE IV DISTRIBUTIONS AND ADVANCES BY THE SERVICER
98
     
Section 4.01.
Advances.
98
Section 4.02.
Priorities of Distribution.
100
Section 4.03.
Monthly Statements to Certificateholders.
104
Section 4.04.
[Reserved].
108
Section 4.05.
Allocation of Realized Loss Amounts.
108
Section 4.06.
Compliance with Withholding Requirements.
109
Section 4.07.
Commission Reporting.
110
Section 4.08.
REMIC Distributions and Allocation of Losses.
119
     
ARTICLE V THE CERTIFICATES
123
     
Section 5.01.
The Certificates.
123

ii


Section 5.02.
Certificate Register; Registration of Transfer and Exchange of Certificates.
124
Section 5.03.
Mutilated, Destroyed, Lost or Stolen Certificates.
130
Section 5.04.
Persons Deemed Owners.
130
Section 5.05.
Access to List of Certificateholders? Names and Addresses.
130
Section 5.06.
Maintenance of Office or Agency.
130
     
ARTICLE VI THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER,
  
     THE SERVICER AND THE CUSTODIAN
131
     
Section 6.01.
Respective Liabilities of the Depositor, the Originator, the Master Servicer and the Servicer.
131
Section 6.02.
Merger or Consolidation of the Depositor, the Originator, the Master Servicer, the Servicer or the Custodian.
131
Section 6.03.
Limitation on Liability of the Depositor, the Originator, the Master Servicer, the Trust Administrator, the Servicer, the Custodian and Others.
131
Section 6.04.
Limitation on Resignation of the Servicer or Custodian.
132
Section 6.05.
Additional Indemnification by the Servicer; Third Party Claims.
133
Section 6.06.
Rights of the Depositor, the Master Servicer, the Trust Administrator and the Trustee in Respect of the Servicer.
133
Section 6.07.
Limitation on Resignation of the Master Servicer.
134
Section 6.08.
Assignment of Master Servicing.
134
Section 6.09.
Fees of the Custodian.
135
 
ARTICLE VII DEFAULT
 
135
     
Section 7.01.
Events of Default.
135
Section 7.02.
Master Servicer to Act; Appointment of Successor.
141
Section 7.03.
Notification to Certificateholders.
143
     
ARTICLE VIII CONCERNING THE TRUSTEE AND THE TRUST ADMINISTRATOR
143
     
Section 8.01.
Duties of the Trustee and Trust Administrator.
143
Section 8.02.
Certain Matters Affecting the Trustee and the Trust Administrator.
144
Section 8.03.
Neither the Trustee Nor the Trust Administrator Liable for Certificates or Mortgage Loans.
146
Section 8.04.
Trustee and Trust Administrator May Own Certificates.
147
Section 8.05.
Fees and Expenses of the Trustee and Trust Administrator.
147
Section 8.06.
Eligibility Requirements for the Trustee and Trust Administrator.
148
Section 8.07.
Resignation and Removal of the Trustee or Trust Administrator.
148
Section 8.08.
Successor Trustee or Trust Administrator.
149
Section 8.09.
Merger or Consolidation of the Trustee or the Trust Administrator.
150
Section 8.10.
Appointment of Co-Trustee or Separate Trustee.
150
Section 8.11.
Representations and Warranties of the Trustee and Trust Administrator.
151

iii


     
ARTICLE IX TERMINATION
152
     
Section 9.01.
Termination upon Liquidation or Purchase of the Mortgage Loans.
152
Section 9.02.
Final Distribution on the Certificates.
152
Section 9.03.
Additional Termination Requirements.
154
     
ARTICLE X MISCELLANEOUS PROVISIONS
154
     
Section 10.01.
Amendment.
154
Section 10.02.
Recordation of Agreement; Counterparts.
156
Section 10.03.
Governing Law.
157
Section 10.04.
Intention of Parties.
157
Section 10.05.
Notices.
157
Section 10.06.
Severability of Provisions.
158
Section 10.07.
Assignment; Sales; Advance Facilities.
158
Section 10.08.
Limitation on Rights of Certificateholders.
160
Section 10.09.
Inspection and Audit Rights.
161
Section 10.10.
Certificates Nonassessable and Fully Paid.
161
Section 10.11.
Waiver of Jury Trial.
162
     
ARTICLE XI REMIC PROVISIONS
162
     
Section 11.01.
REMIC Administration.
162
Section 11.02.
Prohibited Transactions and Activities.
165
Section 11.03.
Indemnification.
166
     
SCHEDULES
     
Schedule I
Mortgage Loan Schedule
  
 
Schedule II